<SEC-DOCUMENT>0001193125-23-236004.txt : 20230915
<SEC-HEADER>0001193125-23-236004.hdr.sgml : 20230915
<ACCEPTANCE-DATETIME>20230915131503
ACCESSION NUMBER:		0001193125-23-236004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20230911
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230915
DATE AS OF CHANGE:		20230915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACERICH CO
		CENTRAL INDEX KEY:			0000912242
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				954448705
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12504
		FILM NUMBER:		231257651

	BUSINESS ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD
		STREET 2:		STE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
		BUSINESS PHONE:		3103946000

	MAIL ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD SUITE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
</SEC-HEADER>
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<TYPE>8-K
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on which registered</p></td></tr>
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<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2023-09-11_to_2023-09-11">Common stock of The Macerich Company, $0.01 par value per share</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2023-09-11_to_2023-09-11">MAC</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:exchnameen">The New York Stock Exchange</ix:nonNumeric></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2</span> of this chapter).</p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Emerging growth company&#160;&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2023-09-11_to_2023-09-11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">ITEM&#160;1.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">ITEM&#160;2.03</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&#160;11, 2023, The Macerich Company, a Maryland corporation (the &#8220;Company&#8221;), as a guarantor, The Macerich Partnership, L.P., a Delaware limited partnership and the operating partnership of the Company (the &#8220;Borrower&#8221; or &#8220;Partnership&#8221;), as the borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA and BMO Bank N.A., as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as <span style="white-space:nowrap">co-syndication</span> agents, Goldman Sachs Bank USA and TD Securities Inc., as <span style="white-space:nowrap">co-documentation</span> agents, and various lenders party thereto entered into an Amended and Restated Credit Agreement (the &#8220;Credit Agreement&#8221;) which amends and restates that certain Credit Agreement dated as of April&#160;14, 2021 (the &#8220;Original Credit Agreement&#8221;) among the Company, the Borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent and the lenders party thereto. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Credit Agreement provides for an aggregate $650&#160;million revolving loan facility that matures on February&#160;1, 2027, with an option for the Borrower to extend maturity until February&#160;1, 2028. 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The Credit Agreement requires the Company to maintain at all times a borrowing base value, based on certain parameters, equal to or greater than the amount of outstanding borrowings on the revolving loan facility (the &#8220;Borrowing Base Maintenance Covenant&#8221;). Additionally, the Credit Agreement permits the Company to sell or finance portions of the security subject to continued compliance at all times with the Borrowing Base Maintenance Covenant and certain other parameters. All obligations under the Credit Agreement are unconditionally guaranteed by the Company and certain subsidiary guarantors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Credit Agreement includes financial covenants requiring a minimum borrowing base interest coverage ratio, minimum total debt yield, minimum fixed charge coverage ratio and maximum floating rate debt. 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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">FINANCIAL STATEMENTS AND EXHIBITS. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are included with this Current Report on Form <span style="white-space:nowrap">8-K:</span> </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d437561dex101.htm">Amended and Restated Credit Agreement, dated as of September&#160;11, 2023, by and among the Company, as a guarantor, the Partnership, as borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA and BMO Bank N.A., as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as <span style="white-space:nowrap">co-syndication</span> agents, Goldman Sachs Bank USA and TD Securities Inc., as <span style="white-space:nowrap">co-documentation</span> agents, and various lenders party thereto. </a></td></tr>
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<td style="vertical-align:top"><a href="d437561dex102.htm">Amended and Restated Unconditional Guaranty, dated as of September&#160;11, 2023, by the Company in favor of Deutsche Bank AG New York Branch, as administrative agent. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
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<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center"><span style="text-decoration:underline">SIGNATURES </span></p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</p></td></tr>
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<td style="vertical-align:top">Senior Executive Vice President<br />Chief Financial Officer and Treasurer</td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 10.1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND
RESTATED CREDIT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>by and among </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE MACERICH PARTNERSHIP, L.P., </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Borrower </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE
MACERICH COMPANY, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as a Guarantor </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE SUBSIDIARY GUARANTORS FROM TIME TO TIME PARTY HERETO </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE LENDERS FROM TIME TO TIME PARTY HERETO </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEUTSCHE BANK AG NEW YORK BRANCH, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Administrative Agent and the Collateral Agent </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEUTSCHE BANK SECURITIES INC., </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JPMORGAN CHASE BANK, N.A., </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOLDMAN SACHS BANK USA </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BMO BANK N.A.,
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Joint Lead Arrangers and Joint Bookrunning Managers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEUTSCHE BANK SECURITIES INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JPMORGAN CHASE BANK,
N.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOLDMAN SACHS BANK
USA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TD
SECURITIES INC., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the <FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of September&nbsp;11, 2023 </P>
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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>The Credits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>The Revolving Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Loans and Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Requests for Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Letters of Credit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Funding of Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interest Elections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination, Reduction and Extension of the Revolving Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Manner of Payment of Loans; Evidence of Debt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Repayment of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Presumptions of Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Defaulting Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General Provisions Regarding Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payments by the Borrower</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Pro Rata Treatment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Inability to Determine Rates; Alternate Rate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Illegality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Increased Costs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Obligation of Lenders to Mitigate; Replacement of Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Funding Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Default Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Computation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Application of Insufficient Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Incremental Facility</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Incremental Facility Request</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Facility Increase Arrangers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conditions to Effectiveness of Facility Increase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Additional Facility Increase Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Credit Support</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>REIT Guaranty</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Guaranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Pledge Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conditions Precedent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conditions Precedent to Effectiveness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Each Credit Event After the Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Financial Condition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Material Adverse Effect</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance with Laws and Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Organization, Powers; Authorization; Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Conflict</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Material Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Investment Company Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Subsidiary Entities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Federal Reserve Board Regulations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>ERISA Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assets and Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Securities Acts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Consents, Etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Hazardous Materials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Regulated Entities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Copyrights, Patents, Trademarks and Licenses, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>REIT Status</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Full Disclosure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Real Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Brokers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Solvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.26.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Foreign Assets Control Regulations, FCPA, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.27.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sanctions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.28.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Borrowing Base Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.29.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Security Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Affirmative Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certificates; Reports; Other Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Maintenance of Existence and Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Inspection of Property; Books and Records; Discussions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<TD WIDTH="12%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment of Taxes and Charges</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Hazardous Materials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance with Laws and Contractual Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>REIT Status</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Management of Projects; Management Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Borrowing Base Additions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Borrowing Base Leases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Specified Ground Leases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Post-Closing Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Additional Guarantors, Collateral, Etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Account Control Agreements; Cash Management</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Negative Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Fundamental Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dispositions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Investments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Transactions with Partners and Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Margin Regulations; Securities Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Organizational Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Fiscal Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Financial Covenants of Borrower Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>The Agents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Appointment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delegation of Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exculpatory Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reliance by the Agents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on Agents and Other Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnification; Reimbursement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Agents in Their Individual Capacity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successor Administrative Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successor Collateral Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitations on Agents&#146; Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Collateral Matters and Releases; Designation of <FONT STYLE="white-space:nowrap">Non-Borrowing</FONT> Base Assets; Protective Advances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Secured Treasury Services Agreements and Secured Hedge Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Administrative Agent May File Proofs of Claim</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Erroneous Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Assignment by the Borrower or MAC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Modification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cumulative Rights; No Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Survival</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Governing Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignments, Participations, Etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts; Electronic Execution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sharing of Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Consent to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Telephonic Instruction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Marshalling; Payments Set Aside</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Set-off</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Third Parties Benefited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Fiduciary Duty</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PATRIOT Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Time</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effectiveness of Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certain ERISA Matters.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.26.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Acknowledgment Regarding Any Supported QFCs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.27.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exculpation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.28.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Amendment and Restatement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Defined Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Other Interpretive Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE OF ANNEXES, SCHEDULES AND EXHIBITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SCHEDULES: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Borrowing Base Assets</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Generating Properties</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule IV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subsidiary Guarantors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 1.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Letters of Credit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Material Litigation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subsidiary Entities</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ERISA</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consents</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Environmental Reports, Etc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indebtedness</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Schedule of Properties</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Filing Jurisdictions and Closing Date Collateral Exceptions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 7.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Wholly-Owned Projects with <FONT STYLE="white-space:nowrap">Non-Standard</FONT> Management Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 7.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post-Closing Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Additional Permitted Liens</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indebtedness</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transactions with Affiliates</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Offsets for Contribution and Indemnification Obligations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 11.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Addresses for Notices, Etc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBITS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Borrowing Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter of Credit Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Rate Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Pledge Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Acceptance Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Closing Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Master Management Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Subsidiary Guaranty Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">J-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">J-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">J-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">J-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit K</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Joinder Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit L</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Quarterly Pricing Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit M</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Revolving Loan Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit N</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Borrowing Base Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit O</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Subordination of Property Management Agreements</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This AMENDED AND RESTATED CREDIT AGREEMENT (as Modified, extended or replaced from time to time, this &#147;<U>Agreement</U>&#148;) is made
and dated as of September&nbsp;11, 2023, by and among THE MACERICH PARTNERSHIP, L.P., a limited partnership organized under the laws of the state of Delaware, as the Borrower (the &#147;<U>Borrower</U>&#148;); THE MACERICH COMPANY, a Maryland
corporation (&#147;<U>MAC</U>&#148;), as a guarantor; THE SUBSIDIARY GUARANTORS FROM TIME TO TIME PARTY HERETO; THE LENDERS FROM TIME TO TIME PARTY HERETO; and DEUTSCHE BANK AG NEW YORK BRANCH (&#147;<U>DBNY</U>&#148;), as administrative agent for
the Lenders (in such capacity, together with its permitted successors and assigns in such capacity, the &#147;<U>Administrative Agent</U>&#148;) and<B> </B>as collateral agent for the Secured Parties (in such capacity, together with its permitted
successors and assigns in such capacity, the &#147;<U>Collateral Agent</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A. On the Original Closing Date, the Borrower, certain of the Guarantors, certain of the Lenders, the Administrative Agent and the Collateral
Agent entered into a Credit Agreement (as Modified prior to the date hereof, the &#147;<U>Original Credit Agreement</U>&#148;), which provided for a revolving credit facility in an aggregate principal amount equal to $525,000,000 and a term loan
facility in an aggregate principal amount equal to $175,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">B. The Borrower has requested that the Lenders amend and restate the
Original Credit Agreement in order to, among other things, provide for a revolving credit facility in an aggregate principal amount equal to $650,000,000 (as may be increased pursuant to and in accordance with the terms hereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">C. The Lenders party hereto have agreed to amend and restate the Original Credit Agreement on the terms and conditions set forth in this
Agreement and to provide or continue the Revolving Commitments in the amounts set forth for each such Lender on Schedule II hereto on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">D. DBNY has agreed to continue to act as Administrative Agent and as Collateral Agent on the terms and subject to the conditions set forth
herein and in the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the above Recitals and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 1. <U>The Credits</U>.<U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.1.
<U>The Revolving Commitments</U>. Subject to the terms and conditions set forth herein, each Revolving Lender with a Revolving Commitment severally agrees to make one or more Revolving Loans in U.S. Dollars to the Borrower during the Availability
Period in an aggregate principal amount that will not result in, after giving effect thereto, any of the following: (a)&nbsp;such Revolving Lender&#146;s Revolving Credit Exposure exceeding such Revolving Lender&#146;s Revolving Commitment;
(b)&nbsp;the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments; or (c)&nbsp;the sum of the total Revolving Credit Exposures exceeding the Borrowing Base Amount. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and <FONT STYLE="white-space:nowrap">re-borrow</FONT> Revolving Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.2. <U>Loans and Borrowings</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Obligations of Lenders</U>. Each Loan shall be made as part of a Borrowing consisting of Loans or portions of a Loan of the same Type
made by the Revolving Lenders ratably in accordance with their respective Revolving Commitments. The failure of any Lender to make any Loan or portion of a Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; <U>provided</U> that the Revolving Commitments of the Lenders are several and no Lender shall be responsible for any other Lender&#146;s failure to make any Loan or portion of a Loan as required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Types of Loans</U>. Subject to <U>Section</U><U></U><U>&nbsp;2.4</U>, each Borrowing shall be constituted entirely of Base Rate Loans
or Term SOFR Loans as the Borrower may request in accordance herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Minimum Amounts; Limitation on Number of Borrowings</U>.
At the commencement of each Interest Period for any Term SOFR Borrowing, such Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $1,000,000. At the time that each Base Rate Borrowing is made, such Borrowing shall be in
an aggregate amount equal to $1,000,000 or a larger multiple of $1,000,000; <U>provided</U> that a Base Rate Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or in an amount that
is required to finance the reimbursement of an LC&nbsp;Disbursement as contemplated by <U>Section</U><U></U><U>&nbsp;1.4(6)</U>. Borrowings of more than one Type may be outstanding at the same time; <U>provided</U> that there shall not at any time
be Term SOFR Loans outstanding having more than twelve (12)&nbsp;different Interest Periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Limitations on Lengths of Interest
Periods</U>. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert to or continue as a Term SOFR Borrowing, any Borrowing if the Interest Period requested therefore would end
after the Revolving Commitment Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.3. <U>Requests for Borrowings</U>. To request a Borrowing, the Borrower shall notify
the Administrative Agent in writing (which notice may be by electronic mail in accordance herewith) (a)&nbsp;in the case of a Term SOFR Borrowing, not later than 2:00&nbsp;p.m. (New York time), three Business Days before the date of the proposed
Revolving Borrowing or (b)&nbsp;in the case of a Base Rate Borrowing, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable, shall be signed by a Responsible Officer and
shall be in the form of <U>Exhibit A</U> hereto. Each such Borrowing Request shall specify the following information in compliance with <U>Section</U><U></U><U>&nbsp;1.2</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the aggregate amount of the requested Borrowing; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the date of such Borrowing, which shall be a Business Day; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) whether such Borrowing is to be a Base Rate Borrowing or a Term SOFR Borrowing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) in the case of a Term SOFR Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term
&#147;Interest Period&#148; as it relates to Term SOFR Loans; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) the location and number of the Borrower&#146;s account to which
funds are to be disbursed, which shall comply with the requirements of <U>Section</U><U></U><U>&nbsp;1.5</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If no election as to the
Type of Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Term SOFR Borrowing, then the Borrower shall be deemed to have selected an Interest Period
of one month&#146;s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender&#146;s Loan to be
made as part of the requested Borrowing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.4. <U>Letters of Credit</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>General</U>. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in
<U>Section</U><U></U><U>&nbsp;1.1</U>, the Borrower may request the Issuing Lenders to issue Letters of Credit for its own account or the account of any Macerich Entity in such form as is acceptable to the applicable Issuing Lender in its reasonable
determination at any time prior to the earlier of (i)&nbsp;the date that is thirty (30)&nbsp;days prior to the Revolving Commitment Termination Date and (ii)&nbsp;the date of termination of the Revolving Commitments (such earlier date, the
&#147;<U>LC Commitment Expiry Date</U>&#148;). Letters of Credit issued hereunder shall constitute utilization of the Revolving Commitments. All Letters of Credit issued pursuant to this Agreement must be denominated in U.S. Dollars and must be
standby letters of credit. The only drawings permitted on the Letters of Credit issued pursuant to this Agreement shall be sight drawings. The Borrower may request a Letter of Credit from any Issuing Lender selected by the Borrower in its sole
discretion. The Borrower shall use commercially reasonable efforts, to the extent practicable, to cause the Letters of Credit to be issued by the Issuing Lenders on a proportionate basis in accordance with their proportionate share of the aggregate
Letter of Credit Commitments. It is hereby acknowledged and agreed that each of the Existing Letters of Credit shall constitute a &#147;Letter of Credit&#148; for all purposes under this Agreement and the other Loan Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Notice of Issuance, Amendment or Extension</U>. Whenever it requires that a Letter
of Credit be issued, the Borrower shall give the Administrative Agent and the applicable Issuing Lender(s) written notice thereof at least three (3)&nbsp;Business Days (or such shorter period acceptable to the applicable Issuing Lender(s)) in
advance of the proposed date of issuance (which shall be a Business Day), which notice shall be in the form of <U>Exhibit B</U> or such other form as reasonably required by such Issuing Lender (each such notice being a &#147;<U>Letter of Credit
Request</U>&#148;). Whenever the Borrower requires an amendment or extension of any outstanding Letter of Credit, the Borrower shall, on its letterhead, give the Administrative Agent and the applicable Issuing Lender(s) written notice thereof at
least three (3)&nbsp;Business Days (or such shorter period acceptable to the applicable Issuing Lender(s)) in advance of the proposed date of the amendment (which shall be a Business Day). Letter of Credit Requests and amendment requests may be
delivered by electronic mail in accordance herewith. On the first Business Day of each month (and on such other dates as the Administrative Agent may request), each Issuing Lender (other than any Issuing Lender that is also the Administrative Agent)
shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time together with information regarding changes in the balances under, and maturity dates of, Letters of Credit issued by such Issuing
Lender during the previous month and such other information as the Administrative Agent may reasonably request. If requested by an Issuing Lender, the Borrower shall also submit a letter of credit application on such Issuing Lender&#146;s standard
form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by
the Borrower to, or entered into by the Borrower with, such Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Limitations on Amounts</U>. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension
of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i)&nbsp;the aggregate LC&nbsp;Exposure of the Issuing Lenders (determined for these purposes without
giving effect to the participations therein of the Revolving Lenders pursuant to <U>Section</U><U></U><U>&nbsp;1.4(5)</U> below), collectively, shall not exceed the aggregate Letter of Credit Commitments, (ii)&nbsp;the sum of the total Revolving
Credit Exposures shall not exceed the total Revolving Commitments, (iii)&nbsp;unless otherwise consented to in writing, the aggregate LC Exposure of an Issuing Lender (determined for these purposes without giving effect to the participations therein
of the Revolving Lenders pursuant to <U>Section</U><U></U><U>&nbsp;1.4(5)</U> below) shall not exceed such Issuing Lender&#146;s Letter of Credit Commitment and (iv)&nbsp;the sum of the total Revolving Credit Exposures shall not exceed the Borrowing
Base Amount. Notwithstanding the foregoing, no Issuing Lender shall be obligated to issue a Letter of Credit to the extent that, on the date of such Issuing Lender&#146;s receipt of a request for issuance pursuant to
<U>Section</U><U></U><U>&nbsp;1.4(2)</U> above, the Stated Amount of such Letter of Credit shall exceed the unused portion of the Revolving Commitments of such Issuing Lender in its capacity as a Lender on such date. Each Letter of Credit shall be
in an amount of $100,000 or larger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Expiration Date</U>. Each Letter of Credit shall expire at or prior to the close of business
on the earlier of (i)&nbsp;the date twelve months after the date of the issuance of such Letter of Credit or, in the case of any extension thereof (which extensions, subject to <U>clause (ii)</U>&nbsp;hereof, may be automatic pursuant to the terms
of such Letter of Credit), twelve months after the then-current expiration date of such Letter of Credit and (ii)&nbsp;the Outside L/C Maturity Date; <U>provided</U> that, if one or more Letters of Credit shall have an expiry date that is later than
the Revolving Commitment Termination Date, (x)&nbsp;the Borrower shall provide Cash Collateral pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;1.4(11)</U> with respect to such Letters of Credit on or prior to the date that is five
days before the Revolving Commitment Termination Date, (y)&nbsp;the obligations of the Borrower under this <U>Section</U><U></U><U>&nbsp;1.4</U> in respect of such Letters of Credit shall survive the Revolving Commitment Termination Date and shall
remain in effect until no such Letters of Credit remain outstanding (or remain subject to any pending drawing) and (z)&nbsp;each Revolving Lender shall be reinstated hereunder, to the extent any such Cash Collateral, the application thereof or
reimbursement in respect thereof is required to be returned to the Borrower by the applicable Issuing Lender after the Revolving Commitment Termination Date until no such Letters of Credit remain outstanding (or remain subject to any pending
drawing). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>Participations</U>. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) by an Issuing Lender, and without any further action on the part of such Issuing Lender or the Revolving Lenders, such Issuing Lender hereby grants to each Revolving Lender, and each Revolving Lender
hereby acquires from such Issuing Lender, an undivided interest and participation in such Letter of Credit equal to such Revolving Lender&#146;s Applicable Revolving Percentage of the aggregate amount available to be drawn under such Letter of
Credit. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this section in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Potential Default or Event of Default or reduction or termination of the Revolving Commitments, and that each payment made in accordance with the
following paragraph of this <U>Section</U><U></U><U>&nbsp;1.4(5)</U> by a Revolving Lender for the account of an Issuing Lender shall be made without any offset, abatement, withholding or reduction whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for account of the applicable Issuing Lender, such Revolving Lender&#146;s Applicable Revolving Percentage of each LC&nbsp;Disbursement made by such Issuing Lender promptly upon the request of the Administrative Agent or such
Issuing Lender at any time from the time of such LC&nbsp;Disbursement until such LC&nbsp;Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment is required to be refunded to the Borrower for any reason. Each such
payment shall be made in the same manner as provided in <U>Section</U><U></U><U>&nbsp;1.5</U> with respect to Revolving Loans made by such Revolving Lender (and <U>Section</U><U></U><U>&nbsp;1.5</U> shall apply, <U>mutatis</U> <U>mutandis</U>, to
the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of
any payment from the Borrower pursuant to the next following paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender or, to the extent that the Revolving Lenders have made payments pursuant to this
paragraph to reimburse such Issuing Lender, then to such Revolving Lenders and such Issuing Lender as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Lenders for any
LC&nbsp;Disbursement shall not constitute a Revolving Loan and shall not relieve the Borrower of its obligation to reimburse such LC&nbsp;Disbursement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) <U>Reimbursement</U>. If an Issuing Lender shall make any LC&nbsp;Disbursement in
respect of a Letter of Credit, the Borrower shall reimburse such Issuing Lender in respect of such LC&nbsp;Disbursement by paying to the Administrative Agent an amount equal to such LC&nbsp;Disbursement not later than 1:00 p.m. (New York time) on
(i)&nbsp;the Business Day that the Borrower receives notice of such LC&nbsp;Disbursement, if such notice is received prior to 11:00&nbsp;a.m. (New York time) or (ii)&nbsp;the Business Day immediately following the day that the Borrower receives such
notice, if such notice is not received prior to such time; <U>provided</U> that, anything contained in this Agreement to the contrary notwithstanding, (A)&nbsp;unless the Borrower shall have notified Administrative Agent and such Issuing Lender
prior to 1:00 p.m. (New York City time) on the date on which the Borrower is obligated to reimburse such Issuing Lender in respect of such LC Disbursement (the &#147;<U>Reimbursement Date</U>&#148;) that the Borrower intends to reimburse such
Issuing Lender for the amount of such payment with funds other than the proceeds of a Base Rate Borrowing, the Borrower shall be deemed to have delivered an irrevocable Borrowing Request to Administrative Agent containing all of the representations
set forth in <U>Exhibit A</U> requesting Revolving Lenders to make Base Rate Loans on the Business Day following the Reimbursement Date in an amount equal to the amount of the payment and (B)&nbsp;subject to satisfaction or written waiver of the
conditions specified in <U>Section</U><U></U><U>&nbsp;1.1</U> and <U>5.2</U> in accordance with the terms thereof, Revolving Lenders shall, on the Reimbursement Date, make Base Rate Loans in the amount of such payment, the proceeds of which shall be
applied directly by Administrative Agent to reimburse such Issuing Lender for the amount of such payment; <U>provided</U>, <U>further</U>, that no Potential Default or Event of Default shall be deemed to exist by reason of a failure of the Borrower
to reimburse such Issuing Lender pending the making of such Revolving Loans on the Business Day following the applicable Reimbursement Date in accordance with the terms hereof, including the prior satisfaction or written waiver of the conditions
specified in <U>Section</U><U></U><U>&nbsp;1.1</U> and <U>5.2</U> in accordance with the terms thereof; and <U>provided</U>, <U>further</U> that, if for any reason proceeds of Revolving Loans are not received by such Issuing Lender on the Business
Day following the Reimbursement Date in an amount equal to the amount of such payment, the Borrower shall immediately reimburse such Issuing Lender, on demand, in an amount in same day funds equal to the excess of the amount of such payment over the
aggregate amount of such Revolving Loans, if any, which are so received. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC&nbsp;Disbursement, the payment then due
from the Borrower in respect thereof and such Revolving Lender&#146;s Applicable Revolving Percentage thereof. The applicable Issuing Lender shall promptly notify the Administrative Agent upon the making of each LC Disbursement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) <U>Obligations Absolute</U>. The Borrower&#146;s obligation to reimburse LC&nbsp;Disbursements as provided in
<U>Section</U><U></U><U>&nbsp;1.4(6)</U> shall be absolute, unconditional and irrevocable, and shall be performed in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i)&nbsp;any lack of
validity or enforceability of any Letter of Credit, or any term or provision therein, (ii)&nbsp;any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being
untrue or inaccurate in any respect, (iii)&nbsp;payment by the applicable Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, and (iv)&nbsp;any other
event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower&#146;s obligations
hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Neither the Administrative Agent, the Revolving Lenders nor any Issuing Lender, nor any of
their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or amendment (including any extension) of any Letter of Credit by any Issuing Lender or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter
of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of any Issuing Lender; <U>provided</U> that
the foregoing shall not be construed to excuse an Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to consequential, special, indirect and/or punitive damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Lender&#146;s gross negligence or willful misconduct (as determined by a final and
<FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that: (i)&nbsp;an Issuing Lender may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to
the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit; (ii)&nbsp;an Issuing Lender shall have the right, in its sole discretion, to decline
to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and (iii)&nbsp;this sentence and the immediately preceding sentence shall establish the standard of care to be
exercised by an Issuing Lender when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care
inconsistent with the foregoing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) <U>Disbursement Procedures</U>. The applicable Issuing Lender shall, within a reasonable time
following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit issued by such Issuing Lender. Such Issuing Lender shall, promptly after such examination, notify the Administrative Agent and
the Borrower by telephone (confirmed by facsimile) of such demand for payment if such Issuing Lender has made or will make an LC&nbsp;Disbursement thereunder; <U>provided</U> that any failure to give or delay in giving such notice shall not relieve
the Borrower of its obligation to reimburse such Issuing Lender and the Revolving Lenders with respect to any such LC&nbsp;Disbursement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(9) <U>Interim Interest</U>. If an Issuing Lender shall make any LC&nbsp;Disbursement, then, unless the Borrower shall reimburse such
LC&nbsp;Disbursement in full on the date Borrower receives notice that such LC&nbsp;Disbursement was made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC&nbsp;Disbursement is made to but excluding the
date that the Borrower reimburses such LC&nbsp;Disbursement, at the rate per annum then applicable to Base Rate Loans; <U>provided</U> <U>that</U>, if the Borrower fails to reimburse such LC Disbursement within three (3)&nbsp;days when due pursuant
to <U>Section</U><U></U><U>&nbsp;1.4(6)</U>, then <U>Section</U><U></U><U>&nbsp;9.1</U> shall apply. Interest accrued pursuant to this section shall be for account of the applicable Issuing Lender, except that a pro rata portion of the interest
accrued on and after the date of payment by any Revolving Lender pursuant to <U>Section</U><U></U><U>&nbsp;1.4(5)</U> to reimburse an Issuing Lender shall be for account of such Revolving Lender to the extent of such payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(10) <U>Policy and Requirements of Law Limitations</U>. Notwithstanding anything in this <U>Section</U><U></U><U>&nbsp;1.4</U> to the
contrary, an Issuing Lender may elect not to issue or amend (including extension of) a Letter of Credit hereunder to the extent that it reasonably determines that the issuance (or such amendment) of such Letter of Credit would breach, violate or be
inconsistent with any Requirements of Law applicable to such Issuing Lender or would violate one or more policies of such Issuing Lender applicable to letters of credit generally. In such event, the Borrower may select an alternative Issuing Lender
to issue such Letter of Credit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(11) <U>Cash Collateralization</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) . </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) On or prior to the
Revolving Commitment Termination Date, the Borrower shall deposit into an account (the &#147;<U>LC Collateral Account</U>&#148;) established by the Collateral Agent an amount in cash equal to the LC Exposure with respect to the Borrower as of such
date plus any accrued and unpaid interest thereon (the &#147;<U>Revolving Commitment Termination LC Exposure Deposit</U>&#148;). In addition: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(i) if an Event of Default shall occur and be continuing and the Borrower receives notice from the Administrative Agent, an Issuing Lender or
the Required Lenders (or, if the maturity of the Revolving Loans has been accelerated, Revolving Lenders with LC Exposure representing more than 50% of the total LC Exposure) demanding the deposit of Cash Collateral pursuant to this paragraph the
Borrower shall immediately deposit into the LC Collateral Account an amount in cash equal to the LC Exposure with respect to the Borrower as of such date plus any accrued and unpaid interest thereon; <U>provided</U> that the obligation to deposit
such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower Party or any
other Consolidated Entities described in <U>Section</U><U></U><U>&nbsp;9.7</U>; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(ii) if at any time that there shall exist a
Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing Lenders&#146; LC Exposure with
respect to such Defaulting Lender (only to the extent necessary as determined after giving effect to <U>Section</U><U></U><U>&nbsp;1.12(1)(D)</U>) in an amount in cash equal to the LC&nbsp;Exposure with respect to such Defaulting Lender as of such
date plus any accrued and unpaid interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Such deposits shall be held by the Collateral Agent, for the benefit of the Revolving
Lenders, the Issuing Lenders and the Agents, in the LC Collateral Account as collateral in the first instance for the LC Exposure with respect to the Borrower under this Agreement and thereafter for the payment of the other Secured Obligations of
the Borrower owing to the Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The LC Collateral Account shall be maintained in the name of the Collateral Agent (on
behalf of the Secured Parties) and under its sole dominion and control at such place as shall be designated by the Collateral Agent. Interest shall accrue on the LC Collateral Account at a rate equal to the Federal Funds Rate <U>minus</U> 0.15% (or
such other rate as may be agreed to between the Borrower and the Collateral Agent in writing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) The Borrower hereby pledges, assigns
and grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a lien on and a security interest in, the following collateral (the &#147;<U>Letter of Credit Collateral</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(i) the LC Collateral Account, all cash deposited therein and all certificates and instruments, if any, from time to time representing or
evidencing the LC Collateral Account; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(ii) all notes, certificates of deposit and other cash-equivalent instruments from time to time
hereafter delivered to or otherwise possessed by the Collateral Agent for or on behalf of the Borrower in substitution for or in respect of any or all of the then existing Letter of Credit Collateral; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(iii) all interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Letter of Credit Collateral; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(iv) to the extent not covered by the above clauses, all proceeds of any or all of the foregoing Letter of Credit Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The lien and security interest granted hereby secures the payment of all Secured Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) Neither the Borrower nor any Person claiming or acting on behalf of or through the Borrower shall have any right to withdraw any of the
funds held in the LC Collateral Account, except as provided in <U>Section</U><U></U><U>&nbsp;1.4(11)(G)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(E) The Borrower agrees
that it will not (i)&nbsp;sell or otherwise dispose of any interest in the Letter of Credit Collateral or (ii)&nbsp;create or permit to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Letter of
Credit Collateral, except for the security interest created by this <U>Section</U><U></U><U>&nbsp;1.4(11)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(F) At any time an Event
of Default shall be continuing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(i) the Collateral Agent may, in its sole discretion, without notice to the Borrower except as required
by law and at any time from time to time, charge, set off or otherwise apply all or any part of the LC Collateral Account to <U>first</U>, the aggregate amount of LC Disbursements that have not been reimbursed by the Borrower and <U>second</U>, any
other unpaid Secured Obligations then due and payable, in such order as the Collateral Agent shall elect. The rights of the Collateral Agent under this <U>Section</U><U></U><U>&nbsp;1.4(11)</U> are in addition to any rights and remedies which any
Lender may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(ii) The Collateral Agent may also exercise, in its sole discretion, in respect of the LC Collateral Account, in
addition to the other rights and remedies provided herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC in effect in the State of New York at that time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(G) At such time prior to the Revolving Commitment Termination Date as all Events of Default have been cured or waived in writing and there
are no unreimbursed LC Disbursements outstanding or, in the case of any cash collateral provided as a result of the classification of a Lender as a Defaulting Lender, the termination of the Defaulting Lender status of the applicable Lender, all
amounts remaining in the LC Collateral Account shall be promptly returned to the Borrower. For avoidance of doubt, the preceding sentence shall not affect Borrower&#146;s obligation to make the Revolving Commitment Termination LC Exposure Deposit on
the Revolving Commitment Termination Date as otherwise provided in <U>Section</U><U></U><U>&nbsp;1.4(11)(A)</U>. Any surplus of the funds held in the LC Collateral Account remaining after Payment in Full shall be paid to the Borrower or to
whomsoever may be lawfully entitled to receive such surplus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(12) <U>Resignation of an Issuing Lender</U>. Any Issuing Lender may resign at any time by
giving thirty (30)&nbsp;days&#146; prior written notice to the Administrative Agent, the Lenders and the Borrower so long as one or more other Issuing Lenders shall have agreed to enter into an Assignment and Acceptance Agreement with respect to the
entire amount of such resigning Issuing Lender&#146;s Letter of Credit Commitment, after which time the Letter of Credit Commitments of such Issuing Lender shall be reduced to zero. After the resignation of an Issuing Lender hereunder, the retiring
Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but
shall not be required to issue additional Letters of Credit or to extend, reinstate, or increase any existing Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.5.
<U>Funding of Borrowings</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Funding by Lenders</U>. Each Lender shall make each Loan to be made by it hereunder on the proposed
date thereof by wire transfer of immediately available funds to the Administrative Agent at the Contact Office, ABA <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;021-001-033,</FONT></FONT> for further credit to
Commercial Loan Division, Account No.&nbsp;60200119, Reference: The Macerich Company, no later than 12:00 p.m. (New York time). The Administrative Agent will make such Loans available to the Borrower pursuant to the terms and conditions hereof by
promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City (or any other location if agreed to by the Borrower and the Administrative Agent in writing) and
designated by the Borrower in the applicable Borrowing Request; <U>provided</U> that Base Rate Borrowings that are Revolving Borrowings made to finance the reimbursement of an LC&nbsp;Disbursement as provided in
<U>Section</U><U></U><U>&nbsp;1.4(6)</U> shall be remitted by the Administrative Agent to the applicable Issuing Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2)
<U>Presumption by the Administrative Agent</U>. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such
Lender&#146;s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <U>Section</U><U></U><U>&nbsp;1.5(1)</U> and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at
(i)&nbsp;in the case of a payment to be made by such Lender, the Federal Funds Rate or (ii)&nbsp;in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans (it being intended that such interest payment shall
be the only interest payment payable by the Borrower with respect to any amount repaid by the Borrower to the Administrative Agent in accordance with this paragraph, except that <U>Section</U><U></U><U>&nbsp;2.12</U> shall apply if the Borrower
fails to make such repayment within three (3)&nbsp;days after the date of such payment as required hereunder). If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender&#146;s Loan included in such
Borrowing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.6. <U>Interest Elections</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Elections by the Borrower for Borrowings</U>. Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request (which shall be a period contemplated by the definition of the term &#147;Interest Period&#148;). Thereafter, the
Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section; <U>provided</U>, <U>however</U>, any
conversion or continuation of Term SOFR Loans shall be subject to the provisions of <U>Sections 1.2(3)</U> and <U>(4)</U>. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Revolving Lenders holding the Revolving Loans comprising such Borrowing in accordance with each such Lender&#146;s Applicable Revolving Percentage thereof, and the Loans comprising each such portion shall
be considered a separate Borrowing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Notice of Elections</U>. To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent in writing of such election (which notice may be by electronic mail in accordance herewith) by the time that a Borrowing Request would be required under <U>Section</U><U></U><U>&nbsp;1.3</U> if the Borrower was
requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Rate Request shall be irrevocable, shall be signed by a Responsible Officer and shall be in the form of <U>Exhibit C</U>
hereto (or such other form as may be acceptable to the Administrative Agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Information in Interest Election Requests</U>. Each
Rate Request shall specify the following information in compliance with <U>Section</U><U></U><U>&nbsp;1.2</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(i) the Borrowing to
which such Rate Request<B> </B>applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant
to <U>clauses</U><U></U><U>&nbsp;(iii)</U> and<U>&nbsp;(iv)</U> of this section shall be specified for each resulting Borrowing); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(ii)
the effective date of the election made pursuant to such Rate Request, which shall be a Business Day; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(iii) whether the resulting
Borrowing is to be a Base Rate Borrowing or a Term SOFR Borrowing; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(iv) if the resulting Borrowing is a Term SOFR Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term &#147;Interest Period&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any such Rate Request requests a Term SOFR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an
Interest Period of one month&#146;s duration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Notice by the Administrative Agent to Lenders</U>. Promptly following receipt of a
Rate Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender&#146;s portion of each resulting Borrowing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>Failure to Elect; Potential Default and Events of Default</U>. If the Borrower fails
to deliver a timely Rate Request with respect to a Term SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Term SOFR Borrowing with a one month Interest
Period so long as no Potential Default or Event of Default is continuing and otherwise to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if a Potential Default or an Event of Default has occurred and is continuing on the day
occurring three Business Days prior to the date of, or on the date of, the requested funding, continuation or conversion, then, so long as a Potential Default or an Event of Default is continuing (i)&nbsp;no outstanding Borrowing may be converted to
or continued as a Term SOFR Borrowing and (ii)&nbsp;unless repaid, each Term SOFR Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.7. <U>Termination, Reduction and Extension of the Revolving Commitments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Scheduled Termination</U>. Unless previously terminated, the Revolving Commitments shall terminate at 5:00&nbsp;p.m., New York City
time, on the Revolving Commitment Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Voluntary Termination or Reduction</U>. The Borrower may at any time
terminate, or from time to time reduce, the Revolving Commitments; <U>provided</U> that (i)&nbsp;each reduction of the Revolving Commitments shall be in an amount that is $5,000,000 or a larger multiple of $1,000,000 and (ii)&nbsp;the Borrower shall
not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving Loans in accordance with <U>Section</U><U></U><U>&nbsp;1.9</U>, the total Revolving Credit Exposures would exceed
the total Revolving Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Notice of Voluntary Termination or Reduction</U>. The Borrower shall notify the Administrative
Agent of any election to terminate or reduce the Revolving Commitments under <U>Section</U><U></U><U>&nbsp;1.7(2)</U> above at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the
effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable;
<U>provided</U> that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Effect of
Termination or Reduction</U>. Any termination or reduction of the Revolving Commitments shall be permanent; <U>provided</U> that any such termination or reduction shall not reduce the Maximum Increase Amount. Each reduction of the Revolving
Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>Extension of Revolving Commitment Termination Date</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) . </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) The Borrower shall
have the option, subject to the terms and conditions set forth in this clause (5), to extend the Initial Revolving Commitment Termination Date by twelve (12)&nbsp;months to February&nbsp;1, 2028 (the &#147;<U>Extended Revolving Commitment
Termination Date</U>&#148; and such option, the &#147;<U>Extension Option</U>&#148;). In order to exercise the Extension Option, the Borrower must deliver written notice (the &#147;<U>Extension Notice</U>&#148;) to the Administrative Agent at least
thirty (30)&nbsp;days (but no more than ninety (90)&nbsp;days) prior to the Initial Revolving Commitment Termination Date (the date of delivery of the Extension Notice to the Administrative Agent, the &#147;<U>Extension Notice Date</U>&#148;), which
Extension Notice shall include a certification from the Borrower that no Event of Default has occurred and is continuing as of the Extension Notice Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The extension of the Initial Revolving Commitment Termination Date to the Extended Revolving Commitment Termination Date shall be subject
to the prior (or concurrent) satisfaction of each of the following conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) the Borrower shall have paid to the
Administrative Agent for the ratable benefit of the Revolving Lenders (excluding any Defaulting Lender) an extension fee equal to 0.25% of the total Revolving Commitments outstanding as of the Initial Revolving Commitment Termination Date (excluding
such Defaulting Lender&#146;s portion of the Revolving Commitment to the extent not reallocated to <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders) which fee the Borrower hereby agrees shall be fully earned and nonrefundable under any
circumstances when paid; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(ii) on or within three (3)&nbsp;Business Days prior to the Initial Revolving Commitment Termination Date, the
Borrower shall have delivered to the Administrative Agent a certificate signed by a duly authorized officer of the Borrower, dated as of the Initial Revolving Commitment Termination Date (&#147;<U>Extension Certificate</U>&#148;) containing the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) a certification by the Borrower that, as of the Initial Revolving Commitment Termination Date, (x)&nbsp;no Potential
Default or Event of Default has occurred and is continuing or would result from such extension, and (y)&nbsp;the representations and warranties made by the Borrower Parties in the Loan Documents are true and correct in all material respects (except
for changes in factual circumstances not prohibited under the Loan Documents) on and as of the Initial Revolving Commitment Termination Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as
of such specific date); <U>provided</U> <U>however</U>, that any representation or warranty that is qualified as to materiality or Material Adverse Effect or similar language shall be true and correct in all respects subject to such qualifiers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) an acknowledgement, reaffirmation and ratification, on behalf of the Borrower Parties, that all obligations (and prior grants of security
interests) of the Borrower Parties under the Loan Documents, as extended, as of the Initial Revolving Commitment Termination Date, remain in full force and effect; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(c) as an attachment thereto, a Compliance Certificate demonstrating that MAC and the
Borrower are in compliance with the covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U> as of the last day of the most recently ended Fiscal Quarter for which financial statements were required to have been delivered pursuant to
<U>Section</U><U></U><U>&nbsp;7.1</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(d) as an attachment thereto, a Borrowing Base Certificate as of the Initial Revolving
Commitment Termination Date showing reasonably detailed calculations of the Borrowing Base Amount and the Borrowing Base Values. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrower&#146;s delivery of the Extension Certificate shall satisfy the requirements of this clause (ii)&nbsp;unless (x) the certification of
the Borrower required pursuant to the immediately preceding clause (a)&nbsp;is made in manifest error, (y)&nbsp;any Borrower Party has actual knowledge on or prior to the Initial Revolving Commitment Termination Date that the certification of the
Borrower pursuant to the immediately preceding clause (a)&nbsp;is inaccurate, or (z)&nbsp;the Administrative Agent notifies the Borrower in writing (including email) on or prior to the Initial Revolving Commitment Termination Date that the
certification of the Borrower pursuant to the immediately preceding clause (a)&nbsp;is inaccurate (i.e., because either (A)&nbsp;a Potential Default or Event of Default has occurred and is continuing or would result from such extension or
(B)&nbsp;the representations and warranties described in clause (ii)(a)(Y) are inaccurate), in which case this clause (ii)&nbsp;shall not be satisfied and the extension of the Initial Revolving Commitment Termination Date shall not be effective.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iii) to the extent invoiced at least three (3)&nbsp;Business Days prior to the Initial Revolving Commitment Termination Date, the
Borrower shall have paid all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred by the Administrative Agent and the Collateral Agent and all reasonable fees and
expenses paid to third party consultants (including reasonable attorneys&#146; fees and expenses) by the Administrative Agent and/or the Collateral Agent in connection with such extension; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;(a) solely to the extent required by any Requirements of Law to maintain the enforceability and/or priority of any Mortgage in
respect of a Mortgaged Property, the Borrower Parties shall have delivered to the Administrative Agent (I)&nbsp;an amendment to such Mortgage extending the Initial Revolving Commitment Termination Date and such other amendments as reasonably
required by the Administrative Agent, (II)&nbsp;title insurance endorsements to the title policy for such Mortgaged Property insuring that the insured&#146;s Lien continues in full force and effect subject only to Permitted Encumbrances, as
reasonably required by Administrative Agent and (III)&nbsp;evidence satisfactory to the Administrative Agent that all premiums in respect of any title insurance endorsements referred to in the foregoing clause (II), all charges for additional
mortgage recording tax, if any, and all related expenses for such Mortgaged Property, as reasonably determined by the Administrative Agent, have been paid and (b)&nbsp;solely to the extent requested by the Administrative Agent (or any Lender acting
through the Administrative Agent) prior to the Initial Revolving Commitment Termination Date with respect to any Mortgaged Property, the Borrower Parties shall have delivered (or caused to be delivered) to the Administrative Agent the documentation
and information required under clause (viii)&nbsp;of the definition of Mortgaged Property Deliverables with respect to such Mortgaged Property. The Administrative Agent shall use commercially reasonable efforts to (A)&nbsp;determine whether any of
the items set forth in clause (a)&nbsp;above are required and/or whether it or any Lender will require the items set forth in clause (b)&nbsp;above and (B)&nbsp;if applicable, request such items from the Borrower within 10 Business Days after the
Administrative Agent receives the Extension Notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) The Administrative Agent shall notify each of the Revolving Lenders in the event that
the Borrower delivers an Extension Notice as provided in this <U>Section</U><U></U><U>&nbsp;1.7(5)</U> and upon the effectiveness of the extension of the Initial Revolving Commitment Termination Date to the Extended Revolving Commitment Termination
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) If requested by the Administrative Agent in connection with the Borrower&#146;s exercise of the Extension Option, the Borrower
Parties shall, at their own expense, promptly deliver to the Administrative Agent an updated Appraisal with respect to any Borrowing Base Mortgaged Property Asset that has a most recent Appraisal in excess of one year old; provided that
(i)&nbsp;such Appraisals shall be provided for informational purposes only and the values set forth therein shall not impact the Borrower&#146;s right to extend the Initial Revolving Commitment Termination Date as set forth above (or otherwise) and
(ii)&nbsp;the delivery of such Appraisals shall not constitute a condition precedent to the effectiveness of the extension of the Initial Revolving Commitment Termination Date to the Extended Revolving Commitment Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.8. <U>Manner of Payment of Loans; Evidence of Debt</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Repayment at Maturity</U>. Subject to any earlier acceleration of the Revolving Loans following an Event of Default, the Borrower
hereby unconditionally promises to pay to the Administrative Agent for account of the Revolving Lenders the outstanding principal amount of the Revolving Loans on the Revolving Commitment Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Manner of Payment</U>. The Borrower shall notify the Administrative Agent in writing (which notice may be by electronic mail in
accordance herewith) of any repayment or prepayment hereunder (i)&nbsp;in the case of repayment or prepayment of a Term SOFR Borrowing with an Interest Period not expiring on the date of payment, not later than 2:00&nbsp;p.m. (New York time) one
Business Day before the date of repayment or prepayment, or (ii)&nbsp;in the case of repayment or prepayment of a Term SOFR Borrowing with Interest Periods expiring on the date of repayment or prepayment or a Base Rate Borrowing, not later than
1:00&nbsp;p.m. (New York time) one Business Day before the date of repayment or prepayment. Each such notice shall be irrevocable and shall specify the repayment or prepayment date and the principal amount of each Borrowing or portion thereof to be
repaid or prepaid; <U>provided</U> that, if a notice of repayment or prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by <U>Section</U><U></U><U>&nbsp;1.7</U>, then such notice
of repayment or prepayment may be revoked if such notice of termination is revoked in accordance with <U>Section</U><U></U><U>&nbsp;1.7</U>. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise
the Lenders of the Loans included in such Borrowing of the contents thereof. Each repayment or prepayment of a Borrowing shall be applied ratably to the Loans included in the repaid or prepaid Borrowing. Repayments and prepayments shall be
accompanied by (A)&nbsp;accrued interest and (B)&nbsp;any payments due pursuant to <U>Section</U><U></U><U>&nbsp;2.9</U>. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be
applied, first, to pay any outstanding Base Rate Borrowings and, second, to other Borrowings in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first).
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Maintenance of Loan Accounts by Lenders</U>. Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from
time to time hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Maintenance of Register by the Administrative Agent</U>. The Administrative Agent shall maintain a
register in which it shall record the names and addresses of Lenders and Issuing Lenders and the Commitments, Letter of Credit Commitments, the principal amounts of (and stated interest on) the Loans of each Lender and the available balance of
outstanding Letters of Credit of each Issuing Lender from time to time (the &#147;<U>Register</U>&#148;). The Register shall be available for inspection at the Administrative Agent&#146;s notice address or by email upon request by Borrower, any
Lender (with respect to any entry relating to such Lender&#146;s Loans) or any Issuing Lender (with respect to any entry relating to Letters of Credit issued by such Issuing Lender) at any reasonable time and from time to time upon reasonable prior
notice. Administrative Agent shall record, or shall cause to be recorded, in the Register the Commitments and the Loans in accordance with the provisions of Section&nbsp;10.6, and each repayment or prepayment in respect of the principal amount of
the Loans, and any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; provided that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender&#146;s
Commitments or Loans or Borrower&#146;s Obligations in respect of any Loan. Borrower hereby designates Administrative Agent to serve as Borrower&#146;s <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent solely for purposes of maintaining
the Register as provided in this Section&nbsp;1.8(4), and Borrower hereby agrees that, to the extent Administrative Agent serves in such capacity, Administrative Agent and its officers, directors, employees, agents,
<FONT STYLE="white-space:nowrap">sub-agents</FONT> and affiliates shall constitute &#147;Indemnified Persons.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>Effect of
Entries</U>. The entries made in the accounts maintained pursuant to Sections 1.8(3) and (4)&nbsp;above shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) <U>Promissory Notes</U>. Upon the request of a Revolving Lender, the Borrower shall promptly execute and deliver to such Revolving Lender
a Revolving Loan Note evidencing such Revolving Lender&#146;s Revolving Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.9. <U>Repayment of Loans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Optional Prepayment</U>. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to the requirements of this Section; provided, however, that voluntary prepayments (other than a prepayment in whole) shall be in the minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Mandatory Repayment of Revolving Loans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) If on any day the total Revolving Credit Exposure exceeds&nbsp;the Borrowing Base Amount, the Borrower shall promptly (but in any event
within three (3)&nbsp;Business Days of the occurrence thereof), in its discretion, (x)&nbsp;repay an aggregate principal amount of the Revolving Loans and LC Disbursements (or, if no Revolving Loans or LC Disbursements are outstanding at such time,
Cash Collateralize any issued and outstanding Letters of Credit) in an amount sufficient to cause the total Revolving Credit Exposure to be equal to or less than&nbsp;the Borrowing Base Amount and/or (y)&nbsp;provide additional Borrowing Base Assets
in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> that increase the Borrowing Base Amount by an amount sufficient to cause the total Revolving Credit Exposure to be equal to or less than&nbsp;the Borrowing Base Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) If on any day the total Revolving Credit Exposure exceeds the aggregate Revolving Commitments of the Revolving Lenders, the Borrower
shall promptly (but in any event within three (3)&nbsp;Business Days of the occurrence thereof) repay an aggregate principal amount of the Revolving Loans and LC Disbursements (or, if no Revolving Loans or LC Disbursements are outstanding at such
time, Cash Collateralize any issued and outstanding Letters of Credit) in an amount sufficient to cause the total Revolving Credit Exposure to be equal to or less than&nbsp;the aggregate Revolving Commitments of the Revolving Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) All repayments under this <U>Section</U><U></U><U>&nbsp;1.9(2)</U> shall be made together with accrued interest to the date of such
repayment on the principal amount repaid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.10. <U>Interest</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Base Rate Loans</U>. The Loans comprising each Base Rate Borrowing shall bear interest at a rate per annum equal to the Applicable
Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Term SOFR Loans</U>. The Loans constituting each Term SOFR Borrowing shall bear interest at a rate per annum equal to
the Applicable Term SOFR Rate for the Interest Period for such Borrowing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Payment of Interest</U><U>. </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) The Borrower shall pay interest on Base Rate Borrowings monthly, in arrears, on the last Business Day of each calendar month, as set
forth on an interest billing delivered by the Administrative Agent to the Borrower (which delivery may be by facsimile transmission) no later than 11:00 a.m. (New York time) on the date such interest is due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The Borrower shall pay interest on the Term SOFR Borrowings on the last day of the applicable Interest Period or, in the case of Term
SOFR Borrowings with an Interest Period ending later than three months after the date funded, converted or continued, at the end of each three month period from the date funded, converted or continued and on the last day of the applicable Interest
Period, as set forth on an interest billing delivered by the Administrative Agent to the Borrower (which delivery may be by facsimile transmission) no later than 11:00 a.m. (New York time) on the date such interest is due. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Conforming Changes</U>. In connection with the use or administration of Term SOFR or
any other Benchmark, the Administrative Agent, in consultation with the Borrower, shall have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Conforming Changes will become effective without any further action or consent of the Borrower or any other party to this Agreement. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of
any such Conforming Changes in connection with the use or administration of Term SOFR or such other Benchmark. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.11. <U>Presumptions of
Payment</U>. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder that the Borrower
will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or the applicable Issuing
Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the applicable Lenders or the applicable Issuing Lenders, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or such Issuing Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the Federal Funds Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.12. <U>Defaulting Lenders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Defaulting Lender Adjustments</U>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A)
<U>Waivers and Amendments</U>. Such Defaulting Lender shall be deemed not to be a &#147;Lender&#148; for purposes of any amendment, waiver or consent with respect to any provision of the Loan Documents that requires the approval of the Required
Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) <U>Defaulting Lender Waterfall</U>. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <U>Article 9</U> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
<U>Section</U><U></U><U>&nbsp;11.17</U> shall be applied at such time or times as may be determined by the Administrative Agent as follows: <I>first</I>, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the
Administrative Agent or the Collateral Agent hereunder; <I>second</I>, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders hereunder; <I>third</I>, to Cash Collateralize the Issuing Lenders&#146;
Fronting Exposure with respect to such Defaulting Lender in accordance with <U>Section</U><U></U><U>&nbsp;1.4(11)</U>; <I>fourth</I>, as the Borrower may request (so long as no Potential Default or Event of Default is continuing other than any such
Potential Default or Event of Default that is caused by or attributable to the default by the Defaulting Lender), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; <I>fifth</I>, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x)&nbsp;satisfy such Defaulting Lender&#146;s
potential future funding obligations with respect to Loans under this Agreement and (y)&nbsp;Cash Collateralize the Issuing Lenders&#146; future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with <U>Section</U><U></U><U>&nbsp;1.4(11)</U>; <I>sixth</I>, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of a court of competent jurisdiction obtained by
any Lender or any Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; <I>seventh</I>, so long as no Potential Default or Event of Default exists, to the payment
of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this
Agreement; and <I>eighth</I>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <U>provided</U> that if (x)&nbsp;such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of
which such Defaulting Lender has not fully funded its appropriate share, and (y)&nbsp;such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <U>Section</U><U></U><U>&nbsp;5.2</U> were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC
Disbursements owed to, such Defaulting Lender until such time as all Revolving Loans and funded and unfunded participations in LC Disbursements are held by the Revolving Lenders pro rata in accordance with the Revolving Commitments without giving
effect to <U>Section</U><U></U><U>&nbsp;1.12(1)(D)</U>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to
this <U>Section</U><U></U><U>&nbsp;1.12(1)(B)</U> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) <U>Certain Fees</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(i) No Defaulting Lender shall be entitled to receive any Unused Line Fee for any period during which that Lender is a Defaulting Lender (and
the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(ii) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Revolving Lender is a
Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the Stated Amount of Letters of Credit for which such Defaulting Lender has provided cash collateral from its own funds with respect to such Defaulting
Lender&#146;s Applicable Revolving Percentage of the Stated Amount of Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(iii) With respect to any Unused Line Fee or
Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to <U>clause (i)</U>&nbsp;or <U>(ii)</U> above, the Borrower shall (x)&nbsp;pay to each <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender that portion of any
such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender&#146;s participation in LC Disbursements that has been reallocated to such <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender pursuant to
<U>clause (D)</U>&nbsp;below, (y) pay to the applicable Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender&#146;s participation in LC Disbursements that has not been
reallocated to a <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender pursuant to <U>clause (D)</U>&nbsp;below but instead has been retained as Fronting Exposure by such Issuing Lender and (z)&nbsp;not be required to pay the remaining
amount of any such fee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) <U>Reallocation of Participations to Reduce Fronting Exposure</U>. All or any part of
such Defaulting Lender&#146;s participation in LC Exposure shall be reallocated among the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders which are Revolving Lenders in accordance with their respective Applicable Revolving Percentages
(calculated without regard to such Defaulting Lender&#146;s Revolving Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT>
Lender to exceed such <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender&#146;s Revolving Commitment. Subject to <U>Section</U><U></U><U>&nbsp;11.24</U>, no reallocation hereunder shall constitute a waiver or release of any claim of any
party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender as a result of such
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender&#146;s increased exposure following such reallocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(E) <U>Cash
Collateral</U>. If the reallocation described in <U>clause (D)</U>&nbsp;above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the
Issuing Lenders&#146; Fronting Exposure in accordance with the procedures set forth in <U>Section</U><U></U><U>&nbsp;1.4(11)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2)
<U>Defaulting Lender Cure</U>. If the Borrower and the Administrative Agent (and, in the case of any Revolving Lender that is a Defaulting Lender, each Issuing Lender) agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded
participations in Letters of Credit to be held pro rata by the Revolving Lenders in accordance with the Revolving Commitments (without giving effect to <U>Section</U><U></U><U>&nbsp;1.12(1)(D)</U>), whereupon such Lender will cease to be a
Defaulting Lender; <U>provided</U> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <U>provided</U>, <U>further</U>, that,
except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender&#146;s having been a
Defaulting Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>New Letters of Credit</U>. So long as any Revolving Lender is a Defaulting Lender, no Issuing Lender shall be
required to issue, extend or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Removal of Defaulting Lender</U>. At the Borrower&#146;s request, the Administrative Agent or an Eligible Assignee reasonably
acceptable to the Administrative Agent shall have the right (but not the obligation) to purchase from any Defaulting Lender, and each Defaulting Lender shall, upon such request, sell and assign to the Administrative Agent or such Eligible Assignee,
all of the Defaulting Lender&#146;s outstanding Commitments and Loans hereunder. Such sale shall be consummated promptly after the Administrative Agent has arranged for a purchase by the Administrative Agent or an Eligible Assignee pursuant to an
Assignment and Acceptance Agreement, and at a price equal to the outstanding principal balance of the Defaulting Lender&#146;s Loans, plus accrued interest, without premium or discount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 2. <U>General Provisions Regarding Payments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.1. <U>Payments by the Borrower</U>. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest
or fees or reimbursement of LC Disbursements, or under <U>Section</U><U></U><U>&nbsp;2.7</U>, <U>2.9</U> or <U>2.10</U>, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 2:00 p.m. (New York
time) (unless otherwise specified in this Agreement), on the date when due, in immediately available funds, without <FONT STYLE="white-space:nowrap">set-off</FONT> or counterclaim; <U>provided</U> that if a new Loan is to be made by any Lender on a
date the Borrower is to repay any principal of an outstanding Loan of such Lender, such Lender shall apply the proceeds of such new Loan to the payment of the principal to be repaid and only an amount equal to the difference between the principal to
be borrowed and the principal to be repaid shall be made available by such Lender to the Administrative Agent as provided in <U>Section</U><U></U><U>&nbsp;1.5</U> or paid by the Borrower to the Administrative Agent pursuant to this paragraph, as the
case may be. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be wired to the Administrative Agent at the Contact Office, ABA <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;021-001-033,</FONT></FONT> for further credit to Commercial Loan Division, Account No.&nbsp;60200119,
Reference: The Macerich Company, except as otherwise expressly provided in the relevant Loan Document, and except payments to be made directly to an Issuing Lender as expressly provided herein and except that payments pursuant to
<U>Sections</U><U></U><U>&nbsp;2.7</U>, <U>2.9</U>, <U>2.10</U> and <U>11.14</U> shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment
accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder or under any other Loan Document (except to the extent otherwise provided therein) shall be made in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2. <U>Pro Rata Treatment</U>. Except to the extent otherwise provided herein: (i)&nbsp;each Revolving Borrowing shall be made from the
Revolving Lenders, each payment of the Unused Line Fee under <U>Section</U><U></U><U>&nbsp;2.11</U> shall be made for account of the Revolving Lenders, each payment of the Letter of Credit Fees under <U>Section</U><U></U><U>&nbsp;2.11</U> shall be
made for account of the Revolving Lenders and each termination or reduction of the amount of the Revolving Commitments under <U>Section</U><U></U><U>&nbsp;1.7</U> shall be applied to the respective Revolving Commitments of the Revolving Lenders, pro
rata according to the amounts of their respective Revolving Commitments; (ii)&nbsp;each Revolving Borrowing shall be allocated pro rata among the Revolving Lenders according to the amounts of their respective Revolving Commitments (in the case of
the making of Revolving Loans) or their respective Revolving Loans (in the case of conversions and continuations of Loans); (iii)&nbsp;each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for account of the
Revolving Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them; and (iv)&nbsp;each payment of interest on Revolving Loans by the Borrower shall be made for account of the Revolving Lenders
pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Revolving Lenders. For the avoidance of doubt, (x)&nbsp;all of the Secured Obligations of the Borrower are guarantied by the
Guarantors under Loan Documents on a <I>pari passu</I> basis and (y)&nbsp;all of the Secured Obligations are secured by all Collateral on a <I>pari passu</I> basis (subject to allocated loan amounts in certain cases). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.3. <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.4. <U>Inability to Determine Rates; Alternate Rate</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) In the event that the Administrative Agent shall have determined in its sole but good faith discretion (which determination shall be
conclusive and binding upon the Borrower and the Lenders absent manifest error) that one or more Benchmark Transition Events shall have occurred, the Administrative Agent shall determine the corresponding Benchmark Replacement Date in accordance
with the definition thereof, and the Administrative Agent shall, at any time after the Benchmark Replacement Date, have the sole and exclusive right at its election, to be exercised in its sole but good faith discretion, upon prior notice to the
Borrower, to convert any Loan (or all Loans, including on a <FONT STYLE="white-space:nowrap">go-forward</FONT> basis) from a Term SOFR Loan to an Alternate Rate Loan based on the applicable Benchmark Replacement selected by the Administrative Agent
as provided in the definition thereof, or if such Loan had previously been converted to an Alternate Rate Loan based upon a Benchmark Replacement, to an Alternate Rate Loan based on the applicable alternative Benchmark Replacement selected by the
Administrative Agent as provided in the definition thereof; provided in each case that such conversion shall be subject to satisfaction of the following conditions: (A)&nbsp;at the time of conversion, such applicable Benchmark Replacement is a
floating rate index that is then, or the Administrative Agent anticipates will be, generally used by the Administrative Agent in its syndicated floating rate commercial real estate loans as an alternative to the then-current Benchmark, as determined
by the Administrative Agent in its sole but good faith discretion, and (B)&nbsp;such applicable Benchmark Replacement is administratively and commercially reasonable for the Administrative Agent and each Lender to implement, as determined by the
Administrative Agent in its sole but good faith discretion; provided further that the Borrower shall be entitled to direct that in lieu of conversion to an Alternate Rate Loan such Term SOFR Loans (or Alternate Rate Loans, as applicable) be
converted to Base Rate Loans. In the event the foregoing conditions shall be satisfied and such Loan is converted to an Alternate Rate Loan as provided above, such Loan shall bear interest at the Applicable Alternate Rate effective as of the first
day on which such Loan is converted to the applicable Alternate Rate Loan. The Administrative Agent will promptly notify the Borrower and the Lenders of the commencement of any Benchmark Unavailability Period and the conversion of any Loan to the
applicable Alternate Rate Loan. Notwithstanding any provision of this Agreement to the contrary, in no event shall the Borrower have the right to convert (x)&nbsp;a Term SOFR Loan to an Alternate Rate Loan or (y)&nbsp;an Alternate Rate Loan accruing
interest at a rate based upon the then-current Benchmark Replacement to an alternative Alternate Rate Loan accruing interest at a rate based upon any alternative Benchmark Replacement. For the avoidance of doubt, Borrower may borrow and continue
Alternate Rate Loans once the Administrative Agent has established the applicable Alternate Index Rate as provided herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) In the event that the Administrative Agent shall have determined in its sole and
absolute discretion (which determination shall be conclusive and binding upon the Borrower and the Lenders absent manifest error) that Term SOFR cannot be ascertained as provided in the definition of Term SOFR as set forth herein, or that the
adoption of any Requirement of Law or any change therein or in the interpretation or application thereof, shall make it unlawful for any Lender to maintain a Term SOFR Loan as contemplated hereunder, or Term SOFR would be in excess of the maximum
interest rate that the Borrower may by law pay, and such Loan has not been converted to an Alternate Rate Loan in accordance with Section&nbsp;2.4(1) above, the Administrative Agent shall give notice thereof to the Borrower and the Lenders (which
may be by telephone or <FONT STYLE="white-space:nowrap">e-mail,</FONT> followed promptly by written notice). If such notice is given, each Term SOFR Loan shall be converted, as of the first day of the next succeeding Interest Period, or upon such
earlier date as may be required by any Requirement of Law, at the Administrative Agent&#146;s option (in the Administrative Agent&#146;s sole and absolute discretion), to a Base Rate Loan bearing interest at the Applicable Base Rate. Notwithstanding
any provision of this Agreement to the contrary, in no event shall the Borrower have the right to convert a Term SOFR Loan to an Alternate Rate Loan; provided that Borrower may borrow and continue Alternate Rate Loans once the Administrative Agent
has established the applicable Alternate Index Rate as provided herein. Upon the Borrower&#146;s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for an advance of, conversion to
or continuation of a Term SOFR Loan to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to a
Base Rate Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) If, pursuant to Section&nbsp;2.4(2), a Loan has been converted to or required to be maintained as a Base Rate Loan
and the Administrative Agent thereafter determines in its sole but good faith discretion (which determination shall be conclusive and binding upon the Borrower and the Lenders absent manifest error) that the event(s) or circumstance(s) which
resulted in such conversion or requirement shall no longer be applicable and Term SOFR can be determined as provided in the definition of Term SOFR as set forth herein, the Administrative Agent shall give notice thereof to the Borrower and the
Lenders (which may be by telephone or <FONT STYLE="white-space:nowrap">e-mail,</FONT> followed promptly by written notice) prior to the next succeeding Interest Determination Date. Upon the giving of such notice, such Loan may be converted, as of
the first day of the next succeeding Interest Period, to a Term SOFR Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) If, pursuant to the terms of Section&nbsp;2.4(1), a Loan
has been converted to an Alternate Rate Loan but the Administrative Agent thereafter determines in its sole but good faith discretion (which determination shall be conclusive and binding upon the Borrower and the Lenders absent manifest error) that
the applicable Alternate Index Rate cannot be ascertained, or that the adoption of any Requirement of Law or any change therein or in the interpretation or application thereof, shall make it unlawful for any Lender to maintain an Alternate Rate Loan
as contemplated hereunder, or the Applicable Alternate Rate would be in excess of the maximum interest rate that the Borrower may by law pay, the Administrative Agent shall give notice thereof to the Borrower and the Lenders (which may be by
telephone or <FONT STYLE="white-space:nowrap">e-mail,</FONT> followed promptly by written notice) prior to the next succeeding Interest Determination Date. If such notice is given, each Alternate Rate Loan shall be converted, as of the first day of
the next succeeding Interest Period, or upon such earlier date as may be required by any Requirement of Law, to a Base Rate Loan bearing interest at the Applicable Base Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) If, pursuant to the terms of this Section&nbsp;2.4, a Loan has been converted to or required to be maintained as a Base Rate Loan and
thereafter the Administrative Agent determines in its sole but good faith discretion that Term SOFR has been succeeded by a Benchmark Replacement and such Benchmark Replacement can be determined, then the Administrative Agent shall have the sole and
exclusive right, to be exercised in its sole but good faith discretion, upon notice to the Borrower to convert such Loan from a Base Rate Loan to an Alternate Rate Loan in accordance with, and subject to satisfaction of the conditions set forth in,
the provisions of Section&nbsp;2.4(1) above, and the Administrative Agent shall give notice thereof to the Borrower and the Lenders (which may be by telephone or <FONT STYLE="white-space:nowrap">e-mail,</FONT> followed promptly by written notice)
prior to the next succeeding Interest Determination Date, and if such notice is given, the Loan shall be converted, as of the first day of the next succeeding Interest Period, to an Alternate Rate Loan; provided that the Borrower shall be entitled
to direct that in lieu of conversion to an Alternate Rate Loan such Base Rate Loans be continued as Base Rate Loans. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) The Borrower hereby agrees to pay to each Lender, in accordance with Section&nbsp;2.9,
any additional amounts necessary to compensate such Lender for any costs incurred by such Lender in making any conversion pursuant to this Section&nbsp;2.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent, in
consultation with Borrower, shall have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary contained herein or in any other Loan Document, any amendments implementing such Conforming Changes will
become effective without any further action or consent of any party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any such Conforming Changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section&nbsp;2.4, including, but
not limited to, any determination with respect to a tenor, rate or adjustment or of the occurrence or <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of an event, circumstance or date, the calculation of any spread adjustment to achieve
neutrality, any Conforming Changes, and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party to
this Agreement or any other Loan Document, except consultation with the Borrower if and to the extent expressly required by this Section&nbsp;2.4 and the definitions of terms used in this Section&nbsp;2.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.5. <U>Illegality</U>. If any Lender determines that any Requirement of Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or to determine or charge
interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent) (an &#147;<U>Illegality Notice</U>&#148;), (a) any obligation of the
Lenders to make Term SOFR Loans, and any right of the Borrower to continue Term SOFR Loans or to convert Base Rate Loans to Term SOFR Loans, shall be suspended, and (b)&nbsp;the interest rate on which Base Rate Loans shall, if necessary to avoid
such illegality, be determined by the Administrative Agent without reference to clause (c)&nbsp;of the definition of &#147;Base Rate&#148;, in each case until each affected Lender notifies the Administrative Agent and the Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if
applicable, convert all Term SOFR Loans to Base Rate Loans (the interest rate on which Base Rate Loans shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c)&nbsp;of the definition of
&#147;Base Rate&#148;), on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such Term SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such Term SOFR
Loans to such day. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section&nbsp;2.9. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6. <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7. <U>Increased Costs</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Subject to the provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> (which shall be controlling with respect to the matters covered
thereby), in the event that any Change in Law: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) Does or shall subject any Lender or any Issuing Lender to any Taxes of any kind
whatsoever with respect to this Agreement or any Loan, or change the basis of determining the Taxes imposed on payments to such Lender or such Issuing Lender of principal, fee, interest or any other amount payable hereunder (except for Indemnified
Taxes and Excluded Taxes); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) Does or shall impose, modify or hold applicable any reserve, capital or liquidity requirement, special
deposit, compulsory loan or similar requirements against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender or
such Issuing Lender which are not otherwise included in the determination of interest payable on the Obligations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) Does or shall
impose on any Lender or any Issuing Lender any other condition; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) Does or shall impose on any Lender or any Issuing Lender or the
applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Term SOFR Loans made by such Lender or any Letter of Credit or participation therein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing is to increase the cost to such Lender or such Issuing Lender of making, renewing or maintaining its
Revolving Commitment or its Credit Exposure or to increase the cost of such Lender or such Issuing Lender of participating in, issuing or maintaining any Letter of Credit or to reduce any amount receivable in respect thereof or the rate of return on
the capital of such Lender or such Issuing Lender or any corporation controlling such Lender or such Issuing Lender, then, in any such case, the Borrower shall, without duplication of amounts payable pursuant to
<U>Section</U><U></U><U>&nbsp;2.10</U>, promptly (and in any event no later than 10 Business Days after receipt by the Borrower of notice from the applicable Lender or the applicable Issuing Lender pursuant to
<U>Section</U><U></U><U>&nbsp;2.7(2)</U> below claiming additional amounts pursuant to this <U>Section</U><U></U><U>&nbsp;2.7</U>) pay to such Lender or such Issuing Lender, upon its written demand made through the Administrative Agent, any
additional amounts necessary to compensate such Lender or such Issuing Lender for such additional cost or reduced amounts receivable or rate of return as determined by such Lender or such Issuing Lender with respect to this Agreement or such
Lender&#146;s or such Issuing Lender&#146;s Revolving Commitment, Credit Exposure or Letter of Credit obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) If a Lender or an Issuing Lender becomes entitled to claim any additional amounts
pursuant to this <U>Section</U><U></U><U>&nbsp;2.7</U>, it shall promptly notify the Borrower of the event by reason of which it has become so entitled. A certificate as to any additional amounts so claimed payable containing the calculation thereof
in reasonable detail submitted by a Lender or an Issuing Lender to the Borrower, accompanied by a certification that such Lender or such Issuing Lender has required substantially all obligors under other commitments of this type made available by
such Lender or such Issuing Lender to similarly so compensate such Lender or such Issuing Lender, shall constitute prima facie evidence thereof; <U>provided</U> that the Borrower shall not be required to compensate a Lender or an Issuing Lender
pursuant to this Section<U>&nbsp;2.7</U> for any increased cost or reduction in respect of a period occurring more than six months prior to the date that such Lender or such Issuing Lender notifies the Borrower of such Lender&#146;s intention to
claim compensation therefor unless the circumstances giving rise to such increased cost or reduction became applicable retroactively, in which case no such time limitation shall apply so long as such Lender requests compensation within six months
from the date such circumstances become applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Other than as set forth in this <U>Section</U><U></U><U>&nbsp;2.7</U>, the
failure or delay on the part of any Lender or any Issuing Lender to demand compensation pursuant to this <U>Section</U><U></U><U>&nbsp;2.7</U> shall not constitute a waiver of such Lender&#146;s or such Issuing Lender&#146;s right to demand such
compensation. The provisions of this <U>Section</U><U></U><U>&nbsp;2.7</U> shall survive the termination of this Agreement and payment of the Loans and all other Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.8. <U>Obligation of Lenders to Mitigate; Replacement of Lenders</U>. Each Lender agrees that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) As promptly as reasonably practicable after the officer of such Lender responsible for administering such Lender&#146;s Revolving
Commitment and Credit Exposure becomes aware of any event or condition that would entitle such Lender to receive payments under <U>Section</U><U></U><U>&nbsp;2.7</U> above or <U>Section</U><U></U><U>&nbsp;2.10</U> below or to cease making or
maintaining Term SOFR Loans under <U>Section</U><U></U><U>&nbsp;2.5</U> above, such Lender will use reasonable efforts: (i)&nbsp;to maintain its Revolving Commitment and Credit Exposure through another lending office of such Lender or (ii)&nbsp;take
such other measures as such Lender may deem reasonable, if as a result thereof the additional amounts which would otherwise be required to be paid to such Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.7</U> above or pursuant to
<U>Section</U><U></U><U>&nbsp;2.10</U> below would be materially reduced or eliminated or the conditions rendering such Lender incapable of making or maintaining Term SOFR Loans under <U>Section</U><U></U><U>&nbsp;2.5</U> above no longer would be
applicable, and if, as determined by such Lender in its sole discretion, the maintaining of such Term SOFR Loans through such other lending office or in accordance with such other measures, as the case may be, would not otherwise materially
adversely affect such Term SOFR Loans or the interests of such Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) If the Borrower receives a notice pursuant to <U>Section</U><U></U><U>&nbsp;2.7</U>
above or pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U> below or a notice pursuant to <U>Section</U><U></U><U>&nbsp;2.5</U> above stating that a Lender is unable to make or maintain Term SOFR Loans (for reasons not generally applicable to the
Required Lenders) or if any other circumstance exists hereunder which gives Borrower the right to replace a Lender as a party hereto pursuant to this Section, so long as (i)&nbsp;no Potential Default or Event of Default shall have occurred and be
continuing, (ii)&nbsp;the Borrower has obtained a commitment from another Lender or an Eligible Assignee to purchase at par such Lender&#146;s Revolving Commitment, its Credit Exposure at such time and accrued interest and fees and to assume all
obligations of the Lender to be replaced under the Loan Documents and (iii)&nbsp;if applicable, such Lender to be replaced is unwilling to withdraw the notice delivered to the Borrower, upon the date following the date on which such Lender confirms
in writing to the Borrower or the Administrative Agent that it is unwilling to withdraw such notice, or, if no such written confirmation has been given, five (5)&nbsp;Business Days&#146; prior written notice to such Lender and the Administrative
Agent, the Borrower may require, at the Borrower&#146;s expense, such Lender to assign, without recourse, all of its Revolving Commitment, Credit Exposure and accrued interest and fees to such other Lender or Eligible Assignee pursuant to the
provisions of <U>Section</U><U></U><U>&nbsp;11.8</U> below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.9. <U>Funding Indemnification</U>. In the event of (a)&nbsp;the payment of
any principal of any Term SOFR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b)&nbsp;the conversion of any Term SOFR Loan other than on the last day of the Interest Period
applicable thereto, (c)&nbsp;the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under
<U>Section</U><U></U><U>&nbsp;1.8(2)</U> and is revoked in accordance herewith), or (d)&nbsp;the assignment of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant
to <U>Section</U><U></U><U>&nbsp;2.8(2)</U>, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or
redeployment of funds or from any fees payable. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.10. <U>Taxes</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Any
and all payments by or on account of any obligation of any Borrower Party hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Taxes except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower Party shall be
increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the Lender, the Administrative Agent or the Collateral Agent, as
applicable, receives an amount equal to the sum it would have received had no such deduction or withholding been made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) In addition,
each Borrower Party shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent or the Collateral Agent, as applicable, timely reimburse it for the payment of, any Other
Taxes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) The Borrower Parties shall jointly and severally indemnify the Administrative Agent,
the Collateral Agent or any Lender, as applicable, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable
or paid by such Administrative Agent, Collateral Agent or Lender, or required to be withheld or deducted from a payment to such Administrative Agent, Collateral Agent or Lender, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent or the Collateral Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) Each Lender shall severally indemnify the Administrative Agent and the Collateral Agent, within 10 days after demand therefor, for
(i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower Party has not already indemnified the Administrative Agent or the Collateral Agent, as applicable, for such Indemnified Taxes and without limiting
the obligation of the Borrower Parties to do so), (ii) any Taxes attributable to such Lender&#146;s failure to comply with the provisions of <U>Section</U><U></U><U>&nbsp;11.8(5)</U> relating to the maintenance of a Participant Register and
(iii)&nbsp;any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent or the Collateral Agent, as applicable, in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or the
Collateral Agent, as applicable, shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Collateral Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan
Document or otherwise payable by the Administrative Agent or the Collateral Agent, as applicable, to the Lender from any other source against any amount due to the Administrative Agent or the Collateral Agent, as applicable, under this <U>paragraph
(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) As soon as practicable after any payment of Taxes by any Borrower Party to a Governmental Authority, pursuant to this
<U>Section</U><U></U><U>&nbsp;2.10</U> such Borrower Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) (i) Any Lender that is entitled to an
exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in <U>Section</U><U></U><U>&nbsp;2.10(6)(ii)(A)</U>, <U>(ii)(B)</U> and <U>(ii)(D)</U> below) shall not be required if in the Lender&#146;s reasonable judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:22%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> (or successor form)
certifying that such Lender is exempt from U.S. federal backup withholding tax; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(B) any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)&nbsp;with respect to payments of interest under any Loan Document, executed originals of IRS Form
<FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (in each case, or successor form) establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty and (y)&nbsp;with respect to any other applicable payments under any Loan Document, IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (in each case, or successor form) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the &#147;business profits&#148; or
&#147;other income&#148; or other applicable article of such tax treaty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) executed originals of IRS Form <FONT
STYLE="white-space:nowrap">W-8ECI</FONT> (or successor form); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iii) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section&nbsp;881(c) of the Code, (x)&nbsp;a certificate substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">J-1</FONT></U> to the effect that such Foreign Lender is not a &#147;bank&#148;
within the meaning of Section&nbsp;881(c)(3)(A) of the Code, a &#147;10&nbsp;percent shareholder&#148; of the Borrower within the meaning of Section&nbsp;881(c)(3)(B) of the Code, or a &#147;controlled foreign corporation&#148; described in
Section&nbsp;881(c)(3)(C) of the Code (a &#147;<U>U.S. Tax Compliance Certificate</U>&#148;) and (y)&nbsp;executed originals of IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (in each case, or successor form); or (iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form <FONT STYLE="white-space:nowrap">W-8IMY,</FONT> accompanied by
IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> a U.S. Tax Compliance Certificate
substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">J-2</FONT></U> or <U><FONT STYLE="white-space:nowrap">J-3</FONT></U>, IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> (in each case, or successor form), and/or other
certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">J-4</FONT></U> on behalf of each such direct and indirect partner; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), &#147;FATCA&#148; shall include any amendments made to FATCA after the date of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this <U>Section</U><U></U><U>&nbsp;2.10</U> (including by the payment of any additional amounts pursuant to this <U>Section</U><U></U><U>&nbsp;2.10</U>), it shall pay to
the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower Party under this <U>Section</U><U></U><U>&nbsp;2.10</U> with respect to Taxes giving rise to such
refund), net of all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including Taxes) of such indemnified party incurred in order to obtain such refund and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <U>paragraph (7)</U>
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
<U>paragraph (7)</U>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <U>paragraph (7)</U>&nbsp;the payment of which would place the indemnified party in a less favorable net <FONT
STYLE="white-space:nowrap">after-Tax</FONT> position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) Each party&#146;s obligations under this
<U>Section</U><U></U><U>&nbsp;2.10</U> shall survive the resignation or replacement of the Administrative Agent or the Collateral Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the
repayment, satisfaction or discharge of all obligations under any Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(9) For purposes of this
<U>Section</U><U></U><U>&nbsp;2.10</U>, the term &#147;Lender&#148; shall include the Administrative Agent, the Collateral Agent and any Issuing Lender and the term &#147;applicable law&#148; includes FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.11. <U>Fees</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)
<U>Unused Line Fee</U>. Until Payment in Full, the Borrower agrees to pay, on the first day of each month and on the Revolving Commitment Termination Date, to the Administrative Agent, for the ratable account of the Revolving Lenders, an unused line
fee (the &#147;<U>Unused Line Fee</U>&#148;), for each day during the immediately preceding month or shorter period if calculated on the Revolving Commitment Termination Date, equal to (A) 0.35% per annum multiplied by (B)&nbsp;the amount by which
(i)&nbsp;the aggregate amount of the Revolving Lenders&#146; Revolving Commitments on such day exceeded (ii)&nbsp;the sum of (I)&nbsp;the outstanding amount of Revolving Loans on such day and (II)&nbsp;the undrawn available balance of all
outstanding Letters of Credit on such day. The Unused Line Fee shall be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year for the actual number of days elapsed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Letter of Credit Fees and Costs</U> (E) . (A) The Borrower agrees to pay to the
Administrative Agent for distribution to each Revolving Lender that is a <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender (based on their respective Applicable Revolving Percentage) in U.S. Dollars, a fee in respect of each Letter of
Credit issued for the account of any Macerich Entity (the &#147;<U>Letter of Credit Fee</U>&#148;), in each case for the period from and including the date of issuance of the respective Letter of Credit to and including the date of termination of
such Letter of Credit, computed at a rate per annum equal to the applicable &#147;SOFR Spread&#148; as listed in the definition of Applicable Term SOFR Rate on the daily Stated Amount of such Letter of Credit. Accrued Letter of Credit Fees shall be
due and payable on the first Business Day of each August, November, February and May, and on the Revolving Commitment Termination Date or such earlier date upon which the Revolving Commitments are terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The Borrower agrees to pay the applicable Issuing Lender, for its own account, in U.S. Dollars, a facing fee in respect of each Letter of
Credit issued for the account of any Macerich Entity by such Issuing Lender (the &#147;<U>Facing Fee</U>&#148;), for the period from and including the date of issuance of such Letter of Credit to and including the date of the termination of such
Letter of Credit, computed at a rate equal to <FONT STYLE="white-space:nowrap">one-eighth</FONT> of one percent (0.125%) per annum of the daily Stated Amount of such Letter of Credit; <U>provided</U> that in no event shall the annual Facing Fee with
respect to any Letter of Credit be less than $500. Accrued Facing Fees shall be due and payable in arrears on the first Business Day of each August, November, February and May, and on the Revolving Commitment Termination Date or such earlier date
upon which the Revolving Commitments are terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) The Borrower shall pay, upon each payment under, issuance of, or amendment to,
any Letter of Credit, such amount as shall at the time of such event be the administrative charge and the reasonable expenses which the applicable Issuing Lender is generally imposing for payment under, issuance of, or amendment to, Letters of
Credit issued by it, not to exceed $500 per issuance or amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Administrative Agent Fee</U>. The Borrower agrees to pay to
the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Payment of Fees</U>. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent (except the Facing Fee which shall be paid directly to the Issuing Lenders) for distribution, in the case of the Unused Line Fee and the Letter of Credit Fee, to the Lenders entitled thereto. Fees paid shall not be refundable under any
circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.12. <U>Default Interest</U>. During such time as there shall have occurred and be continuing an Event of Default, all
Obligations (including any accrued and unpaid interest) outstanding, shall, at the election of the Administrative Agent or the Required Lenders, bear interest at a per annum rate equal to two percent (2%) above the applicable rate of interest in
effect during the applicable calculation period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.13. <U>Computation</U>. All computations of interest and fees payable hereunder shall be
based upon a year of 360&nbsp;days for the actual number of days elapsed (which results in more interest being paid than if computed on the basis of a <FONT STYLE="white-space:nowrap">365-day</FONT> year). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.14. <U>Application of Insufficient Payments</U>. If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, unreimbursed LC Disbursements, interest, fees and prepayment premiums then due under this Agreement and the other Loan Documents, such funds shall be applied (i)&nbsp;first, to pay interest, fees and prepayment
premiums then due under this Agreement and the other Loan Documents, ratably among the parties entitled thereto in accordance with the amounts of interest, fees and prepayment premiums then due to such parties, and (ii)&nbsp;second, to pay principal
and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 3. <U>Incremental Facility</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1. <U>Incremental Facility Request</U>. Borrower may, by written notice to the Administrative Agent on one or more occasions prior to the
Revolving Commitment Termination Date, elect to request an increase to the existing Revolving Commitments (any such increase, the &#147;<U>New Revolving Loan Commitments</U>&#148;) by an amount that would result in the Revolving Commitments not
exceeding $950,000,000 (the &#147;<U>Maximum Increase Amount</U>&#148;) in the aggregate (each such amount in addition to the Revolving Commitments as of the Closing Date, a &#147;<U>Facility Increase</U>&#148;) and not less than $25,000,000 per
request (or such lesser amount which shall be approved by Administrative Agent or such lesser amount that shall constitute the difference between the Maximum Increase Amount and the sum of all such New Revolving Loan Commitments obtained prior to
such date), and integral multiples of $5,000,000 (or such other amount approved by the Administrative Agent) in excess of that amount. Each such notice shall specify (A)&nbsp;the date (each, an &#147;<U>Increased Amount Date</U>&#148;) on which the
Borrower proposes that the New Revolving Loan Commitments shall be effective, which shall be a date not less than 10 Business Days, nor more than 60 Business Days after the date on which such notice is delivered to the Administrative Agent (or such
shorter or longer period as the Administrative Agent may agree in its sole discretion) and (B)&nbsp;the identity of each Lender or other Person that is an Eligible Assignee (each Lender or other Eligible Assignee who agrees to provide all or a
portion of the New Revolving Loan Commitments being referred to herein as a &#147;<U>New Revolving Loan Lender</U>&#148;) to whom the Borrower proposes any portion of such New Revolving Loan Commitments be allocated and the amounts of such
allocations; <U>provided</U> that any Lender or other Eligible Assignee approached to provide all or a portion of the New Revolving Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment and any
Lender that fails to respond to Borrower&#146;s request shall be deemed to have declined such request. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.2. <U>Facility Increase Arrangers</U>. Except as provided in
<U>Section</U><U></U><U>&nbsp;3.1</U> above, the Administrative Agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA, as joint lead arrangers and joint book runners (in such capacities, the &#147;<U>Facility
Increase Arrangers</U>&#148;), unless any of them separately waives such right, will manage all aspects of the syndication of the proposed New Revolving Loan Commitments in consultation with the Borrower, including identifying each New Revolving
Loan Lender to whom any portion of any Facility Increase shall be allocated, the timing of all offers to Lenders (or their respective Affiliates or Approved Funds) and other Eligible Assignees and the acceptance of commitments, the amounts offered
and the compensation provided; <U>provided</U>, that (i)&nbsp;the Facility Increase Arrangers will consult with the Borrower with respect to the syndication of the proposed Facility Increase, (ii)&nbsp;any allocation to any Eligible Assignee that is
not a Lender or an Affiliate or Approved Fund of a Lender shall be subject to the consent of the Borrower, the Administrative Agent and each Issuing Lender (in each case, such consent not to be unreasonably withheld or delayed) and (iii)&nbsp;in the
event the Facility Increase Arrangers are unable to fully syndicate the proposed Facility Increase by the date which is 10 Business Days prior to the applicable Increased Amount Date, the Borrower may identify Persons who are Eligible Assignees to
whom the Facility Increase Arrangers shall allocate any unsyndicated portion of the Facility Increase, subject to the consent rights set forth in <U>subclause (ii)</U>&nbsp;above. Subject to the immediately preceding sentence, the Facility Increase
Arrangers and each Lender shall have the ongoing right to sell, assign, syndicate, participate, or transfer all or a portion of its Commitments or Loans or other Obligations owing to it to one or more investors as otherwise provided in
<U>Section</U><U></U><U>&nbsp;11.8</U>.&nbsp;Without limitation on the Facility Increase Arrangers&#146; rights as set forth herein, in the event there are Lenders (or their respective Affiliates or Approved Funds) and Eligible Assignees that have
committed to New Revolving Loan Commitments in excess of the maximum amount requested (or permitted), then the Facility Increase Arrangers shall have the right to allocate such commitments, first to Lenders (or their respective Affiliates or
Approved Funds) and then to Eligible Assignees, on whatever basis the Facility Increase Arrangers determine is appropriate (except that no such allocation to any Eligible Assignee that is not a Lender or an Affiliate or Approved Fund of any Lender
shall be in an amount less than $20,000,000 (or such lesser amount approved by the Administrative Agent) and the Facility Increase Arrangers will consult with the Borrower with respect to such allocations). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.3. <U>Conditions to Effectiveness of Facility Increase</U>. Such New Revolving Loan Commitments shall become effective as of such Increased
Amount Date, subject to the satisfaction of each of the following conditions precedent, as determined by the Administrative Agent in its good faith judgment: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) no Potential Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such
Facility Increase; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the Borrower Parties shall be in pro forma compliance with each of the covenants set forth in
<U>Section</U><U></U><U>&nbsp;8.11</U> as of the last day of the most recently ended Fiscal Quarter for which financial statements were required to be delivered under <U>Section</U><U></U><U>&nbsp;7.1</U> after giving effect to such Facility
Increase; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the New Revolving Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed
and delivered by the Borrower, the New Revolving Loan Lender and the Administrative Agent, each of which shall be recorded in the Register, and each New Revolving Loan Lender shall be subject to the requirements set forth in
<U>Section</U><U></U><U>&nbsp;2.10(6)</U> and <U>Section</U><U></U><U>&nbsp;2.10(7)</U>, as applicable, and any New Revolving Loan Lender who is not already a Lender shall become a Lender hereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) the Borrower shall make any payments required pursuant to <U>Section</U><U></U><U>&nbsp;2.9</U> in connection with the New
Revolving Loan Commitments; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the Borrower shall deliver or cause to be delivered any legal opinions
or other documents reasonably requested by the Administrative Agent in connection with any such transaction (including, without limitation, (i)&nbsp;all mortgage amendments increasing the principal amount secured by the Affected Mortgaged Properties
to an amount reasonably satisfactory to the Administrative Agent and such other amendments as reasonably required by the Administrative Agent, (ii)&nbsp;title insurance endorsements to the title insurance policies for each of the Affected Mortgaged
Properties increasing the title insurance coverage to an amount reasonably satisfactory to, and as reasonably required by, the Administrative Agent and insuring that the insured&#146;s Lien continues in full force and effect subject only to
Permitted Encumbrances and (iii)&nbsp;evidence satisfactory to the Administrative Agent that all premiums in respect of any title insurance endorsements referred to in the foregoing clause (ii)&nbsp;and all charges for additional mortgage recording
Taxes, if any, and all related expenses for each of the Affected Mortgaged Properties, as reasonably determined by the Administrative Agent, have been paid); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) as requested by the Administrative Agent, the Borrower Parties shall have acknowledged and ratified that their obligations
(including their guarantees and grants of security interests and Liens, as applicable) under the applicable Loan Documents remain in full force and effect after giving effect to the applicable Facility Increase and the implementation thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) the Borrower shall have paid (i)&nbsp;all reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred by the Administrative Agent and the Collateral Agent and (ii)&nbsp;all fees as may be agreed by the parties participating in
such Facility Increase (including any arrangement or similar fees associated therewith), in each case, in connection with the applicable Facility Increase; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) the representations and warranties made by the Borrower Parties in the Loan Documents shall be true and correct in all
material respects (except for changes in factual circumstances not prohibited under the Loan Documents and except further that, in the event any exception or disclosure schedule provided to Administrative Agent in connection with such
representations and warranties is proposed by Borrower to be updated, any such updates (other than to reflect changes in factual circumstances not prohibited under the Loan Documents) shall be <FONT STYLE="white-space:nowrap">non-material</FONT> and
shall be approved by the Administrative Agent in its good faith judgment) on and as of the date when made and on and as of the Increased Amount Date (or, if any such representation or warranty is expressly stated to have been made as of a specific
date, as of such specific date); <U>provided</U> <U>however</U>, that any representation or warranty that is qualified as to materiality or Material Adverse Effect or similar language shall be true and correct in all respects subject to such
qualifiers; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) after giving effect to any such Facility Increase, the total Revolving Credit Exposures shall not
exceed the Borrowing Base Amount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.4. <U>Additional Facility Increase Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) On any Increased Amount Date on which New Revolving Loan Commitments are effected, subject to the satisfaction of the foregoing terms and
conditions, (a)&nbsp;each of the Revolving Lenders shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with
accrued interest), such interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing
Revolving Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Loan Commitments to the Revolving Commitments, (b)&nbsp;each Revolving Lender shall
automatically and without further act be deemed to have assigned to each of the New Revolving Loan Lenders, and each such New Revolving Loan Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving
Lender&#146;s participations hereunder in outstanding Letters of Credit such that, after giving effect to each such deemed assignment and assumption of participations, the aggregate outstanding participations hereunder in Letters of Credit will be
held by existing Revolving Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Loan Commitments to the Revolving Commitments, (c)&nbsp;each New
Revolving Loan Commitment shall be deemed for all purposes a Revolving Commitment and each loan made thereunder (a <B>&#147;</B><U>New Revolving Loan</U><B>&#148;</B>) shall be deemed, for all purposes, a Revolving Loan and (d)&nbsp;each New
Revolving Loan Lender shall become a Revolving Lender with respect to the New Revolving Loan Commitment and all matters relating thereto. The Administrative Agent and the Revolving Lenders hereby agree that the minimum borrowing, pro rata borrowing
and pro rata payment requirements contained elsewhere in this Agreement shall not apply to any of the transactions effected pursuant to this <U>Article 3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) The Administrative Agent shall notify the Lenders and the Issuing Lenders promptly upon receipt of the Borrower&#146;s notice of each
Increased Amount Date and in respect thereof (y)&nbsp;the New Revolving Loan Commitments and the New Revolving Loan Lenders and (z)&nbsp;in the case of each notice to any Lender with a Revolving Commitment, the respective interests in such
Lender&#146;s Revolving Loans, in each case subject to the assignments contemplated by this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) The terms and provisions of the
New Revolving Loans shall be identical to the existing Revolving Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) Each Joinder Agreement may, without the consent of any other
Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the good faith judgment of the Administrative Agent, to effect the provisions of this <U>Article 3</U>; <U>provided</U>,
<U>however</U>, that any amendments to <U>Articles 4</U> through <U>10</U>, inclusive, that adversely affect a Lender shall be subject to the provisions of <U>Section</U><U></U><U>&nbsp;11.2</U>. All such amendments entered into with the applicable
Borrower Parties by the Agents shall be binding and conclusive on all Lenders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 4. <U>Credit Support</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.1. <U>REIT Guaranty</U>. As credit support for the Secured Obligations, on or before the Closing Date, MAC shall execute and deliver to the
Administrative Agent, for the benefit of the Lenders, the REIT Guaranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.2. <U>Guaranties</U>. As credit support for the Secured
Obligations, on or before the Closing Date, each of the Subsidiary Guarantors listed on <U>Schedule IV</U> and the Borrower shall execute and deliver to the Administrative Agent, for the benefit of the Lenders, the Subsidiary Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.3. <U>Pledge Agreement</U>. As credit support for the Secured Obligations, on or before the Closing Date, the Pledgors as of the Closing
Date shall each execute and deliver to the Collateral Agent the Pledge Agreement, pursuant to which each of them shall pledge to the Collateral Agent, for the ratable benefit of the Secured Parties, all of the Collateral of such Pledgor described
therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.4. <U>Mortgages</U>. As credit support for the Secured Obligations, on or before the Closing Date, certain of the Subsidiary
Guarantors shall execute and deliver to the Collateral Agent Mortgages, pursuant to which each of them shall grant a security interest in the applicable Mortgaged Property described therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 5. <U>Conditions Precedent</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.1.
<U>Conditions Precedent to Effectiveness</U>. As conditions precedent to the Closing Date and the effectiveness of this Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)
Except to the extent permitted to be delivered after the Closing Date pursuant to <U>Section</U><U></U><U>&nbsp;7.17</U>, the Borrower Parties shall have delivered or shall have caused to be delivered to the Administrative Agent, in form and
substance satisfactory to the Administrative Agent, the Collateral Agent, the Lenders and their counsel and duly executed (if applicable) by the appropriate Persons (if requested, with sufficient copies for each of the Lenders), each of the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) This Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) To the extent requested by any applicable Lender at least three (3)&nbsp;Business Days prior to the Closing Date, a Revolving Loan Note
payable to such Lender; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) The REIT Guaranty; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) The Subsidiary Guaranty; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(E) The Pledge Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(F) A certificate of the Secretary, Assistant Secretary or other Responsible Officer of
each Borrower Party (or such Borrower Party&#146;s general partner, managing member, manager or sole member, if applicable) attaching and certifying (i)&nbsp;the Certificate of Limited Partnership, Articles of Incorporation, Articles of
Organization, Certificate of Formation or equivalent registered Organizational Document of such Borrower Party, certified by the Secretary of State of such Borrower Party&#146;s state of incorporation or formation, (ii)&nbsp;the limited partnership
agreement, bylaws, limited liability company agreement or equivalent Organizational Document of such Borrower Party, (iii)&nbsp;the resolutions duly adopted by the Board of Directors of such Borrower Party (or the general partner, managing member,
manager or sole member of such Borrower Party, if applicable) approving the execution, delivery and performance of the Loan Documents on behalf of such Borrower Party, (iv)&nbsp;a certificate of good standing or analogous documentation for such
Borrower Party dated as of a recent date from the Secretary of State of such Borrower Party&#146;s state of incorporation or formation and (v)&nbsp;a certificate of incumbency containing the name, title and true signature of each officer of such
Borrower Party (or the general partner, managing member, manager or sole member of such Borrower Party, if applicable) authorized to sign the Loan Documents to which such Borrower Party is a party on behalf of such Borrower Party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(G) Mortgaged Property Deliverables as requested by the Collateral Agent with respect to each Mortgaged Property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(H) Opinions of counsel for the Borrower Parties dated as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(I) From a Responsible Officer of MAC, a Closing Certificate dated as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(J) Evidence satisfactory to the Administrative Agent that all fees required to be paid by the Borrower on or before the Closing Date have
been, or will upon the initial funding of the Loans on the Closing Date be, paid in full, including, without limitation, the Participating Lender Upfront Fee (as defined in the Fee Letter); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(K) Evidence satisfactory to the Administrative Agent that all reasonable costs and expenses of the Administrative Agent, the Collateral
Agent, and the Joint Lead Arrangers, including, without limitation, fees of outside counsel and fees of third party consultants and appraisers, required to be paid by the Borrower on or prior to the Closing Date have been, or will upon the funding
of the Loans on the Closing Date be, paid in full; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(L) The certificates representing the shares of Capital Stock pledged pursuant to the
Pledge Agreement (to the extent certificated), together with an undated stock power for each such certificate executed in blank by a Responsible Officer of the pledgor thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(M) The results of a recent lien search in each of the material jurisdictions in which Uniform Commercial Code financing statements or other
filings or recordations should be made to evidence or perfect security interests in the assets of the Borrower Parties subject to the Security Documents; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(N) The Administrative Agent shall have received at least two (2)&nbsp;weeks before the
Closing Date all documentation and other information about the Borrower and the Guarantors that shall have been reasonably requested by the Administrative Agent or the Lenders in writing at least three (3)&nbsp;weeks prior to the Closing Date and
that the Administrative Agent and the Lenders reasonably determine is required by the Administrative Agent&#146;s or any Lender&#146;s internal policies and/or U.S. and/or any applicable foreign regulatory authorities under applicable &#147;know
your customer&#148; and anti-money laundering rules and regulations, including without limitation PATRIOT Act and the Beneficial Ownership Regulation (including, if the Borrower qualifies as a &#147;legal entity customer&#148; under the Beneficial
Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower as required by the Beneficial Ownership Regulation for each Lender that so requests (which request shall be made through the Administrative Agent)), and the
Administrative Agent and the Lenders shall have completed and be satisfied with their &#147;know your customer&#148; due diligence and procedures, anti-financial crime compliance approvals and client
<FONT STYLE="white-space:nowrap">on-boarding</FONT> procedures; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(O) A Borrowing Base Certificate demonstrating that the Borrowing Base
Amount as of such date will be greater than or equal to the total Revolving Credit Exposures (calculated on a pro forma basis after giving effect to the extensions of credit on the Closing Date) on such date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(P) A duly executed Borrowing Request for each Borrowing on the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(Q) Proper financing statements (Form <FONT STYLE="white-space:nowrap">UCC-1</FONT> or the equivalent) for filing under the UCC or other
appropriate filing offices of each jurisdiction as may be necessary to perfect the security interests purported to be created by the Pledge Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(R) [Reserved]; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(S) A
Compliance Certificate demonstrating that MAC and the Borrower are in compliance, on a pro forma basis after giving effect to the Transactions occurring on the Closing Date, with the covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U> as
of the last day of the most recently ended Fiscal Quarter for which financial statements were required to have been delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U> of the Original Credit Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(T) Each Assignment and Subordination of Property Management Agreement referenced in clause (a)&nbsp;of the definition thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) All representations and warranties of the Borrower Parties set forth herein and in the other Loan Documents shall be accurate and
complete in all material respects as if made on and as of the Closing Date, unless any such representation and warranty speaks as of a particular date, in which case it shall be accurate and complete in all material respects as of such date;
<U>provided</U> that, in each case, any representation or warranty that is qualified as to materiality or Material Adverse Effect or similar language shall be true and correct in all respects subject to such qualifiers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) There shall not have occurred and be continuing as of the Closing Date any Event of Default or Potential Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) The Closing Date Payments shall have been consummated, or shall be consummated substantially concurrently with the initial funding of the
Loans hereunder on the Closing Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Since the Statement Date, there shall not have occurred any change, occurrence or
development that could reasonably be expected, in the good faith opinion of the Administrative Agent or the Lenders, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The making of the initial Loans by the Lenders hereunder on the Closing Date shall conclusively be deemed to constitute an acknowledgement by
the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender that each of the conditions precedent set forth in this <U>Section</U><U></U><U>&nbsp;5.1</U> shall have been satisfied in accordance with its respective terms or
shall have been irrevocably waived by such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.2. <U>Each Credit Event After the Closing Date</U>. The obligation of each Lender to
make a Loan on the occasion of any New Borrowing (and solely with respect to subsection (2)&nbsp;below, to continue or convert any Term SOFR Borrowing), and of the applicable Issuing Lender to issue, amend or extend any Letter of Credit, after the
Closing Date is subject to the satisfaction of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The representations and warranties of the Borrower Parties
set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (except for changes in factual circumstances not prohibited under the Loan Documents and, except further that, in the event any exception
or disclosure schedule provided to Administrative Agent in connection with such representations and warranties is proposed by Borrower to be updated, any such updates (other than to reflect changes in factual circumstances not prohibited under the
Loan Documents) shall be <FONT STYLE="white-space:nowrap">non-material</FONT> and shall be approved by the Administrative Agent in its good faith judgment) on and as of the date of such New Borrowing or the date of issuance, amendment or extension
of such Letter of Credit, as applicable (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); <U>provided</U> that any representation or warranty that is qualified as to
materiality or Material Adverse Effect or similar language shall be true and correct in all respects subject to such qualifiers; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2)
Immediately after giving effect to a New Borrowing or any continuation of or conversion to a Term SOFR Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, no Potential Default or Event of Default shall have
occurred and be continuing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) At the time of each New Borrowing or issuance, amendment or extension of such Letter of Credit, as
applicable, a Responsible Officer shall certify that (i)&nbsp;no Potential Default or Event of Default shall have occurred and be continuing and (ii)&nbsp;after giving effect to such New Borrowing or issuance, amendment or extension of such Letter
of Credit, as applicable, the Borrower Parties remain in compliance with the covenants set forth in <U>Article 8</U> after giving effect to such New Borrowing or issuance, amendment or extension of such Letter of Credit, as applicable, including
supporting documentation reasonably satisfactory to the Administrative Agent; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) The Administrative Agent and, if applicable, the
relevant Issuing Lender, shall have received an executed Borrowing Request or Letter of Credit Request (and, if requested by such Issuing Lender, an executed letter of credit application on such Issuing Lender&#146;s standard form), as applicable,
in accordance with the requirements hereof; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Other than in the case of an amendment of a Letter of Credit that does not increase the
Stated Amount or extend the expiration date thereof, the Administrative Agent shall have received an executed Borrowing Base Certificate, dated as of the date of such New Borrowing or issuance, amendment or extension of such Letter of Credit, as
applicable, and demonstrating that the total Revolving Credit Exposures as of such date (calculated on a pro forma basis after giving effect to such New Borrowing and the use of proceeds thereof or issuance, amendment or extension of such Letter of
Credit, as applicable) will be less than or equal to each of (x)&nbsp;the Borrowing Base Amount and (y)&nbsp;the total Revolving Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each New Borrowing and each issuance, amendment or extension of such Letter of Credit shall be deemed to constitute a representation and
warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 6. <U>Representations and Warranties</U>. As
an inducement to the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender to enter into this Agreement, each of the Borrower Parties, collectively and severally, represent and warrant as of the Closing Date (or such later
date as otherwise expressly provided in this Agreement), to the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.1. <U>Financial Condition</U>. Complete and accurate copies of the following financial statements and materials have been delivered to the
Administrative Agent: (i)&nbsp;audited financial statements of MAC for the fiscal year ended December&nbsp;31, 2022 and (ii)&nbsp;unaudited financial statements of MAC for each fiscal quarter, if any, ended after December&nbsp;31, 2022 and more than
60 days prior to the Closing Date (the materials described in clauses (i)&nbsp;and (ii) are referred to as the &#147;<U>Initial Financial Statements</U>&#148;). All financial statements included in the Initial Financial Statements were prepared in
all material respects in conformity with GAAP, except as otherwise noted therein, and fairly present in all material respects the respective consolidated financial positions, and the consolidated results of operations and cash flows for each of the
periods covered thereby of MAC and its consolidated Subsidiaries as at the respective dates thereof. None of the Borrower Parties or any of their Subsidiaries has any Contingent Obligation, contingent liability or liability for any taxes, long-term
leases or commitments, not reflected in its audited financial statements delivered to the Administrative Agent on or prior to the Closing Date or otherwise disclosed to the Administrative Agent and the Lenders in writing, which will have or is
reasonably likely to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.2. <U>No Material Adverse Effect</U>. Since the Statement Date no event has
occurred which has resulted in, or is reasonably likely to have, a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.3. <U>Compliance with Laws and
Agreements</U>. MAC and each of its Subsidiaries is in compliance with all Requirements of Law and Contractual Obligations, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.4. <U>Organization, Powers; Authorization; Enforceability</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Borrower (A)&nbsp;is a limited partnership duly organized, validly existing and in good standing under the laws of the State of
Delaware, (B)&nbsp;is duly qualified to do business and is in good standing under the laws of each jurisdiction in which failure to be so qualified and in good standing will have or is reasonably likely to have a Material Adverse Effect,
(C)&nbsp;has all requisite partnership power and authority to own, operate and encumber its Property and to conduct its business as presently conducted and (D)&nbsp;is a partnership for purposes of federal income taxation and for purposes of the tax
laws of any state or locality in which the Borrower is subject to taxation based on its income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) MAC (A)&nbsp;is a corporation or
real estate investment trust duly organized, validly existing and in good standing under the laws of the State of Maryland, (B)&nbsp;is duly authorized and qualified to do business and is in good standing under the laws of each jurisdiction in which
failure to be so qualified and in good standing will have or is reasonably likely to have a Material Adverse Effect, and (C)&nbsp;has all requisite corporate or other legal entity power and authority to own, operate and encumber its Property and to
conduct its business as presently conducted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Each Subsidiary Guarantor (A)&nbsp;is either a corporation, a limited partnership, a
limited liability company or a real estate investment trust duly incorporated, formed or organized, validly existing, and in good standing under the laws of the State of its incorporation, organization and/or formation, (B)&nbsp;is duly qualified to
do business and is in good standing under the laws of each jurisdiction in which failure to be so qualified and in good standing will have or is reasonably expected to have a Material Adverse Effect, and (C)&nbsp;has all requisite partnership,
limited liability company, corporate or other legal entity power and authority to own, operate and encumber its Property and to conduct its business as presently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) True, correct and complete copies of the Organizational Documents described in <U>Section</U><U></U><U>&nbsp;5.1(1)(F)</U> have been
delivered to the Administrative Agent, each of which is in full force and effect, has not been Modified except to the extent indicated therein as of the Closing Date and, to the best knowledge of each of the Borrower Parties, there are no material
defaults under such Organizational Documents and no events which, with the passage of time or giving of notice or both, would constitute a material default under such Organizational Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) The Borrower Parties have the requisite partnership, limited liability company, corporate or other legal entity power and authority to
execute, deliver and perform this Agreement and each of the other Loan Documents to which they are a party or which are required to be executed on their behalf. The execution, delivery and performance of each of the Loan Documents by the Borrower
Parties and the consummation of the transactions contemplated thereby are within their partnership, limited liability company or corporate powers, as applicable, and have been duly authorized by all necessary partnership, limited liability company
corporate or other legal entity action, as applicable, which such authorization has not been rescinded. No other partnership, limited liability company, corporate or other legal entity action or proceedings on the part of the Borrower Parties is
necessary to consummate such transactions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) Each of the Loan Documents to which each Borrower Party is a party has been duly
executed and delivered on behalf of such Borrower Party and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms (subject to bankruptcy, insolvency, reorganization, or other laws affecting
creditors&#146; rights generally and to principles of equity, regardless of whether considered in a proceeding in equity or at law), and is in full force and effect, and all the terms, provisions, agreements and conditions set forth therein and
required to be performed or complied with by such Borrower Party on or before the Closing Date have been performed or complied with, and no Potential Default or Event of Default exists thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.5. <U>No Conflict</U>. The execution, delivery and performance of the Loan Documents, the borrowing hereunder and the use of the proceeds
thereof, will not violate any material Requirement of Law or any Organizational Document or any material Contractual Obligation of MAC or any of its Subsidiaries, or create or result in the creation of any Lien on any material assets of any of the
Borrower Parties (except for Liens created under the Loan Documents). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.6. <U>No Material Litigation</U>. Except as disclosed on
<U>Schedule 6.6</U> hereto, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower Parties, threatened by or against MAC or any of its Subsidiaries or against
any of such Persons&#146; Properties or revenues which, could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.7. <U>Taxes</U>.
All federal and other material tax returns, reports and similar statements or filings of MAC and its Subsidiaries have been timely filed. Except for Permitted Encumbrances, all Taxes upon such Persons and upon or relating to their respective
Properties, assets, receipts, sales, use, payroll, employment, income, licenses and franchises which are shown in such returns or reports to be due and payable have been paid, except to the extent (i)&nbsp;such Taxes are subject to a Good Faith
Contest; or (ii)&nbsp;the <FONT STYLE="white-space:nowrap">non-payment</FONT> of such Taxes would not, individually or in the aggregate, result in a Material Adverse Effect. The Borrower Parties have no knowledge of any proposed tax assessment
against MAC or any of its Subsidiaries that will have or is reasonably likely to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.8. <U>Investment
Company Act</U>. Neither the Borrower nor any other Borrower Party, nor any Person controlling such entities is an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment company&#148; within the meaning of the
Investment Company Act of 1940 (as amended from time to time). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.9. <U>Subsidiary Entities</U>. <U>Schedule 6.9</U> (A) contains charts
and diagrams reflecting the corporate structure of the Borrower Parties and their respective Subsidiary Entities indicating the nature of the corporate, partnership, limited liability company or other equity interest in each Person included in such
chart or diagram; and (B)&nbsp;accurately sets forth (1)&nbsp;the correct legal name of such Person, the type of organization, and the jurisdiction of its incorporation or organization, and (2)&nbsp;the percentage thereof owned by the Borrower
Parties and their Subsidiaries, in each case, as of the Closing Date. None of such issued and outstanding Capital Stock or Securities owned by any Borrower Party or its Subsidiaries is subject to any vesting, redemption, or repurchase agreement, and
there are no warrants or options outstanding with respect to such Securities, in each case, as of the Closing Date, except as noted on <U>Schedule 6.9</U>. The outstanding Capital Stock of each Subsidiary Entity shown on <U>Schedule 6.9</U> as being
owned by a Borrower Party or its Subsidiary is duly authorized and validly issued. Except where failure may not have a Material Adverse Effect, each Subsidiary Entity of the Borrower Parties: (A)&nbsp;is a corporation, limited liability company, or
partnership, as indicated on <U>Schedule 6.9</U>, duly organized, validly existing and, if applicable, in good standing under the laws of the jurisdiction of its organization, (B)&nbsp;is duly qualified to do business and, if applicable, is in good
standing under the laws of each jurisdiction in which failure to be so qualified and in good standing would limit its ability to use the courts of such jurisdiction to enforce Contractual Obligations to which it is a party, and (C)&nbsp;has all
requisite partnership, limited liability company or corporate power and authority to own, operate and encumber its Property and to conduct its business as presently conducted and as proposed to be conducted hereafter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.10. <U>Federal Reserve Board Regulations</U>. Neither the Borrower nor any other Borrower
Party is engaged or will engage, principally or as one of its important activities, in the business of extending credit for the purpose of &#147;purchasing&#148; or &#147;carrying&#148; any &#147;Margin Stock&#148; within the respective meanings of
such terms under Regulations U, T and X. No part of the proceeds of the Loans will be used, whether directly or indirectly, for &#147;purchasing&#148; or &#147;carrying&#148; &#147;Margin Stock&#148; as so defined for any purpose which violates, or
which would be inconsistent with, the provisions of any Requirement of Law (including, without limitation, the Regulations of the Board of Governors of the Federal Reserve System). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.11. <U>ERISA Compliance</U>. Except as disclosed on <U>Schedule 6.11</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state law, except where the failure to
do so individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect. Each Plan which is intended to qualify under Section&nbsp;401(a) of the Code has received a favorable determination letter from the IRS
and to the best knowledge of the Borrower Parties nothing has occurred which would cause the loss of such qualification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) There are
no pending or, to the best knowledge of the Borrower Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan which has resulted or could reasonably be expected to result in a Material
Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) No ERISA Event has occurred or is reasonably expected to occur with respect to any Pension Plan or, to the best knowledge of the Borrower
Parties, any Multiemployer Plan, which has resulted or could reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) No
Pension Plan has any Unfunded Pension Liability, which has resulted or could reasonably be expected to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) None of the Borrower Parties or their respective Subsidiaries, nor any ERISA Affiliate has incurred, nor reasonably expects to incur, any
liability under Title&nbsp;IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section&nbsp;4007 of ERISA), which has resulted or could reasonably be expected to result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) None of the Borrower Parties or their respective Subsidiaries, nor any ERISA Affiliate
has incurred nor reasonably expects to incur any liability (and no event has occurred which, with the giving of notice under Section&nbsp;4219 of ERISA, would result in such liability) under Section&nbsp;4201 or 4243 of ERISA with respect to a
Multiemployer Plan, which has resulted or could reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) None of the Borrower
Parties or their respective Subsidiaries, nor any ERISA Affiliate has transferred any Unfunded Pension Liability to any person or otherwise engaged in a transaction that is subject to Section&nbsp;4069 or 4212(c) of ERISA, which has resulted or
could reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.12. <U>Assets and Liens</U>. Each of the Borrower Parties and
their respective Subsidiary Entities has good and marketable fee or leasehold title to all Property and assets reflected in the financial statements referred to in <U>Section</U><U></U><U>&nbsp;6.1</U> above in all material respects, except Property
and assets sold or otherwise disposed of in transactions permitted by this Agreement. None of the Borrower Parties, nor their respective Subsidiary Entities, has outstanding Liens on any of its Properties or assets nor are there any security
agreements to which it is a party, except for Liens permitted in accordance with <U>Section</U><U></U><U>&nbsp;8.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.13.
<U>Securities Acts</U>. None of the Borrower Parties or their respective Subsidiary Entities has issued any unregistered securities in violation of the registration requirements of Section&nbsp;5 of the Securities Act of 1933 (as amended from time
to time, the &#147;<U>Act</U>&#148;) or any other law, nor are they in violation of any rule, regulation or requirement under the Act, or the Securities Exchange Act of 1934, (as amended from time to time) other than violations which could not
reasonably be expected to have a Material Adverse Effect. None of the Borrower Parties is required to qualify an indenture under the Trust Indenture Act of 1939, (as amended from time to time) in connection with its execution and delivery of this
Agreement or the incurrence of Indebtedness hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.14. <U>Consents, Etc.</U>Except as disclosed in <U>Schedule 6.14</U> (as such
schedule may be updated in connection with the addition or release of Collateral and the Guarantors as contemplated by this Agreement; provided that, solely with respect to Borrowing Base Assets, any additions to <U>Schedule 6.14</U> after the
Closing Date shall require the prior written consent (including via email) of the Administrative Agent, which may be granted or withheld in its sole discretion) and except for Uniform Commercial Code financing statement filings and recording of
Mortgages, no consent, approval or authorization of, or registration, declaration or filing with any Governmental Authority or any other Person is required on the part of MAC or any of its Subsidiaries in connection with the execution and delivery
of the Loan Documents by the Borrower Parties, or the performance of or compliance with the terms, provisions and conditions thereof by such Persons, other than those that have been obtained or will be obtained by the legally required time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.15. <U>Hazardous Materials</U>. Except as otherwise disclosed in the reports identified on
<U>Schedule 6.15</U>, to the best knowledge of the Borrower Parties: (1)&nbsp;as and to the extent that the same would have a Material Adverse Effect, no Hazardous Materials have been discharged, disposed of, or otherwise released on, under, or from
the Retail/Other Properties in material violation of Hazardous Materials Laws; (2)&nbsp;the owners of the Retail/Other Properties have obtained all material environmental, health and safety permits and licenses necessary for their respective
operations, and all such permits are in good standing and the holder of each such permit is currently in compliance with all terms and conditions of such permits, except to the extent the failure to obtain such permits or comply therewith is not
reasonably expected to result in a Material Adverse Effect; (3)&nbsp;none of the Retail/Other Properties is listed or proposed for listing on the National Priorities List (&#147;<U>NPL</U>&#148;) pursuant to CERCLA or on the Comprehensive
Environmental Response Compensation Liability Information System List (&#147;<U>CERCLIS</U>&#148;) or any similar applicable state list of sites requiring remedial action under any Hazardous Materials Laws; (4)&nbsp;none of the owners of the
Retail/Other Properties has sent or directly arranged for the transport of any hazardous waste to any site listed or proposed for listing on the NPL, CERCLIS or any similar state list (other than in the ordinary course of its business and as
required by applicable law); (5) as and to the extent that the same would have a Material Adverse Effect, there is not now on or in any Retail/Other Property: (a)&nbsp;any landfill or surface impoundment; (b)&nbsp;any underground storage tanks;
(c)&nbsp;any asbestos-containing material; or (d)&nbsp;any polychlorinated biphenyls (PCB), which in the case of any of <U>clauses (a)</U>&nbsp;through <U>(d)</U> is in material violation of any Hazardous Materials Laws; (6)&nbsp;no environmental
Lien has attached (and remains in effect) to any Retail/Other Properties; and (7)&nbsp;no other event has occurred with respect to the presence of Hazardous Materials on or under any of the Properties of MAC or any of its Subsidiaries, which would
reasonably be expected to result in a Material Adverse Effect. Notwithstanding the foregoing, except as otherwise disclosed in the reports identified on <U>Schedule 6.15</U>, to the best knowledge of the Borrower Parties, on the Closing Date all of
the representations set forth above are true and correct with respect to all Real Properties of MAC and its Subsidiaries (and not only the Retail/Other Properties). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.16. <U>Regulated Entities</U>. Neither MAC nor any of its Subsidiaries: (1)&nbsp;is subject to regulation under the Federal Power Act, the
Interstate Commerce Act, any state public utilities code, or any other Federal or state statute or regulation limiting its ability to incur Indebtedness, or (2)&nbsp;is a &#147;foreign person&#148; within the meaning of Section&nbsp;1445 of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.17. <U>Copyrights, Patents, Trademarks and Licenses, etc</U>.To the best knowledge of the Borrower Parties, MAC and its
Subsidiaries own or are licensed or otherwise have the right to use all of the patents, trademarks, service marks, trade names, copyrights, contractual franchises, authorizations and other rights that are necessary for the operation of their
respective businesses, without conflict with the rights of any other Person, except to the extent that individually or in the aggregate, would not result, or be expected to result, in a Material Adverse Effect. To the best knowledge of the Borrower
Parties, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by MAC or its Subsidiaries infringes upon any rights held by any other Person, except for
any infringements, individually or in the aggregate, which would not result, or be expected to result, in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.18. <U>REIT Status</U>. MAC: (1)&nbsp;is a REIT, (2)&nbsp;has not revoked its election to be a REIT, (3)&nbsp;has not engaged in any
material &#147;prohibited transactions&#148; as defined in Section&nbsp;857(b)(6)(B)(iii) of the Code (or any successor provision thereto), and (4)&nbsp;for all prior tax years subsequent to the effective date of its election to be a REIT has been
entitled to, and for its current tax year expects to be entitled to, a dividends paid deduction which meets the requirements of Section&nbsp;857 of the Code. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.19. <U>Insurance</U>. The Borrower Parties and their Subsidiaries maintain all insurance
policies and coverage required under <U>Section</U><U></U><U>&nbsp;7.8</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.20. <U>Full Disclosure</U>. None of the
representations or warranties made by the Borrower Parties in the Loan Documents as of the date such representations and warranties are made or deemed made, taken as a whole, contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading; <U>provided</U> that with respect to representations and warranties related to any projected financial information,
each of the Borrower Parties represents only that such information was prepared in good faith based on assumptions believed to be reasonable at the time made, it being recognized by the Administrative Agent, the Issuing Lenders and the Lenders that
such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered thereby may differ from the projected results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.21. <U>Indebtedness</U>. <U>Schedule 6.21</U> sets forth, as of June&nbsp;30, 2023, all Indebtedness for borrowed money of each of MAC and
its Subsidiaries, and, except as set forth on such <U>Schedule 6.21</U>, as of the Closing Date, there are no defaults in the payment of principal or interest on any such Indebtedness, and no payments thereunder have been deferred or extended beyond
their stated maturity, and, except for the Closing Date Payments and the incurrence of Indebtedness hereunder on the Closing Date, there has been no material change in the type or amount of such Indebtedness since June&nbsp;30, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.22. <U>Real Property</U>. Set forth on <U>Schedule</U><U></U><U>&nbsp;6.22</U> is a list, as of the date of this Agreement, of all of the
Projects of MAC and its Subsidiaries, indicating in each case whether the respective property is owned or ground leased by such Persons, the identity of the owner or lessee and the location of the respective property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.23. <U>Brokers</U>. The Borrower Parties have not dealt with any broker or finder with respect to the transactions embodied in this
Agreement and the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.24. <U>No Default</U>. No Event of Default or Potential Default has occurred and is continuing.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.25. <U>Solvency</U>. On the Closing Date and after giving effect to all loans made on the Closing Date, each Borrowing and each
issuance, amendment or extension of any Letter of Credit, each Borrower Party is and shall be Solvent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.26. <U>Foreign Assets Control
Regulations, FCPA, etc.</U>None of the Macerich Entities or their Affiliates: (i)&nbsp;is or will be in violation of any Laws relating to terrorism or money laundering (&#147;<U>Anti-Terrorism Laws</U>&#148;), including Executive Order 13224 of
September&nbsp;23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the &#147;<U>Executive Order</U>&#148;), the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law <FONT STYLE="white-space:nowrap">107-56</FONT> (&#147;<U>Patriot Act</U>&#148;) or any other applicable requirements contained in the rules and
regulations of the Office of Foreign Assets Control, Department of the Treasury (&#147;<U>OFAC</U>&#148;); (ii) is or will become a &#147;blocked&#148; person listed in or subject to the Annex to the Executive Order; (iii)&nbsp;has been or will be
designated as a Specially Designated National on any publicly available lists maintained by OFAC or any other publicly available list of terrorists or terrorist organizations maintained pursuant to the Patriot Act (any person regulated pursuant to
clauses (ii)&nbsp;and (iii), a &#147;<U>Prohibited Person</U>&#148;); (iv) conducts or will conduct any business or engages or will engage in any transactions or dealings with any Prohibited Person, including the making or receiving of any
contribution of funds, goods or services to or for the benefit of any Prohibited Person; or any transactions involving any property or interests in property blocked pursuant to the Executive Order or (v)&nbsp;has taken any action, directly or
indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder or any other applicable anticorruption law. The Macerich Entities and their Affiliates
have conducted their businesses in compliance with applicable Anti-Terrorism Laws and anticorruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to ensure compliance with such laws and with
the representation and warranty contained herein. It is acknowledged and agreed that the Borrower is not making any representation or warranty under this <U>Section</U><U></U><U>&nbsp;6.26</U> about Unaffiliated Partners or their Affiliates, or any
of their respective officers, directors, partners, members, shareholders or other beneficial interest holders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.27. <U>Sanctions.</U> None of the Macerich Entities or any of their Related Parties,
(i)&nbsp;is currently the subject of any Sanctions, or (ii)&nbsp;is located, organized or residing in any Designated Jurisdiction. The Macerich Entities will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, or use any Letter of Credit (i)&nbsp;to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such
funding, is, or whose government is, the subject of Sanctions, or (ii)&nbsp;in any other manner that would result in a violation of Sanctions by any Person (including any Lender, any Agent, any Issuing Lender or any other Person participating in the
Loans, whether as underwriter, advisor, investor, or otherwise). It is acknowledged and agreed that the Borrower is not making any representation or warranty under this <U>Section</U><U></U><U>&nbsp;6.27</U> about Unaffiliated Partners or their
Affiliates, or any of their respective officers, directors, partners, members, shareholders or other beneficial interest holders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.28.
<U>Borrowing Base Matters</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Each Borrowing Base Asset satisfies all Borrowing Base Criteria applicable to such Borrowing Base
Asset (other than (a)&nbsp;those Borrowing Base Criteria, if any, that have theretofore been waived by the Administrative Agent and the Required Lenders, to the extent of such waiver, and/or (b)&nbsp;the requirement that a ground lease qualify as a
Qualifying Ground Lease if such failure is solely the result of the passage of time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Each Borrowing Base Mortgaged Property Asset
is in compliance with all laws, rules and regulations applicable to such Borrowing Base Mortgaged Property Asset, including building, zoning, safety, fire and other health statutes, ordinances and codes, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Property-Level Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) If, after the date on which a Property became a Borrowing Base Asset, the
representations and warranties set forth above in this <U>Section</U><U></U><U>&nbsp;6.28</U> cease to be true and accurate with respect to such Borrowing Base Asset, such failure shall not constitute a Potential Default or Event of Default. Rather,
such Borrowing Base Asset shall (i)&nbsp;no longer qualify as a Borrowing Base Asset and shall automatically cease to be a Borrowing Base Asset (and cease to be included in the Borrowing Base Amount) on the earliest to occur of (x)&nbsp;the date on
which a Responsible Officer of a Borrower Party obtains actual knowledge or (y)&nbsp;the date on which the Borrower receives written notice from the Administrative Agent, in each case of clauses (x)&nbsp;and (y), that any representation and warranty
set forth above in this <U>Section</U><U></U><U>&nbsp;6.28</U> is no longer true and accurate with respect to such Borrowing Base Asset and (ii)&nbsp;other than in the case of a former Borrowing Base Unencumbered Asset (except as described in clause
(b)&nbsp;below), thereafter continue to constitute Collateral (together with, (a)&nbsp;in the case of a former Borrowing Base Mortgaged Property Asset, the related pledges of Capital Stock of the applicable Property Owner and (b)&nbsp;in the case of
a former Borrowing Base Unencumbered Asset, any related pledges of Capital Stock pursuant to clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;) until released in accordance with and subject to the requirements of
<U>Section</U><U></U><U>&nbsp;10.12</U>. Notwithstanding the foregoing, the applicable Property may later be added as a Borrowing Base Asset in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> if (i)&nbsp;such Property satisfies all applicable
Borrowing Base Criteria and (ii)&nbsp;the representations and warranties set forth above in this <U>Section</U><U></U><U>&nbsp;6.28</U> will be true and accurate with respect to such Property, in the case of each of the foregoing clauses
(i)&nbsp;and (ii), on the date such Property becomes a Borrowing Base Asset again. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.29. <U>Security Documents.</U><U>
</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Pledge Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal,
valid and enforceable security interest in the Collateral described therein and proceeds thereof, in the case of enforceability, subject to Contractual Encumbrances. When any certificated securities or promissory notes representing such Collateral
are delivered to the Collateral Agent, and in the case of the other Collateral described in the Pledge Agreement (other than deposit accounts and securities accounts (and cash and Cash Equivalents on deposit therein or for credit thereto)), when
financing statements in appropriate form are filed in the offices specified on <U>Schedule</U><U></U><U>&nbsp;6.29</U> (which financing statements have been duly completed and delivered to the Collateral Agent), the Lien created by the Pledge
Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Pledgors in such Collateral and the proceeds thereof as security for the Secured Obligations, in each case that is
prior and superior in right to any other Person. When executed and delivered by the parties thereto, the Account Control Agreements are effective to provide the Collateral Agent, for the benefit of the Secured Parties, with a perfected Lien, and to
establish &#147;control&#148; (as such term is used in Article&nbsp;9 of the UCC) over, the deposit account(s) described therein or &#147;control&#148; (as such term is used in Article&nbsp;8 of the UCC) over, the securities entitlement(s) described
therein, as the case may be. Each of the Mortgages is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable first priority Lien on, and security interest in, the Mortgaged
Properties described therein and proceeds thereof subject only to Permitted Encumbrances, and each of the Mortgages when executed and delivered and when filed in the offices specified on <U>Schedule</U><U></U><U>&nbsp;6.29</U> shall constitute, or
in the case of any Mortgage to be executed and delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.14</U> when filed in the recording office designated by the Borrower, each such Mortgage shall constitute, a legal, valid and enforceable first
priority </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lien on, and perfected security interest in, all right, title and interest of the Borrower Parties in the Mortgaged Properties described therein
and the proceeds thereof, as security for the Secured Obligations, in each case prior and superior in right to any other Person (subject only to Permitted Encumbrances). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) No Mortgage encumbers improved Real Property which is located in a Special Flood Hazard
Area (except any Mortgaged Properties as to which Flood Insurance (as required by Regulation&nbsp;H) has been obtained and is in full force and effect as required by this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) As of the Closing Date, the Macerich Entities (i)&nbsp;have provided Mortgages on all of their Unencumbered Properties (other than
(x)&nbsp;Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Producing Properties, (y)&nbsp;the Specified Unencumbered Property Assets and (z)&nbsp;those Unencumbered Properties identified on <U>Schedule 7.17</U>) and (ii)&nbsp;have
pledged under the Pledge Agreement all of the Capital Stock of the Macerich Entities (other than any Capital Stock identified on <U>Schedule 6.29</U> or <U>Schedule 7.17</U>) that is not prohibited from being pledged to secure the Secured
Obligations by any joint venture agreement, ground lease, or financing arrangements applicable to the Macerich Entities. As of the Closing Date, <U>Schedule III</U> contains a list of certain Raw Land and/or
<FONT STYLE="white-space:nowrap">Non-Income</FONT> Producing Properties of the Macerich Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 7. <U>Affirmative Covenants</U>. As an
inducement to the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender to enter into this Agreement, each of the Borrower Parties, collectively and severally, hereby covenants and agrees with the Administrative Agent, the
Collateral Agent, each Issuing Lender and each Lender that, from the Closing Date until Payment in Full: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.1. <U>Financial
Statements</U>. The Borrower Parties shall maintain, for themselves, and shall cause each of their respective Subsidiaries to maintain a system of accounting established and administered in accordance with sound business practices to permit
preparation of consolidated financial statements in conformity with GAAP. Each of the financial statements and reports described below shall be prepared from such system and records and in form reasonably satisfactory to the Administrative Agent,
and shall be provided to the Administrative Agent (and the Administrative Agent shall provide a copy to each requesting Lender): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) As
soon as practicable, and in any event within ninety (90)&nbsp;days after the close of each fiscal year of MAC, the consolidated balance sheet of MAC and its Subsidiaries as of the end of such fiscal year and the related consolidated statements of
income, stockholders&#146; equity and cash flow of MAC and its Subsidiaries for such fiscal year, setting forth in each case in comparative form the consolidated or combined figures, as the case may be, for the previous fiscal year, all in
reasonable detail and accompanied by a report thereon of KPMG LLP or other independent certified public accountants of recognized national standing selected by the Borrower or otherwise reasonably satisfactory to the Administrative Agent, which
report shall be without a &#147;going concern&#148; or like qualification, exception or explanation (unless due solely to the maturity of the Obligations) and without any qualification or exception as to the scope of such audit, and shall state that
such consolidated financial statements fairly present in all material respects the financial position of MAC and its Subsidiaries as at the date indicated and the results of their operations and cash flow for the periods indicated in conformity with
GAAP (except as otherwise stated therein) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) As soon as practicable, and in any event within sixty (60)&nbsp;days after the close of
each of the first three fiscal quarters of each fiscal year of MAC, for MAC and its Subsidiaries, unaudited balance sheets as at the close of each such period and the related combined statements of income and cash flow of MAC and its Subsidiaries
for such quarter and the portion of the fiscal year ended at the end of such quarter, setting forth in each case in comparative form the consolidated or combined figures, as the case may be, for the corresponding periods of the prior fiscal year,
all in reasonable detail and in conformity with GAAP (except as otherwise stated therein), together with a representation by a Responsible Financial Officer, as of the date of such financial statements, that such financial statements have been
prepared in accordance with GAAP (except as otherwise stated therein) (<U>provided</U>, <U>however</U>, that such financial statements may not include all of the information and footnotes required by GAAP for complete financial information) and
reflect all adjustments that are, in the opinion of management, necessary for a fair presentation in all material respects of the financial information contained therein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Together with each delivery of any quarterly or annual report pursuant to <U>subsections (1)</U>&nbsp;through <U>(2)</U> of this
<U>Section</U><U></U><U>&nbsp;7.1</U>, MAC shall deliver (i)&nbsp;a Compliance Certificate signed by a Responsible Financial Officer of MAC representing and certifying (A)&nbsp;that such Responsible Financial Officer signatory thereto has reviewed
the terms of the Loan Documents, and has made, or caused to be made under his/her supervision, a review in reasonable detail of the transactions and consolidated financial condition of MAC and its Subsidiaries, during the fiscal quarter or fiscal
year, as applicable, covered by such reports, that such review has not disclosed the existence during or at the end of such fiscal quarter or fiscal year, as applicable, and that such officer does not have knowledge of the existence as at the date
of such Compliance Certificate, of any condition or event which constitutes an Event of Default or Potential Default, or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the
Borrower, MAC or their Subsidiaries have taken, are taking and propose to take with respect thereto, (B)&nbsp;the calculations (with such specificity as the Administrative Agent may reasonably request) for the period then ended which demonstrate
compliance with the covenants and financial ratios set forth in <U>Section</U><U></U><U>&nbsp;8.11</U>, (C) a schedule of Total Liabilities in respect of borrowed money in the level of detail disclosed in MAC&#146;s Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> filings with the Securities and Exchange Commission, as well as such other information regarding such Indebtedness as may be reasonably requested by the Administrative Agent, (D)&nbsp;a schedule of EBITDA and
(E)&nbsp;that attached thereto is an updated Schedule III to the Pledge Agreement with respect to any Pledged Mortgage Loans (as defined in the Pledge Agreement) acquired during the period then ended (if any) and (ii)&nbsp;a Quarterly Pricing
Certificate signed by a Responsible Financial Officer of MAC representing and certifying to the applicable Debt Yield and corresponding &#147;Base Rate Spread&#148; pursuant to the definition of Applicable Base Rate, &#147;SOFR Spread&#148; pursuant
to the definition of Applicable Term SOFR Rate and, if applicable at such time, &#147;Alternate Rate Spread&#148; pursuant to the definition of Applicable Alternate Rate as a result thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) To the extent not otherwise delivered pursuant to this <U>Section</U><U></U><U>&nbsp;7.1</U>, copies of all financial statements and
financial information delivered by the Borrower and MAC (or, upon Administrative Agent&#146;s request, any Subsidiaries of such Persons) from time to time to the holders of any Indebtedness for borrowed money of such Persons; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Copies of all proxy statements, financial statements, and reports which the Borrower or
MAC sends to their respective stockholders or limited partners, and copies of all regular, periodic and special reports, and all registration statements under the Act which the Borrower or MAC file with the Securities and Exchange Commission or any
Governmental Authority which may be substituted therefore, or with any national securities exchange; <U>provided</U>, <U>however</U>, that there shall not be required to be delivered hereunder such copies for any Lender of prospectuses relating to
future series of offerings under registration statements filed under Rule 415 under the Act or other items which such Lender has indicated in writing to the Borrower or MAC from time to time need not be delivered to such Lender; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) Together with each delivery of any quarterly or annual report pursuant to <U>subsections (1)</U>&nbsp;through <U>(2)</U> of this
<U>Section</U><U></U><U>&nbsp;7.1</U>, the Borrower shall deliver (A)&nbsp;a Borrowing Base Certificate, as at the end of the most recently ended Fiscal Quarter covered by such financial statements and (B)&nbsp;financial information pertinent to the
calculation of Borrowing Base Amount in respect of all Borrowing Base Assets for the period covered in such financial statements, in form and detail reasonably satisfactory to the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, it is understood and agreed that, for so long as MAC is publicly traded on the New York Stock Exchange, NYSE
American or Nasdaq Stock Market, the Borrower Parties shall be deemed to have satisfied their obligations under subsections (1), (2), (3) (only with respect to subclause (C)), (4) and (5)&nbsp;of this <U>Section</U><U></U><U>&nbsp;7.1</U> by, as
applicable, timely filing MAC&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Form <FONT STYLE="white-space:nowrap">10-K</FONT> with the Securities and Exchange Commission for each applicable period and by filing its proxy statements
with the Securities and Exchange Commission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.2. <U>Certificates; Reports; Other Information</U>. The Borrower Parties shall furnish or
cause to be furnished to the Administrative Agent for distribution to each of the Issuing Lenders and each of the Lenders: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) From time
to time upon reasonable request by the Administrative Agent, a rent roll, tenant sales report and income statement with respect to any Project; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Upon request by the Administrative Agent, which request shall not be made by the Administrative Agent more than once in any calendar year,
(i)&nbsp;a report in form and substance reasonably satisfactory to the Administrative Agent outlining all insurance coverage maintained as of the date of such report by MAC and its Subsidiaries and the duration of such coverage, (ii)&nbsp;evidence
that all premiums with respect to such coverage have been paid when due and (iii)&nbsp;other evidence of compliance with <U>Section</U><U></U><U>&nbsp;7.8</U> as the Administrative Agent may reasonably request, including insurance certificates and
endorsements; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Promptly, such additional financial and other information, including, without limitation, information regarding MAC
and/or its Subsidiaries and any of such entities&#146; assets and Properties as Administrative Agent or any Lender may from time to time reasonably request, including, without limitation, such information as is necessary for any Lender to
participate out any of its interests in the Obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.3. <U>Maintenance of Existence and Properties</U>. The Borrower Parties shall, and shall
cause each of their respective Subsidiaries to, at all times: (1)&nbsp;maintain or otherwise conduct its corporate existence or existence as a limited partnership, limited liability company or real estate investment trust, as applicable, in the case
of any such Subsidiary (other than any Borrower Party), except to the extent the failure to do so would not reasonably be expected to cause a Material Adverse Effect; <U>provided</U> that (I)&nbsp;any Subsidiary of the Borrower (A)&nbsp;may change
its form of organization from one type of legal entity to another to the extent otherwise not prohibited in this Agreement; and (B)&nbsp;may effect a dissolution if such actions are taken subsequent to a Disposition of substantially all of its
assets as otherwise not prohibited under this Agreement (including <U>Section</U><U></U><U>&nbsp;8.4</U>); and (II)&nbsp;a Borrower Party and any Subsidiary may merge or consolidate with any Person as otherwise not prohibited by this Agreement
(including <U>Section</U><U></U><U>&nbsp;8.3</U>); provided that, (a)&nbsp;if the Borrower or MAC is a party thereto, the Borrower or MAC, as applicable, shall be the surviving entity of such merger or consolidation, and (b)&nbsp;subject to the
immediately preceding clause (a), if a Subsidiary Guarantor is a party thereto, either (i)&nbsp;the surviving entity of such merger or consolidation is, or shall substantially concurrently with such merger or consolidation become, a Subsidiary
Guarantor or (ii)&nbsp;such Subsidiary Guarantor is released from its guarantee under the Subsidiary Guaranty pursuant to and subject to the requirements set forth in <U>Section</U><U></U><U>&nbsp;10.12</U>; (2) maintain in full force and effect all
rights, privileges, licenses, approvals, franchises, Properties and assets material to the conduct of its business, in the case of any Borrower Party (other than MAC or the Borrower) or any such Subsidiary (other than the Borrower), except to the
extent the failure to do so would not reasonably be expected to cause a Material Adverse Effect; (3)&nbsp;remain qualified to do business and maintain its good standing in each jurisdiction in which failure to be so qualified and in good standing
will have a Material Adverse Effect; (4)&nbsp;not permit, commit or suffer any waste or abandonment of any Project that will have a Material Adverse Effect; and (5)&nbsp;with respect to each Borrower Party, provide written notice to the
Administrative Agent and the Collateral Agent of any change in its state of formation, legal name, type of organization or chief executive office address no later than ten (10)&nbsp;Business Days after the date on which such change becomes effective
(or such later date as may be agreed to by the Administrative Agent). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.4. <U>Inspection of Property; Books and Records; Discussions</U>.
The Borrower Parties shall, and shall cause each of their respective Subsidiaries to, keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all material Requirements of Law shall be made of all
dealings and transactions in relation to its business and activities, and shall permit representatives of the Administrative Agent, at Lenders&#146; cost and expense (except in the event that an Event of Default is then continuing), to visit and
inspect any of its properties and examine and make copies or abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably be desired by the Administrative Agent and to discuss the
business, operations, properties and financial and other condition of MAC and its Subsidiaries with officers and employees of such Persons, and with their independent certified public accountants (<U>provided</U> that representatives of such Persons
may be present at and participate in any such discussion). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.5. <U>Notices</U>. The Borrower shall promptly, but in any event within five
Business Days after a Responsible Officer of Borrower obtains knowledge thereof, give written notice to the Administrative Agent for distribution to each Issuing Lender and each Lender of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The occurrence of any Potential Default or Event of Default and, in each case, what action the Borrower has taken, is taking, or is
proposing to take in response thereto; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) The institution of, or written threat of, any action, suit, proceeding, governmental
investigation or arbitration against or affecting MAC or any of its Subsidiaries and not previously disclosed, which action, suit, proceeding, governmental investigation or arbitration (i)&nbsp;exposes, or in the case of multiple actions, suits,
proceedings, governmental investigations or arbitrations arising out of the same general allegations or circumstances expose, such Persons, in the Borrower&#146;s reasonable judgment, to liability in an amount aggregating $100,000,000 or more which
is not covered by insurance, or (ii)&nbsp;seeks injunctive or other relief which, if obtained, may have a Material Adverse Effect, and shall provide such other information as may be reasonably available to enable the Administrative Agent and its
counsel to evaluate such matters. The Borrower, upon request of the Administrative Agent, shall promptly give written notice of the status of any such action, suit, proceeding, governmental investigation or arbitration; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Any labor dispute to which MAC or any of its Subsidiaries becomes a party (including, without limitation, any strikes, lockouts or other
disputes relating to any Property of such Persons&#146; and other facilities) which could result in a Material Adverse Effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) The
bankruptcy or cessation of operations of any tenant to which greater than 5% of either the Borrower&#146;s or MAC&#146;s share of consolidated minimum rent is attributable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) The occurrence of any ERISA Event, specifying the nature thereof, what action any Consolidated Entity or any ERISA Affiliate has taken, is
taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) Any condition or event which causes any Borrowing Base Asset to (i)&nbsp;fail to satisfy any of the Borrowing Base Criteria (other than
(a)&nbsp;those Borrowing Base Criteria, if any, that did not apply at the time the subject asset became a Borrowing Base Asset or have theretofore been waived by the Administrative Agent and the Required Lenders, to the extent of such waiver, and/or
(b)&nbsp;the passage of time, which would cause a ground leased property to no longer qualify as a Qualifying Ground Lease) or (ii)&nbsp;otherwise cease to be a Borrowing Base Asset pursuant to <U>Section</U><U></U><U>&nbsp;6.28(3)</U>,
<U>Section</U><U></U><U>&nbsp;7.16(8)</U> or <U>Section</U><U></U><U>&nbsp;9.9</U>; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) Any event not disclosed pursuant to
subsections (1)&nbsp;through (6) above which could reasonably be expected to result in either (i)&nbsp;a Material Adverse Effect or (ii)&nbsp;in the case of any Borrowing Base Mortgaged Property Asset, any Borrowing Base Unencumbered Asset, any
other Mortgaged Property or any Retail/Other Property directly or indirectly owned by any Person whose Capital Stock constitutes a Borrowing Base Equity Interest Asset or an Additional Equity Interest Asset, a Property-Level Material Adverse Effect.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.6. <U>Expenses</U>. The Borrower shall pay all reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable fees and disbursements of outside counsel): (1)&nbsp;of the Administrative Agent and the Collateral Agent incident to the
preparation, negotiation and administration of the Loan Documents, including any proposed Modifications or waivers with respect thereto, the syndication of the Commitments (but such expenses shall not include any fees paid to the syndicate members),
and the preservation and protection of the rights of the Lenders, the Issuing Lenders, the Administrative Agent and the Collateral Agent under the Loan Documents (including in respect of the Collateral), and (2)&nbsp;of the Administrative Agent, the
Collateral Agent, each of the Issuing Lenders and each of the Lenders incident to the enforcement of payment of the Secured Obligations and/or the exercise of remedies in respect of the Collateral, whether by judicial proceedings or otherwise,
including, without limitation, in connection with bankruptcy, insolvency, liquidation, reorganization, moratorium or other similar proceedings involving any Borrower Party or a &#147;workout&#148; of the Secured Obligations; <U>provided</U> that
only one property inspection or site visit performed pursuant to <U>Section</U><U></U><U>&nbsp;7.4</U> shall be paid for by the Borrower each year, unless a Potential Default or Event of Default has occurred and is continuing, in which case there
shall be no limit to property inspections or site visits performed pursuant to <U>Section</U><U></U><U>&nbsp;7.4</U>, and the Borrower shall pay the costs associated with each such inspection and visit performed during such periods; <U>provided</U>
further that the Borrower shall only be responsible for fees and disbursements of one primary outside counsel (unless there is an actual or perceived conflict of interest, in which case another primary outside counsel shall be permitted for each
group of similarly situated Persons) for the Administrative Agent, the Collateral Agent, each Issuing Lender, and the Lenders, taken as a whole, and, if reasonably necessary, one special or local counsel (unless there is an actual or perceived
conflict of interest, in which case another special or local counsel shall be permitted for each group of similarly situated Persons) for the Administrative Agent, Collateral Agent, each Issuing Lender and the Lenders, taken as a whole, in each
relevant material jurisdiction (which may include a single special counsel acting in multiple jurisdictions). The obligations of the Borrower under this <U>Section</U><U></U><U>&nbsp;7.6</U> shall survive payment of all other Secured Obligations.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.7. <U>Payment of Taxes and Charges</U>. The Borrower Parties shall, and shall cause each of their respective Subsidiaries to, file all
federal and other material tax returns required to be filed in any jurisdiction and, if applicable, with respect to such federal and other material tax returns, except with respect to Taxes subject to any Good Faith Contest, pay and discharge all
Taxes imposed upon it or any of its Properties or in respect of any of its franchises, business, income or property before any material penalty shall be incurred with respect to such Taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.8. <U>Insurance</U>. The Borrower Parties shall, and shall cause each of their respective Subsidiaries to, maintain, to the extent
commercially available, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks (including, without limitation, fire, extended coverage, vandalism, malicious mischief, flood, earthquake,
public liability, product liability, business interruption and terrorism) as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower Parties or their respective
Subsidiaries engage in business or own properties. Unless otherwise agreed in writing by the Administrative Agent, insurance policies shall provide for ten (10)&nbsp;days prior written notice to the Administrative Agent of any cancelation for
nonpayment of premiums. Subject to <U>Section</U><U></U><U>&nbsp;7.17</U> with respect to insurance endorsements, the Administrative Agent and Collateral Agent, for the benefit of the Secured Parties, shall be named as lender&#146;s loss payee on
all insurance policies that the Borrower Parties maintain with respect to any Mortgaged Property and improvements on such Mortgaged Property and as additional insured on all liability insurance policies maintained by the Borrower Parties (except as
otherwise agreed by the Administrative Agent with respect to certain liability insurance policies); provided that, unless a Potential Default or an Event of Default has occurred and is continuing, if Administrative Agent or Collateral Agent receives
any such proceeds as loss payee, it shall promptly deliver the same to Borrower for Borrower&#146;s use in connection with the operations or restoration of the subject Property. At all times, Borrower is entitled to receive and collect directly from
the insurer any business interruption and rental loss insurance proceeds. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Notwithstanding any provision in the Credit Agreement or the other Loan Documents to the contrary, solely in the case of the Mortgage by each of Macerich Stonewood, LLC, a Delaware limited
liability company, and Macerich Stonewood Holdings, LLC, a Delaware limited liability company, with respect to the Real Property commonly referred to as &#147;Stonewood Center (including Stonewood - Kohls)&#148; (the &#147;<U>Stonewood
Mortgage</U>&#148;), the holding, application and disbursement of any and all insurance policies and proceeds may, in lieu of compliance with the foregoing provisions of this Section&nbsp;7.8, be effected in accordance with Section&nbsp;3.7 of the
Stonewood Mortgage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.9. <U>Hazardous Materials</U>. The Borrower Parties shall, and shall cause each of their respective
Subsidiaries to, do the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Keep and maintain all Retail/Other Properties in material compliance with any Hazardous Materials
Laws unless the failure to so comply would not be reasonably expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Diligently remediate in
accordance with and as required by applicable Hazardous Material Laws any Hazardous Materials discharged, disposed of, or otherwise released in, on or under any Retail/Other Properties that are in violation of any Hazardous Materials Laws and which
would be reasonably expected to result in a Material Adverse Effect, and cause any remediation required by any Hazardous Material Laws or Governmental Authority to be performed, though no such action shall be required if any action is subject to a
good faith contest. In the course of carrying out such actions, the Borrower shall provide the Administrative Agent with such periodic information and notices regarding the status of investigation, removal, and remediation, as the Administrative
Agent may reasonably require. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Promptly advise the Administrative Agent, each Issuing Lender and each Lender in writing of any of the
following: (i)&nbsp;any Hazardous Material Claims known to the Borrower Parties which would be reasonably expected to result in a Property-Level Material Adverse Effect to any Real Property or a material adverse effect on the owner thereof;
(ii)&nbsp;the receipt of any notice of any alleged violation of Hazardous Materials Laws with respect to any Real Property (and the Borrower shall promptly provide the Administrative Agent, the Issuing Lenders and the Lenders with a copy of such
notice of violation), <U>provided</U> that such alleged violation, if true (and if any release of the Hazardous Materials alleged therein were not promptly remediated), would result in a breach of <U>subsections (1)</U>&nbsp;or <U>(2)</U> above; and
(iii)&nbsp;the discovery of any occurrence or condition on any Retail/Other Properties that could reasonably be expected to cause such Retail/Other Properties or any part thereof to be in violation of <U>subsections (1)</U>&nbsp;or, if not promptly
remediated, <U>(2)</U>&nbsp;above. If the Administrative Agent, any Issuing Lender and/or any Lender shall be joined in any legal proceedings or actions initiated in connection with any Hazardous Materials Claims, each Borrower Party shall
indemnify, defend, and hold harmless such Person with respect to any liabilities and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses arising with respect thereto, including reasonable
attorneys&#146; fees and disbursements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) Comply with each of the covenants set forth in <U>subsections (1)</U>, <U>(2)</U> and
<U>(3)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;7.9</U> with respect to all other Properties of the Borrower and its Subsidiaries unless the failure to so comply would not reasonably be expected to result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.10. <U>Compliance with Laws and Contractual Obligations</U>. The Borrower Parties:
(1)&nbsp;shall, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, comply, in all respects, with all Requirements of Law of any Governmental Authority having
jurisdiction over it or its business, and (2)&nbsp;shall, except to the extent that the failure of the same either (x)&nbsp;would not have a Material Adverse Effect or (y)&nbsp;in the case of Contractual Obligations in respect of Indebtedness for
borrowed money only, would not result in an Event of Default under either Section&nbsp;9.5 or Section&nbsp;9.9, comply, in all respects, with all Contractual Obligations. The Borrower Parties shall, except to the extent that the failure of the same
either (x)&nbsp;would not have a Material Adverse Effect or (y)&nbsp;in the case of Contractual Obligations in respect of Indebtedness for borrowed money only (and only for purposes of clause (2)&nbsp;below), would not result in an Event of Default
under either Section&nbsp;9.5 or Section&nbsp;9.9, cause each of their respective Subsidiaries (other than the Subsidiary Guarantors) to: (1)&nbsp;comply, in all respects, with all Requirements of Law of any Governmental Authority having
jurisdiction over it or its business, and (2)&nbsp;comply, in all respects, with all Contractual Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.11. <U>REIT Status</U>.
MAC shall maintain its status as a REIT and (i)&nbsp;all of the representations and warranties set forth in <U>subsections (1)</U>, <U>(2)</U> and <U>(4)</U>&nbsp;of <U>Section</U><U></U><U>&nbsp;6.18</U> shall remain true and correct at all times
and (ii)&nbsp;all of the representations and warranties set forth in <U>subsection (3)</U>&nbsp;of <U>Section</U><U></U><U>&nbsp;6.18</U> shall remain true and correct in all material respects. MAC will do or cause to be done all things necessary to
maintain the listing of its Capital Stock on the New York Stock Exchange, NYSE American or Nasdaq Stock Market (or any successor thereof), and the Borrower will do or cause to be done all things necessary to cause it to be treated as a partnership
for purposes of federal income taxation and the tax laws of any state or locality in which the Borrower is subject to taxation based on its income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.12. <U>Use of Proceeds</U>. The Letters of Credit and the proceeds of the Loans will be used for the Closing Date Payments and for other
general corporate purposes, including the financing of working capital needs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.13. <U>Management of Projects; Management Agreements</U>.
Except as set forth on <U>Schedule 7.13</U>, all Wholly-Owned Projects shall be managed by Subsidiaries of MAC pursuant to agreements that are either (x)&nbsp;substantially similar to the Master Management Agreements or (y)&nbsp;on terms no less
favorable in totality to the Borrower Parties than would be obtained in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a third party manager that is not a Macerich Entity. The Borrower Parties shall at all
times ensure that each Affiliate of any Borrower Party that manages and/or operates a Borrowing Base Mortgaged Property Asset has executed and delivered to the Administrative Agent an Assignment and Subordination of Property Management Agreement.
From time to time, the Borrower may replace the subject property manager with another manager that is a Macerich Entity, and/or amend and replace the subject management agreement (so long as the same is no less favorable in totality to the Borrower
Parties than would be obtained in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a third party manager that is not a Macerich Entity), provided the applicable Borrower Party and the applicable manager amend
the existing Assignment and Subordination of Property Management Agreement to reflect such new property manager and the applicable property management agreement or enter into a new Assignment and Subordination of Property Management Agreement.
Notwithstanding the foregoing, in no event shall the management fees (not including expense recoveries, leasing commissions and/or construction supervisory fees) payable to any Macerich Entity under any property management agreement for Wholly-Owned
Projects exceed 2% of gross revenues (less customary exclusions) from the applicable Property. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.14. <U>Borrowing Base Additions</U>. Borrower may, from time to time, propose to add Real
Property or Capital Stock as a Borrowing Base Asset, provided such Real Property or Capital Stock satisfies the Borrowing Base Criteria at the time such Real Property or Capital Stock would become a Borrowing Base Asset (a &#147;<U>Proposed
Borrowing Base Asset</U>&#148;). Borrower&#146;s proposal to the Administrative Agent shall be in writing and include a Borrowing Base Asset Proposal Package with respect to such Proposed Borrowing Base Asset. Within ten (10)&nbsp;Business Days
after receipt of a complete Borrowing Base Asset Proposal Package, the Administrative Agent shall give notice to the Borrower of its determination of whether such Proposed Borrowing Base Asset will, subject to the delivery of all applicable
Borrowing Base Deliverables pursuant to the following sentence, satisfy the applicable Borrowing Base Criteria (any such notice comprising an approval, a &#147;<U>Conditional Approval Notice</U>&#148;); provided that (i)&nbsp;if the Administrative
Agent does not respond to the Borrower within ten (10)&nbsp;Business Days after receipt of a written proposal with a complete Borrowing Base Asset Proposal Package, the Borrower may deliver a second written notice to the Administrative Agent with
respect to such Proposed Borrowing Base Asset, and the Administrative Agent shall, within ten (10)&nbsp;Business Days after receipt of such second written notice, give notice to the Borrower of its determination of whether such Proposed Borrowing
Base Asset will, subject to the delivery of all applicable Borrowing Base Deliverables pursuant to the following sentence, satisfy the applicable Borrowing Base Criteria, (ii)&nbsp;if the Administrative Agent does not respond to the Borrower within
ten (10)&nbsp;Business Days after receipt of such second written notice with respect to such Proposed Borrowing Base Asset, the Borrower may deliver a third written notice to the Administrative Agent with respect to such Proposed Borrowing Base
Asset, and the Administrative Agent shall, within five (5)&nbsp;Business Days after receipt of such third written notice, give notice to the Borrower of its determination of whether such Proposed Borrowing Base Asset will, subject to the delivery of
all applicable Borrowing Base Deliverables pursuant to the following sentence, satisfy the applicable Borrowing Base Criteria and (iii)&nbsp;if the Administrative Agent does not respond to the Borrower within five (5)&nbsp;Business Days after
receipt of such third written notice, a Conditional Approval Notice shall be deemed to have been issued by the Administrative Agent with respect to such Proposed Borrowing Base Asset on the sixth (6th) Business Day after the Administrative
Agent&#146;s receipt of such third written notice. Within forty five (45)&nbsp;days after receipt by the Borrower of a Conditional Approval Notice (which period may be extended in the discretion of the Administrative Agent), the Borrower shall, at
its sole cost and expense, as a condition to such Proposed Borrowing Base Asset becoming a Borrowing Base Asset, deliver (or cause to be delivered) to the Administrative Agent and the Collateral Agent (i)&nbsp;all applicable Borrowing Base
Deliverables and (ii)&nbsp;if such Proposed Borrowing Base Asset is a proposed Borrowing Base Mortgaged Property Asset that is managed or operated by an Affiliate of any Borrower Party, an Assignment and Subordination of Property Management
Agreement executed by each Borrower Party that owns such Proposed Borrowing Base Asset and each Affiliate of a Borrower Party that manages and/or operates the applicable Proposed Borrowing Base Asset. The Borrower&#146;s failure to deliver the same
within said forty-five (45)&nbsp;day period shall not constitute a Potential Default or Event of Default by the Borrower; rather, until the same are delivered, such Proposed Borrowing Base Asset shall not constitute a Borrowing Base Asset.
Notwithstanding the foregoing, the failure of any Proposed Borrowing Base Asset to comply with one or more of the Borrowing Base Criteria shall not preclude the addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset so long as the
Administrative Agent and the Required Lenders shall have expressly consented in writing to the addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset notwithstanding the failure to satisfy such conditions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.15. <U>Borrowing Base Leases</U>. All Borrowing Base Leases (and all renewals thereof)
executed after the Closing Date shall provide for rental rates obtained through <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably
be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.16. <U>Specified Ground Leases</U>. With respect to any Specified Ground Lease of any
applicable Borrower Party: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>Performance; Modifications</U>. Each applicable Borrower Party shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) Pay all rents, additional rents and other sums required to be paid by the applicable Borrower Party, as tenant under and pursuant to the
provisions of the Specified Ground Lease as and when such rent or other sums are due and payable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) Promptly and faithfully observe,
perform and comply with all the material terms, covenants and provisions of the Specified Ground Leases on the part of an applicable Borrower Party to be observed, performed and complied with, at the times set forth therein and to do all things
necessary to preserve unimpaired its rights thereunder, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Property-Level Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) Not do, permit, suffer or refrain from doing anything, the result of which could be a material default under any of the terms thereof
beyond the giving of any required notice and the expiration of any applicable cure period or a breach of any of the terms thereof (it being agreed that any default that would permit any party thereto other than the applicable Borrower Party to
terminate the applicable Specified Ground Lease shall be deemed to be material); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) Unless the Administrative Agent has consented
thereto in writing, not voluntarily cancel, surrender, or modify any of the material terms thereof, release any party thereto (other than the applicable Borrower Party) from any material obligation imposed upon it thereby or surrender, terminate or
cancel such Specified Ground Lease; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(E) Give Administrative Agent prompt written notice of any material default by anyone thereunder
of which the applicable Borrower Party becomes aware and promptly deliver to Administrative Agent copies of each notice of material default. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Termination or Cancellation</U>; <U>Administrative Agent&#146;s Right to Cure</U>.
The applicable Borrower Party hereby assigns to the Collateral Agent, as further security for the payment and performance of the Secured Obligations, its right as tenant under the Specified Ground Lease, to surrender the leasehold estate created by
the Specified Ground Lease or to terminate, cancel, or modify the Specified Ground Lease in a manner in violation of <U>Section</U><U></U><U>&nbsp;7.16(1)(D)</U>, and any such action without the prior written consent of Administrative Agent shall be
void and of no force and effect. If the applicable Borrower Party shall default in the performance or observance of any material term, covenant or condition of such Specified Ground Lease on the part of the applicable Borrower Party, as tenant
thereunder, to be performed or observed where the failure to do so, individually or in the aggregate, could reasonably be expected to result in a Property-Level Material Adverse Effect, then, without limiting the generality of the other provisions
of the Mortgage and this Agreement and without waiving or releasing the applicable Borrower Party from any of its obligations hereunder, Administrative Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any
act or take any action as may be appropriate to cause all of the material terms, covenants and conditions of the Specified Ground Lease on the part of the applicable Borrower Party, as tenant thereunder, to be performed or observed or to be promptly
performed or observed on behalf of the applicable Borrower Party, to the end that the rights of the applicable Borrower Party in, to and under such Specified Ground Lease shall be kept unimpaired as a result thereof and free from default, even
though the existence of such event of default or the nature thereof may be questioned or denied by the applicable Borrower Party or by any party on behalf of the applicable Borrower Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Payments by Administrative Agent</U>. If the Administrative Agent shall make any payment or perform any act or take action in
accordance with the preceding section, the Administrative Agent will promptly notify the applicable Borrower Party of the making of any such payment, the performance of any such act, or the taking of any such action. In any such event, subject to
the rights of tenants, subtenants and other occupants under the leases or of parties to any reciprocal easement agreements, the Administrative Agent and any Person designated as the Administrative Agent&#146;s agent by the Administrative Agent shall
have, and are hereby granted, the right to peaceably enter upon the Mortgaged Property at any reasonable time, on reasonable notice for the purpose of taking any such action. The Administrative Agent may pay and expend such sums of money as the
Administrative Agent deems necessary for any such purpose and upon so doing shall be subrogated to any and all rights of the landlord under the Specified Ground Lease. The Borrower hereby agrees to pay to the Administrative Agent within five
(5)&nbsp;Business Days after demand, all such sums so paid and expended by the Administrative Agent, together with interest thereon from the day of such payment at an interest rate that is 2% per annum in excess of the interest rate that is
otherwise payable hereunder for Revolving Loans that are Base Rate Loans. All sums so paid and expended by the Administrative Agent and the interest thereon shall be secured by the legal operation and effect of the Mortgage and the other Security
Documents. If the ground lessor under the Specified Ground Lease shall deliver to the Administrative Agent a copy of any notice of default sent by said ground lessor to the applicable Borrower Party, as tenant under the Specified Ground Lease, such
notice shall constitute full protection to the Administrative Agent for any action taken or omitted to be taken by the Administrative Agent in reliance thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Exercise of Extensions</U>. The applicable Borrower Party shall exercise each individual option, if any, to extend or renew the term of
the Specified Ground Lease upon demand by the Administrative Agent made at any time within one (1)&nbsp;year of the last day upon which any such option may be exercised, and if the applicable Borrower Party shall fail to do so, the applicable
Borrower Party hereby expressly authorizes and appoints the Administrative Agent its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to exercise any such option in the name of and upon behalf of the
applicable Borrower Party, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. The applicable Borrower Party shall not subordinate or consent to the subordination of the Specified Ground Lease to any
mortgage, security deed, lease or other interest on or in the landlord&#146;s interest in all or any part of the Property, unless, in each such case, the written consent of the Administrative Agent shall have been first had and obtained, which
approval shall not unreasonably be withheld. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>No Merger of Fee and Leasehold Estates; Releases</U>. Prior to Payment in Full,
unless the Administrative Agent shall otherwise consent, the fee title to that portion of the Mortgaged Property subject to the Specified Ground Lease and the leasehold estate therein created pursuant to the provisions of the Specified Ground Lease
shall not merge but shall always be kept separate and distinct, notwithstanding the union of such estates in the applicable Borrower Party, the Administrative Agent, or in any other person by purchase, operation of law or otherwise. The Collateral
Agent reserves the right, at any time, to release portions of the Mortgaged Property, including, but not limited to, the leasehold estate created by the Specified Ground Lease, with or without consideration, at the Collateral Agent&#146;s election,
without waiving or affecting any of its or the Administrative Agent&#146;s rights hereunder or under the other Loan Documents, and any such release shall not affect the Collateral Agent&#146;s rights in connection with the portion of the Mortgaged
Property not so released. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) <U>Acquisition of Fee Estate</U>. In the event that the applicable Borrower Party, prior to Payment in
Full, shall become the owner and holder of the fee title to that portion of the Mortgaged Property subject to the Specified Ground Lease, the Lien of the Mortgage shall be spread to cover the applicable Borrower Party&#146;s fee title to such
portion of the Mortgaged Property and said fee title shall be deemed to be included in the Mortgaged Property and no consent of the Administrative Agent is required for the applicable Borrower Party to acquire fee title to that portion of the
Mortgaged Property subject to the Specified Ground Lease. The applicable Borrower Party agrees, at its sole cost and expense, including without limitation the Administrative Agent&#146;s and Collateral Agent&#146;s reasonable attorneys&#146; fees,
to execute any and all documents or instruments necessary to subject its fee title to such portion of the Mortgaged Property to the lien of the Mortgage. Notwithstanding the foregoing, if the Specified Ground Lease is for any reason whatsoever
terminated prior to the natural expiration of its term, and if, pursuant to any provisions of the Specified Ground Lease or otherwise, the Administrative Agent, the Collateral Agent or their respective designees shall acquire from the landlord
thereunder another lease of the Mortgaged Property, the applicable Borrower Party shall have no right, title or interest in or to such other lease or the leasehold estate created thereby so long as any Obligations remain outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) <U>Rejection of the Specified Ground Lease</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) In the event of the rejection or disaffirmance of the Specified Ground Lease by the landlord thereunder pursuant to the Bankruptcy Code or
any other law affecting creditor&#146;s rights, (i)&nbsp;the applicable Borrower Party, promptly after obtaining notice thereof, shall give notice thereof to the Administrative Agent, (ii)&nbsp;the applicable Borrower Party, without the prior
written consent of the Administrative Agent, shall not elect to treat the Specified Ground Lease as terminated pursuant to Section&nbsp;365(h) of the Bankruptcy Code or any comparable federal or state statute or law, and any election by the
applicable Borrower Party made without such consent shall be void and (iii)&nbsp;the Mortgage and all the Liens, terms, covenants and conditions of the Mortgage shall extend to and cover the applicable Borrower Party&#146;s possessory rights under
Section&nbsp;365(h) of the Bankruptcy Code and to any claim for damages due to the rejection of the Specified Ground Lease or other termination of the Specified Ground Lease. In addition, the applicable Borrower Party hereby assigns irrevocably to
the Administrative Agent, the applicable Borrower Party&#146;s rights to treat the Specified Ground Lease as terminated pursuant to Section&nbsp;365(h) of the Bankruptcy Code and to offset rents under the Specified Ground Lease in the event any
case, proceeding or other action is commenced by or against the landlord under the Bankruptcy Code or any comparable federal or state statute or law, provided that the Administrative Agent shall not exercise such rights and shall permit the
applicable Borrower Party to exercise such rights with the prior written consent of the Administrative Agent, not to be unreasonably withheld, conditioned or delayed, unless an Event of Default shall have occurred and be continuing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The applicable Borrower Party hereby assigns to the Administrative Agent the applicable
Borrower Party&#146;s right to seek an extension of the sixty (60)&nbsp;day period within which the applicable Borrower Party must accept or reject the Specified Ground Lease under Section&nbsp;365 of the Bankruptcy Code or any comparable federal or
state statute or law with respect to any case, proceeding or other action commenced by or against the applicable Borrower Party under the Bankruptcy Code or comparable federal or state statute or law, provided the Administrative Agent shall not
exercise such right, and shall permit the applicable Borrower Party to exercise such right with the prior written consent of Administrative Agent, not to be unreasonably withheld, unless an Event of Default shall have occurred and be continuing.
Further, if the applicable Borrower Party shall desire to so reject the Specified Ground Lease, at the Administrative Agent&#146;s request, to the extent not prohibited by the terms of the Specified Ground Lease and applicable law, the applicable
Borrower Party shall assign its interest in the Specified Ground Lease to the Administrative Agent or its designee in lieu of rejecting such Specified Ground Lease as described above, upon receipt by the applicable Borrower Party of written notice
from the Administrative Agent of such request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) The applicable Borrower Party hereby agrees that if the Specified Ground Lease is
terminated for any reason in the event of the rejection or disaffirmance of the Specified Ground Lease pursuant to the Bankruptcy Code or any other law affecting creditor&#146;s rights, any property of the applicable Borrower Party not removed from
the Mortgaged Property by the applicable Borrower Party as permitted or required by the Specified Ground Lease, shall at the option of the Administrative Agent be deemed abandoned by the applicable Borrower Party, provided that the Administrative
Agent, the Collateral Agent or their respective designees may remove any such property required to be removed by the applicable Borrower Party pursuant to the Specified Ground Lease and all reasonable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses associated with such removal shall be paid by the applicable Borrower Party within five (5)&nbsp;Business Days of receipt by the applicable Borrower Party of an invoice for
such removal costs and expenses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) <U>F</U><U>ailure to Comply with Section</U><U></U><U>&nbsp;7.16</U>. A Borrower Party&#146;s
failure to comply with this Section&nbsp;7.16 with respect to any Borrowing Base Mortgaged Property Asset shall not constitute a Potential Default or Event of Default. Rather, such Borrowing Base Mortgaged Property Asset shall (i)&nbsp;no longer
qualify as a Borrowing Base Mortgaged Property Asset and shall automatically cease to be a Borrowing Base Mortgaged Property Asset (and cease to be included in the Borrowing Base Amount as a Borrowing Base Mortgaged Property Asset) on the date on
which an Event of Default would have resulted under this Agreement in the absence of this <U>Section</U><U></U><U>&nbsp;7.16(8)</U> and (ii)&nbsp;thereafter continue to constitute Collateral (together with the related pledges of Capital Stock of the
applicable Property Owner) until released in accordance with and subject to the requirements of <U>Section</U><U></U><U>&nbsp;10.12</U>. Notwithstanding the foregoing, the applicable Property may later be added as a Borrowing Base Asset in
accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> if such Property (i)&nbsp;satisfies all applicable Borrowing Base Criteria and (ii)&nbsp;in the case of a Borrowing Base Mortgaged Property Asset, satisfies the requirements set forth above in
this <U>Section</U><U></U><U>&nbsp;7.16</U>, in the case of each of the foregoing clauses (i)&nbsp;and (ii), on the date such Property becomes a Borrowing Base Mortgaged Property Asset again. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.17. <U>Post-Closing Matters</U>. The Borrower Parties shall satisfy the requirements set
forth on <U>Schedule 7.17</U> on or before the date specified for such requirement or such later date as agreed to by the Administrative Agent in its sole discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.18. <U>Additional Guarantors, Collateral, Etc</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) In the event that any Proposed Borrowing Base Asset is added as a Borrowing Base Asset in accordance with
<U>Section</U><U></U><U>&nbsp;7.14</U>, the Borrower Parties shall, in each case substantially concurrently with or prior to such addition, (i)&nbsp;(A) in the case of a Borrowing Base Mortgaged Property Asset, cause each of (I)&nbsp;the Property
Owner and (II)&nbsp;the Property Owner Parent, in each case, if not MAC, the Borrower, or already a Subsidiary Guarantor, to become a Subsidiary Guarantor under the Subsidiary Guaranty and a party to this Agreement and to the Environmental Indemnity
Agreement by executing and delivering to the Administrative Agent a joinder agreement in the form attached to the Subsidiary Guaranty, (B)&nbsp;in the case of a Borrowing Base Equity Interest Asset, cause the Borrowing Base Equity Interest Asset
Owner of such Proposed Borrowing Base Asset, if not the Borrower, MAC, or already a Subsidiary Guarantor, to become a Subsidiary Guarantor under the Subsidiary Guaranty and a party to this Agreement and to the Environmental Indemnity Agreement by
executing and delivering to the Administrative Agent a joinder agreement in the form attached to the Subsidiary Guaranty, and (C)&nbsp;in the case of a Borrowing Base Unencumbered Asset for which Capital Stock is required to be pledged pursuant to
clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;, cause the owner of such Capital Stock (an &#147;<U>Unencumbered Property Owner Parent</U>&#148;), if not the Borrower, MAC, or already a Subsidiary Guarantor, to become a
Subsidiary Guarantor under the Subsidiary Guaranty and a party to this Agreement and to the Environmental Indemnity Agreement by executing and delivering to the Administrative Agent a joinder agreement in the form attached to the Subsidiary
Guaranty, (ii)&nbsp;cause each Property Owner Parent, Borrowing Base Equity Interest Asset Owner and Unencumbered Property Owner Parent, as applicable, if not already a party to the Pledge Agreement, to become a party to the Pledge Agreement by
executing and delivering a joinder thereto to the Collateral Agent or, if such Person is already a party to the Pledge Agreement, to deliver a supplement to the schedules to the Pledge Agreement to the Collateral Agent, and, in each case, to deliver
or cause to be delivered any and all certificates representing (x)&nbsp;Capital Stock (to the extent certificated) of the applicable Property Owner, (y)&nbsp;the Borrowing Base Equity Interest Asset (to the extent certificated) or (z)&nbsp;Capital
Stock (to the extent certificated) required to be pledged pursuant to clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;, as applicable, accompanied by undated stock powers or other appropriate instruments of transfer executed
in blank and appropriate UCC financing statements or amendments, as applicable, (iii)&nbsp;in the case of a Borrowing Base Mortgaged Property Asset, execute (as applicable) and deliver the Mortgaged Property Deliverables and (iv)&nbsp;take all such
further actions and execute and deliver, or cause to be executed and delivered, all such other documents, instruments, agreements, certificates and opinions reasonably requested by Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) With respect to (x)&nbsp;any Additional Real Property Asset described in clause
(a)&nbsp;of the definition thereof or any Additional Equity Interest Asset described in clause (a)&nbsp;of the definition thereof, the Borrower Parties shall, solely to the extent the Debt Yield is less than 10.5% as of the last day of the most
recently ended Fiscal Quarter for which financial statements were required to have been delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U> (the &#147;<U>Trigger Financial Statements</U>&#148;), within 60 days (or such longer period of time
as may be agreed to by the Administrative Agent in its sole discretion) of the later of (A)&nbsp;the date the Trigger Financial Statements were required to have been delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U>, (B) the date on which
the applicable underlying Real Property which is an Unencumbered Property was acquired by the Macerich Entities and (C)&nbsp;the date on which the applicable underlying Real Property became an Unencumbered Property, and (y)&nbsp;any Additional Real
Property Asset described in clause (b)&nbsp;of the definition thereof and any Additional Equity Interest Asset described in clause (b)&nbsp;of the definition thereof, the Borrower Parties shall, within the time period set forth in the applicable
clause of the definition of &#147;Permitted Investment&#148;, (i)&nbsp;(A) in the case of an Additional Real Property Asset, cause each of (I)&nbsp;the Property Owner and (II)&nbsp;the Property Owner Parent, in each case, if not MAC, the Borrower,
or already a Subsidiary Guarantor, to become a Subsidiary Guarantor under the Subsidiary Guaranty and a party to this Agreement and to the Environmental Indemnity Agreement by executing and delivering to the Administrative Agent a joinder agreement
in the form attached to the Subsidiary Guaranty and (B)&nbsp;in the case of an Additional Equity Interest Asset, cause the Additional Equity Interest Asset Owner of such Additional Equity Interest Asset, if not the Borrower, MAC, or already a
Subsidiary Guarantor, to become a Subsidiary Guarantor under the Subsidiary Guaranty and a party to this Agreement and to the Environmental Indemnity Agreement by executing and delivering to the Administrative Agent a joinder agreement in the form
attached to the Subsidiary Guaranty, (ii)&nbsp;cause each Property Owner Parent and Additional Equity Interest Asset Owner, as applicable, if not already a party to the Pledge Agreement, to become a party to the Pledge Agreement by executing and
delivering a joinder thereto to the Collateral Agent or, if such Person is already a party to the Pledge Agreement, to deliver a supplement to the schedules to the Pledge Agreement to the Collateral Agent, and, in each case, to deliver or cause to
be delivered any and all certificates representing (x)&nbsp;Capital Stock (to the extent certificated) of the applicable Property Owner or (y)&nbsp;the Additional Equity Interest Asset (to the extent certificated), as applicable, accompanied by
undated stock powers or other appropriate instruments of transfer executed in blank and appropriate UCC financing statements or amendments, as applicable, (iii)&nbsp;in the case of an Additional Real Property Asset, execute (as applicable) and
deliver the Mortgaged Property Deliverables and (iv)&nbsp;take all such further actions and execute and deliver, or cause to be executed and delivered, all such other documents, instruments, agreements, certificates and opinions reasonably requested
by Administrative Agent. For the avoidance of doubt, this <U>Section</U><U></U><U>&nbsp;7.18(2)</U> shall not apply to the extent the actions required to be taken hereunder are instead taken, and permitted to be taken, pursuant to
<U>Section</U><U></U><U>&nbsp;7.18(1)</U> above. If and to the extent any of the foregoing is prohibited by any joint venture agreement or ground lease relating to the subject asset, then the Borrower Parties shall not be obligated to perform the
prohibited act and such <FONT STYLE="white-space:nowrap">non-performance</FONT> shall not constitute a Potential Default or Event of Default hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.19. <U>Further Assurances</U>. The Borrower Parties shall from time to time execute and
deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent or the Collateral Agent may reasonably request for the purposes of implementing or
effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent, the Collateral Agent and the Lenders with respect to the Collateral (or with respect to any
additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the Borrower Parties or any of their respective Subsidiary Entities which may be deemed to be part of the Collateral)
pursuant hereto or thereto. Upon the exercise by the Administrative Agent, the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval,
recording, qualification or authorization of any Governmental Authority, the Borrower Parties will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that
the Administrative Agent, the Collateral Agent or such Lender may be required to obtain from any Borrower Party or Subsidiary Entity thereof to obtain such governmental consent, approval, recording, qualification or authorization. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.20. <U>Account Control Agreements; Cash Management</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Borrower shall execute and deliver (and cause the applicable depositary bank or securities intermediary, as the case may be, to
execute and deliver) to the Collateral Agent Account Control Agreements with respect to all deposit accounts and securities accounts held in the name of the Borrower (other than any (i)&nbsp;such accounts that are used solely to fund payroll and
payroll taxes and other employee wage and benefit payments in the ordinary course of business on a current basis, (ii)&nbsp;escrow accounts (to the extent maintained exclusively by the Borrower for the purpose of establishing or maintaining escrow
amounts for third parties that are not Affiliates of any Borrower Parties or any Wholly-Owned Subsidiary of a Borrower Party), (iii) trust accounts (to the extent maintained exclusively by the Borrower for the purpose of establishing or maintaining
trust amounts for third parties that are not Affiliates of any Borrower Parties or any Wholly-Owned Subsidiary of a Borrower Party) and (iv)&nbsp;dedicated cash collateral accounts to the extent subject to a Lien permitted by Section&nbsp;8.1(1))
(each, a &#147;<U>Controlled Account</U>&#148;) (x) in the case of Controlled Accounts existing on the Closing Date, either (A)&nbsp;on or prior to the Closing Date or (B)&nbsp;within the time period set forth in <U>Schedule 7.17</U> and (y)&nbsp;in
the case of Controlled Accounts arising after the Closing Date, within thirty (30)&nbsp;days of such account becoming a Controlled Account (or such later date as may be agreed to by the Administrative Agent in its sole discretion), and shall
thereafter maintain in effect such Account Control Agreements. Each Controlled Account shall be a cash collateral account, with all cash, Cash Equivalents, securities entitlements, checks and other similar items in such account securing payment of
the Secured Obligations, and in which the Borrower shall have granted a first priority Lien to the Collateral Agent, on behalf of the Secured Parties, pursuant to the Pledge Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) MAC, the Borrower and their Wholly-Owned Subsidiaries shall maintain their cash management systems and practices in a manner (including
the zero balance account nature of deposit accounts of Wholly-Owned Subsidiaries of MAC and the Borrower that sweep the balance on deposit in such accounts (less a reserve for reasonably anticipated operating expenses consistent with past practice
and in the ordinary course of business) on a daily basis to one or more Controlled Accounts) that is consistent in all material respects with their respective cash management systems and practices as in effect on the Closing Date (which, for the
avoidance of doubt, is consistent with past practice of MAC, the Borrower and their Wholly-Owned Subsidiaries) unless otherwise consented to by the Administrative Agent (in its sole discretion) in writing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 8. <U>Negative Covenants</U>. As an inducement to the Administrative Agent, the Collateral Agent,
each Issuing Lender and each Lender to enter into this Agreement, each Borrower Party, jointly and severally, hereby covenants and agrees with the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender that, from the Closing
Date until Payment in Full: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.1. <U>Liens</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Borrower Parties shall not, and shall not permit any of their respective Subsidiaries to, create, incur, assume or suffer to exist,
any Lien upon any of their Property except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) Liens that secure Permitted Indebtedness that is permitted to be (or not otherwise
prohibited from being) secured under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) Permitted Encumbrances; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) Liens created pursuant to the Security Documents; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) Liens listed on <U>Schedule 8.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) No Liens shall be created, incurred, assumed or suffered to exist: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) on the Capital Stock held by MAC in the Borrower (other than Contractual Encumbrances); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) on any Pledged Equity Interests (for so long as the subject interests remain as Pledged Equity Interests), except for (x)&nbsp;Liens
securing the Secured Obligations pursuant to the Pledge Agreement and (y)&nbsp;Contractual Encumbrances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) on the Capital Stock of any
Subsidiary or Joint Venture of any Person whose Capital Stock constitutes a Borrowing Base Equity Interest Asset (or formerly constituted a Borrowing Base Equity Interest Asset and continues to constitute Collateral at such time) or any Person whose
Capital Stock constitutes an Additional Equity Interest Asset (for so long as such Person&#146;s Capital Stock, directly or indirectly, is a Borrowing Base Equity Interest Asset (or in the case of a former Borrowing Base Equity Interest Asset, is
Collateral) or Additional Equity Interest Asset) (other than any Pledged Equity Interests, which are addressed by clause (B)&nbsp;above), except for (x)&nbsp;Liens securing the Secured Obligations pursuant to the Pledge Agreement, (y)&nbsp;Liens
securing Permitted Indebtedness that is permitted to be secured under this Agreement, and (z)&nbsp;Contractual Encumbrances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) on any
Mortgaged Property (for so long as the subject Property remains a Mortgaged Property), or the Capital Stock of any Property Owner (for so long as such entity is a Property Owner), except for (w)&nbsp;with respect to such Capital Stock only,
Contractual Encumbrances, (x)&nbsp;with respect to such Mortgaged Property only, Permitted Encumbrances, (y)&nbsp;Liens securing the Secured Obligations, and (z)&nbsp;any UCC financing statements related to any of the Liens described in the
immediately preceding subclauses (w), (x) and (y)&nbsp;of this clause (D); and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(E) on any Borrowing Base Unencumbered Asset or the Capital Stock of any Macerich Entity
that directly or indirectly owns such Borrowing Base Unencumbered Asset (for so long as the subject asset remains a Borrowing Base Unencumbered Asset), except for (x)&nbsp;in the case of any such Borrowing Base Unencumbered Asset, Permitted
Encumbrances, (y)&nbsp;in the case of such Capital Stock, Contractual Encumbrances and (z)&nbsp;Liens securing the Secured Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) In addition, at no time shall any Borrower Party or any direct or indirect Subsidiary of the Borrower incur Indebtedness that is secured
by a Lien on the Capital Stock of the Borrower or any direct or indirect Wholly-Owned Subsidiary of the Borrower, other than Liens on the Capital Stock of Subsidiaries of the Borrower securing Permitted Indebtedness that is permitted (or not
otherwise prohibited) to be secured under this Agreement and Contractual Encumbrances, unless such Borrower Party has or has caused the applicable Subsidiary to have (i)&nbsp;caused the Secured Obligations to be secured by a Lien that is equal and
ratable with any and all other Indebtedness thereby secured, (ii)&nbsp;entered into valid and binding security agreements and executed and delivered such other documents (including <FONT STYLE="white-space:nowrap">UCC-1</FONT> financing statements)
and instruments as the Administrative Agent deems appropriate in its sole good faith judgment to effect the rights set forth in clause (i)&nbsp;of this sentence above, and (iii)&nbsp;caused the holder of such Indebtedness secured by such Lien to
have entered into intercreditor arrangements with the Administrative Agent, for the benefit of the Lenders, in a form satisfactory to the Administrative Agent in its sole good faith judgment, to effect the rights set forth in clause (i)&nbsp;of this
sentence above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.2. <U>Indebtedness</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Borrower Parties shall not incur, assume or suffer to exist, and shall not permit their respective Subsidiaries to incur, assume or
suffer to exist, any (i)&nbsp;Indebtedness, (ii) Capital Stock (other than Disqualified Capital Stock) that is required to be accounted for as Indebtedness in accordance with GAAP or (iii)&nbsp;Disqualified Capital Stock, in each case, other than
Permitted Indebtedness. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) The terms and conditions (other than pricing and similar economic terms (it being understood and agreed that
amortization, maturity and financial covenants are not economic terms)) of any unsecured Indebtedness of the type referred to in clauses (a)(i) and (ii)&nbsp;of the definition of &#147;Indebtedness&#148; that is recourse to any Borrower Party
(excluding any Indebtedness that is recourse to a Borrower Party solely as a result of a Permitted Guarantee by such Borrower Party) may not be materially more restrictive, when taken as a whole, than the terms and conditions under this Agreement
and the other Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.3. <U>Fundamental Change</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Neither MAC nor the Borrower shall do any or all of the following: merge, liquidate, <FONT STYLE="white-space:nowrap">wind-up</FONT> or
consolidate with any Person, or sell, assign, lease or otherwise effect a Disposition, whether in one transaction or in a series of transactions, of all or substantially all of its Properties and assets, whether now owned or hereafter acquired,
unless, MAC or the Borrower, as applicable, is the surviving Person in any such merger or consolidation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) None of the Borrower Parties shall, nor shall they permit any of their respective
Subsidiaries to, engage to any material extent in any business other than such Person&#146;s business as conducted on the date hereof and businesses which are substantially similar, related or incidental thereto or other additional businesses that
would not have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.4. <U>Dispositions</U>. The Borrower Parties shall not permit any of the following to occur:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Any Disposition by MAC of any of the Capital Stock of the Borrower; provided that the foregoing shall not prohibit Borrower from
issuing partnership units as consideration for the acquisition of a Project otherwise permitted under this Agreement, profit participation units in connection with an employee ownership or similar plan and other Capital Stock to the extent not
prohibited by this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Any Disposition by any Borrower Party or any of its Subsidiaries of any of their respective Properties
(or any portion thereof) if such Disposition would cause the Borrower Parties to be in violation of any of (a)&nbsp;the covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U> or (b)&nbsp;the limitations on Investments set forth in
<U>Section</U><U></U><U>&nbsp;8.5</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Any Disposition of Collateral (or any portion thereof) unless the following conditions are
satisfied: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) immediately prior to and after giving effect to such Disposition, no Specified Default or Event of Default
shall exist (or, if a Specified Default or Event of Default is then continuing, the underlying events or circumstances that resulted in the occurrence of such Specified Default or Event of Default are effectively cured after giving effect thereto
(for example, if an Event of Default shall have occurred as a result of the Borrower&#146;s failure to make a payment that is required hereunder, and the consummation of the applicable Disposition results in net cash proceeds that are used to make
such required payment) and at such time no other Specified Default or Event of Default is then continuing); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) the
Borrowing Base Amount (calculated on a pro forma basis after giving effect to such Disposition and to any repayment of any Revolving Loans or LC Disbursements, and Cash Collateralization of any outstanding Letters of Credit, at the time thereof) is
greater than or equal to the total Revolving Credit Exposures; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) such Disposition shall constitute a bona fide sale to
either (i)&nbsp;a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary in connection with the capitalization thereof or (ii)&nbsp;a Person that is not an Affiliate of any Macerich Entity; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) MAC shall have delivered to the Administrative Agent and the Collateral Agent (i)&nbsp;a certificate of a Responsible
Officer of MAC (I)&nbsp;certifying compliance with the foregoing clauses (A)&nbsp;and (C) and (ii)&nbsp;a Borrowing Base Certificate demonstrating compliance with the foregoing clause (B). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the consummation of any Disposition of Collateral pursuant to this
<U>Section</U><U></U><U>&nbsp;8.4(3)</U> that was a Borrowing Base Asset immediately prior to the consummation thereof, such Borrowing Base Asset shall cease to constitute a Borrowing Base Asset hereunder and such Collateral shall be released from
the Liens under the Loan Documents in accordance with Section&nbsp;10.12. Notwithstanding the foregoing, the applicable Property may later be added as a Borrowing Base Asset in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> and the other
provisions hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.5. <U>Investments</U>. The Borrower Parties shall not, and shall not permit any of their respective Subsidiaries to,
directly or indirectly make any Investment, except Permitted Investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.6. <U>Transactions with Partners and Affiliates</U>. The
Borrower Parties shall not, and shall not permit any of their respective Subsidiaries to directly or indirectly enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any property or
the rendering of any service) with a holder or holders of more than five percent (5%) of any class of equity Securities of MAC, or with any Affiliate of MAC which is not its Subsidiary (a &#147;<U>Transactional Affiliate</U>&#148;), except as set
forth on <U>Schedule 8.6</U> or except upon fair and reasonable terms no less favorable to the Borrower Parties than would be obtained in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not a
Transactional Affiliate, taken as a whole; <U>provided</U> that any management agreement substantially in the form of the Master Management Agreements shall be deemed to satisfy the criteria set forth in this <U>Section</U><U></U><U>&nbsp;8.6</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.7. <U>Margin Regulations; Securities Laws</U>. Neither MAC nor any of its Subsidiaries shall use all or any portion of the proceeds of
any credit extended under this Agreement to purchase or carry Margin Stock for any purpose which violates, or which would be inconsistent with, any Requirements of Law (including, without limitation, the provisions of the regulations of the Board of
Governors of the Federal Reserve System). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.8. <U>Organizational Documents</U>. Without the prior written consent of Administrative Agent,
which shall not be unreasonably withheld, the Borrower Parties shall not Modify any of the terms or provisions in any of their respective Organizational Documents as in effect as of the Closing Date which would change in any material manner the
rights and obligations of the parties to such Organizational Documents, except (a)&nbsp;any Modifications necessary for the Borrower Parties to issue or repurchase Capital Stock (<U>provided</U> such issuance and/or repurchase does not otherwise
violate the terms of this Agreement) and (b)&nbsp;any Modifications which would not have a Material Adverse Effect on the Borrower Parties or a material adverse effect on the rights or interests of the Secured Parties in conjunction with the Loans
or under the Loan Documents (it being understood that, without limitation, modifications solely to the extent necessary to reflect mergers, consolidations, and changes in legal entity form, name, jurisdiction and ownership, in each case of the
foregoing, which are permitted under this Agreement would not have a Material Adverse Effect on the Borrower Parties or a material adverse effect on the rights or interests of the Secured Parties in conjunction with the Loans or under the Loan
Documents). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.9. <U>Fiscal Year</U>. Without the prior written consent of Administrative Agent, none of the Borrower Parties or
Consolidated Entities (other than a De Minimis Subsidiary) shall change its Fiscal Year for accounting or tax purposes from a period consisting of the <FONT STYLE="white-space:nowrap">12-month</FONT> period ending on December&nbsp;31 of each
calendar year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.10. <U>Distributions</U>. Neither MAC nor the Borrower shall make any
Distribution unless either (A)&nbsp;such Distribution constitutes a REIT Status Maintenance Dividend or (B)&nbsp;no Specified Default or Event of Default has occurred and is continuing or would result from such Distribution; <U>provided</U> that,
the foregoing shall not prohibit the Borrower from (i)&nbsp;so long as no Potential Default or Event of Default is continuing, issuing partnership units as consideration for the acquisition of a Project otherwise permitted under this Agreement or
(ii)&nbsp;issuing profit participation units in connection with an employee ownership or similar plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.11. <U>Financial
Covenants of Borrower Parties</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <B><I>Minimum Borrowing Base Interest Coverage Ratio.</I></B> As of the last day of each Fiscal
Quarter, commencing with the Fiscal Quarter ended June&nbsp;30, 2023, the Borrowing Base Interest Coverage Ratio shall not be less than 1.45 to 1.00. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <B><I>Minimum Total Debt Yield.</I></B> As of the last day of each Fiscal Quarter, commencing with the Fiscal Quarter ended June&nbsp;30,
2023, the Debt Yield shall not be less than 10.00%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <B><I>Minimum Fixed Charge Coverage Ratio.</I></B> As of the last day of each
Fiscal Quarter, commencing with the Fiscal Quarter ended June&nbsp;30, 2023, the Fixed Charge Coverage Ratio shall not be less than 1.50 to 1:00. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <B><I>Maximum Floating Rate Debt.</I></B><B> </B>The Borrower Parties shall maintain Hedging Obligations on a notional amount of Total
Liabilities in respect of Borrowed Indebtedness so that such notional amount, when added to the aggregate principal amount of such Total Liabilities which bears interest at a fixed rate, equals or exceeds 65% of the aggregate principal amount of all
Total Liabilities in respect of Borrowed Indebtedness. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 9. <U>Events of Default</U>. Upon the occurrence of any of the following events (an
&#147;<U>Event of Default</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.1. Any Borrower Party shall fail to make any payment of principal or interest on the Loans or pay
any reimbursement obligation in respect of any LC Disbursement on the date when due or shall fail to pay any other Obligation within three days of the date when due; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.2. Any representation or warranty made by the Borrower Parties in any Loan Document or in connection with any Loan Document shall be
inaccurate or incomplete in any material respect on or as of the date made or deemed made (except as otherwise provided in <U>Section</U><U></U><U>&nbsp;6.28(3))</U>; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.3. Any of the Borrower Parties shall default in the observance or performance of any covenant or agreement contained in
<U>Section</U><U></U><U>&nbsp;1.4(11)</U>, <U>Article 8</U> or <U>Sections</U> <U>7.3(1) </U>(with respect only to the Borrower and MAC), <U>7.5(1)</U>, <U>7.11</U>, or <U>7.12</U>; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.4. Any of the Borrower Parties shall fail to observe or perform any other term or provision contained in the Loan Documents and such failure
shall continue for thirty (30)&nbsp;days following the date a Responsible Officer of such Borrower Party knew of such failure or Borrower Party received notice thereof from Administrative Agent; provided that if such failure is capable of being
cured but is not capable of being cured within thirty (30)&nbsp;days, such thirty (30)&nbsp;day period will be extended to sixty (60)&nbsp;days provided the Borrower is diligently seeking to cure the same (other than as provided in
<U>Section</U><U></U><U>&nbsp;7.16</U>); or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.5. Any of the Borrower Parties, or any of their respective Subsidiaries, shall default in
any payment of principal of or interest on any recourse Indebtedness (other than (x)&nbsp;the Obligations or (y)&nbsp;solely in the case of a Subsidiary that is not a Borrower Party, any Specified Indebtedness) in an aggregate unpaid amount for all
such Persons in excess of $150,000,000, and, prior to the election of the Lenders to accelerate the Obligations hereunder, such recourse Indebtedness is not paid or the payment thereof waived or cured in accordance with the terms of the documents,
instruments and agreements evidencing the same; provided that any Borrowing Base Asset that ceases to satisfy the Borrowing Base Criteria applicable to such Borrowing Base Asset as a result of any Specified Debt Default shall (i)&nbsp;no longer
qualify as a Borrowing Base Asset and shall automatically cease to be a Borrowing Base Asset (and cease to be included in the Borrowing Base Amount) on the date of such Specified Debt Default (and the Borrower shall make any mandatory repayment
required under Section&nbsp;1.9(2)(A), if any, as a result of any such reduction of the Borrowing Base Amount as and when required under Section&nbsp;1.9(2)(A)) and (ii)&nbsp;other than in the case of a Borrowing Base Unencumbered Asset (except as
provided in the following parenthetical), continue to constitute Collateral (together with any related pledges of Capital Stock, including pursuant to clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;) until released in
accordance with and subject to the requirements of <U>Section</U><U></U><U>&nbsp;10.12</U>; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.6. [Reserved]; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.7. (1)&nbsp;Any of the Borrower Parties or any Consolidated Entities (other than a De Minimis Subsidiary), shall commence any case,
proceeding or other action (i)&nbsp;under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, <FONT STYLE="white-space:nowrap">winding-up,</FONT> liquidation, dissolution, composition or other relief with respect to it or its debts, or
(ii)&nbsp;seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or making a general assignment for the benefit of its creditors; or (2)&nbsp;there shall be commenced
against any of the Borrower Parties or any Consolidated Entities (other than a De Minimis Subsidiary) any case, proceeding or other action of a nature referred to in clause (1)&nbsp;above which (i)&nbsp;results in the entry of an order for relief or
any such adjudication or appointment, or (ii)&nbsp;remains undismissed, undischarged or unbonded for a period of ninety (90)&nbsp;days; or (3)&nbsp;there shall be commenced against any of the Borrower Parties or any Consolidated Entities (other than
a De Minimis Subsidiary) any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or substantially all of its assets which results in the entry of an order for any such
relief which shall not have been vacated, discharged, stayed, satisfied or bonded pending appeal within ninety (90)&nbsp;days from the entry thereof; or (4)&nbsp;any of the Borrower Parties or any Consolidated Entities (other than a De Minimis
Subsidiary) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in (other than in connection with a final settlement), any of the acts set forth in <U>clause (1)</U>, <U>(2)</U> or
<U>(3)</U>&nbsp;above; or (5)&nbsp;any of the Borrower Parties or any Consolidated Entities (other than a De Minimis Subsidiary) shall generally not, or shall be unable to, or shall admit in writing in any proceeding identified in (1), (2) or
(3)&nbsp;its inability to, pay its debts as they become due, in each case unless such action relates to Permitted Indebtedness of a Macerich Entity that is not a Borrower Party; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.8. (1)&nbsp;An ERISA Event shall occur with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of any of the Borrower Parties in an aggregate amount in excess of $125,000,000, (2)&nbsp;the commencement or increase of contributions to, or the adoption of or the
amendment of a Pension Plan by any of the Borrower Parties or an ERISA Affiliate which has resulted or could reasonably be expected to result in an increase in Unfunded Pension Liability among all Pension Plans in an aggregate amount in excess of
$125,000,000 or (3)&nbsp;any of the Borrower Parties or an ERISA Affiliate shall fail to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section&nbsp;4201 of
ERISA under a Multiemployer Plan, which has resulted or could reasonably be expected to result in a Material Adverse Effect; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.9. One
or more judgments or decrees in an aggregate amount in excess of $150,000,000 (excluding (i)&nbsp;judgments and decrees covered by insurance, without giving effect to self-insurance or deductibles and (ii)&nbsp;judgments and decrees with respect to
the exercise of remedies by mortgage and mezzanine lenders in relation to Permitted Indebtedness and for which such judgment or decree is not enforced against any assets directly owned by a Borrower Party (other than any Capital Stock that is
collateral for the subject mortgage loan or mezzanine loan) (such judgments or decrees, &#147;<U>Excepted Judgments</U>&#148;); provided that any Borrowing Base Asset that ceases to satisfy the Borrowing Base Criteria applicable to such Borrowing
Base Asset as a result of an Excepted Judgment shall (i)&nbsp;no longer qualify as a Borrowing Base Asset and shall automatically cease to be a Borrowing Base Asset (and cease to be included in the Borrowing Base Amount) on the date such Excepted
Judgment is entered (and the Borrower shall make any mandatory repayment required under Section&nbsp;1.9(2)(A), if any, as a result of any such reduction of the Borrowing Base Amount as and when required under Section&nbsp;1.9(2)(A)) and
(ii)&nbsp;other than in the case of a Borrowing Base Unencumbered Asset (except as provided in the following parenthetical), continue to constitute Collateral (together with any related pledges of Capital Stock, including pursuant to clause
(3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;) until released in accordance with and subject to the requirements of <U>Section</U><U></U><U>&nbsp;10.12</U>) shall be entered and be outstanding at any date against any of the
Borrower Parties or any Consolidated Entities (other than a De Minimis Subsidiary) and all such judgments or decrees shall not have been vacated, discharged, stayed, satisfied or bonded pending appeal (or otherwise secured in a manner satisfactory
to Administrative Agent in its reasonable judgment) within sixty (60)&nbsp;days from the entry thereof or in any event later than five days prior to the date of any proposed sale thereunder; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.10. MAC shall attempt to rescind or revoke the REIT Guaranty or a Subsidiary Guarantor attempts to rescind or revoke a Subsidiary Guaranty,
with respect to future transactions or otherwise; or any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than (i)&nbsp;as expressly permitted hereunder or thereunder, (ii)&nbsp;as a
result of acts or omissions by the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender, or (iii)&nbsp;Payment in Full, ceases to be in full force and effect in all respects in order for the principal benefit thereunder to be
realized; or any Borrower Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Security Documents on a material portion of the Collateral; or any
Borrower Party denies in writing that it has any or further liability or obligation under any Loan Document (other than (i)&nbsp;as a result of Payment in Full, (ii)&nbsp;as a result of acts or omissions by the Administrative Agent, the Collateral
Agent, any Issuing Lender or any Lender, or (iii)&nbsp;in accordance with its terms), or purports in writing to revoke or rescind any Loan Document (other than in accordance with its terms); or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.11. MAC shall fail to maintain its status as a REIT; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.12. The Capital Stock of MAC is no longer listed on the New York Stock Exchange, NYSE American or Nasdaq Stock Market; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.13. Any Event of Default shall occur under any of the other Loan Documents; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.14. There shall occur a Change of Control; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THEN, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">automatically upon the occurrence of an
Event of Default under <U>Section</U><U></U><U>&nbsp;9.7</U> above, and in all other cases at the option of the Administrative Agent or at the request or with the consent of the Required Lenders: (i)&nbsp;the Commitments shall terminate;
(ii)&nbsp;the Administrative Agent and the Collateral Agent may exercise, on behalf of the Lenders and the other Secured Parties, all rights and remedies under the REIT Guaranty, the Subsidiary Guaranty, the Security Documents and the other Loan
Documents; (iii)&nbsp;the outstanding principal balance of the Loans and interest accrued but unpaid thereon and all other Obligations shall become immediately due and payable, without demand upon or presentment to any of the Borrower Parties, which
are expressly waived by the Borrower Parties; and (iv)&nbsp;the Administrative Agent, the Collateral Agent and the Secured Parties may immediately exercise all rights, powers and remedies available to them at law, in equity or otherwise, including,
without limitation, under the Loan Documents, all of which rights, powers and remedies are cumulative and not exclusive. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to any applicable
intercreditor or subordination agreement, following the occurrence of an Event of Default and acceleration of the Obligations, all amounts received by the Administrative Agent and/or the Collateral Agent on account of the Secured Obligations shall
be promptly disbursed by the Administrative Agent or Collateral Agent, as applicable, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) <U>first</U>, to the payment of
(x)&nbsp;any and all sums advanced by the Collateral Agent in order to preserve the Collateral (or any other security or collateral for the Secured Obligations) or preserve its security interest in the Collateral (or any other security or collateral
for the Secured Obligations); and (y)&nbsp;the reasonable expenses incurred by the Collateral Agent in connection with the retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral or any other
collateral or security for the Secured Obligations, or in connection with the exercise by the Collateral Agent of any of its rights or remedies hereunder or under any other Loan Document, together with attorneys&#146; fees and court costs; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>second</U>, to the extent proceeds remain after the application pursuant to the
preceding clause (1), to the payment of (x)&nbsp;any and all sums advanced by the Administrative Agent in order to preserve the Collateral (or any other security or collateral for the Secured Obligations) or preserve its security interest in the
Collateral (or any other security or collateral for the Secured Obligations) and (y)&nbsp;the reasonable expenses incurred by the Administrative Agent in connection with the retaking, holding, preparing for sale or lease, selling or otherwise
disposing or realizing on the Collateral or any other collateral or security for the Secured Obligations, or in connection with the exercise by the Administrative Agent of any of its rights or remedies hereunder or under any other Loan Document,
together with attorneys&#146; fees and court costs; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>third</U>, to the extent proceeds remain after the application pursuant to the
preceding clauses (1)&nbsp;and (2), to the payment of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> third party expenses incurred by the Administrative Agent and the Collateral Agent in the performance
of their duties and the enforcement of the rights of the Lenders and the other Secured Parties under the Loan Documents, including, without limitation, all costs and expenses of collection, &#147;workout&#148;, attorneys&#146; fees, court costs and
other amounts payable as provided in <U>Section</U><U></U><U>&nbsp;10.7</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>fourth</U>, to the extent proceeds remain after the
application pursuant to the preceding clauses<U> (1</U>), <U>(2)</U> and <U>(3)</U>, to the payment of any other fees payable to the Collateral Agent, the Administrative Agent and/or the Issuing Lenders in accordance with this Agreement or under any
other Loan Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) <U>fifth</U>, to the extent proceeds remain after the application pursuant to the preceding <U>clauses
(1)</U>&nbsp;through <U>(4)</U> inclusive, to the applicable Secured Parties in payment of all outstanding accrued and unpaid interest and fees with respect to the Loans and the Letters of Credit and all fees, premiums and scheduled periodic
payments due under Secured Treasury Services Agreements and Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this <U>clause (5)</U>&nbsp;held by them; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) <U>sixth</U>, to the extent proceeds remain after the application pursuant to the preceding <U>clauses (1)</U>&nbsp;through <U>(5)</U>
inclusive, to the applicable Secured Parties in payment of the outstanding principal amount of all Loans and unreimbursed LC Disbursements (and, in the case of undrawn Letters of Credit, payment of the amount that would be owing if the maximum
amount under such Letter of Credit were drawn, which amount shall be held in accordance with the immediately following paragraph of this <U>Article 9</U>) and any breakage, termination or other payments under Secured Treasury Services Agreements and
Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this <U>clause (6)</U>&nbsp;held by them; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) <U>seventh</U>, to the extent proceeds remain after the application pursuant to the preceding <U>clauses (1)</U>&nbsp;through <U>(6)</U>
inclusive, to the payment of all other Secured Obligations of the Borrower Parties that are due and payable to the Administrative Agent, the Collateral Agent and the other Secured Parties on such date, ratably based upon the respective aggregate
amounts of all such Secured Obligations owing to the Administrative Agent, the Collateral Agent and the other Secured Parties on such date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) <U>Last</U>, the balance, if any, after all of the Secured Obligations then due and payable have been paid in full, to the Borrower or as
otherwise required by Requirements of Law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If any Issuing Lender is to receive a distribution in accordance with the procedures set
forth above in the immediately preceding paragraph on account of undrawn amounts with respect to Letters of Credit issued hereunder, such amounts shall be paid to the Collateral Agent as Cash Collateral, for the equal and ratable benefit of the
Secured Parties, and shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount
shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, to the Borrower or as otherwise required by any applicable intercreditor or subordination agreement or
Requirement of Law. Notwithstanding the foregoing, amounts received from any Guarantor that is not an &#147;Eligible Contract Participant&#148; (as defined in the Commodity Exchange Act) shall not be applied to its Secured Obligations that are
Excluded Swap Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The order of priority set forth in this <U>Article 9</U> and the related provisions of this Agreement are set
forth solely to determine the rights and priorities of the Agents, the Lenders and the other Secured Parties as among themselves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 10. <U>The
Agents</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.1. <U>Appointment</U>. Each of the Lenders and the Issuing Lenders hereby irrevocably designates and appoints the
Administrative Agent and the Collateral Agent as the agents of such Lender under the Loan Documents and each such Lender hereby irrevocably authorizes the Administrative Agent and the Collateral Agent, as the agents for such Lender, to take such
action on its behalf under the provisions of the Loan Documents and to exercise such powers and perform such duties as are expressly delegated to each such Agent by the terms of the Loan Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in the Loan Documents, neither the Administrative Agent nor the Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein or
therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Loan Documents or otherwise exist against any of the Agents. Each Lender
acknowledges and agrees that it shall be bound by all terms and conditions of the Pledge Agreement and the Guaranties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.2.
<U>Delegation of Duties</U>. The Administrative Agent and the Collateral Agent may execute any of their respective duties under the Loan Documents by or through agents or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and shall be </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">entitled to advice of counsel concerning
all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> selected by it with reasonable care. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.3. <U>Exculpatory Provisions</U>. None of the Administrative Agent, the Collateral Agent, the other Agents, nor any of their respective
officers, directors, employees, agents, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> or affiliates shall be (1)&nbsp;liable for any action lawfully taken or omitted to be taken by it or such
Person under or in connection with the Loan Documents (except for its or such Person&#146;s own gross negligence or willful misconduct), or (2)&nbsp;responsible in any manner to any of the Lenders or the Issuing Lenders for any recitals, statements,
representations or warranties made by the Borrower Parties or any officer thereof contained in the Loan Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or
the Collateral Agent under or in connection with the Loan Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Loan Documents or for any failure of the Borrower Parties to perform their obligations
thereunder. The Administrative Agent and all other Agents shall not be under any obligation to any Lender or any Issuing Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of,
the Loan Documents or to inspect the properties, books or records of the Borrower Parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.4. <U>Reliance by the Agents</U>. Each of the Agents shall be entitled to rely, and shall
be fully protected in relying, upon any note, writing, resolution, notice, consent, certification, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation reasonably believed by
it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts
selected by such Agent. As to the Lenders and the Issuing Lenders: (1)&nbsp;the Administrative Agent shall be fully justified in failing or refusing to take any action under the Loan Documents unless it shall first receive such advice or concurrence
of one hundred percent (100%) of the Lenders and the Issuing Lenders (or, if a provision of this Agreement expressly provides that a lesser number of the Lenders may direct the action of the Administrative Agent, such lesser number of Lenders) or it
shall first be indemnified to its satisfaction by the Lenders and the Issuing Lenders ratably in accordance with their respective Applicable Percentages against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any action (except for liabilities and expenses resulting from the Administrative Agent&#146;s gross negligence or willful misconduct (as determined by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of
a court of competent jurisdiction)); (2) the Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under the Loan Documents in accordance with a request of one hundred percent (100%) of the Lenders (or,
if a provision of this Agreement expressly provides that the Administrative Agent shall be required to act or refrain from acting at the request of a lesser number of the Lenders, such lesser number of Lenders), and such request and any action taken
or failure to act pursuant thereto shall be binding upon all the Lenders; (3)&nbsp;the Collateral Agent shall be fully justified in failing or refusing to take any action under the Loan Documents unless it shall first receive such advice or
concurrence of the Required Lenders (or, if a provision of any Loan Document expressly provides that a greater percentage of Lenders are required to direct the action of the Collateral Agent, such greater number of Lenders) or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any action (except for liabilities and expenses resulting from the Collateral Agent&#146;s
gross negligence or willful misconduct (as determined by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction)), and (4)&nbsp;the Collateral Agent shall in all cases be fully protected in
acting, or in refraining from acting, under the Loan Documents in accordance with a request of the Required Lenders (or, if a provision of any Loan Document expressly provides that a greater percentage of Lenders are required to direct the action of
the Collateral Agent, such greater number of Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.5. <U>Notice of Default</U>. Neither the Administrative Agent nor the Collateral Agent
shall be deemed to have knowledge or notice of the occurrence of any Potential Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent, as the case may be, has received notice from a Lender or the Borrower
referring to the Loan Documents, describing such Potential Default or Event of Default and stating that such notice is a &#147;notice of default.&#148; In the event that the Administrative Agent receives such a notice and a Potential Default has
occurred, the Administrative Agent shall promptly give notice thereof to the Collateral Agent and the Lenders. The Administrative Agent shall take such action with respect to such Potential Default or Event of Default as shall be reasonably directed
by the Required Lenders; <U>provided</U> that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with
respect to such Potential Default or Event of Default as it shall deem advisable in the best interest of the Lenders (except to the extent that this Agreement or the other Loan Documents expressly require that such action be taken or not taken by
the Administrative Agent with the consent or upon the authorization of the Required Lenders or such other group of Lenders, in which case such action will be taken or not taken as directed by the Required Lenders or such other group of Lenders). The
Collateral Agent shall take such action with respect to such Potential Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that, unless and until the Collateral Agent shall have received such directions, the
Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Default or Event of Default as it shall deem advisable in the best interest of the Lenders (except to the
extent that this Agreement or the other Loan Documents expressly require that such action be taken or not taken by the Collateral Agent with the consent or upon the authorization of the Required Lenders, in which case such action will be taken or
not taken as directed by the Required Lenders). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.6. <U><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on Agents and Other
Lenders</U>. Each of the Lenders and the Issuing Lenders expressly acknowledges that none of the Administrative Agent, the other Agents nor any of their respective officers, directors, employees, agents, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> or affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the other Agents hereinafter taken, including any review of the affairs of the
Borrower Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent or the other Agents to any Lender or any Issuing Lender. Each of the Lenders and the Issuing Lenders represents to the Administrative Agent
and the other Agents that it has, independently and without reliance upon the Administrative Agent, the other Agents or any other Lender or any other Issuing Lender, and based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower Parties and made its own decision to make its loans hereunder and enter into this Agreement. Each Lender
and each Issuing Lender also represents that it will, independently and without reliance upon the Administrative Agent, the other Agents or any other Lender or any other Issuing Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations,
property, financial and other condition and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders or the Issuing Lenders by the Administrative Agent hereunder, the
Administrative Agent, the other Agents shall not have any duty or responsibility to provide any Lender or any Issuing Lender with any credit or other information concerning the business, operations, property, financial and other condition or
creditworthiness of the Borrower or other Borrower Parties which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> or affiliates. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.7. <U>Indemnification; Reimbursement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The Lenders and the Issuing Lenders agree to indemnify the Administrative Agent and the other Agents in their respective capacity as such
(to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentages, from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following the payment of the Obligations) be imposed on, incurred by or asserted against
the Administrative Agent or the other Agents in any way relating to or arising out of the Loan Documents or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the
Administrative Agent or the other Agents under or in connection with any of the foregoing; provided that no Lender nor any Issuing Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent&#146;s or any other Agent&#146;s gross negligence or willful misconduct (as determined by a final and
<FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction), respectively. The provisions of this <U>Section</U><U></U><U>&nbsp;10.7</U> shall survive Payment in Full, the Revolving Commitment Termination
Date and the termination of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) If the Administrative Agent or the Collateral Agent incurs any reasonable costs or
expenses (including, without limitation, those for legal services) after the date of this Agreement and with respect to any actual or proposed Modification or waiver of any term of the Loan Documents or restructuring or refinancing thereof or with
any effort to enforce or protect Lenders&#146; or Issuing Lenders&#146; rights or interests with respect thereto (including any protective advances made in accordance with any Loan Document), or otherwise with respect to the performance of its role
as Administrative Agent or Collateral Agent, as applicable, under this Agreement, each in accordance with the terms of this Agreement, then, if such costs are not reimbursed by or on behalf of Borrower, Lenders shall reimburse the Administrative
Agent and/or the Collateral Agent, as applicable, for their respective Applicable Percentages of such costs promptly after request therefor. If the Administrative Agent or the Collateral Agent, as applicable, recovers any amounts for which it has
previously been reimbursed by Lenders hereunder, the Administrative Agent or the Collateral Agent, as applicable, shall promptly distribute to Lenders their respective Applicable Percentages thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.8. <U>Agents in Their Individual Capacity</U>. The Administrative Agent, the other Agents and their affiliates may make loans to, accept
deposits from and generally engage in any kind of business with any of the Borrower Parties or any of their respective Subsidiary Entities and Affiliates as though the Administrative Agent and the other Agents were not, respectively, the
Administrative Agent, the Collateral Agent, a <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agent or another Agent hereunder. With respect to such loans made or renewed by them and any Note issued to them, the Administrative Agent and the
other Agents shall have the same rights and powers under the Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent, the Collateral Agent, a <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agent
or another Agent, respectively, and the terms &#147;Lender&#148; and &#147;Lenders&#148; shall include the Administrative Agent, the Collateral Agent, each <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agent and each other Agent in its
individual capacity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.9. <U>Successor Administrative Agent</U>. The Administrative Agent may resign as
Administrative Agent under the Loan Documents upon thirty (30)&nbsp;days&#146; notice to the Lenders. If the Administrative Agent shall resign, then the Required Lenders shall (with, so long as there shall not exist and be continuing an Event of
Default, the consent of the Borrower, such consent not to be unreasonably withheld or delayed) appoint from among the Lenders a successor agent or, if the Required Lenders are unable to agree on the appointment of a successor agent, the
Administrative Agent shall appoint a successor agent for the Lenders and the Issuing Lenders whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term &#147;Administrative Agent&#148;
shall mean such successor agent effective upon its appointment, and the former Administrative Agent&#146;s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former
Administrative Agent or any of the parties to this Agreement or any of the Loan Documents or successors thereto. After any retiring Administrative Agent&#146;s resignation hereunder as Administrative Agent, the provisions of the Loan Documents shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.10. <U>Successor Collateral Agent</U>. The Collateral Agent may resign as Collateral Agent under the Loan Documents upon thirty
(30)&nbsp;days&#146; notice to the Lenders. If the Collateral Agent shall resign, then the Required Lenders shall (with, so long as there shall not exist and be continuing an Event of Default, the consent of the Borrower, such consent not to be
unreasonably withheld or delayed) appoint a successor agent or, if such Required Lenders are unable to agree on the appointment of a successor agent, the Collateral Agent shall appoint a successor agent for the Lenders whereupon such successor agent
shall succeed to the rights, powers and duties of the Collateral Agent, and the term &#147;Collateral Agent&#148; shall mean such successor agent effective upon its appointment, and the former Collateral Agent&#146;s rights, powers and duties as
Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent or any of the parties to this Agreement or any of the Loan Documents or successors thereto. After any retiring Collateral
Agent&#146;s resignation hereunder as Collateral Agent, the provisions of the Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.11. <U>Limitations on Agents</U><U>&#146;</U><U> Liability</U>. None of the <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents,
the <FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents, or the Joint Lead Arrangers, in such capacities, shall have any right, power, obligation, liability, responsibility or duty under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.12. <U>Collateral Matters and Releases; Designation of <FONT STYLE="white-space:nowrap">Non-Borrowing</FONT> Base Assets; Protective
Advances</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Each Lender hereby authorizes each of the Administrative Agent and the Collateral Agent, without the necessity of any
notice to or further consent from any Lender to take any action with respect to any Collateral or Loan Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) The Lenders and other Secured Parties hereby authorize and direct, without the
necessity of any notice to or further consent from any Lender or any other Secured Party: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) the Collateral Agent to release any Lien
granted to or held by the Collateral Agent on any Collateral (i)&nbsp;upon Payment in Full, (ii)&nbsp;as expressly permitted by the terms of the applicable Loan Document, including (a)&nbsp;release of Liens on any Replaced Asset upon delivery by MAC
of the applicable Release Request Certificate (and the satisfaction of all other Borrowing Base Asset Substitution Conditions in connection therewith; provided that no Agent shall be responsible for or have any liability in connection with
determining whether or not such conditions are satisfied) (it being acknowledged and agreed that such a release is expressly permitted by this Agreement), (b) a release of Liens on Collateral subject to a Disposition permitted under
<U>Section</U><U></U><U>&nbsp;8.4(3)</U> upon the consummation of such Disposition (provided that no Agent shall be responsible for or have any liability in connection with determining whether or not the conditions set forth therein are satisfied)
and (c)&nbsp;a release of Liens on Collateral subject to a Financing or Joint Venture Transaction upon delivery of the applicable officer&#146;s certificate described in clause (v)&nbsp;of the definition of &#147;Financing or Joint Venture
Transaction Release Conditions&#148; (and the satisfaction of all other Financing or Joint Venture Transaction Release Conditions in connection therewith; provided that no Agent shall be responsible for or have any liability in connection with
determining whether or not such conditions are satisfied) (it being acknowledged and agreed that such a release is expressly permitted by this Agreement) or (c)&nbsp;if approved, authorized or ratified in writing by the Required Lenders (or such
greater number of Lenders as this Agreement or any other Loan Document may expressly provide); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) the Administrative Agent and the
Collateral Agent to release any Guarantor from its guarantee under the applicable Guaranty (i)&nbsp;upon Payment in Full, (ii)&nbsp;other than in the case of MAC, as expressly permitted by the terms of the applicable Loan Document, including
(a)&nbsp;if all of the Collateral of such Subsidiary Guarantor is released in accordance with clause (A)&nbsp;above or (b)&nbsp;such Subsidiary Guarantor ceases to be a Subsidiary of the Macerich Entities pursuant to a transaction that is permitted
under the Loan Documents (it being acknowledged and agreed that such the releases contemplated by the foregoing clauses (a)&nbsp;and (b) are expressly permitted by this Agreement) or (iii)&nbsp;if approved, authorized or ratified in writing by the
Required Lenders (or such greater number of Lenders as this Agreement or any other Loan Document may expressly provide). For the avoidance of doubt, upon any Guarantor&#146;s release as described in the preceding sentence, such Person shall cease to
be a Guarantor, Borrower Party, Borrowing Base Equity Interest Asset Owner, Additional Equity Interest Asset Owner, Property Owner, Property Owner Parent, Unencumbered Property Owner Parent and/or Pledgor under this Agreement or any of the other
Loan Documents and shall have no obligations hereunder or thereunder in such capacity (including any obligation to comply with covenants applicable solely to a Guarantor, Borrower Party, Borrowing Base Equity Interest Asset Owner, Additional Equity
Interest Asset Owner, Property Owner, Property Owner Parent, Unencumbered Property Owner Parent or Pledgor and not to other Macerich Entities). Upon request by the Collateral Agent or the Administrative Agent at any time, the Lenders will confirm in
writing the Collateral Agent&#146;s or the Administrative Agent&#146;s, as applicable, authority to release particular types or items of Collateral or particular Guarantors pursuant to this <U>Section</U><U></U><U>&nbsp;10.12</U>. In each case as
specified in this <U>Section</U><U></U><U>&nbsp;10.12</U>, each of the Administrative Agent and the Collateral Agent will (and each Lender and other Secured Party irrevocably authorizes each of the Administrative Agent and the Collateral Agent to),
at the Borrower&#146;s expense, execute and deliver to the applicable Borrower Party such documents as such Borrower Party may reasonably request to evidence any release of such item of Collateral from the security interest granted under the
Security Documents or to evidence any release of such Guarantor from its obligations under the applicable Guaranty and as a Pledgor under the Pledge Agreement (and in connection with therewith, release as a Borrower Party, Borrowing Base Equity
Interest Asset Owner, Additional Equity Interest Asset Owner, Property Owner, Unencumbered Property Owner Parent and/or Property Owner Parent under the Loan Documents), as applicable, in each case in accordance with the terms of the Loan Documents
and this <U>Section</U><U></U><U>&nbsp;10.12</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Any such release of guarantee obligations or other obligations shall be deemed subject
to the provision that such obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of any Borrower Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower Party or any substantial part of its
property, or otherwise, all as though such payment had not been made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) The Collateral Agent shall have no obligation whatsoever to any
Secured Party or to any other Person to assure that the Collateral exists or is owned by the Borrower, any other Borrower Party or any other Subsidiary or is cared for, protected or insured or that the Liens granted to the Collateral Agent herein or
pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care,
disclosure or fidelity any of the rights, authorities and powers granted or available to the Collateral Agent in this Article 10 or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission
or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion, and that the Collateral Agent shall have no duty or liability whatsoever to the Lenders or the other Secured Parties, except to the
extent resulting from its gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Each Lender and other Secured Party (a)&nbsp;agrees that it will be bound by and will take no actions contrary to the provisions of any
applicable intercreditor or subordination agreements permitted under this Agreement and (b)&nbsp;authorizes and instructs the Administrative Agent and Collateral Agent to enter into any applicable intercreditor or subordination agreements permitted
under this Agreement as Administrative Agent and Collateral Agent on behalf of such Lender or other Secured Party. In the event of any conflict or inconsistency between the provisions of any applicable intercreditor or subordination agreement
permitted under this Agreement and this Agreement, the provisions of such intercreditor or subordination agreement shall control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6)
Without limiting the other provisions of the Loan Documents, the Administrative Agent and the Collateral Agent may make, and shall be reimbursed by the Lenders to the extent not reimbursed by the Borrower for, Protective Advances with respect to
each Mortgaged Property in an aggregate amount per calendar year not to exceed the sum of (i)&nbsp;amounts expended to pay real estate Taxes, assessments and governmental charges or levies imposed upon such Mortgaged Property; (ii)&nbsp;amounts
expended to pay insurance premiums for policies of insurance related to such Mortgaged Property; and (iii) $1,000,000. The Borrower agrees to pay on demand all Protective Advances. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) The Borrower may designate a Borrowing Base Unencumbered Asset that is subject to a
Financing or Joint Venture Transaction described in clause (iii)&nbsp;of the definition thereof as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset by delivering the applicable officer&#146;s certificate described in clause
(v)&nbsp;of the definition of &#147;Financing or Joint Venture Transaction Release Conditions&#148; (and the satisfaction of all other applicable Financing or Joint Venture Transaction Release Conditions in connection therewith; provided that no
Agent shall be responsible for or have any liability in connection with determining whether or not such conditions are satisfied), and upon delivery of such certificate and satisfaction of such conditions, such Borrowing Base Unencumbered Asset
shall no longer constitute a Borrowing Base Unencumbered Asset or a Borrowing Base Asset hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) Notwithstanding anything to the
contrary contained herein or in any other Loan Document (i)&nbsp;neither the Administrative Agent nor the Collateral Agent shall be required to take any action under this <U>Section</U><U></U><U>&nbsp;10.12</U> which, in such Agent&#146;s opinion,
would expose such Agent to personal liability or create any obligation or entail any consequence other than the release of Liens and guarantees without recourse or warranty and (ii)&nbsp;such release shall not in any manner discharge, affect or
impair the Obligations or any Liens upon (or obligations of the Borrower or any other Borrower Party in respect of) all interests retained by the Borrower or any other Borrower Party. In the event of any sale or transfer of Collateral, or any
foreclosure with respect to any of the Collateral, the Collateral Agent shall be authorized to deduct all of the expenses reasonably incurred by the Collateral Agent from the proceeds of any such sale, transfer or foreclosure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.13. <U>Secured Treasury Services Agreements and Secured Hedge Agreements</U>. Anything contained in any of the Loan Documents to the
contrary notwithstanding, the Borrower Parties, the Agents and each Secured Party hereby agree that no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guaranty, it being understood and agreed
that all powers, rights and remedies hereunder and under each Guaranty may be exercised solely by the Administrative Agent, on behalf of the Secured Parties, in accordance with the terms hereof and thereof and all powers, rights and remedies under
the Security Documents may be exercised solely by the Collateral Agent, in each case, on behalf of the Secured Parties. No Specified Counterparty that obtains the benefits of the payment &#147;waterfall&#148; set forth in <U>Article 9</U>, any
Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or
otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision
of this <U>Article</U><U></U><U>&nbsp;10</U> to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured
Treasury Services Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the
applicable Specified Counterparty. The Specified Counterparties hereby authorize the Administrative Agent to enter into any intercreditor or subordination agreement permitted under this Agreement and any amendment, modification, replacement,
extension, supplement or joinder with respect thereto, and any such intercreditor agreement is binding upon the Specified Counterparties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.14. <U>Administrative Agent May File Proofs of Claim</U>. In case of the pendency of any
proceeding under the Bankruptcy Code or any other judicial proceeding relative to any Borrower Party, the Administrative Agent (irrespective of whether any Credit Exposure shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Exposure and all
other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders, the Collateral Agent, the Administrative Agent and the other
Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties) allowed in such judicial
proceeding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Parties, to pay to the Administrative
Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel and any other amounts due the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10.15. <U>Erroneous Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) If the Administrative Agent notifies&nbsp;a Lender, Issuing Lender or other Secured Party, or any Person who has received funds on behalf
of a Lender, Issuing Lender or other Secured Party (any such Lender, Issuing Lender, other Secured Party or other recipient (and each of their respective successors and assigns), a &#147;<U>Payment Recipient</U>&#148;) that the Administrative Agent
has determined&nbsp;in its sole discretion (whether or not after receipt of any notice under the immediately succeeding <U>clause (2)</U>) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient
from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Lender, other Secured Party or other
Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an &#147;<U>Erroneous Payment</U>&#148;) and demands the
return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section&nbsp;10.15 and held in trust for
the benefit of the Administrative Agent, and such Lender, Issuing Lender or other Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event
later than two (2)&nbsp;Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to
which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous
Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this <U>clause (1)</U>&nbsp;shall be conclusive, absent manifest error. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Without limiting the immediately preceding <U>clause (1)</U>, each Lender, Issuing
Lender or other Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Lender or other Secured Party (and each of their respective successors and assigns), hereby further agrees that if it&nbsp;receives a payment,
prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates)&nbsp;(x) that is in a different amount than, or on a
different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y)&nbsp;that was not
preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z)&nbsp;that such Lender, Issuing Lender or other Secured Party, or other such recipient, otherwise becomes
aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) it acknowledges and agrees that
(I)&nbsp;in the case of immediately preceding <U>clauses (x)</U>&nbsp;or <U>(y)</U>, an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (II)&nbsp;an error and
mistake has been made (in the case of immediately preceding <U>clause (z)</U>), in each case, with respect to such payment, prepayment or repayment; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) such Lender, Issuing Lender or other Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf
to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment,
prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <U>Section</U><U></U><U>&nbsp;10.15(2)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this
<U>Section</U><U></U><U>&nbsp;10.15(2)</U> shall not have any effect on a Payment Recipient&#146;s obligations pursuant to <U>Section</U><U></U><U>&nbsp;10.15(1)</U> or on whether or not an Erroneous Payment has been made. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Each Lender, Issuing Lender or other Secured Party hereby authorizes the Administrative
Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Lender or other Secured Party under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender, Issuing Lender or
other Secured Party under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under the immediately preceding <U>clause (1)</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor in accordance with the immediately preceding <U>clause (1)</U>, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its
respective behalf) (such unrecovered amount, an &#147;<U>Erroneous Payment </U><U>Return Deficiency</U>&#148;), upon the Administrative Agent&#146;s notice to such Lender at any time (with the consideration therefor being acknowledged by the parties
hereto), (i) such Lender (the &#147;<U>Erroneous Payment Assigning Lender</U>&#148;) shall be deemed to have assigned its Loans (but not its Commitments) of the relevant class with respect to which such Erroneous Payment was made (the
&#147;<U>Erroneous Payment Impacted Class</U>&#148;) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous
Payment Impacted Class, the &#147;<U>Erroneous Payment Deficiency Assignment</U>&#148;) (on a cashless basis and calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such
instance)), and is hereby (together with the Borrower and, to the extent such Person&#146;s consent would otherwise be required hereunder, each Issuing Lender) deemed to execute and deliver an Assignment and Acceptance Agreement (or, to the extent
applicable, an agreement incorporating an Assignment and Acceptance Agreement by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect
to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness
of the foregoing assignment), (ii) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (iii)&nbsp;upon such deemed acquisition, the Administrative Agent as the assignee Lender
shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for
the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and (iv)&nbsp;the Administrative Agent, each Issuing Lender and the
Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (v)&nbsp;the Administrative Agent will reflect in the Register its ownership interest in the Loans
subject to the Erroneous Payment Deficiency Assignment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Subject to <U>Section</U><U></U><U>&nbsp;11.8</U> (but excluding, in all events, any
assignment consent or approval requirements other than with respect to a Disqualified Institution), the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of
the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights,
remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x)&nbsp;shall be reduced by the proceeds of
prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans acquired from such Lender pursuant to an Erroneous Payment
Deficiency Assignment (to the extent that any such Loans are then owned by the Administrative Agent) and (y)&nbsp;may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to
the applicable Lender from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) The parties hereto agree that (x)&nbsp;irrespective of whether the Administrative Agent may
be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be
subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender, Issuing Lender or other Secured Party, to the rights and interests of such Lender, Issuing
Lender or other Secured Party, as the case may be) under the Loan Documents with respect to such amount (the &#147;<U>Erroneous Payment Subrogation Rights</U>&#148;) (provided that the Borrower Parties&#146; Secured Obligations under the Loan
Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Secured Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and
(y)&nbsp;an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Secured Obligations owed by the Borrower or any other Borrower Party; provided that this <U>Section</U><U></U><U>&nbsp;10.15</U> shall not be interpreted
to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Secured Obligations of the Borrower relative to the amount (and/or timing for payment) of the Secured Obligations that would have
been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x)&nbsp;and (y) shall not apply to the extent any such Erroneous Payment is, and
solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Borrower Party for the purpose of making a payment on the Secured Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) In the event that a Revolving Loan is assigned pursuant to clause (4)&nbsp;above, then (i)&nbsp;for purposes of determining &#147;Required
Lenders&#148; or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, (x)&nbsp;the unused Revolving Commitment of
the applicable class of an Erroneous Payment Assigning Lender shall be deemed to be reduced by the Erroneous Payment Assigned Amount (as defined below) of such Erroneous Payment Assigning Lender and (y)&nbsp;the Erroneous Payment Assigned Amount
held by the Administrative Agent shall be included as Revolving Loans of the applicable class in any determination under such defined terms or provisions, (ii)&nbsp;the amount of the Unused Line Fee payable to any Lender shall not be increased as a
result of such assignment, (iii)&nbsp;the amount available to be borrowed by the Borrower from the Erroneous Payment Assigning Lender in respect of the affected class of Revolving Commitments shall not be increased as a result of such assignment,
(iv)&nbsp;to the extent appropriate and relating to the determination of the proper recipient of any payment attributable to the applicable Erroneous Payment Assigned Amount, such Erroneous Payment Assigned Amount shall be treated as a part of the
Revolving Credit Exposure of the Administrative Agent with respect to the affected class and (v)&nbsp;otherwise, such Erroneous Payment Assigned Amount shall be treated as a part of the Revolving Credit Exposure of the Erroneous Payment Assigning
Lender, including for purposes of determining participations in Letters of Credit. For purposes hereof, &#147;<U>Erroneous Payment Assigned Amount</U>&#148; shall mean, as to any Erroneous Payment Assigning Lender, the principal amount assigned in
accordance with clause (4)&nbsp;above (taking into account any prepayment or repayment from time to time of such principal amount in accordance with the terms of this Agreement). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment
will reduce the Revolving Commitments of any Lender and such Revolving Commitments shall remain available in accordance with the terms of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(8) To the extent permitted by applicable law, no Payment Recipient shall assert any right
or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of <FONT STYLE="white-space:nowrap">set-off</FONT> or recoupment with respect to any demand, claim or counterclaim by the
Administrative Agent for the return of any Erroneous Payment received, including without limitation any defense based on &#147;discharge for value&#148; or any similar doctrine. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(9) Each party&#146;s obligations, agreements and waivers under this <U>Section</U><U></U><U>&nbsp;10.15</U> shall survive the resignation or
replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, Issuing Lender or other Secured Party,<B> </B>the termination of the Commitments and/or the repayment, satisfaction or discharge of
all Secured Obligations (or any portion thereof) under any Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 11. <U>Miscellaneous Provisions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.1. <U>No Assignment by the Borrower or MAC</U>. Neither the Borrower nor MAC may assign its rights or obligations under this Agreement or
the other Loan Documents without the prior written consent of the Administrative Agent, the Collateral Agent, and one hundred percent (100%) of the Lenders and the Issuing Lenders. Subject to the foregoing, all provisions contained in this Agreement
and the other Loan Documents and in any document or agreement referred to herein or therein or relating hereto or thereto shall inure to the benefit of the Administrative Agent, the Collateral Agent, each Issuing Lender and each Lender, their
respective successors and assigns, and shall be binding upon each of the Borrower Parties and such Person&#146;s successors and assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.2. <U>Modification</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)
Subject to <U>Section</U><U></U><U>&nbsp;2.4</U> and to the additional requirements of <U>Section</U><U></U><U>&nbsp;11.2(2)</U> and <U>11.2(3)</U>, neither this Agreement nor any other Loan Document may be Modified or waived unless such
Modification or waiver is in writing and signed by the Administrative Agent, MAC, the Borrower and the Required Lenders; <U>provided</U> that Administrative Agent may, with the consent of the Borrower only, (i)&nbsp;Modify this Agreement or any
other Loan Document to cure any ambiguity, omission, defect or inconsistency, so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or any Issuing Lender (ii)&nbsp;Modify this Agreement or any other
Loan Document to permit additional affiliates of the Borrower to guarantee the Secured Obligations and/or provide collateral therefor; and (iii)&nbsp;Modify this Agreement and other Loan Documents to add Collateral and/or Mortgaged Properties and to
effectuate releases of Subsidiary Guarantors and Collateral as contemplated by Section&nbsp;10.12 hereof; <U>provided</U> further that this Agreement may be amended by any Joinder Agreements as contemplated by <U>Article 3</U> hereof;
<U>provided</U> further that the Revolving Commitment Termination Date may be extended as provided in Section&nbsp;1.7(5). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Notwithstanding the foregoing, no such Modification or waiver shall, without the prior
written consent of each Lender that would be directly and adversely affected thereby (for the avoidance of doubt, in addition to the consents required under Section&nbsp;11.2(1)): (i)&nbsp;reduce the principal of, or rate of interest on, any Loan or
any LC Disbursement or interest or fees payable hereunder; <U>provided</U>, no (w)&nbsp;repayment of the Loans at par, (x)&nbsp;waiver of any post-default increase in interest rates, condition precedent, Potential Default, Specified Default, Event
of Default or mandatory prepayment or repayment required under <U>Section</U><U></U><U>&nbsp;1.9 </U>or any other principal repayment obligation under any Loan Document (other than, for the avoidance of doubt, any payment required under
<U>Section</U><U></U><U>&nbsp;1.8(1)</U>), (y) amendment or modification of the financial covenants or defined terms used in the financial covenants in this Agreement or (z)&nbsp;replacement of the then-current Benchmark pursuant to
<U>Section</U><U></U><U>&nbsp;2.4</U>, in each case, shall constitute a reduction in the principal of, or rate of interest on, any Loan or any LC Disbursement or interest or fees, (ii)&nbsp;except as expressly contemplated by this
<U>Section</U><U></U><U>&nbsp;11.2</U> and <U>Section</U><U></U><U>&nbsp;11.8</U> below, increase the Commitment of any Lender over the amount thereof then in effect or extend the expiration date of any Commitment of any Lender; <U>provided</U>, no
amendment, modification or waiver of any condition precedent (other than any condition precedent under <U>Section</U><U></U><U>&nbsp;1.7(5)</U>, which shall constitute an extension of the expiration date of the Commitment of the applicable Lenders
and shall require the consent of such Lenders), covenant (including any financial covenant (including the defined terms used therein) or covenant relating to Borrowing Base Assets), Potential Default, Specified Default, Event of Default or mandatory
prepayment or repayment required under <U>Section</U><U></U><U>&nbsp;1.9</U> or any other principal repayment obligation under any Loan Document shall constitute an increase in any Commitment of any Lender or an extension of the expiration date of
any Commitment of any Lender, (iii)&nbsp;Modify the definition of &#147;Required Lenders&#148; or the percentage of Lenders which shall be required for Lenders to take any action hereunder (<U>provided</U> that additional extensions of credit
pursuant hereto may be included in the determination of &#147;Required Lenders&#148; on substantially the same basis as the Commitments, the Loans and the other Revolving Credit Exposure are included on the Closing Date), (iv)&nbsp;extend or waive
any scheduled payment date for any principal, interest or fees, including any payment required under <U>Section</U><U></U><U>&nbsp;1.8(1)</U>; <U>provided</U>, no amendment, modification or waiver of any post-default increase in interest rates,
condition precedent, covenant (including any financial covenant (including the defined terms used therein) or covenant relating to Borrowing Base Assets), Potential Default, Specified Default, Event of Default or mandatory prepayment or repayment
under <U>Section</U><U></U><U>&nbsp;1.9</U> or any other principal repayment obligation (other than, for the avoidance of doubt, any payment required under <U>Section</U><U></U><U>&nbsp;1.8(1)</U>) under any Loan Document shall constitute an
extension or waiver of any scheduled payment date for any principal, interest or fees, (v)&nbsp;(A) release MAC from its obligations under the REIT Guaranty, (B)&nbsp;release the Borrower from its obligation to repay the Loans and LC Disbursements
hereunder or (C)&nbsp;release all or substantially all of the Guarantors or the Collateral, except, in the case of this clause (C), to the extent such release is otherwise permitted under the Loan Documents, (vi)&nbsp;Modify this
<U>Section</U><U></U><U>&nbsp;11.2</U>, (vii) Modify any provision of the Loan Documents which by its terms requires the consent or approval of all affected Lenders, (viii)&nbsp;Modify any pro rata sharing provision of any Loan Document or the
payment &#147;waterfall&#148; in <U>Article 9</U> or (ix)&nbsp;subordinate (A) any of the Liens securing the Obligations to Liens securing any other Indebtedness or (B)&nbsp;the payment of any Obligations to the payment of any other Indebtedness, in
each case of clauses (A)&nbsp;and (B), other than with respect to any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;debtor-in-possession&#148;</FONT></FONT> financing or use of cash collateral in connection with a
bankruptcy; <U>provided</U> that, for the avoidance of doubt, all Lenders shall be deemed directly and adversely affected thereby with respect to any amendment described in <U>clauses (iii)</U>, <U>(v)</U>, <U>(vi)</U> and <U>(viii)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) No Modification of any provision of the Loan Documents, or consent to any departure by
any Borrower Party therefrom, shall: (i)&nbsp;Modify any provision of the Loan Documents relating to the Administrative Agent without the written consent of the Administrative Agent; (ii)&nbsp;Modify any provision of the Loan Documents relating to
the Collateral Agent without the written consent of the Collateral Agent; (iii)&nbsp;Modify any obligation of Lenders relating to the purchase of participations in Letters of Credit as provided in <U>Section</U><U></U><U>&nbsp;1.4</U> or the
limitations on amounts of Letters of Credit of the applicable Issuing Lenders set forth in Section&nbsp;1.4(3), in each case, without the written consent of Administrative Agent and the Issuing Lenders; (iv)&nbsp;Modify or waive any provision hereof
relating to the Letter of Credit Commitment of any Issuing Lender, extend or waive any scheduled payment date for any reimbursement of any LC Disbursement or any pledge or deposit of Cash Collateral or extend the LC Commitment Expiry Date of any
Issuing Lender, in each case, without the consent of such Issuing Lender; <U>provided</U>, no amendment, modification or waiver of any condition precedent, covenant, Potential Default or Event of Default shall constitute a modification of the Letter
of Credit Commitment of any Issuing Lender; or (v)&nbsp;Modify any provision of the Loan Documents relating to any Agent without the written consent of such Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the Borrower may enter into Joinder Agreements in
accordance with <U>Article 3</U> and such Joinder Agreements shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party to any Loan
Document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to this Agreement or any
other Loan Document that requires the consent of each Lender that would be directly and adversely affected thereby or the consent of all Lenders, as the case may be, the Borrower may replace such
<FONT STYLE="white-space:nowrap">non-consenting</FONT> Lender in accordance with <U>Section</U><U></U><U>&nbsp;2.8(2)</U>; <U>provided</U> that (i)&nbsp;such proposed amendment, waiver, consent or release has otherwise been approved by the Required
Lenders and (ii)&nbsp;such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Further, it is expressly agreed and understood that the failure by the Required Lenders to elect to accelerate amounts outstanding
hereunder and/or to terminate the Commitments of the Lenders and the Issuing Lenders hereunder shall not constitute a Modification or waiver of any term or provision of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.3. <U>Cumulative Rights; No Waiver</U>. The rights, powers and remedies of the
Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders hereunder and under the other Loan Documents are cumulative and in addition to all rights, power and remedies provided under any and all agreements among the Borrower
Parties, the Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders relating hereto, at law, in equity or otherwise. Any delay or failure by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders to exercise any right, power or remedy shall not constitute a waiver thereof by
the Administrative Agent, the Collateral Agent, the Issuing Lenders or the Lenders, and no single or partial exercise by the Administrative Agent, the Collateral Agent, the Issuing Lenders or the Lenders of any right, power or remedy shall preclude
other or further exercise thereof or any exercise of any other rights, powers or remedies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.4. <U>Entire Agreement</U>. This Agreement,
the other Loan Documents and the schedules, appendices, documents and agreements referred to herein and therein embody the entire agreement and understanding between the parties hereto and supersede all prior agreements and understandings relating
to the subject matter hereof and thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.5. <U>Survival</U>. All representations, warranties, covenants and agreements contained in
this Agreement and the other Loan Documents on the part of the Borrower Parties shall survive the termination of this Agreement and shall be effective until the Obligations are paid and performed in full or longer as expressly provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.6. <U>Notices</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)
<U>Notices Generally</U>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <U>paragraph (2)</U>&nbsp;below), all notices and other communications provided for herein shall
be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, in each case, addressed to the party at the address set forth on <U>Schedule 11.6</U> attached hereto. Notices
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications, to the extent provided in <U>paragraph
(2)</U>&nbsp;below, shall be effective as provided in said <U>paragraph</U><U></U><U>&nbsp;(2)</U>. Notices may be provided on behalf of the Borrower Parties by their legal counsel and delivery of such notices shall be deemed delivery by the
Borrower Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) <U>Electronic Communications</U>. Notices and other communications to the Lenders and the Issuing Lenders hereunder
may be delivered or furnished by electronic communication (including <FONT STYLE="white-space:nowrap">e-mail</FONT> and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, <U>provided</U> that the foregoing
shall not apply to notices to any Lender or any Issuing Lender pursuant to <U>Section</U><U></U><U>&nbsp;1.5</U> if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices
under such Section by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
<U>provided</U> that approval of such procedures may be limited to particular notices or communications. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Unless the Administrative Agent otherwise prescribes, (i)&nbsp;notices and other
communications sent to an <FONT STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed received upon the sender&#146;s receipt of an acknowledgement from the intended recipient (such as by the &#147;return receipt requested&#148; function,
as available, return <FONT STYLE="white-space:nowrap">e-mail</FONT> or other written acknowledgement), and (ii)&nbsp;notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient, at its <FONT STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing <U>clause</U><U></U><U>&nbsp;(i)</U>, of notification that such notice or communication is available and identifying the website address
therefore; <U>provided</U> that, for both <U>clauses (i)</U>&nbsp;and <U>(ii)</U> of this paragraph, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be
deemed to have been sent at the opening of business on the next business day for the recipient. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) <U>Change of Address, etc</U>. Any
party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto; provided that, in the case of the Administrative Agent, the Collateral Agent or an Issuing Lender, such
physical address for notice is an address maintained in the continental United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) <U>Platform</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) Each Borrower Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below)
available to the Issuing Lenders and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the &#147;<U>Platform</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) The Platform is provided &#147;as is&#148; and &#147;as available.&#148; The Agent Parties (as defined below) do not warrant the adequacy
of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
<FONT STYLE="white-space:nowrap">non-infringement</FONT> of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the &#147;<U>Agent Parties</U>&#148;) have any liability to the Borrower or the other Borrower Parties, any Lender or any other Person or entity for damages of any kind, including, without
limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower&#146;s, any other Borrower Party&#146;s or the Administrative Agent&#146;s
transmission of Communications through the Platform. &#147;<U>Communications</U>&#148; means, collectively, any notice, demand, communication, information, document or other material that any Borrower Party provides to the Administrative Agent
pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through the Platform.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.7. <U>Governing Law</U>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (IN THE CASE OF THE
SECURITY DOCUMENTS, EXCEPT AS OTHERWISE SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE EXTENT
SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.8. <U>Assignments, Participations, Etc.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) With the prior written consent of the Administrative Agent, the Issuing Lenders (with respect to assignments of Revolving Commitments and
Revolving Credit Exposure only) and, but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, in each case such consents not to be unreasonably withheld or delayed, any Lender may at any time assign and
delegate to one or more Eligible Assignees (<U>provided</U> that (i)&nbsp;no written consent of MAC or the Administrative Agent shall be required in connection with any assignment and delegation by a Lender to an Affiliate of such Lender or to
another Lender or its Affiliate or an Approved Fund, (ii)&nbsp;MAC shall be deemed to have consented to any such assignment and delegation unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days
after having received notice thereof and (iii)&nbsp;MAC&#146;s refusal to consent to an assignment to an assignee on the basis that MAC would be obligated to pay to the assignee pursuant to Section&nbsp;2.7 an amount in excess of the amount payable
to the applicable assignor pursuant to Section&nbsp;2.7 immediately prior to such assignment is deemed to be reasonable) (each an &#147;<U>Assignee</U>&#148;) all or any part of such Lender&#146;s rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it) and the other Obligations held by such Lender hereunder, in a minimum amount of $5&nbsp;million (or (A)&nbsp;if such Assignee is another Lender or an Affiliate of a
Lender, $1&nbsp;million, or such lesser amount as agreed by the Administrative Agent; and (B)&nbsp;if such Lender&#146;s Commitment (or, after the Revolving Commitments have terminated, Revolving Credit Exposure) is less than $5&nbsp;million, one
hundred percent (100%) thereof); <U>provided</U>, <U>however</U>, that MAC, the Borrower, the Issuing Lenders, the Collateral Agent and the Administrative Agent may continue to deal solely and directly with such Lender in connection with the
interest so assigned to an Assignee until (i)&nbsp;written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Borrower, the Issuing Lenders and
the Administrative Agent by such Lender and the Assignee and such assignment shall have been recorded in the Register in accordance with <U>Section</U><U></U><U>&nbsp;11.8(1)(B</U>); (ii) such Lender and its Assignee shall have delivered to the
Borrower and the Administrative Agent an Assignment and Acceptance Agreement; and (iii)&nbsp;the Assignee has paid to the Administrative Agent a processing fee in the amount of $3,500. Notwithstanding anything herein to the contrary, unless a
Potential Default or an Event of Default has occurred and is continuing, no assignment, transfer or participation may be made to a Disqualified Institution absent the prior written consent of MAC (which consent may be made in its sole and absolute
discretion). The Administrative Agent and its Related Parties shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce compliance with the provisions hereof relating to Disqualified
Institutions; <I>provided</I> that the list of Disqualified Institutions shall be posted for all Lenders or made available to any Lender upon request. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) From and after the date that the Administrative Agent notifies the assignor Lender and
the Borrower that it has received an executed Assignment and Acceptance Agreement and payment of the above-referenced processing fee: (i)&nbsp;the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder
and under the other Loan Documents have been assigned to it pursuant to such Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under the Loan Documents, (ii)&nbsp;the assignor Lender shall, to the extent that
rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents (but shall be
entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the assignment) and (iii)&nbsp;this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect
the addition of the Assignee and the resulting adjustment of the Commitments and Credit Exposures resulting therefrom. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) Borrower,
Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any
such Commitment or Loan shall be effective, in each case, unless and until receipt by Administrative Agent of a fully executed Assignment and Acceptance Agreement effecting the assignment or transfer thereof, together with the required forms and
certificates regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in <U>Section</U><U></U><U>&nbsp;11.8(1)</U>. Each assignment shall be recorded in the Register promptly following receipt by the
Administrative Agent of the fully executed Assignment and Acceptance Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to Borrower and a copy of such Assignment and Acceptance Agreement shall be
maintained, as applicable. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding absent manifest error on
any subsequent holder, assignee or transferee of the corresponding Commitments or Loans. The Administrative Agent will deliver to the Borrower a copy of the Register within five (5)&nbsp;Business Days after the Administrative Agent&#146;s receipt of
the Borrower&#146;s written request therefor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Within five Business Days after its receipt of notice by the Administrative Agent that
it has received an executed Assignment and Acceptance Agreement and payment of the processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrower shall, if requested by the Assignee, execute and deliver to
the Administrative Agent, a new Note evidencing such Assignee&#146;s Revolving Commitment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Any Lender may at any time, without notice to or the consent of any other Person, sell
to one or more commercial banks or other Persons not Affiliates of the Borrower (other than, unless a Potential Default or an Event of Default has occurred and is continuing, a Disqualified Institution without the prior written consent of MAC) (a
&#147;<U>Participant</U>&#148;) participating interests in all or any portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans owing to it) (the
&#147;<U>Originating Lender</U>&#148;); <U>provided</U>, <U>however</U>, that (i)&nbsp;the Originating Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;the Originating Lender shall remain solely responsible for the
performance of such obligations, and (iii)&nbsp;the Borrower, the Issuing Lenders, the Collateral Agent and the Administrative Agent shall continue to deal solely and directly with the Originating Lender in connection with the Originating
Lender&#146;s rights and obligations under this Agreement and the other Loan Documents. In the case of any such participation, the Participant shall be entitled to the benefit of <U>Sections 2.5</U>, <U>2.6</U> and <U>2.7</U> (and subject to the
burdens of <U>Sections 2.8</U> and <U>11.8</U> above), and the benefits of <U>Section</U><U>&nbsp;2.10</U> (subject to the requirements and limitations therein, including the requirements under <U>Section</U><U></U><U>&nbsp;2.10(6)</U> (it being
understood that the documentation required under <U>Section</U><U></U><U>&nbsp;2.10(6)</U> shall be delivered to the participating Lender)) as though it were also a Lender thereunder, and if amounts outstanding under this Agreement are due and
unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of <FONT STYLE="white-space:nowrap">set-off</FONT> in respect of its
participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, and <U>Section</U><U></U><U>&nbsp;11.10</U> of this Agreement
shall apply to such Participant as if it were a Lender party hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) Notwithstanding any other provision contained in this Agreement
or any other Loan Document to the contrary, any Lender may pledge and/or assign all or any portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans owing to
it) to any Federal Reserve Bank or other central bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve
Bank or other central bank, <U>provided</U> that any payment in respect of such pledged and assigned interests made by the Borrower to or for the account of the assigning and/or pledging Lender in accordance with the terms of this Agreement shall
satisfy the Borrower&#146;s obligations hereunder in respect to such assigned interests to the extent of such payment. No such pledge or assignment shall release the assigning Lender from its obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Each Lender that sells a participation shall, acting solely for this purpose as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT>
agent of the Borrower, maintain at one of its offices a register on which it enters the names and addresses of each Participant and the principal amounts (and stated interest) of each Participant&#146;s interest in the Loans or other obligations
under this Agreement (the &#147;<U>Participant Register</U>&#148;); <U>provided</U> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant&#146;s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is
in registered form under <FONT STYLE="white-space:nowrap">Section&nbsp;5f.103-1(c)</FONT> of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(6) No Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i)&nbsp;to an assignee in accordance with the provisions of paragraph (1)&nbsp;of this <U>Section</U><U></U><U>&nbsp;11.8</U>, (ii) by way of participation in accordance with the provisions of paragraphs (3)&nbsp;and (5) of this
<U>Section</U><U></U><U>&nbsp;11.8</U>, or (iii)&nbsp;by way of assignment of a security interest subject to the restrictions of paragraph (4)&nbsp;of this <U>Section</U><U></U><U>&nbsp;11.8</U> (and any other attempted assignment or transfer by any
party hereto shall be null and void). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(7) A Participant shall not be entitled to receive any greater payment under
<U>Section</U><U></U><U>&nbsp;2.7</U> or <U>2.10</U> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
MAC&#146;s prior written consent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.9. <U>Counterparts; Electronic Execution</U>. This Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or in electronic (i.e., &#147;pdf&#148; or &#147;tif&#148;) format shall be effective as delivery of a manually executed counterpart of this Agreement. The words &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words
of like import in this Agreement and the other Loan Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. The Administrative Agent may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a
manually signed original thereof; <I>provided</I> that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.10. <U>Sharing of Payments</U>. If any Lender or any Issuing Lender shall receive and retain any payment, whether by setoff, application of
deposit balance or security, or otherwise, in respect of the Obligations in excess of such Lender&#146;s or such Issuing Lender&#146;s Applicable Revolving Percentage, then such Lender or such Issuing Lender shall purchase from the other Revolving
Lenders, for cash and at face value and without recourse, such participation in the Obligations held by them as shall be necessary to cause such excess payment to be shared ratably as aforesaid with each of them; <U>provided</U>, that if such excess
payment or part thereof is thereafter recovered from such purchasing Lender or Issuing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to the portion of such excess payment so
recovered, but without interest. Each Lender, each Issuing Lender and each Agent is hereby authorized by the Borrower Parties to exercise any and all rights of setoff, counterclaim or bankers&#146; lien against the full amount of the Obligations,
whether or not held by such Lender, such Issuing Lender or such Agent. Each of the Lenders and the Issuing Lenders hereby agree to exercise any such rights first against the Obligations and only then to any other Indebtedness of the Borrower to such
Lender or such Issuing Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.11. <U>Confidentiality</U>. Each Lender and each Issuing Lender agrees to take normal and
reasonable precautions and exercise due care to maintain the confidentiality of all information provided to it by any of the Borrower Parties or by the Administrative Agent on the Borrower Parties&#146; behalf, in connection with this Agreement or
any other Loan Document, and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement, except to the extent such information: (1)&nbsp;was or
becomes generally available to the public other than as a result of a disclosure by any Lender or any Issuing Lender or any prospective Lender, or (2)&nbsp;was or becomes available from a source other than the Borrower Parties not known to the
Lenders or the Issuing Lenders to be in breach of an obligation of confidentiality to the Borrower Parties in the disclosure of such information. Nothing contained herein shall restrict any Lender or any Issuing Lender from disclosing such
information (i)&nbsp;at the request or pursuant to any requirement of any Governmental Authority or self-regulatory authority; (ii)&nbsp;pursuant to subpoena or other court process; (iii)&nbsp;when required to do so in accordance with the provisions
of any applicable Requirement of Law; (iv)&nbsp;to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, the Collateral, Agent, any Issuing Lender, any Lender or their respective Affiliates
may be party; (v)&nbsp;to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (vi)&nbsp;to such Lender&#146;s or such Issuing Lender&#146;s Affiliates and to their and their
Affiliates&#146; respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information
and instructed to keep such information confidential); (vii)&nbsp;to the extent such disclosure is otherwise consented to by the Borrower; (viii)&nbsp;to any rating agency when required by it, <U>provided</U> that, prior to any disclosure, such
rating agency shall undertake in writing to preserve the confidentiality of any confidential information relating to the Borrower Parties received by it from any Agent or any Lender; (ix)&nbsp;to the other parties to this Agreement; (x)&nbsp;to bank
trade publications (in the case of this clause (x), such information limited to deal terms and other information customarily found in such publications); (xi) to any permitted pledgee under <U>Section</U><U></U><U>&nbsp;11.8(4)</U>; or (xii)&nbsp;to
any Participant or Assignee and to any prospective Participant or Assignee (other than any Disqualified Institution unless an assignment or participation to such Disqualified Institution would be permitted at such time) or to any direct or indirect
contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to the Borrower Parties and their obligations, <U>provided</U> that each Participant and Assignee, prospective Participant or Assignee
or contractual counterparty first agrees to be bound by the provisions of this <U>Section</U><U></U><U>&nbsp;11.11</U> or to confidentiality provisions that are at least as restrictive as this <U>Section</U><U></U><U>&nbsp;11.11</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.12. <U>Consent to Jurisdiction</U>. SUBJECT TO CLAUSE (E)&nbsp;OF THE FOLLOWING SENTENCE,
ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENTS, ANY OF THE OBLIGATIONS, AND/OR ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN
LAW OR EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND
CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, EACH BORROWER PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE
JURISDICTION AND VENUE OF SUCH COURTS (OTHER THAN WITH RESPECT TO ACTIONS BY ANY AGENT IN RESPECT OF RIGHTS UNDER ANY SECURITY AGREEMENT GOVERNED BY A LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK OR WITH RESPECT TO ANY COLLATERAL SUBJECT
THERETO); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE BORROWER PARTY AT
ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 11.6; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C)&nbsp;ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE BORROWER PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND
OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E)&nbsp;AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY BORROWER PARTY IN THE COURTS
OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY LOAN DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.13.
<U>Waiver of Jury Trial</U>. EACH OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT, THE ISSUING LENDERS AND THE LENDERS EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN
CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE
BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE. EACH OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT, THE ISSUING LENDERS AND THE LENDERS EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, EACH OF SUCH PARTIES FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN
WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.14. <U>Indemnity</U>. Whether or not the transactions contemplated hereby are
consummated, each of the Borrower Parties shall, jointly and severally, indemnify and hold the Administrative Agent, the other Agents, each Issuing Lender and each Lender and each of their respective Related Parties (each, an &#147;<U>Indemnified
Person</U>&#148;) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including reasonable attorney&#146;s fees and expenses) of any kind
or nature whatsoever which may at any time (including at any time following the Revolving Commitment Termination Date and the termination, resignation or replacement of the Administrative Agent, the Collateral Agent or any Issuing Lender or
replacement of any Lender) be imposed on, incurred by or asserted against any such Person in any way relating to or arising out of this Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby, or any
action taken or omitted by any such Person under or in connection with any of the foregoing, including with respect to any investigation, litigation or proceeding (including any insolvency proceeding or appellate proceeding) related to or arising
out of this Agreement or the Loans or Letters of Credit (including any refusal by an Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit) or the use of the proceeds thereof, whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the &#147;<U>Indemnified Liabilities</U>&#148;); <U>provided</U> that the Borrower Parties
shall only be responsible for fees and disbursements of one primary outside counsel (unless there is an actual or perceived conflict of interest, in which case another primary outside counsel shall be permitted for each group of similarly situated
Persons) for the Indemnified Persons, taken as a whole, and, if reasonably necessary, one special or local counsel (unless there is an actual or perceived conflict of interest, in which case another special or local counsel shall be permitted for
each group of similarly situated Persons) for the Indemnified Persons, taken as a whole, in each relevant material jurisdiction (which may include a single special counsel acting in multiple jurisdictions); <U>provided</U>, <U>further</U>, that the
Borrower Parties shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities resulting solely from (i)&nbsp;the gross negligence or willful misconduct of such Indemnified Person as finally determined in a
nonappealable judgment by a court of competent jurisdiction, (ii)&nbsp;a claim not involving an act or omission of the Borrower Parties that is brought by an Indemnified Person against another Indemnified Person (provided that this clause
(ii)&nbsp;shall not apply to any claim brought against any Agent in its capacity as such) or (iii)&nbsp;a claim brought by the Borrower against an Indemnified Person for a material breach of such Person&#146;s obligations hereunder or under any
other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; <U>provided</U> <U>further</U>, <U>however</U>, that in no event shall any officer,
director, employee, agent, consultant, investor, manager or other Person (except only the Borrower Parties) have any indemnification obligation or liability of any kind to any Indemnified Person under this <U>Section</U><U></U><U>&nbsp;11.14</U>. To
the extent permitted by applicable law, no Borrower Party or, subject to the proviso at the end of this sentence, no Indemnified Person shall assert, and each Borrower Party hereby waives, any claim against each Indemnified Person, and each
Indemnified Person hereby waives, any claim against each Borrower Party, in each case, in respect of any Punitive Damages and each Borrower Party and each Indemnified Person hereby waives, releases and agrees not to sue upon any such claim or any
such Punitive Damages, whether or not accrued and whether or not known or suspected to exist in its favor; <U>provided</U>, <U>however</U>, that the foregoing is not in any way intended to affect the rights of the Indemnified Persons with respect to
Punitive Damages awarded to a third party that are otherwise subject to indemnification pursuant to this <U>Section</U><U></U><U>&nbsp;11.14</U>. The agreements in this <U>Section</U><U></U><U>&nbsp;11.14</U> shall survive payment of all other
Obligations. This <U>Section</U><U></U><U>&nbsp;11.14</U> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any <FONT STYLE="white-space:nowrap">non-Tax</FONT> claim. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.15. <U>Telephonic Instruction</U>. Any agreement of the Administrative Agent, the
Collateral Agent, the Issuing Lenders and the Lenders herein to receive certain notices by telephone is solely for the convenience and at the request of the Borrower. The Administrative Agent, the Collateral Agent, the Issuing Lenders and the
Lenders shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders shall not have any
liability to the Borrower or other Person on account of any action taken or not taken by the Administrative Agent, the Collateral Agent, the Issuing Lenders or the Lenders in reliance upon such telephonic notice. The obligation of the Borrower to
repay the Loans and the LC Disbursements shall not be affected in any way or to any extent by any failure by the Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders to receive written confirmation of any telephonic notice
or the receipt by the Administrative Agent, the Collateral Agent, the Issuing Lenders and the Lenders of a confirmation which is at variance with the terms understood by the Administrative Agent, the Collateral Agent, the Issuing Lenders and the
Lenders to be contained in the telephonic notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.16. <U>Marshalling; Payments Set Aside</U>. Neither the Administrative Agent, any
other Agent, any Issuing Lender nor the Lenders shall be under any obligation to marshal any assets in favor of any of the Borrower Parties or any other Person or against or in payment of any or all of the Secured Obligations. To the extent that any
of the Borrower Parties makes a payment or payments to the Administrative Agent, the Collateral Agent, the Issuing Lenders or the Lenders, or the Administrative Agent, any other Agent, any Issuing Lender or the Lenders enforce their Liens or
exercise their rights of <FONT STYLE="white-space:nowrap">set-off,</FONT> and such payment or payments or the proceeds of such enforcement or <FONT STYLE="white-space:nowrap">set-off</FONT> or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent in its discretion) to be repaid to a trustee, receiver or any other party in connection with any insolvency
proceeding, or otherwise, then (1)&nbsp;to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
enforcement or <FONT STYLE="white-space:nowrap">set-off</FONT> had not occurred, and (2)&nbsp;each Lender and each Issuing Lender severally agrees to pay to the Administrative Agent and/or the Collateral Agent, as applicable upon demand its ratable
share of the total amount so recovered from or repaid by the Administrative Agent or the Collateral Agent, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.17. <U><FONT
STYLE="white-space:nowrap">Set-off</FONT></U>. In addition to any rights and remedies of the Agents, the Lenders and the Issuing Lenders provided by law, if an Event of Default exists, each Agent, each Lender and each Issuing Lender is authorized at
any time and from time to time, without prior notice to the Borrower Parties, any such notice being waived by the Borrower Parties to the fullest extent permitted by law, to set off and apply in favor of the Secured Parties any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Agent, such Lender or such Issuing Lender to or for the credit or the account of the Borrower Parties against any and
all Obligations owing to the Secured Parties, now or hereafter existing, irrespective of whether or not the Administrative Agent, any other Agent or such Lender or such Issuing Lender shall have made demand under this Agreement or any Loan Document
and although such Obligations may be contingent or unmatured. Each Agent, each Lender and each Issuing Lender agrees promptly to (i)&nbsp;notify the Borrower Parties, the Administrative Agent and the Collateral Agent after any such <FONT
STYLE="white-space:nowrap">set-off</FONT> and application made by such Agent, such Lender or such Issuing Lender; <U>provided</U>, <U>however</U>, that the failure to give such notice shall not affect the validity of such <FONT
STYLE="white-space:nowrap">set-off</FONT> and application and (ii)&nbsp;pay such amounts that are <FONT STYLE="white-space:nowrap">set-off</FONT> to the Collateral Agent for the ratable benefit of the Secured Parties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.18. <U>Severability</U>. The illegality or unenforceability of any provision of this
Agreement or any other Loan Document or any instrument or agreement required hereunder or thereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions hereof or thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.19. <U>No Third Parties Benefited</U>. This Agreement and the other Loan Documents are made and entered into for the sole protection and
legal benefit of the Borrower Parties, the Lenders, the Indemnified Persons, the Issuing Lenders and the Agents, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct
or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.20. <U>No Fiduciary
Duty</U>. Each Agent, each Lender, each Issuing Lender and their Affiliates (collectively, solely for purposes of this paragraph, the &#147;<U>Lender Parties</U>&#148;), may have economic interests that conflict with those of the Borrower Parties,
their stockholders and/or their affiliates. Each Borrower Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender
Party, on the one hand, and such Borrower Party, its stockholders or its affiliates, on the other. The Borrower Parties acknowledge and agree that (i)&nbsp;the transactions contemplated by the Loan Documents (including the exercise of rights and
remedies hereunder and thereunder) are <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between the Lender Parties, on the one hand, and the Borrower Parties, on the other, and (ii)&nbsp;in connection therewith and
with the process leading thereto, (x)&nbsp;no Lender Party has assumed an advisory or fiduciary responsibility in favor of any Borrower Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise
of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender Party has advised, is currently advising or will advise any Borrower Party, its stockholders or its Affiliates on other matters) or any
other obligation to any Borrower Party except the obligations expressly set forth in the Loan Documents and (y)&nbsp;each Lender Party is acting solely as principal and not as the agent or fiduciary of any Borrower Party, its management,
stockholders, creditors or any other Person. Each Borrower Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent
judgment with respect to such transactions and the process leading thereto. Each Borrower Party agrees that it will not claim that any Lender Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such
Borrower Party, in connection with such transaction or the process leading thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.21. <U>PATRIOT Act</U>. Each Lender, each Issuing Lender, the Collateral Agent and
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Borrower Party that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Borrower Party,
which information includes the name and address of each Borrower Party and other information that will allow such Lender, such Issuing Lender, Collateral Agent or Administrative Agent, as applicable, to identify such Borrower Party in accordance
with the Patriot Act. Additionally, the Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open
an &#147;account&#148; with such financial institution. Consequently, a Lender, an Issuing Lender, Collateral Agent or Administrative Agent may from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT>
request, and the Borrower Parties shall provide to such Lender, such Issuing Lender, Collateral Agent or Administrative Agent, as applicable, such Borrower Party&#146;s name, address, tax identification number and/or such other identification
information as shall be necessary for such Lender, such Issuing Lender, Collateral Agent or Administrative Agent, as applicable, to comply with federal law. An &#147;account&#148; for this purpose may include, without limitation, a deposit account,
cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.22. <U>Time</U>. Time is of the essence as to each term or provision of this Agreement and each of the other Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.23. <U>Effectiveness of Agreement</U>. This Agreement shall become effective upon satisfaction of all of the conditions set forth in
<U>Section</U><U></U><U>&nbsp;5.1</U> of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.24. <U>Acknowledgement and Consent to
<FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</U>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) the application of any Write-Down and Conversion Powers by the
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) the effects of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action on any such liability, including, if applicable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) a reduction in full or in part or cancellation of any such liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of the applicable Resolution Authority. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.25. <U>Certain ERISA Matters.</U><U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Each Lender (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)&nbsp;covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Borrower Party, that at least one of the following is and will be true: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(A) such Lender is not using &#147;plan assets&#148;
(within the meaning of Section&nbsp;3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section&nbsp;4975 of the Code) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(B) the prohibited transaction exemption set forth in one or more PTEs, such as PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (a class
exemption for certain transactions determined by independent qualified professional asset managers), PTE <FONT STYLE="white-space:nowrap">95-60</FONT> (a class exemption for certain transactions involving insurance company general accounts), PTE <FONT
STYLE="white-space:nowrap">90-1</FONT> (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE <FONT STYLE="white-space:nowrap">91-38</FONT> (a class exemption for certain transactions involving bank
collective investment funds) or PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (a class exemption for certain transactions determined by <FONT STYLE="white-space:nowrap">in-house</FONT> asset managers), is applicable so as to exempt from the
prohibitions of Section&nbsp;406 of ERISA and Section&nbsp;4975 of the Code such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(C) (A) such Lender is an investment fund managed by a &#147;Qualified Professional Asset Manager&#148; (within the meaning of Part VI of PTE <FONT
STYLE="white-space:nowrap">84-14),</FONT> (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and
this Agreement, (C)&nbsp;the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of
<FONT STYLE="white-space:nowrap">sub-sections</FONT> (b)&nbsp;through (g) of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> and (D)&nbsp;to the best knowledge of such Lender, the requirements of subsection (a)&nbsp;of Part I of PTE <FONT
STYLE="white-space:nowrap">84-14</FONT> are satisfied with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(D) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) In addition, unless either <FONT STYLE="white-space:nowrap">(i)&nbsp;sub-clause</FONT> (A)&nbsp;in the immediately
preceding clause (1)&nbsp;is true with respect to a Lender or (ii)&nbsp;a Lender has provided another representation, warranty and covenant in accordance with <FONT STYLE="white-space:nowrap">sub-clause</FONT> (D)&nbsp;in the immediately preceding
clause (1), such Lender further (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, and (y)&nbsp;covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Borrower Party, that none of the Agents or any of their respective Affiliates is a
fiduciary with respect to the assets of such Lender involved in the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any Loan
Document or any documents related to hereto or thereto). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.26. <U>Acknowledgment Regarding Any Supported QFCs</U>. To the extent that the Loan
Documents provide support, through a guarantee or otherwise, agreements in respect of Hedging Obligations or any other agreement or instrument that is a QFC (such support, &#147;<U>QFC Credit Support</U>&#148; and each such QFC a &#147;<U>Supported
QFC</U>&#148;), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the &#147;<U>U.S. Special Resolution Regimes</U>&#148;) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) In the event a Covered Entity that is party to a Supported QFC (each, a &#147;<U>Covered Party</U>&#148;) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) As used in this <U>Section</U><U></U><U>&nbsp;11.26</U>, the following terms have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BHC Act Affiliate</U>&#148; of a party shall mean an &#147;affiliate&#148; (as such term is defined under, and
interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Entity</U>&#148; shall mean any of the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
&#167; 252.82(b); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12
C.F.R. &#167; 47.3(b); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with,
12 C.F.R. &#167; 382.2(b). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Right</U>&#148; has the meaning assigned to that term in,
and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>QFC</U>&#148; has the meaning assigned to the term &#147;qualified financial contract&#148; in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.27. <U>E</U><U>xculpation</U>. In no event shall any officer, director,
employee, agent, consultant, investor or manager of any Borrower Party nor any other Person (except only each Borrower Party) have any indemnification obligation or liability of any kind under the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11.28. <U>Amendment and Restatement</U>. It is the intention of each of the parties hereto that (a)&nbsp;the Original Credit Agreement be
amended and restated in its entirety pursuant to this Agreement so as to preserve the perfection and priority of all Liens and security interests securing indebtedness and obligations under the Original Credit Agreement, (b)&nbsp;all Indebtedness,
Obligations and Secured Obligations of the Borrower Parties hereunder and under the other Loan Documents shall be secured by the Liens and security interests evidenced under the Loan Documents (as defined in the Original Credit Agreement) as
Modified and that such Loan Documents (as defined in the Original Credit Agreement) shall continue in full force and effect as so Modified, (c)&nbsp;each &#147;Letter of Credit&#148; (as defined in the Original Credit Agreement) that is outstanding
on the Closing Date shall be continued as a Letter of Credit under this Agreement and (d)&nbsp;this Agreement does not constitute a novation or termination of the obligations and liabilities existing under the Original Credit Agreement (or serve to
terminate Sections 7.6 and 11.14 of the Original Credit Agreement or any of the Borrower Parties&#146; obligations thereunder with respect to the Agents (as defined in the Original Credit Agreement) or the Lenders (as defined in the Original Credit
Agreement) or any other Indemnified Persons (as defined in the Original Credit Agreement)). The parties hereto further acknowledge and agree that this Agreement constitutes a Modification of the Original Credit Agreement made under and in accordance
with the terms of Section&nbsp;11.2 of the Original Credit Agreement. In addition, unless specifically Modified hereby or in connection herewith, each of the Loan Documents (as defined in the Original Credit Agreement) shall continue in full force
and effect. This Agreement restates and replaces, in its entirety, the Original Credit Agreement; from and after the Closing Date, any reference in any of the other Loan Documents to the &#147;Credit Agreement&#148; or any like term shall be deemed
to refer to this Agreement. Each Lender with a Revolving Commitment on the Closing Date shall be deemed to have agreed that its Revolving Commitment set forth on Schedule II hereto replaces in its entirety such Lender&#146;s &#147;Revolving
Commitment&#148; under the Original Credit Agreement (if any) and each such Lender shall further be deemed to agree (a)&nbsp;that the repayment in full of all outstanding &#147;Revolving Loans&#148; (as defined in the Original Credit Agreement)
together with all interest, fees and other amounts accrued and payable thereon and all fees and other amounts accrued and payable in respect of all &#147;Letters of Credit&#148; (as defined in the Original Credit Agreement) under the Original Credit
Agreement, in each case, to such date on the Closing Date constitutes the payment in full of all Obligations (as defined in the Original Credit Agreement) owed to it under the Original Credit Agreement (other than any unasserted contingent
obligations that would survive the termination of the Original Credit Agreement), (b) to the continuance of the outstanding &#147;Letters of Credit&#148; (as defined in the Original Credit Agreement) as Letters of Credit under this Agreement,
(c)&nbsp;that such Lender waives the right to any compensation due under Section&nbsp;2.9 of the Original Credit Agreement solely as a result of the early repayment in full of all outstanding &#147;Revolving Loans&#148; (as defined in the Original
Credit Agreement) on the Closing Date and (d)&nbsp;to the release of the Mortgage with respect to the Wilton Mall Property, which release shall occur automatically on the Closing Date and shall be evidenced by such documents as are reasonably agreed
between the Collateral Agent and the Borrower. The parties hereto further agree that, immediately prior to the occurrence of the Closing Date, (a)&nbsp;the Borrower shall repay (or cause to be repaid) all &#147;Obligations&#148; (as defined in the
Original Credit Agreement) (other than any unasserted contingent obligations that would survive the termination of the Original Credit Agreement) owing to Royal Bank of Canada as of immediately prior to the occurrence of the Closing Date,
(b)&nbsp;simultaneously with such payment, the &#147;Revolving Commitments&#148; (as defined in the Original Credit Agreement) of Royal Bank of Canada are terminated and reduced to $0 and Royal Bank of Canada shall cease to be a &#147;Lender&#148;
under the Original Credit Agreement (and, for the avoidance of doubt, shall not constitute a Lender under this Agreement) and (c)&nbsp;in the case of Royal Bank of Canada, waives the right to any compensation due under Section&nbsp;2.9 of the
Original Credit Agreement solely as a result of the early repayment in full of all outstanding &#147;Revolving Loans&#148; (as defined in the Original Credit Agreement) of Royal Bank of Canada as set forth above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ARTICLE 12. <U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.1. <U>Defined Terms</U>. For purposes of this Agreement and, except as otherwise set forth therein, the other Loan Documents, the terms set
forth below shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>6.0% Cap Rate Property</U>&#148; shall mean each of the Real Properties
identified on Schedule I under the heading &#147;6.0% Cap Rate Properties&#148; on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>7.0% Cap Rate
Property</U>&#148; shall mean each of the Real Properties identified on Schedule I under the heading &#147;7.0% Cap Rate Properties&#148; on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>10.0% Cap Rate Property</U>&#148; shall mean each of the Real Properties identified on Schedule I under the heading &#147;10.0% Cap
Rate Properties&#148; on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Control Agreement</U>&#148; shall mean any
<FONT STYLE="white-space:nowrap">tri-party</FONT> agreement by and among the Borrower, the Collateral Agent and a depositary bank or securities intermediary at which the Borrower maintains a Controlled Account, in each case in form and substance
satisfactory to the Collateral Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Act</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;6.13</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Equity Interest Asset</U>&#148; shall mean (a)&nbsp;the Capital Stock of a
Macerich Entity that directly or indirectly owns any Real Property (other than (i)&nbsp;Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Producing Properties and (ii)&nbsp;any Real Property that is ground leased under a ground
lease or is subject to a joint venture agreement or a financing transaction, in each case, that does not permit the Capital Stock of the direct or indirect owners of such Real Property to be encumbered or pledged to secure the Secured Obligations)
and (b)&nbsp;any Capital Stock that is stated to be an &#147;Additional Equity Interest Asset&#148; pursuant to the definition of &#147;Permitted Investments.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Equity Interest Asset Owner</U>&#148; shall mean the Person that owns and provides a pledge of the applicable Additional
Equity Interest Asset. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Real Property Asset</U>&#148; shall mean (a)&nbsp;any Real Property that
is an Unencumbered Property that is wholly owned (whether in fee simple or pursuant to a ground lease) by a Macerich Entity (other than (i)&nbsp;Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Producing Properties and
(ii)&nbsp;any Real Property that is ground leased under a ground lease that does not permit such Real Property to be encumbered or pledged to secure the Secured Obligations) and (b)&nbsp;any Real Property that is stated to be an &#147;Additional
Real Property Asset&#148; pursuant to the definition of &#147;Permitted Investments.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Term SOFR</U>&#148; shall
mean Term SOFR plus 0.10% per annum, as rounded upwards by the Administrative Agent to the nearest 1/1,000 of 1%; provided that if Adjusted Term SOFR as so determined shall ever be less than the Index Floor, then Adjusted Term SOFR shall be deemed
to be the Index Floor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; shall have the meaning given such term in the introductory paragraph of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Financial Institution</U>&#148; shall mean (a)&nbsp;any EEA Financial Institution or (b)&nbsp;any UK
Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected</U><B><U> </U></B><U>Mortgaged Property</U>&#148; shall mean (a)&nbsp;any Mortgaged Property
located in a jurisdiction that requires (i)&nbsp;any Mortgage filed with respect to such Mortgaged Property to set forth the principal amount secured thereby and the payment of a recording Tax or other similar Tax based on such principal amount or
(ii)&nbsp;any Mortgage filed with respect to such Mortgaged Property to set forth the maturity date of the Secured Obligations secured thereby or (b)&nbsp;any other Mortgaged Property as reasonably determined by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; shall mean, as to any Person, any other Person directly or indirectly controlling, controlled by or under direct
or indirect common control with, such Person. &#147;<U>Control</U>&#148; as used herein shall mean the power to direct the management and policies of such Person. In the case of a Lender which is a fund that invests in loans, any other fund that
invests in loans which is managed by the same investment advisor as such Lender, or by another Affiliate of such Lender or such investment advisor, shall be deemed an Affiliate of such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent Accepted Ground Lease</U>&#148; shall mean, with respect to assets proposed to be added as Borrowing Base Mortgaged Property
Assets, a ground lease that satisfies all of the requirements set forth in the definition of Qualifying Ground Lease other than clause (i)&nbsp;thereof so long as such ground lease has a remaining term that is acceptable to, and approved by, the
Administrative Agent in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent Accepted Ground Lease Borrowing Base Mortgaged Property Asset</U>&#148; shall
mean, with respect to a Borrowing Base Mortgaged Property Asset, any wholly-owned (pursuant to an Agent Accepted Ground Lease) Unencumbered Property (other than with respect to Liens securing the Secured Obligations). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent Parties</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;11.6(4)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agents</U>&#148; shall mean the Administrative Agent, the Collateral Agent, the Joint Lead Arrangers, the <FONT
STYLE="white-space:nowrap">Co-Syndication</FONT> Agents, the <FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents and any other Persons acting in the capacity of an agent for the Lenders or the Secured Parties under this Agreement,
together with their permitted successors and assigns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternate Index Rate</U>&#148; shall mean, with respect to each Interest Period,
the per annum rate of interest of the Benchmark Replacement, determined as of the Interest Determination Date with respect to, or on a daily basis during, as applicable, such Interest Period; provided that in no event will the Alternate Index Rate
be less than the Index Floor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternate Rate Loan</U>&#148;, when used in reference to any Loan, refers to whether the Loans
comprising such Borrowing are bearing interest at a rate determined by reference to the Applicable Alternate Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anti-Terrorism Laws</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;6.26</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Alternate Rate</U>&#148; shall mean, with respect to any Alternate Rate Loan for the Interest Period applicable to such
Alternate Rate Loan, the per annum rate equal to the Alternate Index Rate <U>plus</U> the percentage (per annum) set forth below which corresponds to the applicable Debt Yield as measured at the end of each Fiscal Quarter: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Pricing Level</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Debt&nbsp;Yield</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Alternate&nbsp;Rate<BR>Spread</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&#8805;13.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.00%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;13.00%&nbsp;and&nbsp;&#8805;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.25%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.50%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Debt Yield and applicable &#147;Alternate Rate Spread&#148; shall be determined by the Administrative
Agent based on the Compliance Certificate and related Quarterly Pricing Certificate delivered for each Fiscal Quarter. Notwithstanding the foregoing, (i)&nbsp;if the Compliance Certificate or related Quarterly Pricing Certificate are not delivered
pursuant to this Agreement for purposes of calculating the Debt Yield and determining the &#147;Alternate Rate Spread&#148; (or if such calculation and determination cannot be made for any other reason), then the &#147;Alternate Rate Spread&#148;
above shall be determined based on Pricing Level III until such Compliance Certificate and related Quarterly Pricing Certificate are delivered and such calculation and determination can be made, at which time the &#147;Alternate Rate Spread&#148;
shall be based on the Debt Yield as set forth above and (ii)&nbsp;the &#147;Alternate Rate Spread&#148; above shall be determined based on Pricing Level III from the date of occurrence of any Event of Default until the date (if any) on which both
(A)&nbsp;such Event of Default has been waived by the applicable Lenders in accordance with Section&nbsp;11.2 and (B)&nbsp;no other Event of Default is then continuing. The Applicable Alternate Rate in effect from the Closing Date until delivery to
the Administrative Agent of the Compliance Certificate and related Quarterly Pricing Certificate for the Fiscal Quarter ending September&nbsp;30, 2023 shall be determined based on Pricing Level II. Any change in the Applicable Alternate Rate
resulting from a change in the Debt Yield shall not take effect until the fifth Business Day after the Compliance Certificate and related Quarterly Pricing Certificate with respect to a Fiscal Quarter are (or are required to be) delivered to the
Administrative Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained above in this definition or elsewhere in
this Agreement, if it is subsequently determined that the Debt Yield set forth in any Compliance Certificate and related Quarterly Pricing Certificate delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that
the Lenders received interest or fees for any period based on an &#147;Alternate Rate Spread&#148; that is greater or less than that which would have been applicable had the Debt Yield been accurately determined, then, for all purposes of this
Agreement, the &#147;Alternate Rate Spread&#148; for any day occurring within the applicable period shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Debt Yield for such period, and (A)&nbsp;any
excess in the interest or fees theretofore paid by the Borrower for the relevant periods as a result of the miscalculation of the Debt Yield shall reduce (but not below $0) the interest payment due on the first interest payment date pursuant to
Section&nbsp;1.10(3) that occurs immediately following the date of delivery of written notice from the Borrower to the Administrative Agent of such inaccuracy (and, for the avoidance of doubt, shall not reduce any other payment hereunder or
otherwise be required to be paid by the Administrative Agent, the Lenders or any other Secured Party to the Borrower) and (B)&nbsp;any shortfall in the interest or fees theretofore paid by the Borrower for the relevant periods as a result of the
miscalculation of the Debt Yield shall be deemed to be (and shall be) due and payable within five (5)&nbsp;Business Days after the earlier to occur of (x)&nbsp;discovery of such inaccuracy by the Borrower Parties and (y)&nbsp;delivery of written
notice from the Administrative Agent to the Borrower Parties of such inaccuracy (and shall remain due and payable until paid in full in accordance with the terms of this Agreement); provided that, for the avoidance of doubt, no Potential Default or
Event of Default shall be deemed to have occurred with respect to such deficiency unless and until the Borrower fails to make such payment required by this sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Base Rate</U>&#148; shall mean, with respect to any Base Rate Loan for the Interest Period applicable to such Base Rate
Loan, the floating rate per annum equal to the daily average Base Rate in effect during the applicable calculation period plus the percentage (per annum) set forth below which corresponds to the applicable Debt Yield as measured at the end of each
Fiscal Quarter: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Pricing Level</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Debt&nbsp;Yield</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Base&nbsp;Rate&nbsp;Spread</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&#8805;13.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>1.00%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;13.00%&nbsp;and&nbsp;&#8805;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>1.25%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>1.50%</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Debt Yield and applicable &#147;Base Rate Spread&#148; shall be determined by the
Administrative Agent based on the Compliance Certificate and related Quarterly Pricing Certificate delivered for each Fiscal Quarter. Notwithstanding the foregoing, (i)&nbsp;if the Compliance Certificate or related Quarterly Pricing Certificate are
not delivered pursuant to this Agreement for purposes of calculating the Debt Yield and determining the &#147;Base Rate Spread&#148; (or if such calculation and determination cannot be made for any other reason), then the &#147;Base Rate
Spread&#148; above shall be determined based on Pricing Level III until such Compliance Certificate and related Quarterly Pricing Certificate are delivered and such calculation and determination can be made, at which time the &#147;Base Rate
Spread&#148; shall be based on the Debt Yield as set forth above and (ii)&nbsp;the &#147;Base Rate Spread&#148; above shall be determined based on Pricing Level III from the date of occurrence of any Event of Default until the date (if any) on which
both (A)&nbsp;such Event of Default has been waived by the applicable Lenders in accordance with Section&nbsp;11.2 and (B)&nbsp;no other Event of Default is then continuing. The Applicable Base Rate in effect from the Closing Date until delivery to
the Administrative Agent of the Compliance Certificate and related Quarterly Pricing Certificate for the Fiscal Quarter ending September&nbsp;30, 2023 shall be determined based on Pricing Level II. Any change in the Applicable Base Rate resulting
from a change in the Debt Yield shall not take effect until the fifth Business Day after the Compliance Certificate and related Quarterly Pricing Certificate with respect to a Fiscal Quarter are (or are required to be) delivered to the
Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it
is subsequently determined that the Debt Yield set forth in any Compliance Certificate and related Quarterly Pricing Certificate delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received
interest or fees for any period based on a &#147;Base Rate Spread&#148; that is greater or less than that which would have been applicable had the Debt Yield been accurately determined, then, for all purposes of this Agreement, the &#147;Base Rate
Spread&#148; for any day occurring within the applicable period shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Debt Yield for such period, and (A)&nbsp;any excess in the interest or fees
theretofore paid by the Borrower for the relevant periods as a result of the miscalculation of the Debt Yield shall reduce (but not below $0) the interest payment due on the first interest payment date pursuant to Section&nbsp;1.10(3) that occurs
immediately following the date of delivery of written notice from the Borrower to the Administrative Agent of such inaccuracy (and, for the avoidance of doubt, shall not reduce any other payment hereunder or otherwise be required to be paid by the
Administrative Agent, the Lenders or any other Secured Party to the Borrower) and (B)&nbsp;any shortfall in the interest or fees theretofore paid by the Borrower for the relevant periods as a result of the miscalculation of the Debt Yield shall be
deemed to be (and shall be) due and payable within five (5)&nbsp;Business Days after the earlier to occur of (x)&nbsp;discovery of such inaccuracy by the Borrower Parties and (y)&nbsp;delivery of written notice from the Administrative Agent to the
Borrower Parties of such inaccuracy (and shall remain due and payable until paid in full in accordance with the terms of this Agreement); provided that, for the avoidance of doubt, no Potential Default or Event of Default shall be deemed to have
occurred with respect to such deficiency unless and until the Borrower fails to make such payment required by this sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Term SOFR Rate</U>&#148; shall mean, with respect to any Term SOFR Loan for the Interest Period applicable to such Term
SOFR Loan, the per annum rate equal to Adjusted Term SOFR <U>plus</U> the percentage (per annum) set forth below which corresponds to the applicable Debt Yield as measured at the end of each Fiscal Quarter: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Pricing Level</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Debt&nbsp;Yield</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>SOFR&nbsp;Spread</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&#8805;13.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.00%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;13.00%&nbsp;and&nbsp;&#8805;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.25%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&lt;11.00%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.50%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Debt Yield and applicable &#147;SOFR Spread&#148; shall be determined by the Administrative Agent based on
the Compliance Certificate and related Quarterly Pricing Certificate delivered for each Fiscal Quarter. Notwithstanding the foregoing, (i)&nbsp;if the Compliance Certificate or related Quarterly Pricing Certificate are not delivered pursuant to this
Agreement for purposes of calculating the Debt Yield and determining the &#147;SOFR Spread&#148; (or if such calculation and determination cannot be made for any other reason), then the &#147;SOFR Spread&#148; above shall be determined based on
Pricing Level III until such Compliance Certificate and related Quarterly Pricing Certificate are delivered and such calculation and determination can be made, at which time the &#147;SOFR Spread&#148; shall be based on the Debt Yield as set forth
above and (ii)&nbsp;the &#147;SOFR Spread&#148; above shall be determined based on Pricing Level III from the date of occurrence of any Event of Default until the date (if any) on which both (A)&nbsp;such Event of Default has been waived by the
applicable Lenders in accordance with Section&nbsp;11.2 and (B)&nbsp;no other Event of Default is then continuing. The Applicable Term SOFR Rate in effect from the Closing Date until delivery to the Administrative Agent of the Compliance Certificate
and related Quarterly Pricing Certificate for the Fiscal Quarter ending September&nbsp;30, 2023 shall be determined based on Pricing Level II. Any change in the Applicable Term SOFR Rate resulting from a change in the Debt Yield shall not take
effect until the fifth Business Day after the Compliance Certificate and related Quarterly Pricing Certificate with respect to a Fiscal Quarter are (or are required to be) delivered to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it is subsequently determined
that the Debt Yield set forth in any Compliance Certificate and related Quarterly Pricing Certificate delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received interest or fees for any
period based on a &#147;SOFR Spread&#148; that is greater or less than that which would have been applicable had the Debt Yield been accurately determined (regardless of whether this Agreement or the Commitments are in effect or any Loans are
outstanding when such inaccuracy is discovered), then, for all purposes of this Agreement, the &#147;SOFR Spread&#148; for any day occurring within the applicable period shall retroactively be deemed to be the relevant percentage as based upon the
accurately determined Debt Yield for such period, and (A)&nbsp;any excess in the interest or fees theretofore paid by the Borrower for the relevant periods as a result of the miscalculation of the Debt Yield shall reduce (but not below $0) the
interest payment due on the first interest payment date pursuant to Section&nbsp;1.10(3) that occurs immediately following the date of delivery of written notice from the Borrower to the Administrative Agent of such inaccuracy (and, for the
avoidance of doubt, shall not reduce any other payment hereunder or otherwise be required to be paid by the Administrative Agent, the Lenders or any other Secured Party to the Borrower) and (B)&nbsp;any shortfall in the interest or fees theretofore
paid by the Borrower for the relevant periods as a result of the miscalculation of the Debt Yield shall be deemed to be (and shall be) due and payable within five (5)&nbsp;Business Days after the earlier to occur of (x)&nbsp;discovery of such
inaccuracy by the Borrower Parties and (y)&nbsp;delivery of written notice from the Administrative Agent to the Borrower Parties of such inaccuracy (and shall remain due and payable until paid in full in accordance with the terms of this Agreement);
provided that, for the avoidance of doubt, no Potential Default or Event of Default shall be deemed to have occurred with respect to such deficiency unless and until the Borrower fails to make such payment required by this sentence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Percentage</U>&#148; shall mean Applicable Revolving Percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Revolving Percentage</U>&#148; shall mean, with respect to any Revolving Lender, (i)&nbsp;prior to the termination of the
Revolving Commitments in accordance with this Agreement, the percentage obtained by dividing (x)&nbsp;the Revolving Commitment of that Revolving Lender by (y)&nbsp;the aggregate Revolving Commitments of all Revolving Lenders and (ii)&nbsp;after the
termination of the Revolving Commitments in accordance with this Agreement, the percentage obtained by dividing (x)&nbsp;the Revolving Credit Exposure of that Revolving Lender by (y)&nbsp;the aggregate Revolving Credit Exposures of all Revolving
Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Appraisal</U>&#148; shall mean, with respect to any Real Property, an M.A.I. appraisal (commissioned by and addressed
to the Administrative Agent), reasonably acceptable to the Administrative Agent as to form, methodology employed and appraisal date, prepared by a professional appraiser reasonably acceptable to the Administrative Agent (an
&#147;<U>Appraiser</U>&#148;), which shall have at least the minimum qualifications required under applicable law governing the Administrative Agent and the Lenders, including without limitation, FIRREA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Appraiser</U>&#148; shall have the meaning given such term in the definition of &#147;Appraisal&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Fund</U>&#148; shall mean any Fund that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender
or (c)&nbsp;an entity or an Affiliate of an entity that administers or manages a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignee</U>&#148; shall have the
meaning given such term in <U>Section</U><U></U><U>&nbsp;11.8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Acceptance Agreement</U>&#148; shall mean an
Assignment and Acceptance Agreement substantially in the form of <U>Exhibit E</U>, with such amendments or modifications as may be approved by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Subordination of Property Management Agreements</U>&#148; shall mean, collectively, (a)&nbsp;the Amended and Restated
Assignment and Subordination of Property Management Agreements, dated as of the Closing Date, executed and delivered by each Affiliate of any Borrower Party that manages or operates a Borrowing Base Mortgaged Property Asset as of the Closing Date
and each Borrower Party that is an owner of such a Borrowing Base Mortgaged Property Asset as of the Closing Date and (b)&nbsp;each other assignment and subordination of property management agreement executed and delivered by each Affiliate of any
Borrower Party that manages or operates a Borrowing Base Mortgaged Property Asset and each Borrower Party that is an owner of such a Borrowing Base Mortgaged Property Asset, in each case, substantially in the form of Exhibit&nbsp;O and as Modified
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Availability Period</U>&#148; shall mean the period from and including the Closing Date to but excluding the
earlier of the Revolving Commitment Termination Date and the date of termination of the Revolving Commitments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</U>&#148; shall mean the
exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>&#148; shall mean, (a)&nbsp;with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule and (b)&nbsp;with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; shall mean Title 11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in
effect, or any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate</U>&#148; shall mean, for any day, a rate per annum equal to the highest of:
(a)&nbsp;the Prime Rate in effect on such day, (b)&nbsp;the sum of the Federal Funds Rate in effect on such day <U>plus</U> 0.50%, (c) the sum of Adjusted Term SOFR calculated for such day based on an Interest Period of one month <U>plus</U> 1.00%
and (d)&nbsp;the Index Floor. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR shall be effective on the effective day of such change in the Prime Rate, the Federal Funds Rate or Adjusted
Term SOFR, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Borrowing</U>&#148;, when used in reference to any Borrowing, refers to whether the Loans
comprising such Borrowing are bearing interest at a rate determined by reference to the Applicable Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate
Loan</U>&#148;, when used in reference to any Loan, refers to whether the Loans comprising such Borrowing are bearing interest at a rate determined by reference to the Applicable Base Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark</U>&#148; shall mean, (i)&nbsp;initially, and continuing unless and until replaced by a Benchmark Replacement pursuant to
<U>Section</U><U></U><U>&nbsp;2.4</U> of this Agreement, the Term SOFR Reference Rate, and (ii)&nbsp;if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Term SOFR Reference Rate or the
then-current Benchmark, then the applicable Benchmark Replacement to the extent such Benchmark Replacement has replaced such prior Benchmark pursuant to Section&nbsp;2.4 of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Replacement</U>&#148; shall mean, for any Interest Period, the first alternative set forth in the order below that can be
determined by the Administrative Agent as of the date that a Loan is converted to an Alternate Rate Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.4</U> of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) subject to the proviso at the end, and the last sentence, of this definition, the sum of: (i)&nbsp;Daily Simple SOFR and (ii)&nbsp;the
related Benchmark Replacement Adjustment; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the sum of: (i)&nbsp;the floating rate index that the Administrative Agent determines in
its sole but good faith discretion in consultation with the Borrower (giving due consideration to the recommendations of the Relevant Governmental Body and any evolving or then-prevailing market convention for determining a benchmark rate as a
replacement to the then-current Benchmark for U.S. dollar-denominated floating rate syndicated loans) and that is then, or the Administrative Agent anticipates will be, generally used by the Administrative Agent in its syndicated floating rate
commercial real estate loans similar to the subject Loan as an alternative to the then-current Benchmark, as determined by the Administrative Agent in its sole but good faith discretion and (ii)&nbsp;the related Benchmark Replacement Adjustment;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I> that if the index rate set forth in <U>clause</U><U></U><U>&nbsp;(a)</U> above is not then commonly used by the Administrative Agent in
its syndicated floating rate commercial real estate loans similar to the subject Loan as an alternative to the then-current Benchmark, as determined by the Administrative Agent in its sole but good faith discretion, then the Benchmark Replacement
shall be determined per <U>clause</U><U></U><U>&nbsp;(b)</U> above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing or anything herein to the contrary, if the Benchmark
Replacement as determined pursuant to <U>clause</U><U></U><U>&nbsp;(a)</U> or <U>(b)</U>&nbsp;above would be less than the Index Floor, the Benchmark Replacement will be deemed to be the Index Floor for the purposes of this Agreement and the other
Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Replacement Adjustment</U>&#148; shall mean, for any Interest Period, the first alternative set forth
in the order below that can be determined by the Administrative Agent as of the date that a Loan is converted to an Alternate Rate Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.4</U> of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the rate adjustment, or method for calculating or determining such rate adjustment (which may be a positive or negative value or zero)
that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the rate adjustment (which may be a positive or negative value or zero) that has been determined by the Administrative Agent in its sole
but good faith discretion in consultation with the Borrower, giving due consideration to any industry-accepted index rate adjustment, or method for calculating or determining such rate adjustment, for the replacement of the then-current Benchmark
with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate syndicated loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark
Replacement Date</U>&#148; shall mean the earliest to occur of the following events with respect to the then-current Benchmark: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1) in
the case of <U>clause (1)</U>&nbsp;or <U>(2)</U> of the definition of &#147;Benchmark Transition Event,&#148; the later of (a)&nbsp;the date of the public statement or publication of information referenced therein and (b)&nbsp;the date on which the
administrator of such Benchmark permanently or indefinitely ceases to provide such Benchmark (or the published component used in the calculation thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2) in the case of <U>clause (3)</U>&nbsp;of the definition of &#147;Benchmark Transition Event,&#148; the first date on which such Benchmark
(or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be
<FONT STYLE="white-space:nowrap">non-representative;</FONT> provided that, such <FONT STYLE="white-space:nowrap">non-representativeness</FONT> will be determined by reference to the most recent statement or publication referenced in such <U>clause
(3)</U>&nbsp;even if such Benchmark continues to be provided on such date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3) in the case of <U>clause (4)</U>&nbsp;of the definition of &#147;Benchmark Transition
Event&#148;, the date of the Change in Law Determination; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4) in the case of <U>clause (5)</U>&nbsp;of the definition of
&#147;Benchmark Transition Event&#148;, the date of the Benchmark Unavailability Determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Transition
Event</U>&#148; shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(1) a public
statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or
such component thereof), permanently or indefinitely; <I>provided</I> that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a
resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states
that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely; <I>provided</I> that, at the time of such statement or publication, there is no
successor administrator that will continue to provide such Benchmark (or such component thereof); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3) a public statement or publication
of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that such
Benchmark (or such component thereof) is not, or as of a specified future date will not be, representative; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4) a Change in Law that the
Administrative Agent determines (which determination shall be conclusive and binding for all purposes absent manifest error) prohibits, restricts or limits the use of such Benchmark (upon such determination &#147;<U>Change in Law
Determination</U>&#148;); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(5) a Benchmark Unavailability Period has occurred or exists with respect to such Benchmark, and the
Administrative Agent determines in its sole and absolute discretion that such circumstance is unlikely to be temporary (a &#147;<U>Benchmark Unavailability Determination</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Unavailability Period</U>&#148; shall mean each (if any) Interest Period
for which the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Interest Rate for the applicable Interest Period
(including, if the Benchmark is Term SOFR or Daily Simple SOFR, that Term SOFR or Daily Simple SOFR, as applicable, cannot be determined in accordance with the definition thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Certification</U>&#148; shall mean a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Regulation</U>&#148; shall mean 31 C.F.R. &#167; 1010.230. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan</U>&#148; shall mean any of (a)&nbsp;an &#147;employee benefit plan&#148; (as defined in ERISA) that is subject to Title
I of ERISA, (b)&nbsp;a &#147;plan&#148; as defined in and subject to Section&nbsp;4975 of the Code or (c)&nbsp;any Person whose assets include (for purposes of ERISA Section&nbsp;3(42) or otherwise for purposes of Title I of ERISA or
Section&nbsp;4975 of the Code) the assets of any such &#147;employee benefit plan&#148; or &#147;plan&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of
Directors</U>&#148; shall mean, with respect to any person, (i)&nbsp;in the case of any corporation, the board of directors of such person, (ii)&nbsp;in the case of any limited liability company, the board of managers of such person, (iii)&nbsp;in
the case of any partnership, the Board of Directors of the general partner of such person and (iv)&nbsp;in any other case, the functional equivalent of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Book Value</U>&#148; shall mean the book value of such asset or property, without regard to any related Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowed Indebtedness</U>&#148; of any Person shall mean, without duplication, (A)&nbsp;all obligations for borrowed money of such
Person, (B)&nbsp;all liabilities and obligations, contingent or otherwise, evidenced by a letter of credit or a reimbursement obligation of such Person with respect to any letter of credit, (C)&nbsp;all obligations payable in cash (excluding
obligations payable in cash or Capital Stock, at the option of a Borrower Party) for the deferred purchase price of Real Property acquired by such Person (excluding obligations arising in the ordinary course of business but including all obligations
of such Person created or arising under any conditional sale or other title retention agreement with respect to any Real Property acquired by such Person), (D)&nbsp;all obligations for borrowed money secured by any Lien upon or in any Real Property
owned by such Person whether or not such Person has assumed or become liable for the payment of such obligations for borrowed money and (E)&nbsp;all obligations of the type described in any of clauses (A)&nbsp;through (D) above which are guaranteed,
directly or indirectly, or endorsed (otherwise than for collection or deposit in the ordinary course of business) or discounted with recourse by such Person. Borrowed Indebtedness shall not include (i)&nbsp;Indebtedness incurred for the purpose of
acquiring one or more items of personal property, (ii)&nbsp;Permitted Guaranties, (iii)&nbsp;Indebtedness with respect to any Real Property that is the subject of a Specified Change of Control Event, (iv)&nbsp;Indebtedness which is cash
collateralized (but only to the extent of such cash collateral) solely for so long as such cash is restricted for payment to such Indebtedness, (v)&nbsp;Indebtedness which has been defeased (but only to the extent of such defeasance), (vi)
Indebtedness owing to a Macerich Entity, (vii)&nbsp;cash redemption or repurchase obligations with respect to Capital Stock issued in compliance with this Agreement so long as any such obligations are not required to be shown on such Person&#146;s
balance sheet in accordance with GAAP and (viii)&nbsp;redemption or repurchase obligations with respect to Capital Stock issued in compliance with this Agreement, so long as such obligations are not required to be (and the Person to whom such
obligations are owed does not have the right to require that such obligations be) satisfied with any payments other than <FONT STYLE="white-space:nowrap">non-cash</FONT> payments in the form of Capital Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; shall have the meaning given such term in the preamble to this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Parties</U>&#148; shall mean, jointly and severally, each of the Borrower and the Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; shall mean (a)&nbsp;all Base Rate Loans made, converted or continued on the same date, or (b)&nbsp;all Term SOFR
Loans of the same Interest Period. For purposes hereof, the date of a Borrowing comprising one or more Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loan or Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Amount</U>&#148; shall mean, at any date of determination, the sum of (i)&nbsp;the Borrowing Base Value of all
Borrowing Base Equity Interest Assets, plus (ii)&nbsp;the product of (x)&nbsp;the Borrowing Base Value of all Borrowing Base Mortgaged Property Assets multiplied by (y) 65.0%, plus (iii)&nbsp;the product of (x)&nbsp;the Borrowing Base Value of all
Borrowing Base Unencumbered Assets multiplied by (y) 65.0%; provided that to the extent the aggregate Borrowing Base Value of all Borrowing Base Unencumbered Assets (excluding the Borrowing Base Value of the Wilton Mall Property) exceeds 20% of the
aggregate Borrowing Base Value of all Borrowing Base Assets at the applicable time of determination, such excess over 20% shall be excluded from the calculation of the Borrowing Base Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Asset Proposal Package</U>&#148; shall mean, with respect to any Proposed Borrowing Base Asset, the following items,
each in form and substance satisfactory to the Administrative Agent: (i)&nbsp;a description of the applicable Real Property (either the proposed Borrowing Base Mortgaged Property Asset, the proposed Borrowing Base Unencumbered Asset or the Real
Property directly or indirectly owned by the proposed Borrowing Base Equity Interest Asset Entities) and the Capital Stock, Indebtedness and businesses of the relevant Persons, (ii)&nbsp;a projected cash flow analysis of such Real Property,
(iii)&nbsp;a statement of operating expenses for such Real Property for the immediately preceding 36 consecutive calendar months (or such shorter period as such Real Property has been operational); provided that if such Real Property was acquired
during such period, this requirement shall only apply to that portion of such period prior to such acquisition to the extent such statements are available to the Borrower Parties and their Subsidiaries after use of commercially reasonable efforts to
obtain such statements, (iv)&nbsp;an operating expense and capital expenditures budget for such Real Property for the next succeeding 12 consecutive months, (v)&nbsp;if such Real Property is then the subject of an acquisition transaction, a
complete, executed copy of the purchase agreement with respect thereto and a schedule of the proposed sources and uses of funds for such transaction, (vi)&nbsp;complete, executed copies of any applicable joint venture or financing agreements related
to such Real Property and the relevant Persons who directly or indirectly own such Real Property, (vii)&nbsp;a recent rent roll for such Real Property and (viii)&nbsp;if such Real Property is subject to a ground lease, a complete, executed copy of
such ground lease. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Asset Substitution</U>&#148; shall mean the substitution or swap of
any Borrowing Base Assets (the &#147;<U>Replaced Assets</U>&#148;) for other assets of the Macerich Entities that satisfy the applicable Borrowing Base Criteria (the &#147;<U>Replacement Assets</U>&#148;) so long as the Borrowing Base Asset
Substitution Conditions with respect to such substitution or swap have been satisfied. Upon the consummation of any Borrowing Base Asset Substitution, (x)&nbsp;if the Replaced Asset subject to such Borrowing Base Asset Substitution is a Borrowing
Base Mortgaged Property Asset, such Replaced Asset shall cease to constitute a Borrowing Base Asset and, unless MAC shall have delivered a Release Request Certificate in connection therewith, shall thereafter continue to constitute Collateral
hereunder (together with the related pledges of Capital Stock of the applicable Property Owner), (y) if the Replaced Asset subject to such Borrowing Base Asset Substitution is a Borrowing Base Equity Interest Asset, such Replaced Asset shall cease
to constitute a Borrowing Base Asset and, unless MAC shall have delivered a Release Request Certificate in connection therewith, shall thereafter continue to constitute Collateral hereunder and (z)&nbsp;if the Replaced Asset subject to such
Borrowing Base Asset Substitution is a Borrowing Base Unencumbered Asset for which Capital Stock has been pledged pursuant to clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;, such Replaced Asset shall cease to constitute a
Borrowing Base Asset and, unless MAC shall have delivered a Release Request Certificate in connection therewith, such pledged Capital Stock shall thereafter continue to constitute Collateral hereunder (it being understood, for purposes of the
foregoing clauses (x)&nbsp;through (z), that if MAC shall have delivered a Release Request Certificate in connection therewith, such Replaced Assets (and/or related pledged Capital Stock, as applicable) shall be released in accordance with, and
subject to the conditions set forth in, <U>Section</U><U></U><U>&nbsp;10.12</U> hereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Asset Substitution
Conditions</U>&#148; shall mean, in respect of any Borrowing Base Asset Substitution, each of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) immediately
prior to and after giving effect to such Borrowing Base Asset Substitution, no Specified Default or Event of Default shall exist; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the
Borrower Parties shall have complied with <U>Section</U><U></U><U>&nbsp;7.14</U> with respect to the Replacement Assets to the extent applicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) immediately after giving effect to such Borrowing Base Asset Substitution, the remaining Borrowing Base Assets (including the Replacement
Assets) shall satisfy (or continue to satisfy) the requirements set forth in the definition of Borrowing Base Criteria; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Borrowing
Base Amount (calculated on a pro forma basis after giving effect to such Borrowing Base Asset Substitution and to any repayment of any Revolving Loans or LC Disbursements, and Cash Collateralization of any outstanding Letters of Credit, at the time
thereof) is greater than or equal to the total Revolving Credit Exposures; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) if the Borrower Parties are requesting that the Replaced
Assets (and/or related pledged Capital Stock, as applicable) in respect of such Borrowing Base Asset Substitution be released from the Collateral in connection with such Borrowing Base Asset Substitution, the Borrowing Base Asset Substitution shall
be made in connection with (a)&nbsp;a Financing or Joint Venture Transaction with respect to such Replaced Assets (and/or related pledged Capital Stock, as applicable) or (b)&nbsp;a Disposition of such Replaced Assets (and/or related pledged Capital
Stock, as applicable) that is permitted under <U>Section</U><U></U><U>&nbsp;8.4(3)</U>; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) MAC shall have delivered to the Administrative Agent and the Collateral Agent (i)&nbsp;a
certificate of a Responsible Officer of MAC (I)&nbsp;certifying compliance with the foregoing clauses (1), (2) and (3)&nbsp;and (II) if the Borrower Parties are requesting that such the Replaced Assets in respect of such Borrowing Base Asset
Substitution be released from the Collateral, requesting such release and certifying, in reasonable detail and with such supporting documentation as the Administrative Agent or Collateral Agent may reasonably request, compliance with the foregoing
clause (5) (any such certificate that includes the request described in this subclause (II), a &#147;<U>Release Request Certificate</U>&#148;) and (ii)&nbsp;a Borrowing Base Certificate demonstrating compliance with the foregoing clause (4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Assets</U>&#148; shall mean each (i)&nbsp;Borrowing Base Equity Interest Asset, (ii)&nbsp;Borrowing Base Mortgaged
Property Asset and (iii)&nbsp;Borrowing Base Unencumbered Asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Certificate</U>&#148; shall mean a certificate
in substantially the form of <U>Exhibit N</U> hereto, duly certified by the chief financial officer (or other Responsible Officer performing similar functions) of MAC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Criteria</U>&#148; shall mean: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) with respect to any Borrowing Base Mortgaged Property Asset or Proposed Borrowing Base Asset that would constitute a Borrowing Base
Mortgaged Property Asset, such Borrowing Base Mortgaged Property Asset or Proposed Borrowing Base Asset must be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) a
Retail/Other Property, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) located in the United States, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Wholly-Owned by the Borrower or a Subsidiary Guarantor either in fee simple or subject to a ground lease, or for those
Borrowing Base Assets which are ground leased and added as a Borrowing Base Mortgaged Property Asset after the Closing Date, subject to a Qualifying Ground Lease or an Agent Accepted Ground Lease (it being understood, for the avoidance of doubt,
that ground leases with respect to Borrowing Base Mortgaged Property Assets that are Borrowing Base Assets on the Closing Date, including without limitation the Stonewood Ground Lease, are not, and will not in the future be, required to be a
Qualifying Ground Lease or an Agent Accepted Ground Lease to satisfy the Borrowing Base Criteria), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) subject to a valid
and enforceable first priority Mortgage (subject to Permitted Encumbrances) in favor of the Collateral Agent for the benefit of the Secured Parties, and the related Capital Stock of the Property Owner must be subject to a valid and enforceable first
priority pledge in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Pledge Agreement, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) free of any structural defect, title defect, environmental issue, and/or
condemnation proceeding, in each case, that individually or in the aggregate has had, or is reasonably expected to have, a Property-Level Material Adverse Effect, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) free of any Indebtedness or Liens other than (I)&nbsp;Liens in favor of the Collateral Agent for the benefit of the Secured
Parties and (II)&nbsp;Permitted Encumbrances and Indebtedness (excluding any Indebtedness for borrowed money) in respect of such Permitted Encumbrances (and the related Capital Stock of the Property Owner shall not be subject to any Indebtedness or
Liens other than Liens in favor of the Collateral Agent for the benefit of the Secured Parties and Contractual Encumbrances), and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(G) either (x)&nbsp;a Borrowing Base Mortgaged Property Asset on the Closing Date or (y)&nbsp;added as a Borrowing Base
Mortgaged Property Asset pursuant to <U>Section</U><U></U><U>&nbsp;7.14</U> (whether as a Borrowing Base Asset Substitution or otherwise); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) with respect to any Borrowing Base Equity Interest Asset or Proposed Borrowing Base Asset that would constitute a Borrowing Base Equity
Interest Asset, such Borrowing Base Equity Interest Asset or Proposed Borrowing Base Asset must be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Capital Stock of a
Person that (I)&nbsp;is organized in the United States or any state thereof, (II)&nbsp;is either (x)&nbsp;Wholly-Owned by the Macerich Entities or (y)&nbsp;a member of a Joint Venture, or the holder of an indirect interest in a Joint Venture and
(III)&nbsp;directly or indirectly owns or ground leases a Retail/Other Property that is located in the United States, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)
with respect to such Retail/Other Property, free of any structural defect, title defect, environmental issue, and/or condemnation proceeding, in each case, that individually or in the aggregate has had, or is reasonably expected to have, a
Property-Level Material Adverse Effect, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) in the case of such Capital Stock of such Person (and not, for the avoidance
of doubt, the Capital Stock of Subsidiaries and Joint Ventures of such Person) and such Retail/Other Property, free of any Indebtedness or Liens other than (I)&nbsp;Liens in favor of the Collateral Agent for the benefit of the Secured Parties,
(II)&nbsp;with respect to such Retail/Other Property only, Permitted Indebtedness that is permitted to be secured under this Agreement, (III)&nbsp;with respect to such Capital Stock only, Contractual Encumbrances, and (IV)&nbsp;with respect to such
Retail/Other Property only, Permitted Encumbrances, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) in the case of such Capital Stock of such Person (and the Capital
Stock of Subsidiaries and Joint Ventures of such Person) and such Retail/Other Property, not the subject of any Excepted Judgment or any Specified Debt Default, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) subject to a valid and enforceable first priority pledge in favor of the Collateral Agent for the benefit of the Secured
Parties pursuant to the Pledge Agreement, which is permitted pursuant to any applicable joint venture agreement and the definitive documents governing any applicable Indebtedness subject to Contractual Encumbrances, and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) either (x)&nbsp;a Borrowing Base Equity Interest Asset on the Closing
Date or (y)&nbsp;added as a Borrowing Base Equity Interest Asset pursuant to <U>Section</U><U></U><U>&nbsp;7.14</U> (whether as a Borrowing Base Asset Substitution or otherwise); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) with respect to any Borrowing Base Unencumbered Asset or Proposed Borrowing Base Asset that would constitute a Borrowing Base Unencumbered
Asset, such Borrowing Base Unencumbered Asset or Proposed Borrowing Base Asset must be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) a Retail/Other Property, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) located in the United States, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) free of any structural defect, environmental issue, and/or condemnation proceeding, in each case, that individually or in
the aggregate has had, or is reasonably expected to have, a Property-Level Material Adverse Effect, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) free of any
Indebtedness or Liens other than (I)&nbsp;Liens in favor of the Collateral Agent for the benefit of the Secured Parties and (II)&nbsp;Permitted Encumbrances and Indebtedness (excluding any Indebtedness for borrowed money) in respect of such
Permitted Encumbrances, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) not the subject of any Excepted Judgment or Specified Debt Default, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) either (x)&nbsp;owned by a <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture of the
Macerich Entities that is (I)&nbsp;party to a joint venture agreement that prohibits a pledge to the Collateral Agent, and to any agent, trustee or other representative for any other <FONT STYLE="white-space:nowrap">non-property</FONT> level
Indebtedness, of the Capital Stock of such Subsidiary or Joint Venture and the Capital Stock of all direct or indirect parent companies of such Subsidiary or Joint Venture that constitute Macerich Entities (which prohibition was entered into for
bona fide business purposes and not by the Macerich Entities for the purpose of avoiding a pledge thereof under the Loan Documents) and (II)&nbsp;not the subject of an Excepted Judgment or a Specified Debt Default or (y)&nbsp;in the case of the
Wilton Mall Property only (and only if the immediately preceding clause (x)&nbsp;does not apply with respect thereto), owned by a Subsidiary or Joint Venture of the Macerich Entities (I)&nbsp;that is organized in the United States or any state
thereof, (II)&nbsp;that is not the subject of an Excepted Judgment or a Specified Debt Default and (III)&nbsp;whose Capital Stock is (a)&nbsp;free of any Indebtedness or Liens other than (i)&nbsp;Liens in favor of the Collateral Agent for the
benefit of the Secured Parties and (ii)&nbsp;Contractual Encumbrances and (b)&nbsp;subject to a valid and enforceable first priority pledge in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Pledge Agreement,
which is permitted pursuant to any applicable joint venture agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(G) either (x)&nbsp;a Borrowing Base Unencumbered
Asset on the Closing Date or (y)&nbsp;added as a Borrowing Base Unencumbered Asset pursuant to <U>Section</U><U></U><U>&nbsp;7.14</U> (whether as a Borrowing Base Asset Substitution or otherwise). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Deliverables</U>&#148; shall mean, with respect to any Proposed
Borrowing Base Asset, the following items, each in form and substance satisfactory to the Administrative Agent (unless otherwise specified): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a certificate of the chief financial officer (or other Responsible Officer) of MAC, dated the date of the addition of such Proposed
Borrowing Base Asset to the Collateral as a Borrowing Base Asset, confirming that (A)&nbsp;the Proposed Borrowing Base Asset satisfies all Borrowing Base Criteria, (B)&nbsp;no Potential Default or Event of Default has occurred and is continuing, and
the addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset will not cause or result in a Potential Default or Event of Default, (C)&nbsp;the representations and warranties made by the Borrower Parties in the Loan Documents with
respect to the asset proposed to be added as a Borrowing Base Asset are true and correct in all material respects (except for changes in factual circumstances not prohibited under the Loan Documents and except further that, in the event any
exception or disclosure schedule provided to Administrative Agent in connection with such representations and warranties is proposed by the Borrower to be updated, any such updates shall be <FONT STYLE="white-space:nowrap">non-material</FONT> and
shall be approved by the Administrative Agent in its good faith judgment) on and as of the date when made and on and as of the date of the addition of such Proposed Borrowing Base Asset (or, if any such representation or warranty is expressly stated
to have been made as of a specific date, as of such specific date); <U>provided</U> <U>however</U>, that any representation or warranty that is qualified as to materiality or Material Adverse Effect or similar language shall be true and correct in
all respects subject to such qualifiers, and (D)&nbsp;the Borrower Parties are in compliance with the covenants contained in <U>Section</U><U></U><U>&nbsp;8.11</U> (both immediately before and on a pro forma<I> </I>basis immediately after the
addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset), together with supporting information demonstrating such compliance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a Borrowing Base Certificate demonstrating that the Borrowing Base Amount (calculated on a pro forma basis after giving effect to the
addition of such Proposed Borrowing Base Asset to the Collateral as a Borrowing Base Asset and to any Revolving Loans made and Letters of Credit issued, amended or extended at the time thereof) will be greater than or equal to the aggregate
Revolving Credit Exposures of all Revolving Lenders; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) each of the items set forth in <U>Sections 5.1</U>, <U>7.14</U> and
<U>7.18</U>, in each case to the extent applicable for the Proposed Borrowing Base Asset and for any Subsidiary Guarantor to the extent not previously satisfied with respect to such Subsidiary Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) reports supplementing Schedules I and III hereto, including descriptions of such changes in the information included in such Schedules as
may be necessary for such Schedules to be accurate and complete, certified as correct and complete by a Responsible Officer of the Borrower; <U>provided</U> that for purposes of the definition of the terms Borrowing Base Assets and Borrowing Base
Amount, the supplement to <U>Schedule I</U> shall become effective only upon&nbsp;delivery of all Borrowing Base Deliverables and approval thereof by the Administrative Agent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) such other approvals, opinions or documents as the Administrative Agent may reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Equity Interest Asset</U>&#148; shall mean Capital Stock that at all
times satisfies the Borrowing Base Criteria applicable to Borrowing Base Equity Interest Assets (unless waived by the Administrative Agent and the Required Lenders) and (i)&nbsp;either (A) is listed on <U>Schedule I</U> hereto under the heading
&#147;Borrowing Base Equity Interest Assets&#148; on the Closing Date, (B)&nbsp;for which the applicable conditions in <U>Section</U><U></U><U>&nbsp;7.14</U> have been satisfied (as may be reasonably determined by the Administrative Agent) or
(C)&nbsp;is the result of a Borrowing Base Asset Substitution and (ii)&nbsp;excluding, in each case, any such Borrowing Base Equity Interest Asset that ceases to be a Borrowing Base Asset pursuant to <U>Section</U><U></U><U>&nbsp;8.4(3)</U>, a
Borrowing Base Asset Substitution or a release under <U>Section</U><U></U><U>&nbsp;10.12</U> in connection with a Financing or Joint Venture Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Equity Interest Asset Entity</U>&#148; shall mean the Borrowing Base Equity Interest Asset Owner, the Person whose
Capital Stock constitutes the applicable Borrowing Base Equity Interest Asset, and each of such Person&#146;s Subsidiaries and Joint Ventures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Equity Interest Asset Owner</U>&#148; shall mean the Person that directly owns and provides a pledge of the applicable
Borrowing Base Equity Interest Asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Interest Coverage Ratio</U>&#148; shall mean, at any date of determination,
the ratio of (i)&nbsp;the sum of (A)&nbsp;with respect to Borrowing Base Assets that are Mortgaged Properties, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended plus
(B)&nbsp;with respect to Borrowing Base Assets that are Borrowing Base Equity Interest Assets, the aggregate Property NOI of the Retail/Other Properties owned by the Borrowing Base Equity Interest Asset Entities minus Debt Service for all
Indebtedness secured by such Retail/Other Properties or for which any Borrowing Base Equity Interest Asset Entity is otherwise liable, in each case, for the four Fiscal Quarter period then most recently ended, plus (C)&nbsp;with respect to Borrowing
Base Assets that are Borrowing Base Unencumbered Assets, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended, to (ii)&nbsp;the greatest of (A)&nbsp;the aggregate Interest Expense
under the Loan Documents for the four Fiscal Quarter period then most recently ended, (B)&nbsp;the product of (I)&nbsp;the aggregate Revolving Credit Exposure as of such date multiplied by (II) 7.25% and (C)&nbsp;the product of (I)&nbsp;the
aggregate Revolving Credit Exposure as of such date multiplied by (II)&nbsp;the sum of (a)&nbsp;a percentage equal to the Treasury Rate as of such date plus (b)&nbsp;a percentage equal to the applicable &#147;SOFR Spread&#148; as listed in the
definition of Applicable Term SOFR Rate as of such date. For purposes hereof, &#147;<U>Treasury Rate</U>&#148; shall mean, as of any date, the yield per annum of United States Treasury securities with a constant maturity of ten years as compiled and
published in the Federal Reserve Statistical Release H.15 (519) (or, if such Statistical Release is no longer published, any publicly available source of similar market data) on such date; provided that if such yield per annum is not published on
such date (because such date is not a Business Day or otherwise), the yield per annum published for the most recent date preceding such date shall be used). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Leases</U>&#148; shall mean Leases entered into by a Borrower Party (as landlord) with respect to a Borrowing Base
Mortgaged Property Asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Mortgaged Property Asset</U>&#148; shall mean each Mortgaged Property that at all times
satisfies the applicable Borrowing Base Criteria (unless waived by the Administrative Agent and the Required Lenders) and (i)&nbsp;either (A) is listed on <U>Schedule I</U> hereto under the heading &#147;Borrowing Base Mortgaged Property
Assets&#148; on the Closing Date, (B)&nbsp;for which the applicable conditions in <U>Section</U><U></U><U>&nbsp;7.14</U> have been satisfied (as may be determined by the Administrative Agent in accordance therewith) or (C)&nbsp;is the result of a
Borrowing Base Asset Substitution and (ii)&nbsp;excluding, in each case, any such Borrowing Base Mortgaged Property Asset that ceases to be a Borrowing Base Asset pursuant to <U>Section</U><U></U><U>&nbsp;8.4(3)</U>, a Borrowing Base Asset
Substitution or a release under <U>Section</U><U></U><U>&nbsp;10.12</U> in connection with a Financing or Joint Venture Transaction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Ownership Share</U>&#148; shall mean (i)&nbsp;with respect to any
Cap Rate Property, the percentage of such Cap Rate Property directly or indirectly owned by the applicable Borrowing Base Equity Interest Asset Owner through its ownership of the applicable Borrowing Base Equity Interest Asset (for purposes of
illustration, if the applicable Borrowing Base Equity Interest Asset constitutes 60.00% of the Capital Stock of a Person who in turn owns 50.00% of the applicable Cap Rate Property, the Borrowing Base Ownership Share is 30.00%) and (ii)&nbsp;with
respect to any Borrowing Base Unencumbered Asset, the percentage of such Borrowing Base Unencumbered Asset that is directly or indirectly owned by the Macerich Entities (or, with respect to the Wilton Mall Property for so long as it is subject to
clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;, the percentage of the Wilton Mall Property directly or indirectly owned by the applicable Unencumbered Property Owner Parent through its ownership of the Capital Stock that
is pledged pursuant to clause (3)(F)(y) of the definition of &#147;Borrowing Base Criteria&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Unencumbered
Asset</U>&#148; shall mean any Retail/Other Property for which at all times the Borrowing Base Criteria applicable to Borrowing Base Unencumbered Assets are satisfied (unless waived by the Administrative Agent and the Required Lenders) and
(i)&nbsp;either (A) is listed on <U>Schedule I</U> hereto under the heading &#147;Borrowing Base Unencumbered Assets&#148; on the Closing Date, (B)&nbsp;for which the applicable conditions in <U>Section</U><U></U><U>&nbsp;7.14</U> have been
satisfied (as may be reasonably determined by the Administrative Agent) or (C)&nbsp;is the result of a Borrowing Base Asset Substitution and (ii)&nbsp;excluding, in each case, any such Borrowing Base Unencumbered Asset that ceases to be a Borrowing
Base Asset pursuant to <U>Section</U><U></U><U>&nbsp;8.4(3)</U>, a Borrowing Base Asset Substitution or a designation as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset under <U>Section</U><U></U><U>&nbsp;10.12</U> in connection
with a Financing or Joint Venture Transaction described in clause (iii)&nbsp;of the definition thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base
Value</U>&#148; shall mean, as of any date of determination: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) in the case of any Borrowing Base Mortgaged Property
Asset (including the Stonewood Property while it is a Borrowing Base Mortgaged Property Asset) (other than the Specified Borrowing Base Mortgaged Property Assets), an amount equal to (i)&nbsp;the Property NOI of such Borrowing Base Mortgaged
Property Asset divided by (ii) 12.00%; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of any Former Mervyn&#146;s Box Borrowing Base Mortgaged Property
Asset, an amount equal to (i)&nbsp;the Property NOI of such Former Mervyn&#146;s Box Borrowing Base Mortgaged Property Asset divided by (ii) 20.00%; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in the case of any Agent Accepted Ground Lease Borrowing Base Mortgaged Property Asset, a value to be agreed between the
Borrower and the Administrative Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in the case of any Borrowing Base Equity Interest Asset that constitutes the
Capital Stock of the direct or indirect owner of an interest in a 6.0% Cap Rate Property, an amount, if positive, equal to (i)&nbsp;an amount equal to (A)&nbsp;the Property NOI of such 6.0% Cap Rate Property divided by (B) 6.00% multiplied by (C)
75.00% minus (ii)&nbsp;an amount equal to (A)&nbsp;the aggregate principal amount of Indebtedness secured by such 6.0% Cap Rate Property multiplied by (B)&nbsp;the Borrowing Base Ownership Share with respect to such 6.0% Cap Rate Property; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) in the case of any Borrowing Base Equity Interest Asset that constitutes
the Capital Stock of the direct or indirect owner of an interest in a 7.0% Cap Rate Property, an amount, if positive, equal to (i)&nbsp;an amount equal to (A)&nbsp;the Property NOI of such 7.0% Cap Rate Property divided by (B) 7.0% multiplied by (C)
75.00% minus (ii)&nbsp;an amount equal to (A)&nbsp;the aggregate principal amount of Indebtedness secured by such 7.0% Cap Rate Property multiplied by (B)&nbsp;the Borrowing Base Ownership Share with respect to such 7.0% Cap Rate Property; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) in the case of any Borrowing Base Equity Interest Asset that constitutes the Capital Stock of the direct or indirect owner
of an interest in a 10.0% Cap Rate Property, an amount, if positive, equal to (i)&nbsp;an amount equal to (A)&nbsp;the Property NOI of such 10.0% Cap Rate Property divided by (B) 10.00% multiplied by (C) 75.00% minus (ii)&nbsp;an amount equal to
(A)&nbsp;the aggregate principal amount of Indebtedness secured by such 10.0% Cap Rate Property multiplied by (B)&nbsp;the Borrowing Base Ownership Share with respect to such 10.0% Cap Rate Property; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) in the case of any Borrowing Base Equity Interest Asset that constitutes the Capital Stock of the direct or indirect owner
of an interest in an Other Cap Rate Property, an amount, if positive, equal to (i)&nbsp;an amount equal to (A)&nbsp;the Property NOI of such Other Cap Rate Property divided by (B)&nbsp;a percentage capitalization rate to be agreed between the
Borrower and the Administrative Agent multiplied by (C) 75.00% minus (ii)&nbsp;an amount equal to (A)&nbsp;the aggregate principal amount of Indebtedness secured by such Other Cap Rate Property multiplied by (B)&nbsp;the Borrowing Base Ownership
Share with respect to such Other Cap Rate Property; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) in the case of any Borrowing Base Unencumbered Asset, an
amount equal to (i)&nbsp;the Property NOI of such Borrowing Base Unencumbered Asset divided by (ii) 12.00% multiplied by (iii)&nbsp;the Borrowing Base Ownership Share with respect to such Borrowing Base Unencumbered Asset; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">provided that the Borrowing Base Value with respect to any Real Property that is the subject of a Specified Change of Control Event shall be
excluded in the calculation of Borrowing Base Value. If and to the extent Borrowing Base Ownership Share is used in the above, Property NOI shall be adjusted to avoid discounting the Borrower Parties&#146; pro rata share twice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Request</U>&#148; shall mean a request by the Borrower for a Borrowing in accordance with
<U>Section</U><U></U><U>&nbsp;1.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bullet Payment</U>&#148; shall mean any payment of the entire unpaid balance of any
Indebtedness at its final maturity other than the final payment with respect to a loan that is fully amortized over its term. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; shall mean any day other than a Saturday, a Sunday or a day
on which banks in Los Angeles, California or New York, New York are authorized or obligated to close their regular banking business; <U>provided</U> that the term &#147;Business Day&#148; as used with respect to the Letter of Credit provisions of
this Agreement (including, without limitation, <U>Section</U><U></U><U>&nbsp;1.4</U>) shall be defined as otherwise set forth above but shall not include the reference to &#147;Los Angeles, California&#148;; <U>provided</U>, <U>further</U>, when the
term &#147;Business Day&#148; is used in connection with a Term SOFR Loan or Term SOFR Borrowing (including the definition of &#147;Interest Period&#148; as it relates to Term SOFR Loans), the term &#147;Business Day&#148; shall also exclude any day
that is not a U.S. Government Securities Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cap Rate Property</U>&#148; shall mean each 6.0% Cap Rate Property, each
7.0% Cap Rate Property, each 10.0% Cap Rate Property and each Other Cap Rate Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease</U>&#148; of a Person
shall mean any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease Obligations</U>&#148; of a Person shall mean the amount of the obligations of such Person under Capitalized Leases
which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Loan
Fees</U>&#148; shall mean, with respect to the Macerich Entities, and with respect to any period, any upfront, closing or similar fees paid by such Person in connection with the incurrence or refinancing of Indebtedness during such period that are
capitalized on the balance sheet of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Stock</U>&#148; shall mean (i)&nbsp;with respect to any Person that is
a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including, without limitation, each class or series of common stock and preferred stock of such
Person and (ii)&nbsp;with respect to any Person that is not a corporation, any and all investment units, partnership, membership or other equity interests of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Collateralize</U>&#148; shall mean, to pledge and deposit in the LC Collateral Account, as collateral for the LC Exposure (and
Obligations in respect thereof) or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Lender shall agree in their sole discretion, other
credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and such Issuing Lender. &#147;<U>Cash Collateral</U>&#148; shall have a meaning correlative to the foregoing and shall
include the proceeds of such cash collateral and other credit support. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Equivalents</U>&#148; shall mean, with respect to
any Person: (a)&nbsp;securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b)&nbsp;certificates of deposit with maturities of not more than
one year from the date acquired by a United States federal or state chartered commercial bank of recognized standing, which has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term
commercial paper rating of at least <FONT STYLE="white-space:nowrap">A-2</FONT> or the equivalent by S&amp;P or at least <FONT STYLE="white-space:nowrap">P-2</FONT> or equivalent by Moody&#146;s; (c)&nbsp;reverse repurchase agreements with terms of
not more than seven days from the date acquired, for securities of the type described in clause (a)&nbsp;above and entered into only with commercial banks having the qualifications described in clause (b)&nbsp;above; (d)&nbsp;commercial paper issued
by any Person incorporated under the laws of the United States of America or any State thereof and rated at least <FONT STYLE="white-space:nowrap">A-2</FONT> or the equivalent thereof by S&amp;P or at least
<FONT STYLE="white-space:nowrap">P-2</FONT> or the equivalent thereof of Moody&#146;s, in each case with maturities of not more than one year from the date acquired; and (e)&nbsp;investments in money market funds registered under the Investment
Company Act of 1940, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a)&nbsp;through (d) above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management Services</U>&#148; shall mean any one or more of the following
types of services or facilities: (a)&nbsp;ACH transactions, (b)&nbsp;treasury and/or cash management services, including, controlled disbursement services, depository, overdraft and electronic funds transfer services, (c)&nbsp;foreign exchange
facilities, (d)&nbsp;deposit and other accounts, and (e)&nbsp;merchant services (other than those constituting a line of credit). For the avoidance of doubt, Cash Management Services do not include Hedging Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CERCLIS</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;6.15</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; shall mean (a)&nbsp;the adoption of any law, rule or regulation after the Closing Date, (b)&nbsp;any change
in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c)&nbsp;compliance by any Lender or any Issuing Lender (or by any lending office of such Lender or such Issuing
Lender or by such Lender&#146;s or such Issuing Lender&#146;s holding company, if any) with any guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; <I>provided</I>,
however, that (i)&nbsp;no Change in Law shall be deemed to have occurred with respect to any Assignee or Participant until after the date on which such Assignee or Participant acquired its interest as an Assignee or Participant under this Agreement
and (ii)&nbsp;clause (i)&nbsp;of this proviso shall not apply to any Change in Law with respect to (x)&nbsp;any Assignee to the extent such Change in Law was applicable to the assignor Lender on the effective date of the Assignment and Acceptance
Agreement pursuant to which such assignee became a Lender or (y)&nbsp;any Participant to the extent such Change in Law was applicable to the Originating Lender on the effective date of the agreement pursuant to which such Participant became a
Participant; <I>provided, further</I>, however that notwithstanding anything herein to the contrary, (i)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith, and (ii)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of
America or foreign regulatory authorities, in each case in respect of this clause (ii)&nbsp;pursuant to Basel III, shall, in each case, be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted or issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; shall mean occurrence of any of the following: (i)&nbsp;the acquisition of ownership, directly or
indirectly, beneficially or of record, by any &#147;person&#148; or &#147;group&#148; (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of
Capital Stock representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of MAC or (ii)&nbsp;during any period of 12 consecutive months, individuals who at the beginning of such period
constituted the Board of Directors of MAC (together with any new or replacement directors whose election by the Board of Directors, or whose nomination for election, was approved by a vote of at least a majority of the directors then still in office
who were either directors at the beginning of such period or whose election or nomination for reelection was previously so approved) cease for any reason to constitute a majority of the directors then in office, unless otherwise approved in advance
in writing by the Required Lenders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Certificate</U>&#148; shall mean a certificate substantially in the form of
<U>Exhibit F</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; shall mean the date as of which all conditions set forth in
<U>Section</U><U></U><U>&nbsp;5.1</U> shall have been satisfied or waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date Payments</U>&#148; shall mean the
payment in full, on the Closing Date, of all (a)&nbsp;Revolving Loans (as defined in the Original Credit Agreement) outstanding under the Original Credit Agreement as of the Closing Date, together with all accrued interest thereon, (b)&nbsp;accrued
Unused Line Fees (as defined in the Original Credit Agreement) under the Original Credit Agreement as of the Closing Date and (c)&nbsp;accrued fees (including Letter of Credit Fees (as defined in the Original Credit Agreement)) and other amounts
payable in respect of all &#147;Letters of Credit&#148; (as defined in the Original Credit Agreement) under the Original Credit Agreement as of the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, as
from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; shall mean all Property of the Borrower Parties, now owned or hereafter
acquired, upon which a Lien is purported to be created by any Security Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Agent</U>&#148; shall have the
meaning given such term in the introductory paragraph of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement of Construction</U>&#148; shall mean with
respect to any Real Property, the commencement of material <FONT STYLE="white-space:nowrap">on-site</FONT> work (including grading) or the commencement of a work of improvement of such property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; shall mean Revolving Commitment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commodity Exchange Act</U>&#148; shall mean the Commodity Exchange Act (7 U.S.C. &#167; 1 et seq.), as amended from time to time, and
any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Communications</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;11.6(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Compliance Certificate</U>&#148; shall mean a certificate substantially in the form
of <U>Exhibit G</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conditional Approval Notice</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;7.14</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conforming Changes</U>&#148; shall mean, with respect to either the use or
administration of Term SOFR or the use, administration, adoption or implementation of any Alternate Index Rate, any technical, administrative or operational changes (including, without limitation, changes to the definitions of &#147;Business
Day&#148;, &#147;Interest Determination Date&#148;, &#147;Interest Period&#148; and &#147;U.S. Government Securities Business Day&#148;, preceding and succeeding business day conventions, rounding of amounts, the timing and frequency of determining
rates and making payments of interest, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent determines, in consultation
with the Borrower, from time to time, may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market
practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent or its designee determines that no market practice for the use and
administration of such rate exists, in such other manner as the Administrative Agent determines is reasonably necessary). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Entities</U>&#148; shall mean, collectively, (i)&nbsp;the Borrower Parties, (ii)&nbsp;all other Subsidiaries of MAC and
(iii)&nbsp;any other Person the accounts of which are consolidated with those of MAC in the consolidated financial statements of MAC in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Total Assets</U>&#148; shall mean, as of any date of determination, the total property and assets of the Consolidated
Entities, determined in accordance with GAAP, as set forth on the consolidated balance sheet of the Consolidated Entities most recently delivered (or required to be delivered) pursuant to <U>Section</U><U></U><U>&nbsp;7.1(1)</U> or <U>(2)</U>, as
applicable (on a pro forma basis after giving effect to any Investments or Dispositions permitted hereunder or by the other Loan Documents made after the date of such balance sheet and on or prior to such date of determination). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Construction-in-Process</FONT></FONT></U>&#148; shall mean, with
respect to any Real Property Under Construction, the aggregate amount of expenditures classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;construction-in-process&#148;</FONT></FONT> on the balance sheet of the
Consolidated Entities, with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contact Office</U>&#148; shall mean the office of the Administrative Agent
identified on <U>Schedule 11.6</U> attached hereto, or such other offices in the United States as the Administrative Agent may notify the Borrower, the Lenders and the Issuing Lenders from time to time in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contingent Obligation</U>&#148; as to any Person shall mean, without duplication, (i)&nbsp;any contingent obligation of such Person
required to be shown on such Person&#146;s balance sheet in accordance with GAAP, and (ii)&nbsp;any obligation required to be disclosed in the footnotes to such Person&#146;s financial statements in accordance with GAAP, guaranteeing partially or in
whole any <FONT STYLE="white-space:nowrap">non-recourse</FONT> Indebtedness, lease, dividend or other obligation, exclusive of contractual indemnities (including, without limitation, any indemnity or price-adjustment provision relating to the
purchase or sale of securities or other assets), of such Person or of any other Person. The amount of any Contingent Obligation described in clauses (ii)&nbsp;or (iii) above shall be deemed to be (a)&nbsp;with respect to a guaranty of interest or
interest and principal, or operating income guaranty, the sum of all payments required to be made thereunder (which in the case of an operating income guaranty shall be deemed to be equal to the debt service for the note secured thereby), calculated
at the interest rate applicable to such Indebtedness, through (1)&nbsp;in the case of an interest or interest and principal guaranty, the stated date of maturity of the obligation (and commencing on the date interest could first be payable
thereunder), or (2)&nbsp;in the case of an operating income guaranty, the date through which such guaranty will remain in effect, and (b)&nbsp;with respect to all guarantees not covered by the preceding clause (a)&nbsp;an amount equal to the stated
or determinable amount of the primary obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as
recorded on the balance sheet and on the footnotes to the most recent financial statements of the applicable Person required to be delivered pursuant hereto. Notwithstanding anything contained herein to the contrary, (x)&nbsp;Permitted Guaranties
shall not be deemed to be Contingent Obligations unless and until a claim for payment has been made thereunder, at which time any such Permitted Guaranty shall be deemed to be a Contingent Obligation in an amount equal to any such claim and
(y)&nbsp;Contingent Obligations of a Borrower Party which is attributable to a <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or a Joint Venture will be equal to the amount that such Borrower Party may be liable for pursuant to
the relevant guaranty or other applicable agreement (without taking into account any offset by any partner&#146;s contribution or indemnification obligations with respect thereto other than those offsets for contribution and indemnification
obligations with the partners identified on <U>Schedule 8.21</U>). Subject to the preceding sentence, (i)&nbsp;in the case of a joint and several guaranty given by such Person and another Person (but only to the extent such guaranty is recourse,
directly or indirectly to the applicable Borrower Party or their respective Subsidiaries), the amount of the guaranty shall be deemed to be 100% thereof unless and only to the extent that (X)&nbsp;such other Person has delivered a letter of credit,
cash or Cash Equivalents to secure all or any part of such Person&#146;s guaranteed obligations or (Y)&nbsp;such other Person holds an investment grade credit rating from either Moody&#146;s or S&amp;P, and (ii)&nbsp;in the case of a guaranty
(whether or not joint and several) of an obligation otherwise constituting Indebtedness of such Person, the amount of such guaranty shall be deemed to be only that amount in excess of the amount of the obligation constituting Indebtedness of such
Person. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contractual Encumbrance</U>&#148; has the meaning given to it in the definition of
Permitted Encumbrances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contractual Obligation</U>&#148; as to any Person shall mean any provision of any security issued by
such Person or of any agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Controlled Account</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;7.20(1)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents</U>&#148; shall mean Goldman Sachs Bank USA and TD Securities Inc.,
in their respective capacities as the <FONT STYLE="white-space:nowrap">co-documentation</FONT> agents for the credit facility evidenced by this Agreement, together with their respective permitted successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents</U>&#148; shall mean Deutsche Bank Securities Inc. and JPMorgan Chase
Bank, N.A., in their respective capacities as <FONT STYLE="white-space:nowrap">co-syndication</FONT> agents for the credit facility evidenced by this Agreement, together with their respective permitted successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Exposure</U>&#148; shall mean, with respect to any Lender at any time, such Lender&#146;s Revolving Credit Exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Simple SOFR</U>&#148; shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining &#147;Daily Simple SOFR&#148; for syndicated business loans; <U>provided</U>, that if
the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; <U>provided</U>, <U>further</U>,
that if the Administrative Agent determines that Daily Simple SOFR is not administratively feasible for the Administrative Agent (after giving effect to the immediately preceding proviso), then Daily Simple SOFR will be deemed unable to be
determined for purposes of the definition of &#147;Benchmark Replacement&#148;. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBNY</U>&#148; shall have the meaning given such term in the preamble to this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debt Service</U>&#148; shall mean, with respect to any Person for any period, the sum (without duplication) of
scheduled payments made during such period on account of principal of Indebtedness (other than balloon payments of principal due upon the stated maturity of any such Indebtedness or similar principal payment which repays or discharges such
Indebtedness in full or, to the extent not pursuant to an amortization schedule which requires two or more periodic payments of principal, an amount equal to at least 80% of the initial aggregate principal amount of such Indebtedness, and mandatory
reductions of principal associated with any loan modifications, loan extensions or exercise of rights thereunder which are contingent on ratios that would not otherwise be satisfied but for the repayment of principal). For purposes hereof, the
amount of Debt Service of any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries or Joint Ventures of MAC shall be deemed to be an amount equal to the product of (x)&nbsp;the Debt Service of such Person, <I>multiplied by</I>
(y)&nbsp;the percentage of the total outstanding common Capital Stock of such Person directly or indirectly owned by MAC, expressed as a decimal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debt Yield</U>&#148; shall mean, as of the date such calculation is made, the ratio, expressed as a percentage, of (a)&nbsp;the
aggregate Property NOI with respect to all Retail/Other Properties of the Macerich Entities for the four Fiscal Quarter period then most recently ended, to (b)&nbsp;an amount equal to (A)&nbsp;the aggregate principal amount of all Total Liabilities
in respect of Borrowed Indebtedness minus (B)&nbsp;the aggregate amount of cash (other than Restricted Cash) and cash collateralized letters of credit of the Macerich Entities. For purposes hereof, the amount of cash (other than Restricted Cash) and
cash collateralized letters of credit of any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries or Joint Ventures of MAC shall be deemed to be an amount equal to the product of (x)&nbsp;the cash (other than Restricted Cash) and
cash collateralized letters of credit of such Person, <I>multiplied by</I> (y)&nbsp;the percentage of the total outstanding common Capital Stock of such Person directly or indirectly owned by MAC, expressed as a decimal. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; shall mean, subject to
<U>Section</U><U></U><U>&nbsp;1.12(2)</U>, any Lender that (a)&nbsp;has failed to (i)&nbsp;fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender&#146;s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii)&nbsp;pay to the Administrative Agent, any Issuing Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in
Letters of Credit) within two Business Days of the date when due, (b)&nbsp;has notified the Borrower, the Administrative Agent or any Issuing Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender&#146;s obligation to fund a Loan hereunder and states that such position is based on such Lender&#146;s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (<U>provided</U> that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c)&nbsp;upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d)&nbsp;has, or has a direct or indirect parent company that has, (i)&nbsp;become the subject of a proceeding under the
Bankruptcy Code, any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect, or (ii)&nbsp;had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii)&nbsp;become the subject of a <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action;
<U>provided</U> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under one or more of clauses (a)&nbsp;through (d) above shall
be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <U>Section</U><U></U><U>&nbsp;1.12(2)</U>) upon delivery of written notice of such determination to the Borrower, each Issuing
Lender and each Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>De Minimis Subsidiary</U>&#148; shall mean any Subsidiary or Subsidiaries which in the aggregate
represents less than one percent of Consolidated Total Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Depreciation and Amortization Expense</U>&#148; shall mean
(without duplication), for any period, the sum for such period of (i)&nbsp;total depreciation and amortization expense, whether paid or accrued, of the Consolidated Entities, <I>plus</I> (ii)&nbsp;any Consolidated Entity&#146;s <I>pro rata</I> share
of depreciation and amortization expenses of Joint Ventures. For purposes of this definition, MAC&#146;s <I>pro rata</I> share of depreciation and amortization expense of any Joint Venture shall be deemed equal to the product of (i)&nbsp;the
depreciation and amortization expense of such Joint Venture, <I>multiplied by</I> (ii)&nbsp;the percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Jurisdiction</U>&#148; shall mean any country or territory to the extent that such country or territory itself is the
subject of any Sanction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disposition</U>&#148; shall mean the sale, lease, sale and leaseback, assignment, conveyance, transfer
or other disposition, whether voluntary or involuntary, direct or indirect, of any legal or beneficial interest in any Property and shall include any issuance of Capital Stock; <U>provided</U>, <U>however</U>, that Disposition shall not include
(a)&nbsp;the grant or assignment by any Person of a security interest, Lien or encumbrance in or on any Property or (b)&nbsp;the leasing of a Property (or any portion thereof) in the ordinary course of business. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Capital Stock</U>&#148; shall mean with respect to any Person any
Capital Stock of such Person (other than preferred stock of MAC issued and outstanding on the Closing Date) that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or otherwise (including
upon the occurrence of any event), (i)&nbsp;matures or is mandatorily redeemable (other than solely for Capital Stock that does not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise (except as a result of a
change of control, asset sale or similar event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or similar event are subject to the prior Payment in Full), (ii)&nbsp;is redeemable at the option of
the holder thereof (other than (a)&nbsp;solely for Capital Stock that does not constitute Disqualified Capital Stock or (b)&nbsp;as a result of a change of control, asset sale or similar event so long as any rights of the holders thereof upon the
occurrence of a change of control, asset sale or similar event are subject to the prior Payment in Full), in whole or in part, or (iii)&nbsp;is or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would
constitute Disqualified Capital Stock, in each case of clauses (i)-(iii) above, prior to the date that is 91 days after the Extended Revolving Commitment Termination Date; <I>provided</I> that if such Capital Stock is issued pursuant to a plan for
the benefit of employees, officers, directors, managers or consultants of MAC or any of its Subsidiaries or by any such plan to such employees, officers, directors, managers or consultants, such Capital Stock shall not constitute Disqualified
Capital Stock solely because it may be required to be repurchased by MAC and its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of the termination, death or disability of such officers, directors,
managers or consultants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Institution</U>&#148; shall mean (i)&nbsp;each Person who is a competitor of MAC and/or
any other Macerich Entity that is designated as a &#147;Disqualified Competitor Party&#148; by the Borrower to the Administrative Agent from time to time in writing, which designation shall become effective three (3)&nbsp;Business Days after the
delivery of each such written designation to the Administrative Agent (each Person in this clause (i), a &#147;<U>Disqualified Competitor Party</U>&#148;), (ii) each other Person designated as a &#147;Disqualified Institution&#148; by the Borrower
to the Administrative Agent prior the Closing Date, and (iii)&nbsp;the Subsidiaries and controlled Affiliates and Affiliates that are under common control with the Persons identified in the foregoing clauses (i)&nbsp;and (ii), in each case under
this clause (iii), that are readily identifiable as such according to their names or would otherwise be evident from customary know your customer due diligence conducted by Lenders. Any such designation shall not apply retroactively to disqualify
any persons that have previously acquired, or entered into a trade to acquire, an assignment or participation interest in the Commitments or Credit Exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Competitor Party</U>&#148; shall have the meaning given such term in the definition of Disqualified Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution</U>&#148; shall mean with respect to MAC or the Borrower: (i)&nbsp;any distribution of cash or Cash Equivalents,
directly or indirectly, to the partners or holders of Capital Stock of such Persons, or any other distribution on or in respect of any partnership, company or equity interests of such Persons (including any stock repurchases or buybacks), other than
distributions payable solely in shares of Capital Stock of MAC or the Borrower; and (ii)&nbsp;the declaration or payment of any dividend on or in respect of any shares of any class of Capital Stock of such Persons, other than dividends payable
solely in shares of Capital Stock of MAC or the Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollar</U>&#148; shall mean lawful currency of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EBITDA</U>&#148; shall mean, for the twelve months then most recently ended, solely with respect to the Consolidated Entities, Net
Income, <I>plus</I> (without duplication) (A)&nbsp;Interest Expense, (B)&nbsp;Tax Expense, (C)&nbsp;Depreciation and Amortization Expense and (D)&nbsp;noncash compensation charges, including any such charges arising from stock options, restricted
stock grants and other equity incentive programs, in each case for such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Financial Institution</U>&#148; shall mean
(a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution
described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b) of this definition and is subject to
consolidated supervision with its parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Member Country</U>&#148; shall mean any of the member states of the European
Union, Iceland, Liechtenstein, and Norway. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Resolution Authority</U>&#148; shall mean any public administrative authority or
any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Assignee</U>&#148; shall mean any Person other than a natural Person that is: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) a commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus of at
least $100,000,000; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) a commercial bank organized under the laws of any other country which is a member of the Organization for
Economic Cooperation and Development (the &#147;<U>OECD</U>&#148;), or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000 (<U>provided</U> that such bank is acting through a branch or
agency located in the country in which it is organized or another country which is also a member of the OECD); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) a Person that is
engaged in the business of commercial banking and that is: (1)&nbsp;an Affiliate of a Lender or an Issuing Lender, (2)&nbsp;an Affiliate of a Person of which a Lender or an Issuing Lender is an Affiliate, or (3)&nbsp;a Person of which a Lender or an
Issuing Lender is a Subsidiary; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) an insurance company, mutual fund or other financial institution organized under the laws of the
United States, any state thereof, any other country which is a member of the OECD or a political subdivision of any such country which invests in bank loans and has a net worth of $500,000,000; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) a Fund (other than a mutual fund) which invests in bank loans and whose assets exceed $100,000,000; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that (i)&nbsp;no Person shall be an &#147;Eligible Assignee&#148; unless at
the time of the proposed assignment to such Person: (x)&nbsp;in the case of an assignment of Revolving Commitments and Revolving Loans, such Person is able to make its Applicable Revolving Percentage of the Revolving Commitments in U.S. dollars, and
(y)&nbsp;such Person is exempt from withholding of tax on interest and is able to deliver the documents related thereto pursuant to <U>Section</U><U></U><U>&nbsp;2.10(5)</U>, (ii) no Borrower Party nor any Affiliate of any Borrower Party shall be an
&#147;Eligible Assignee&#148; and (iii)&nbsp;no Defaulting Lender shall be an &#147;Eligible Assignee&#148; so long as such Lender remains a Defaulting Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Indemnity Agreement</U>&#148; shall mean the Amended and Restated Environmental Indemnity Agreement, dated as of the
Closing Date, executed and delivered by each Borrower Party in favor of the Administrative Agent, as Modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; shall mean the Employee Retirement Income Security Act of 1974, as Modified, and the rules and regulations
promulgated thereunder as from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; shall mean any entity, trade or business
(whether or not incorporated) that, together with any Consolidated Entity, would be deemed a &#147;single employer&#148; within the meaning of Section&nbsp;414(b) or (c)&nbsp;of the Code (and Sections 414(m) and (o)&nbsp;of the Code for purposes of
provisions relating to Section&nbsp;412 of the Code). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Event</U>&#148; shall mean (a)&nbsp;a Reportable Event with respect
to a Pension Plan; (b)&nbsp;a withdrawal by any Consolidated Entity or any ERISA Affiliate from a Pension Plan subject to Section&nbsp;4063 of ERISA during a plan year in which it was a &#147;substantial employer&#148; (as defined in
Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section&nbsp;4062(e) of ERISA; (c)&nbsp;a complete or partial withdrawal (within the meanings of Sections 4203 and 4205 of ERISA) by any
Consolidated Entity or any ERISA Affiliate from a Multiemployer Plan or receipt by any Consolidated Entity or any ERISA Affiliate of notice from any Multiemployer Plan that it is in &#147;reorganization&#148; (within the meaning of Section&nbsp;4241
of ERISA), &#147;insolvency&#148; (within the meaning of Section&nbsp;4245 of ERISA), or &#147;endangered or critical status&#148; (within the meaning of Section&nbsp;305 of ERISA); (d)&nbsp;the filing of a notice of intent to terminate, the
treatment of a plan amendment as a termination under Section&nbsp;4041 or 4041A of ERISA or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e)&nbsp;a failure by any Consolidated Entity or any ERISA
Affiliate to meet the funding requirements of Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA with respect to any Pension Plan, whether or not waived, or the failure to make by its due date a required installment under
Section&nbsp;430(j) of the Code or Section&nbsp;303(j) of ERISA with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (f)&nbsp;an event or condition which could reasonably be expected to
constitute grounds under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g)&nbsp;the imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section&nbsp;4007 of ERISA, upon any Consolidated Entity or any ERISA Affiliate; or (h)&nbsp;the filing of an application for a waiver of the minimum funding standard pursuant to Section&nbsp;412(c) of the Code
or Section&nbsp;303(c) of ERISA with respect to any Pension Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment</U>&#148; shall have the meaning given such
term in <U>Section</U><U></U><U>&nbsp;10.15(1)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Assigned Amount</U>&#148; shall have the meaning given such term
in <U>Section</U><U></U><U>&nbsp;10.15(7)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Assigning Lender</U>&#148; shall have the meaning given such
term in <U>Section</U><U></U><U>&nbsp;10.15(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Deficiency Assignment</U>&#148; shall have the meaning
given such term in <U>Section</U><U></U><U>&nbsp;10.15(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Impacted Class</U>&#148; shall have the meaning
given such term in <U>Section</U><U></U><U>&nbsp;10.15(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Return Deficiency</U>&#148; shall have the
meaning given such term in <U>Section</U><U></U><U>&nbsp;10.15(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Erroneous Payment Subrogation Rights</U>&#148; shall have
the meaning given such term in <U>Section</U><U></U><U>&nbsp;10.15(6)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation Schedule</U>&#148; shall mean the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; shall have the meaning given such term in <U>Article</U><U></U><U>&nbsp;9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excepted Judgment</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;9.9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Swap Obligation</U>&#148; shall mean, with respect to any Guarantor, any obligation (a &#147;<U>Swap Obligation</U>&#148;)
to pay or perform under any agreement, contract or transaction that constitutes a &#147;swap&#148; within the meaning of section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Guarantor
of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor&#146;s failure for any reason to constitute an &#147;eligible contract participant&#148; as defined in the Commodity Exchange Act and the
regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; shall mean, with respect to any recipient of any payment on account of any obligation of any Borrower Party
hereunder or under any other Loan Document, any of the following Taxes imposed on or with respect to such recipient or required to be withheld or deducted from a payment to such recipient, (a)&nbsp;Taxes imposed on or measured by net income (however
denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office
located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii)&nbsp;that are Other Connection Taxes, (b)&nbsp;in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of
such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i)&nbsp;such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment requested by the
Borrower under <U>Section</U><U></U><U>&nbsp;2.8(2)</U>) or (ii)&nbsp;such Lender changes its lending office, except in each case to the extent that, pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U>, amounts with respect to such Taxes were payable
either to such Lender&#146;s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c)&nbsp;Taxes attributable to such recipient&#146;s failure to comply with
<U>Section</U><U></U><U>&nbsp;2.10(6)</U> and (d)&nbsp;any U.S. federal withholding Taxes imposed under FATCA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Executive Order</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;6.26</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Letters of Credit</U>&#148; shall mean those letters of credit issued under
that certain Second Amended and Restated Credit Agreement, dated as of July&nbsp;6, 2016, as Modified prior to the Original Closing Date, by and among the Borrower, MAC, the lenders from time to time party thereto, DBNY, as administrative agent and
the other agents named therein, which remained outstanding as of the Original Closing Date and are listed on <U>Schedule 1.4</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extended Revolving Commitment Termination Date</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;1.7(5)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Notice</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;1.7(5)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Notice Date</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;1.7(5)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Option</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;1.7(5)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Increase</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;3.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Increase Arrangers</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;3.2</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facing Fee</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;2.11(2)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; shall mean Sections 1471 through 1474 of the Code as of the date
hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section&nbsp;1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such sections of the Code.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Flood Insurance</U>&#148; shall mean federally backed Flood Insurance available under the NFIP to owners of real
property improvements located in Special Flood Hazard Areas in a community participating in the NFIP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds
Rate</U>&#148; shall mean for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published for such day (or, if such day
is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average rate (rounded, if necessary, to a whole multiple of
1/100 of 1%) charged to the Administrative Agent on such day on such transactions as reasonably determined by the Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee Letter</U>&#148; shall mean that certain Fee Letter dated as of August&nbsp;2,
2023 entered into by the Borrower, Deutsche Bank Securities Inc., DBNY and JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FEMA</U>&#148; shall mean
the Federal Emergency Management Agency, a component of the U.S. Department of Homeland Security that administers the NFIP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financing or Joint Venture Transaction</U>&#148; shall mean: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) an incurrence of Indebtedness of the type set forth in clauses (a)&nbsp;and/or (b)&nbsp;of the definition thereof that is to be secured by
Liens on (x)&nbsp;assets that constitute Collateral immediately prior to the release of such assets from the Collateral or (y)&nbsp;in the case of Collateral that is Capital Stock, either a Real Property or Capital Stock owned by a Subsidiary or
Joint Venture of the Person whose Capital Stock constitutes Collateral, which Indebtedness and Liens are permitted hereunder after giving effect to such release and are incurred substantially concurrently with such release; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a contribution of (x)&nbsp;Collateral or (y)&nbsp;in the case of Collateral that is Capital Stock, either a Real Property or Capital
Stock owned by a Subsidiary or Joint Venture of the Person whose Capital Stock constitutes Collateral, in each case of clauses (x)&nbsp;and (y), to a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary in a
transaction that is permitted hereunder; and/or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) an incurrence of Indebtedness of the type set forth in clauses (a)&nbsp;and/or
(b)&nbsp;of the definition thereof that is to be secured by Liens on a Borrowing Base Unencumbered Asset (and/or on the Capital Stock of a direct or indirect owner of such Borrowing Base Unencumbered Asset) substantially concurrently with the
designation of such Borrowing Base Unencumbered Asset as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset, which Indebtedness and Liens are permitted hereunder after giving effect to such designation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and, in each case of clauses (i), (ii) and (iii), such Financing or Joint Venture Transaction is undertaken for bona fide business purposes
(i.e., and not with the primary purpose of obtaining release of such Collateral (in the case of clauses (i)&nbsp;and (ii)) or designation of such Borrowing Base Unencumbered Asset as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset
(in the case of clause (iii))) and either (x)&nbsp;a release of such Collateral (in the case of clauses (i)&nbsp;and (ii)) or designation of such Borrowing Base Unencumbered Asset as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset
(in the case of clause (iii)) is required in order to consummate such incurrence of Indebtedness or Joint Venture transaction or (y)&nbsp;the lack of release of such Collateral (in the case of clauses (i)&nbsp;and (ii)) or designation of such
Borrowing Base Unencumbered Asset as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset (in the case of clause (iii)) would adversely affect the terms of such Indebtedness or Joint Venture transaction in any material respect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financing or Joint Venture Transaction Release Conditions</U>&#148; shall mean,
with respect to the release of any Collateral in connection with a Financing or Joint Venture Transaction or the designation of a Borrowing Base Unencumbered Asset as a <FONT STYLE="white-space:nowrap">non-Borrowing</FONT> Base Asset in connection
with a Financing or Joint Venture Transaction described in clause (iii)&nbsp;of the definition thereof, the following conditions: (i)&nbsp;immediately prior to and after giving effect to such release or designation, as applicable, no Specified
Default or Event of Default shall exist (or, if a Specified Default or Event of Default is then continuing, the underlying events or circumstances that resulted in the occurrence of such Specified Default or Event of Default are effectively cured
after giving effect thereto (for example, if an Event of Default shall have occurred as a result of the Borrower&#146;s failure to make a payment that is required hereunder, and the consummation of the applicable Financing or Joint Venture
Transaction results in net cash proceeds that are used to make such required payment) and at such time no other Specified Default or Event of Default is then continuing), (ii) such release or designation, as applicable, is being consummated as part
of and substantially concurrently with a Financing or Joint Venture Transaction, (iii)&nbsp;if such release or designation relates to a Borrowing Base Asset, immediately after giving effect to such release or designation, as applicable, the
remaining Borrowing Base Assets shall satisfy (or continue to satisfy) the requirements set forth in the definition of Borrowing Base Criteria, (iv)&nbsp;if such release or designation relates to a Borrowing Base Asset, the Borrowing Base Amount
(calculated on a pro forma basis after giving effect to such release and to any repayment of any Revolving Loans or LC Disbursements, and Cash Collateralization of any outstanding Letters of Credit, at the time thereof) is greater than or equal to
the total Revolving Credit Exposures and (v)&nbsp;MAC shall have delivered to the Administrative Agent and the Collateral Agent (A)&nbsp;a certificate of a Responsible Officer of MAC certifying compliance with the foregoing clauses (i)&nbsp;through
(iii), in reasonable detail and with such supporting documentation as the Administrative Agent or Collateral Agent may reasonably request, and requesting such release and (B)&nbsp;if such release or designation relates to a Borrowing Base Asset, a
Borrowing Base Certificate demonstrating compliance with the foregoing clause (iv). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FIRREA</U>&#148; shall mean the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Quarter</U>&#148; or &#147;<U>fiscal
quarter</U>&#148; shall mean any three-month period ending on March&nbsp;31, June&nbsp;30, September&nbsp;30 or December&nbsp;31 of any Fiscal Year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Year</U>&#148; or &#147;<U>fiscal year</U>&#148; shall mean the <FONT STYLE="white-space:nowrap">12-month</FONT> period ending
on December&nbsp;31 in each year or such other period as MAC may designate and the Administrative Agent may approve in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fixed Charge Coverage Ratio</U>&#148; shall mean, at any time, the ratio of (i)&nbsp;EBITDA for the twelve months then most recently
ended (except that, with respect to any Project that has not achieved Stabilization, EBITDA for such Project shall be calculated for the most recent Fiscal Quarter and annualized), to (ii)&nbsp;Fixed Charges for such period (except that, with
respect to any Project that has not achieved Stabilization, Fixed Charges for such Project shall be calculated for the most recent Fiscal Quarter and annualized). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">138 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fixed Charges</U>&#148; shall mean, for any period, solely with respect to the
Consolidated Entities, the sum of the amounts for such period of (i)&nbsp;scheduled payments of principal of Indebtedness of the Consolidated Entities (other than any Bullet Payment and mandatory reductions of principal associated with any loan
modifications, loan extensions or exercise of rights thereunder which are contingent on ratios that would not otherwise be satisfied but for the repayment of principal) to the extent such Indebtedness constitutes Borrowed Indebtedness, (ii)&nbsp;the
Consolidated Entities&#146; <I>pro rata</I> share of scheduled payments of principal of Indebtedness of <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries or Joint Ventures (other than any Bullet Payment and mandatory reductions
of principal associated with any loan modifications, loan extensions or exercise of rights thereunder which are contingent on ratios that would not otherwise be satisfied but for the repayment of principal) that does not otherwise constitute
Indebtedness of and is not otherwise recourse to the Consolidated Entities or their assets to the extent such Indebtedness constitutes Borrowed Indebtedness, (iii)&nbsp;Interest Expense, (iv)&nbsp;dividends in respect of Disqualified Capital Stock
that are paid, or are payable, in cash or Cash Equivalents, and (v)&nbsp;to the extent not otherwise included in Interest Expense, dividends and other Distributions that are paid, or are payable, in cash or Cash Equivalents during such period by the
Borrower or MAC with respect to preferred stock or preferred operating units (excluding distributions on convertible preferred units of MACWH in accordance with the MACWH Partnership Agreement). For purposes of clauses (ii)&nbsp;and (v), the
Consolidated Entities&#146; <I>pro rata</I> share of payments by any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture shall be deemed equal to the product of (a)&nbsp;the payments made by such Person,
<I>multiplied by</I> (b)&nbsp;the percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Flood Insurance</U>&#148; shall mean, for any improved Mortgaged Property located in a Special Flood Hazard Area, Federal Flood
Insurance or private insurance reasonably satisfactory to the Administrative Agent, in either case, that (a)&nbsp;meets the requirements set forth by FEMA in its Mandatory Purchase of Flood Insurance Guidelines, (b)&nbsp;shall include a deductible
not to exceed $10,000 and (c)&nbsp;shall have a coverage amount equal to an amount as the Administrative Agent may from time to time require, and otherwise comply with the NFIP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Flood Notice</U>&#148; shall have the meaning given such term in clause (viii)&nbsp;of the definition of Mortgaged Property
Deliverables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Lender</U>&#148; shall mean any Lender or any Issuing Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Former Mervyn&#146;s Box</U>&#148; shall mean each of the following Real Properties which was formerly owned by, or leased to,
Mervyn&#146;s: (i)&nbsp;that certain parcel that is leased in part to Urban Air Adventure Park as of the date hereof, located at the shopping center commonly known as &#147;Valle Vista Mall&#148; in Harlingen, Texas and owned as of the date hereof
by Macerich Valle Vista Holdings LLC, a Delaware limited liability company, and (ii)&nbsp;that certain parcel <FONT STYLE="white-space:nowrap">sub-leased</FONT> to Kohl&#146;s as of the date hereof, located at the shopping center commonly known as
&#147;Whittwood Town Center&#148; in Whittier, California, and leased as of the date hereof by Macerich Whittwood Holdings LP, a Delaware limited partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Former Mervyn&#146;s Box Borrowing Base Mortgaged Property Asset</U>&#148; shall mean a Former Mervyn&#146;s Box to the extent
constituting a Borrowing Base Mortgaged Property Asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fronting Exposure</U>&#148; shall mean, at any time there is a
Defaulting Lender, with respect to each Issuing Lender, such Defaulting Lender&#146;s LC Exposure other than LC Exposure as to which such Defaulting Lender&#146;s participation obligation has been reallocated to other Revolving Lenders or Cash
Collateralized in accordance with the terms hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fund</U>&#148; shall mean any Person (other than a natural Person) that is (or will
be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; shall mean generally accepted accounting principles in the United States of America as in effect on the Closing Date;
provided that &#147;GAAP&#148; will exclude (i)&nbsp;the impact of expensing leasing costs which were previously capitalized as a result of changes in lease accounting standards prior to the Original Closing Date and (ii)&nbsp;the impact from <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> and other adjustments to interest expense that are not related to interest expense from loans, including, but not limited to, such amounts in respect of loans
made to (i)&nbsp;Chandler Fashion Center, located in Chandler, Arizona and owned as of the Closing Date by TWC Chandler LLC, a Delaware limited liability company, and/or (ii)&nbsp;Freehold Raceway Mall, located in Freehold, New Jersey, and owned as
of the Closing Date by Freemall Associates, LLC, a Delaware limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Good Faith Contest</U>&#148; shall mean
the contest of an item if (1)&nbsp;the item is diligently contested in good faith, and, if appropriate, by proceedings timely instituted, (2)&nbsp;adequate reserves are established if required by, and in accordance with, GAAP with respect to the
contested item, (3)&nbsp;during the period of such contest, the enforcement of any contested item is effectively stayed and (4)&nbsp;the failure to pay or comply with the contested item during the period of the contest is not likely to result in a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; shall mean the government of the United States of America or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank (or similar monetary or regulatory authority) or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Gross Leasable Area</U>&#148; shall mean the total leasable square footage of buildings situated on Real Properties, excluding the
square footage of any department stores. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantors</U>&#148; shall mean each of MAC and each Subsidiary Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranty</U>&#148; shall mean each of the Subsidiary Guaranty and the REIT Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148; shall mean any flammable materials, explosives, radioactive materials, hazardous wastes, toxic
substances or related materials, including, without limitation, any substances defined as or included in the definitions of &#147;hazardous substances,&#148; &#147;hazardous wastes,&#148; &#147;hazardous materials,&#148; or &#147;toxic
substances&#148; under any applicable federal, state, or local laws or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials Claims</U>&#148; shall
mean any enforcement, cleanup, removal or other governmental or regulatory action or order with respect to the Property, pursuant to any Hazardous Materials Laws, and/or any claim asserted in writing by any third party relating to damage,
contribution, cost recovery compensation, loss or injury resulting from any Hazardous Materials. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials Laws</U>&#148; shall mean any applicable federal, state or
local laws, ordinances or regulations relating to Hazardous Materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging Obligations</U>&#148; of a Person shall mean any
and all obligations of such Person or any of its Subsidiaries, whether absolute or contingent and howsoever and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor), under (a)&nbsp;any and all agreements, devices or arrangements designed to protect at least one of the parties thereto from the fluctuations of interest rates, commodity prices, exchange rates or forward rates applicable to such
party&#146;s assets, liabilities or exchange transactions, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection
agreements, forward rate currency or interest rate options, puts and warrants, and (b)&nbsp;any and all cancellations, buy backs, reversals, terminations or assignments of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increased Amount Date</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; of any Person shall mean without duplication, (a)&nbsp;all liabilities and obligations of such Person, whether
consolidated or representing the proportionate interest in any other Person, (i)&nbsp;in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof, and including
construction loans), (ii)&nbsp;evidenced by bonds, notes, debentures or similar instruments, (iii)&nbsp;representing the balance deferred and unpaid of the purchase price of any property or services, except those incurred in the ordinary course of
its business that would constitute a trade payable to trade creditors (but specifically excluding from such exception the deferred purchase price of real property), (iv)&nbsp;evidenced by bankers&#146; acceptances, (v)&nbsp;consisting of
obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person (in an amount equal to the lesser<B><I> </I></B>of the obligation so secured and the
fair market value of such property), (vi)&nbsp;consisting of Capitalized Lease Obligations (including any Capitalized Leases entered into as a part of a sale/leaseback transaction), (vii)&nbsp;consisting of liabilities and obligations under any
receivable sales transactions, (viii)&nbsp;consisting of a letter of credit or a reimbursement obligation of such Person with respect to any letter of credit, or (ix)&nbsp;consisting of Net Hedging Obligations, (b)&nbsp;all Contingent Obligations
that constitute guarantees by such Person of or other obligations of such Person in respect of Indebtedness of the kind described in the preceding clause (a),<B></B>&nbsp;and (c)&nbsp;except to the extent either (x)&nbsp;such obligations are not
required to be shown on such Person&#146;s balance sheet in accordance with GAAP or (y)&nbsp;such obligations are not required to be (and the Person to whom such obligations are owed does not have the right to require that such obligations be)
satisfied with any consideration other than <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration in the form of Capital Stock that does not constitute Disqualified Capital Stock, (i)&nbsp;all obligations to purchase, redeem or acquire for
cash or <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration any Capital Stock or other equity interest and (ii)&nbsp;all obligations of such Person to purchase for cash or <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration
Securities or other property arising out of or in connection with the sale of the same or substantially similar securities or property. For the avoidance of doubt, Indebtedness of any water, sewer, or other improvement district that is payable from
assessments or taxes on property located within such district shall not be deemed to be Indebtedness of any Person owning property located within such district; <U>provided</U><B><I> </I></B>that such Person has not otherwise obligated itself in
respect of the repayment of such Indebtedness on a recourse basis. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Liabilities</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;11.14</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Person</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;11.14</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; shall mean (a)&nbsp;Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of any Borrower Party under any Loan Document and (b)&nbsp;to the extent not otherwise described in clause (a), Other Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Index Floor</U>&#148; shall mean 0.25% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Financial Statements</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Revolving Commitment Termination Date</U>&#148; shall mean February&nbsp;1, 2027. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Determination Date</U>&#148; shall mean, (i)&nbsp;with respect to each Interest Period that occurs while a Loan is a Term
SOFR Loan, the date that is two (2)&nbsp;U.S. Government Securities Business Days prior to the first day of the applicable Interest Period, and (ii)&nbsp;with respect to any Interest Period that occurs while a Loan is an Alternate Rate Loan, the
date that is two (2)&nbsp;U.S. Government Securities Business Days prior to the first day of the applicable Interest Period (or the time determined by the Administrative Agent in accordance with the Conforming Changes). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Expense</U>&#148; shall mean, for any period, solely with respect to the Consolidated Entities, the sum (without
duplication) for such period of: (i)&nbsp;total interest expense, whether paid or accrued, of the Consolidated Entities, including fees payable in connection with the Loan Documents, charges in respect of letters of credit and the portion of any
Capitalized Lease Obligations allocable to interest expense, including the Consolidated Entities&#146; share of interest expenses in <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries and Joint Ventures but excluding amortization
or <FONT STYLE="white-space:nowrap">write-off</FONT> of debt discount and expense (except as provided in clause (ii)&nbsp;below), (ii) amortization of costs related to interest rate protection contracts and rate buydowns (other than the costs
associated with the interest rate buydowns completed in connection with the initial public offering of MAC), (iii) capitalized interest, <U>provided</U> that capitalized interest may be excluded from this clause (iii)&nbsp;to the extent
(A)&nbsp;such interest is paid or reserved out of any interest reserve established under a loan facility; or (B)&nbsp;consists of interest imputed under GAAP in respect of ongoing construction activities, but only to the extent such interest has not
actually been paid, and the amount thereof does not exceed $40,000,000, (iv) for purposes of determining Interest Expense as used in the Fixed Charge Coverage Ratio (both numerator and denominator) only, amortization of Capitalized Loan Fees,
(v)&nbsp;to the extent not included in clauses (i), (ii), (iii) and (iv), any Consolidated Entities&#146; <I>pro rata</I> share of interest expense and other amounts of the type referred to in such clauses of
<FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries and Joint Ventures, and (vi)&nbsp;interest incurred on any liability or obligation that constitutes a Contingent Obligation of any Consolidated Entity; <U>provided</U> that during
any period that a Retail/Other Property is subject to a Specified Change of Control Event, the accrued and unpaid interest with respect to Indebtedness incurred in respect of such Retail/Other Property shall also be excluded from Interest Expense.
For purposes of clause (v), any Consolidated Entities&#146; <I>pro rata </I>share of interest expense or other amount of any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture shall be deemed equal to the product of
(a)&nbsp;the interest expense or other relevant amount of such Person, <I>multiplied by</I> (b)&nbsp;the percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">142 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; shall mean: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) for any Base Rate Borrowing, the period commencing on the date of such borrowing and ending on the last day of the calendar
month in which made; <U>provided</U>, that if any Base Rate Borrowing is converted to a Term SOFR Borrowing, the applicable Base Rate Interest Period shall end on such date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) for any Term SOFR Loan, the period commencing on the date of such Loan and ending on the numerically corresponding day in
the calendar month that is one, three or six months thereafter, as specified in the applicable Borrowing Request or Rate Request; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) for any Alternate Rate Loan, the period commencing on the date of such Loan and ending on the date determined by the
Administrative Agent in accordance with the Conforming Changes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that (i)&nbsp;if any Interest Period would end on a day other than a
Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day and (ii)&nbsp;any Interest Period pertaining to a Term SOFR Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall
be the effective date of the most recent conversion or continuation of such Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; shall mean, with respect
to any Person, (i)&nbsp;any purchase or other acquisition by that Person of Securities, or of a beneficial interest in Securities, issued by any other Person, (ii)&nbsp;any purchase by that Person of a Property or the assets of a business conducted
by another Person, and (iii)&nbsp;any loan (other than loans to employees), advance (other than deposits with financial institutions available for withdrawal on demand, prepaid expenses, accounts receivable, advances to employees and similar items
made or incurred in the ordinary course of business) or capital contribution by that Person to any other Person, including, without limitation, all Indebtedness to such Person arising from a sale of property by such Person other than in the ordinary
course of its business. &#147;Investment&#148; shall not include (a)&nbsp;any promissory notes or other consideration paid to it or by a tenant or other occupant in connection with Project leasing and operating activities, (b)&nbsp;any purchase or
other acquisition of Securities of, or a loan, advance or capital contribution to, a Macerich Entity by another Macerich Entity in the ordinary course of business or to effect a Permitted Investment or (c)&nbsp;any redemption, repurchase and/or
exchange obligations in respect of any Capital Stock of any Macerich Entity otherwise undertaken in accordance herewith. The amount of any Investment shall be the original cost of such Investment, plus the cost of all additions thereto less the
amount of any return of capital or principal to the extent such return is in cash with respect to such Investment without any adjustments for increases or decreases in value or <FONT STYLE="white-space:nowrap">write-ups,</FONT> write-downs or
write-offs with respect to such Investment. Notwithstanding the foregoing, Investments shall not include any promissory notes (and related instruments) received by a Person in connection with a Disposition. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRS</U>&#148; shall mean the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuing Lender</U>&#148; shall mean (i)&nbsp;DBNY, JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA, each in its capacity as an
issuer of Letters of Credit hereunder and (ii)&nbsp;each other Revolving Lender or Affiliate of a Revolving Lender that is designated, with the consent of such Revolving Lender or Affiliate, as applicable, the Borrower, and the Administrative Agent,
as an issuer of Letters of Credit hereunder, together with their respective successors in such capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Joinder
Agreement</U>&#148; shall mean a Joinder Agreement substantially in the form of <U>Exhibit K.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Joint Lead Arrangers</U>&#148;
shall mean Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA and BMO Bank N.A.<B> </B>in their respective capacities as joint lead arrangers and joint book runners for the credit facility evidenced by this Agreement,
together with their respective permitted successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Joint Venture</U>&#148; shall mean, as to any Person:
(i)&nbsp;any corporation fifty percent (50%) or less of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by
such Person and one or more of its Subsidiaries, or (ii)&nbsp;any partnership, limited liability company, association, joint venture or similar business organization fifty percent (50%) or less of the ownership interests having ordinary voting power
of which shall at the time be so owned or controlled. Notwithstanding the foregoing, a Joint Venture of MAC shall include each Person, other than a Subsidiary, in which MAC owns a direct or indirect equity interest. Unless otherwise expressly
provided, all references in the Loan Documents to a &#147;Joint Venture&#148; shall mean a Joint Venture of MAC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LC Collateral
Account</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;1.4(11)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LC Commitment Expiry
Date</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;1.4(1)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LC</U><U></U><U>&nbsp;Disbursement</U>&#148; shall mean a payment made by an Issuing Lender pursuant to a Letter of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LC</U><U></U><U>&nbsp;Exposure</U>&#148; shall mean, at any time, the sum of (a)&nbsp;the aggregate undrawn amount of all outstanding
Letters of Credit at such time <U>plus</U> (b)&nbsp;the aggregate amount of all LC&nbsp;Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC&nbsp;Exposure of any Revolving Lender at any time shall be
its Applicable Revolving Percentage of the total LC&nbsp;Exposure at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Parties</U>&#148; shall have the meaning
given such term in <U>Section</U><U></U><U>&nbsp;11.20</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lenders</U>&#148; shall mean each of the lenders from time to time
party to this Agreement (whether as a direct signatory thereto or as a signatory to a Joinder Agreement), including any Assignee permitted pursuant to <U>Section</U><U></U><U>&nbsp;11.8</U>. Unless the context requires otherwise, the term
&#147;Lenders&#148; includes each Issuing Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit</U>&#148; shall mean any standby letter of credit issued pursuant
to this Agreement. For the avoidance of doubt, each Existing Letter of Credit shall be deemed to be a Letter of Credit issued pursuant to this Agreement by DBNY, in its capacity as an Issuing Lender for the account of the Borrower from and after the
Original Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Commitment</U>&#148; shall mean, as to any Issuing Lender, (i)&nbsp;the amount set forth
opposite such Issuing Lender&#146;s name on <U>Schedule II</U> or (ii)&nbsp;if such Issuing Lender has entered into an Assignment and Acceptance Agreement that has been consented to by MAC and the Administrative Agent, the amount set forth for such
Issuing Lender as its Letter of Credit Commitment in the Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Fee</U>&#148; shall have the meaning given
such term in <U>Section</U><U></U><U>&nbsp;2.11(2)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Request</U>&#148; shall have the meaning given such
term in <U>Section</U><U></U><U>&nbsp;1.4(2)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; shall mean any security interest, mortgage, pledge, lien, claim
on property, charge or encumbrance (including any conditional sale or other title retention agreement), any lease in the nature thereof, and any agreement to give any security interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loans</U>&#148; shall mean Revolving Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Documents</U>&#148; shall mean this Agreement, each Joinder Agreement, if any, the Notes, each Guaranty, the Security Documents,
the Environmental Indemnity Agreement and each other instrument, certificate or agreement executed by any Borrower Party in connection herewith, as any of the same may be Modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>MAC</U>&#148; shall have the meaning given such term in the preamble to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Macerich Core Entities</U>&#148; shall mean collectively, (i)&nbsp;the Consolidated Entities, and (ii)&nbsp;any Joint Venture in
which any Consolidated Entity is a general partner or in which any Consolidated Entity owns more than 50% of the Capital Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Macerich Entities</U>&#148; shall mean the Borrower Parties, and all Subsidiary Entities of the Borrower Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Macerich Entity</U>&#148; shall mean any one of the Macerich Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>MACWH</U>&#148; shall mean MACWH, LP, a Delaware limited partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>MACWH Partnership Agreement</U>&#148; shall mean the 2005 Amended and Restated Agreement of Limited Partnership of MACWH, dated as of
April 25. 2005, by and between Walleye Retail Investments LLC, a Delaware limited liability company (as successor to MACWPI Corp., a Delaware corporation), as general partner, and certain limited partners party thereto from time to time, as the same
may be amended, modified and/or supplement from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Management Companies</U>&#148; shall mean Macerich Property
Management Company, LLC a Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners, LLC, an Arizona limited liability company, Macerich Partners of Colorado LLC, a Colorado limited
liability company, Macerich Arizona Management LLC, a Delaware limited liability company, MACW Property Management, LLC, a New York limited liability company, and MACW Mall Management, Inc., a New York corporation, and includes their respective
successors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Management Contracts</U>&#148; shall mean any contract between any Management
Company, on the one hand, and any other Macerich Entity, on the other hand, relating to the management of any Macerich Entity or any Joint Venture or any of the properties of such Person, as the same may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Margin Stock</U>&#148; shall mean &#147;margin stock&#148; as defined in Regulation U. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Management Agreements</U>&#148; shall mean Management Contracts between a Macerich Entity, as owner of a Project, and a
Wholly-Owned Subsidiary in the form of <U>Exhibit H</U> with such Modifications to such form as may be made by the Macerich Entities in their reasonable judgment so long as such Modifications are fair, reasonable, and no less favorable to the owner
than would be obtained in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not a Transactional Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; shall mean with respect to (a)&nbsp;MAC and its Subsidiaries on a consolidated basis taken as a
whole or (b)&nbsp;the Borrower and its Subsidiaries on a consolidated basis taken as a whole, any of the following (1)&nbsp;a material adverse change in, or a material adverse effect upon, the operations, business, properties or condition (financial
or otherwise) of such Persons, taken as a whole, from and after the Statement Date, (2)&nbsp;a material impairment of the ability of such Persons, taken as a whole, to otherwise perform their obligations under any Loan Document, or (3)&nbsp;a
material adverse effect upon the legality, validity, binding effect or enforceability against such Persons, taken as a whole, of any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Increase Amount</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Modifications</U>&#148; shall mean any amendments, restatements, amendment and restatements, supplements, modifications, renewals,
replacements, consolidations, severances, substitutions and extensions of any document or instrument from time to time; &#147;<U>Modify</U>&#148;, &#147;<U>Modified</U>,&#148; or related words shall have meanings correlative thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s</U>&#148; shall mean Moody&#146;s Investors Service, Inc., or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage Loans</U>&#148; shall mean all loans owned or held by any of the Macerich Entities secured by mortgages or deeds of trust on
Retail/Other Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgaged Properties</U>&#148; shall mean the Real Properties listed on <U>Schedule I</U> under the
heading &#147;Borrowing Base Mortgaged Property Assets&#148; and each other Real Property as to which the Collateral Agent for the benefit of the Secured Parties has been, or shall be, granted a valid and enforceable first priority Lien, free and
clear of all defects, encumbrances and Liens other than Permitted Encumbrances (some of which, for the avoidance of doubt, may be prior and superior in right to the Lien of such Mortgage) pursuant to one or more Mortgages, as updated from time to
time in connection with the addition of any new Borrowing Base Mortgaged Property Assets pursuant to <U>Section</U><U></U><U>&nbsp;7.14</U> and the release of any Mortgage pursuant to <U>Section</U><U></U><U>&nbsp;10.12</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgaged Property Deliverables</U>&#148; shall mean, with respect to each
Mortgaged Property, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)(x) unless the immediately succeeding clause (y)&nbsp;applies, a Mortgage in form and substance reasonably
satisfactory to the Administrative Agent, duly executed by the appropriate Borrower Party or, (y)&nbsp;for purposes of <U>Section</U><U></U><U>&nbsp;5.1</U> only, if a Mortgage in favor of, or for the benefit of, the Collateral Agent was previously
recorded against such Mortgaged Property and is in effect as of the Closing Date, a modification to such Mortgage in form and substance reasonably satisfactory to the Administrative Agent (a &#147;<U>Mortgage Modification</U>&#148;), duly executed
by the appropriate Borrower Party; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) evidence that (x)&nbsp;counterparts of such Mortgage or such Mortgage Modification, as
applicable, have been duly executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable in order to create or maintain, as
applicable, a valid and enforceable first priority Lien on the Mortgaged Property described therein in favor of, or for the benefit of, the Collateral Agent, subject only to Permitted Encumbrances (some of which, for the avoidance of doubt, may be
prior and superior in right to the Lien of such Mortgage) and (y)&nbsp;all required affidavits, tax forms and filings pertaining to any applicable documentary stamp, intangible and mortgage recordation taxes have been executed and delivered by all
appropriate parties and are in form suitable for filing with all applicable Governmental Authorities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to the extent available in
the applicable jurisdiction, fully paid American Land Title Association Lender&#146;s Extended Coverage title insurance policies or unconditional commitment therefor (or, in the case of a Mortgage Modification pursuant to clause (i)(y) above,
mortgage modification and date down endorsements to the related title insurance policy), issued by a title insurance company reasonably satisfactory to the Administrative Agent (the &#147;<U>Title Company</U>&#148;), in an amount, form and substance
reasonably satisfactory to the Administrative Agent, with endorsements or affirmative insurance as required by the Administrative Agent and available in the applicable jurisdiction, naming the Administrative Agent as the insured and insuring such
Mortgage to be a valid and enforceable first priority Lien on the Mortgaged Property described therein, free and clear of all defects (including, but not limited to, mechanics&#146; and materialmen&#146;s Liens) and encumbrances, excepting only
Permitted Encumbrances (some of which, for the avoidance of doubt, may be prior and superior in right to the Lien of such Mortgage) (each such policy or unconditional commitment, a &#147;<U>Title Policy</U>&#148;), and evidence that all premiums in
respect of such Title Policy have been paid; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) American Land Title Association surveys dated no more than ninety (90)&nbsp;days (or
such longer period as may be acceptable to the Administrative Agent together with a survey &#147;no change&#148; affidavit satisfactory to the Administrative Agent and the Title Company) before the date of their delivery to the Administrative Agent,
certified to the Administrative Agent and the Title Company in a manner satisfactory to the Administrative Agent by a land surveyor duly registered and licensed in the jurisdiction in which the applicable Mortgaged Property described in such survey
is located and acceptable to the Administrative Agent, in form and substance reasonably satisfactory to Administrative Agent; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) property condition, engineering and, as reasonably required by Administrative Agent,
seismic assessments as to the applicable Mortgaged Property, each in form and substance and from professional firms reasonably acceptable to the Administrative Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) a Phase I environmental site assessment and, if recommended in such assessment, a Phase II environmental site assessment, with respect to
the applicable Mortgaged Property in each case in form and substance and from professional firms reasonably acceptable to the Administrative Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) evidence of the insurance required by <U>Section</U><U></U><U>&nbsp;8.5</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii)(x) a completed &#147;Life of Loan&#148; standard flood hazard determination form as to any improved Mortgaged Property, (y)&nbsp;if the
improvements located on the applicable Mortgaged Property are located in a Special Flood Hazard Area, a Flood Notice and (if applicable) notification to the applicable Borrower Party (the &#147;<U>Flood Notice</U>&#148;) that flood insurance
coverage under the NFIP is not available because the community in which such improved Mortgaged Property is located does not participate in the NFIP, and (z)&nbsp;if the Flood Notice is required to be given (i)&nbsp;documentation evidencing the
applicable Borrower Party&#146;s receipt of the Flood Notice (e.g., a countersigned Flood Notice) and (ii)&nbsp;copy of one of the following: the Flood Insurance policy, the applicable Borrower Party&#146;s application for a Flood Insurance policy
plus proof of premium payment, a declaration page confirming that Flood Insurance has been issued, or such other evidence of Flood Insurance required by <U>Section</U><U></U><U>&nbsp;7.8</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) an Appraisal with respect to the applicable Mortgaged Property described in such Mortgage; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) estoppel and consent agreements, in form and substance reasonably satisfactory to the Administrative Agent, executed by each of the
lessors in the event the applicable Mortgaged Property is subject to a ground lease; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) a certified rent roll for the Mortgaged
Property; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) such other consents, assignment of leases and rents, security agreements, fixture filings, and agreements and
confirmations of lessors and third parties as the Administrative Agent may reasonably deem necessary or desirable and evidence that all other actions that the Administrative Agent may reasonably deem necessary or desirable in order to create valid
and enforceable Liens on the Mortgaged Property described in such Mortgage (subject to Permitted Encumbrances, some of which, for the avoidance of doubt, may be prior and superior in right to the Lien of such Mortgage) have been taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage Modification</U>&#148; shall have the meaning given such term in the definition of Mortgaged Property Deliverables. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgages</U>&#148; shall mean each of the mortgages, deeds to secure debt, and deeds of trust made by any Borrower Party in favor
of, or for the benefit of, the Collateral Agent for the benefit of the Secured Parties and in form and substance reasonably satisfactory to the Collateral Agent, as Modified from time to time (including by any applicable Mortgage Modifications).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">148 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiemployer Plan</U>&#148; shall mean a &#147;multiemployer plan&#148; (within
the meaning of Section&nbsp;4001(a)(3) of ERISA) to which any Consolidated Entity or any ERISA Affiliate makes, is making, or is obligated to make contributions or, during the preceding five (5)&nbsp;plan years, has made, or been obligated to make,
contributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>National Flood Insurance Program</U>&#148; or &#147;<U>NFIP</U>&#148; shall mean the program created by the U.S.
Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, the Flood Insurance Act of 2004 and the Biggert-Waters Flood Insurance Reform
Act of 2012, in each case as now and hereafter in effect or any successor statute thereto and together with all statutory and regulatory provisions consolidating, amending, replacing, supplementing, implementing or interpreting any of the foregoing,
as amended or modified from time to time, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a
federal insurance program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Hedging Obligations</U>&#148; shall mean, as of any date of determination, the excess (if any) of
all &#147;unrealized losses&#148; over all &#147;unrealized profits&#148; of such Person arising from Hedging Obligations as substantiated in writing by the Borrower and approved by the Administrative Agent. &#147;<U>Unrealized losses</U>&#148;
shall mean the fair market value of the cost to such Person of replacing such Hedging Obligation as of the date of determination (assuming the Hedging Obligation were to be terminated as of that date), and &#147;<U>unrealized profits</U>&#148; shall
mean the fair market value of the gain to such Person of replacing such Hedging Obligation as of the date of determination (assuming such Hedging Obligation were to be terminated as of that date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Income</U>&#148; shall mean, for any period, the net income (or loss), after provision for taxes, of the Consolidated Entities
determined on a consolidated basis for such period taken as a single accounting period as determined in accordance with GAAP, and including the Consolidated Entities&#146; pro rata share of the net income (or loss) of any <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary and Joint Venture for such period, but excluding (i)&nbsp;any recorded losses and gains and other extraordinary items for such period and any losses or gains in connection with the early
extinguishment of debt or the impairment of assets, (ii)&nbsp;other <FONT STYLE="white-space:nowrap">non-cash</FONT> charges and expenses (including <FONT STYLE="white-space:nowrap">non-cash</FONT> charges resulting from accounting changes),
(iii)&nbsp;any gains or losses arising outside of the ordinary course of business, and (iv)&nbsp;any charges for minority interests in the Borrower held by Unaffiliated Partners. For purposes hereof the Consolidated Entities&#146; pro rata share of
the net income (or loss) of any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture shall be deemed equal to the product of (i)&nbsp;the income (or loss) of such Person, <I>multiplied by</I> (ii)&nbsp;the percentage
of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New
Borrowing</U>&#148; shall mean any new advance of funds by the applicable Lenders to the Borrower constituting either a Base Rate Loan or a Term SOFR Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Revolving Loan</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;3.4(1)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Revolving Loan Commitments</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">149 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Revolving Loan Lender</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;3.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender</U>&#148; shall mean, at
any time, each Lender that is not a Defaulting Lender at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Note</U>&#148; shall mean a Revolving Loan Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NPL</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;6.15</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligations</U>&#148; shall mean any and all debts, obligations and liabilities of the Borrower Parties to the Administrative Agent,
the Collateral Agent, any Issuing Lender, the other Agents, any of the Lenders or any other Secured Party (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or
contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred), arising out of or related to the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>OFAC</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;6.26</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Organizational Documents</U>&#148; shall mean: (a)&nbsp;for any corporation, the certificate or articles of incorporation, the
bylaws, any certificate of determination or instrument relating to the rights of preferred shareholders of such corporation, and all applicable resolutions of the Board of Directors (or any committee thereof) of such corporation, (b)&nbsp;for any
partnership, the partnership agreement, any certificate of formation, and any other instrument or agreement relating to the rights between the partners or pursuant to which such partnership is formed, (c)&nbsp;for any limited liability company, the
operating agreement, any articles of organization or formation, and any other instrument or agreement relating to the rights between the members, pertaining to the manager, or pursuant to which such limited liability company is formed, and
(d)&nbsp;for any trust, the trust agreement and any other instrument or agreement relating to the rights between the trustors, trustees and beneficiaries, or pursuant to which such trust is formed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Closing Date</U>&#148; shall mean April&nbsp;14, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Credit Agreement</U>&#148; shall have the meaning given such term in the recitals to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Originating Lender</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;11.8</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Cap Rate Property</U>&#148; shall mean each Real Property (other than a 6.0% Cap Rate Property, a 7.0% Cap Rate Property or a
10.0% Cap Rate Property) that is directly or indirectly owned by a Person whose Capital Stock is a Borrowing Base Equity Interest Asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Connection Taxes</U>&#148; shall mean, with respect to any recipient of any payment under this Agreement, Taxes imposed as a
result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; shall mean all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <U>Section</U><U></U><U>&nbsp;2.8(2)</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Outside L/C Maturity Date</U>&#148; shall mean the date six calendar months after the Initial Revolving Commitment Termination Date;
provided that at any time prior to the extension of the Initial Revolving Commitment Termination Date in accordance with the terms and conditions of <U>Section</U><U></U><U>&nbsp;1.7(5)</U>, if the Borrower has notified the Administrative Agent in
writing that it will exercise the option to extend the Initial Revolving Commitment Termination Date until the Extended Revolving Commitment Termination Date, such date shall be extended to eighteen calendar months after the Initial Revolving
Commitment Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;11.8(3)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;11.8(5)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Patriot Act</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;6.26</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment in Full</U>&#148; shall mean the (i)&nbsp;termination of all Commitments,
(ii)&nbsp;payment in full, in cash, of all of the Obligations (other than any contingent indemnity or similar obligations for which no claim has been made), (iii) Cash Collateralization of, or making of other arrangements satisfactory to the
applicable Issuing Lenders with respect to, all Letters of Credit and (iv)&nbsp;termination of all Secured Hedge Agreements (or the making of arrangements with respect thereto that are reasonably satisfactory to the applicable Specified
Counterparties). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment Recipient</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;10.15(4)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; shall mean the Pension Benefit Guaranty Corporation or any entity
succeeding to any of its principal functions under ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pension Plan</U>&#148; shall mean a &#147;pension plan&#148; (as
defined in Section&nbsp;3(2) of ERISA) that is subject to Title IV of ERISA which any Consolidated Entity or any ERISA Affiliate sponsors, maintains, or to which any Consolidated Entity or any ERISA Affiliate makes, is making, or is obligated to
make contributions, or in the case of a multiple employer or other plan described in Section&nbsp;4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5)&nbsp;plan years, but excluding any Multiemployer Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Encumbrances</U>&#148; shall mean any Liens with respect to the assets of the Macerich Entities consisting of the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Liens (other than environmental Liens and Liens in favor of the PBGC) with respect to the payment of taxes, assessments or
governmental charges in all cases which are not yet due or which are being contested in good faith and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">151 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) statutory liens of carriers, warehousemen, mechanics, materialmen, landlords, repairmen
or other like Liens arising by operation of law in the ordinary course of business for amounts which, if not resolved in favor of the Macerich Entities, could not reasonably be expected to result in a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Liens securing the performance of bids, trade contracts (other than borrowed money), leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) other Liens incidental to
the conduct of the business of the Macerich Entities, including Liens arising with respect to zoning restrictions, easements, reciprocal easement agreements and related separate or supplemental agreements, covenants, conditions and restrictions,
licenses, reservations, covenants, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> encroachments, building restrictions, minor defects, irregularities in title, tax and developmental incentives, and
other similar charges or encumbrances on the use of the assets of the Macerich Entities which do not interfere with the ordinary conduct of the business of the Macerich Entities and that are not incurred (i)&nbsp;in violation of any terms and
conditions of this Agreement, (ii)&nbsp;in connection with the borrowing of money or the obtaining of advances or credit, or (iii)&nbsp;in a manner which could reasonably be expected to result in a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Liens incurred or deposits made in the ordinary course of business in connection with worker&#146;s compensation, unemployment insurance
and other types of social security; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) any attachment or judgment Lien not constituting an Event of Default; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Licenses (with respect to intellectual property and other property), capital leases, leases or subleases granted to third parties; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) any (i)&nbsp;interest or title of a lessor or sublessor under any lease not prohibited by this Agreement, (ii)&nbsp;Lien or restriction
that the interest or title of such lessor or sublessor may be subject to, or (iii)&nbsp;subordination of the interest of the lessee or sublessee under such lease to any Lien or restriction referred to in the preceding clause (ii), so long as the
holder of such Lien or restriction agrees to recognize the rights of such lessee or sublessee under such lease; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Liens arising from
filing UCC financing statements relating solely to leases not prohibited by this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Liens on
personal property (other than the Collateral (as defined in the Pledge Agreement)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) other Liens which are the subject of a Good Faith
Contest and do not secure Indebtedness for borrowed money; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Liens reflecting the interest of a purchaser pursuant to a contract to purchase
Property, including in the form of a memorandum of purchase contract recorded in the title records for the subject Property; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Liens in
respect of rights of redemption, put and call rights, <FONT STYLE="white-space:nowrap">buy-sell</FONT> rights, first offer rights, rights of first refusal, forced sale rights,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">drag-to-market</FONT></FONT> rights, <FONT STYLE="white-space:nowrap">tag-along</FONT> rights, restrictions on transfer and similar encumbrances, in each case, that are in favor of
Persons who are not Affiliates of any Macerich Entity and set forth in the organizational documentation of a <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> entity (whether on the Closing Date or, to the extent entered into for bona fide
business purposes and not in contravention of the Loan Documents, in the future) (each of the foregoing in this clause (n), a &#147;<U>Contractual Encumbrance</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) Liens (i)&nbsp;of a collection bank arising under <FONT STYLE="white-space:nowrap">Section&nbsp;4-210</FONT> of the UCC, or any comparable
or successor provision, on items in the course of collection; (ii)&nbsp;attaching to pooling, commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business; and (iii)&nbsp;in favor of banking or other
financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering deposits (including the right of <FONT STYLE="white-space:nowrap">set-off)</FONT> and which are within the general parameters
customary in the banking or finance industry; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Liens that are contractual rights of <FONT STYLE="white-space:nowrap">set-off</FONT>
(i)&nbsp;relating to the establishment of depository relations with banks or other Persons not given in connection with the issuance of Indebtedness; or (ii)&nbsp;relating to pooled deposit or sweep accounts of the Borrower Parties to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted
Guaranties</U>&#148;<B> </B>shall mean any of the following, provided such guaranties are not secured by any assets directly owned by any Borrower Party: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) guaranties of principal repayment customarily undertaken in the ordinary course (&#147;<U>Principal Repayment Guaranties</U>&#148;);
provided that the aggregate maximum potential liability of the Borrower Parties in respect of all such Principal Repayment Guaranties pursuant to this clause (a)&nbsp;shall not at any time exceed an amount equal to the greater of (i) 6% of
Consolidated Total Assets and (ii) $550,000,000; provided further that if and to the extent either (x)&nbsp;a payment is made under a Principal Repayment Guaranty that reduces the remaining obligations under such Principal Repayment Guaranty or
(y)&nbsp;the amount of such Principal Repayment Guaranty is increased, the amount of such Principal Repayment Guaranty for purposes of the cap set forth in the immediately preceding proviso shall be reduced or increased, as applicable, in a
corresponding amount so that the amount of such Principal Repayment Guaranty for purposes of this definition matches the actual amount of such Principal Repayment Guaranty at all times; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) guaranties of performance (including completion guarantees), &#147;carry&#148; guaranties and guaranties of mandatory equity contributions
(excluding any equity contributions that are or are required to be used to make principal repayments), in each case, customarily undertaken in the ordinary course, but excluding guaranties of principal repayment; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">153 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) guaranties of environmental indemnification obligations and <FONT
STYLE="white-space:nowrap">&#147;non-recourse</FONT> carveouts&#148; customarily undertaken in connection with mortgage and mezzanine financings, debt-like preferred equity investments by third parties, and similar financing or debt-like
transactions for which the repayment thereof is primarily based on the income from one or more Real Properties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) guaranties of a
Macerich Entity&#146;s obligations (other than obligations in respect of Indebtedness for borrowed money) to Unaffiliated Partners with respect to a Subsidiary Entity, such as guaranties of a Macerich Entity&#146;s capital contribution obligations
to a partnership with such Unaffiliated Partner(s); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) guaranties in favor of tenants and occupants of a Real Property, or others in
relation to a lease or occupancy agreement in respect of a Real Property, of contribution amounts to, and allowances for, a tenant&#146;s improvements or the performance of landlord&#146;s work under a lease, or amounts to be paid to an occupant
such as an anchor retailer in relation to a proposed activity at a subject Real Property (such as redevelopment), in each case undertaken in the ordinary course; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) guaranties provided in relation to the issuance of title insurance, the bonding of mechanics&#146; and other statutory liens, and for the
provision of utility services; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Guaranties listed on <U>Schedule 8.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, in the case of any such guarantee in respect of which a Borrower Party or a Subsidiary of a Borrower Party is jointly and severally
liable with a Person that is not an Affiliate of the Borrower Parties, any calculation with respect thereto shall include the entirety of such guarantee obligations without taking into account any related joint and several liability or contribution,
indemnity or similar rights of any Borrower Party or any Subsidiary of a Borrower Party against such <FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person unless such <FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person (x)&nbsp;is
listed on <U>Schedule 8.21</U>, (y) has delivered a letter of credit, cash or Cash Equivalents to secure all or any part of such <FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person&#146;s guaranteed obligations or (z)&nbsp;holds an
investment grade credit rating from either Moody&#146;s or S&amp;P. For the avoidance of doubt, guaranties of principal repayment shall only be permitted under clause (a)&nbsp;of this definition and not any other clause of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Indebtedness</U>&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Indebtedness consisting of the Secured Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Indebtedness (other than (i)&nbsp;Indebtedness that is recourse to the Borrower Parties and (ii)&nbsp;Indebtedness of the type described in
clauses (a), (c), (d), (e) and (f)&nbsp;of this definition), which for the avoidance of doubt, may be secured, including Indebtedness incurred in connection with a Financing or Joint Venture Transaction; provided that after giving effect thereto,
the Borrower Parties maintain compliance with the financial covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Permitted
Guaranties and Indebtedness consisting of reimbursement obligations in respect of letters of credit (in each case other than Indebtedness of the type described in clauses (d), (e) and (f)&nbsp;of this definition); provided that after giving effect
thereto, the Borrower Parties maintain compliance with the financial covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U>; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;(i) Indebtedness (other than Indebtedness of the type described in clauses (c), (e)
and (f)&nbsp;of this definition) that is recourse to the Borrower Parties on an unsecured basis, (ii)&nbsp;Disqualified Capital Stock (including preferred Capital Stock which constitutes Disqualified Capital Stock) of any Borrower Party that is
unsecured and redemption, repurchase and exchange obligations in respect of such Disqualified Capital Stock, and (iii)&nbsp;Indebtedness that may be converted into or exchanged for any Capital Stock (other than Disqualified Capital Stock) of the
Borrower Parties that is unsecured, in an aggregate outstanding principal amount under this clause (d)&nbsp;not to exceed $550,000,000; provided that (A)&nbsp;after giving effect thereto, the Borrower Parties maintain compliance with the financial
covenants set forth in <U>Section</U><U></U><U>&nbsp;8.11</U> and (B)&nbsp;Indebtedness of a Borrower Party which is attributable to a <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture will be equal to the amount
that such Borrower Party may be liable for (i.e., on a recourse basis to such Borrower Party) pursuant to the relevant guaranty or other applicable agreement (without taking into account any offset by any
<FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person&#146;s joint and several liability or contribution or indemnification obligations with respect thereto unless such <FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person
(x)&nbsp;is listed on <U>Schedule 8.21</U>, (y) has delivered a letter of credit, cash or Cash Equivalents to secure all or any part of such <FONT STYLE="white-space:nowrap">non-Affiliated</FONT> Person&#146;s guaranteed obligations or
(z)&nbsp;holds an investment grade credit rating from either Moody&#146;s or S&amp;P); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) obligations with respect to Capital Stock
including preferred Capital Stock (other than Disqualified Capital Stock) that is required to be accounted for as Indebtedness in accordance with GAAP and redemption, repurchase and exchange obligations in respect of such Capital Stock and other
Capital Stock (other than Disqualified Capital Stock) to the extent such other Capital Stock is not prohibited hereunder; provided that after giving effect thereto, the Borrower Parties maintain compliance with the financial covenants set forth in
<U>Section</U><U></U><U>&nbsp;8.11</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Indebtedness listed on <U>Schedule 8.2</U><U>.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Investments</U>&#148; shall mean any of the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">155 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">(a)&nbsp;(i) Investments (x) in individual Projects (including, for the avoidance of doubt,
(A)&nbsp;any individual Projects in which any Macerich Entity is already an investor and (B)&nbsp;any new individual Projects), including new Subsidiaries, Joint Ventures or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries and
loans to Joint-Ventures and <FONT STYLE="white-space:nowrap">non-Wholly</FONT> Owned Subsidiaries (or the unaffiliated equityholders in a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary), in connection with the
funding of capital needs where the unaffiliated equityholders thereof are not obligated to fund the same, or fail to fund the same in default of their obligations, or (y)&nbsp;pursuant to which a Macerich Entity acquires Capital Stock in one or more
Joint Ventures or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries in which a Macerich Entity is already an investor and which own an individual Project; provided that any such Investment under this clause (i)&nbsp;that is made
in a single transaction or series of related transactions and for which the Macerich Entities&#146; entitlement to the newly-acquired Property NOI is in an aggregate amount for such Investment that exceeds 10% of the aggregate Property NOI with
respect to all Retail/Other Properties of the Macerich Entities for the four Fiscal Quarter period then most recently ended shall require the consent of the Administrative Agent and the Required Lenders; provided further that solely for the purposes
of determining compliance with the immediately preceding proviso, any Investment under this clause (i)&nbsp;in the form of a loan shall be added to the equity capitalization of the applicable Joint Venture or Subsidiary and result in newly acquired
Property NOI based on the increased percentage of the combined equity and equityholder loan capitalization of such Joint Venture or Subsidiary held by the Macerich Entities (for example, if the Macerich Entities own 50% of a Person with a total
equity capitalization of $10,000,000 and make a loan to such Person or unaffiliated equityholders in such Person in an amount equal to $5,000,000 (resulting in the Macerich Entities holding two thirds of the total equity and equityholder loan
capitalization of such Person), the Macerich Entities would be deemed to be entitled to two thirds of the Property NOI of such Person and have newly acquired one sixth of the Property NOI of such Person for purposes of the immediately preceding
proviso (and not for any other purposes hereunder or under any other Loan Document)), (ii) Investments (x)&nbsp;in one or more Portfolios of Two Projects (including, for the avoidance of doubt, (A)&nbsp;any Portfolio of Two Projects in which any
Macerich Entity is already an investor and (B)&nbsp;any new Portfolio of Two Projects), including new Subsidiaries, Joint Ventures or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries and loans to Joint-Ventures and <FONT
STYLE="white-space:nowrap">non-Wholly</FONT> Owned Subsidiaries (or the unaffiliated equityholders in a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary), in connection with the funding of capital needs where the
unaffiliated equityholders thereof are not obligated to fund the same, or fail to fund the same in default of their obligations or (y)&nbsp;pursuant to which a Macerich Entity acquires Capital Stock in one or more Joint Ventures or <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries in which a Macerich Entity is already an investor and which own a Portfolio of Two Projects; provided that any such Investment under this clause (ii)&nbsp;that is made in a single
transaction or series of related transactions and for which the Macerich Entities&#146; entitlement to the newly-acquired Property NOI is in an aggregate amount for such Investment that exceeds 15% of the aggregate Property NOI with respect to all
Retail/Other Properties of the Macerich Entities for the four Fiscal Quarter period then most recently ended shall require the consent of the Administrative Agent and the Required Lenders; provided further that solely for the purposes of determining
compliance with the immediately preceding proviso, any Investment under this clause (ii)&nbsp;in the form of a loan shall be added to the equity capitalization of the applicable Joint Venture or Subsidiary and result in newly acquired Property NOI
based on the increased percentage of the combined equity and equityholder loan capitalization of such Joint Venture or Subsidiary held by the Macerich Entities (for example, if the Macerich Entities own 50% of a Person with a total equity
capitalization of $10,000,000 and make a loan to such Person or unaffiliated equityholders in such Person in an amount equal to $5,000,000 (resulting in the Macerich Entities holding two thirds of the total equity and equityholder loan
capitalization of such Person), the Macerich Entities would be deemed to be entitled to two thirds of the Property NOI of such Person and have newly acquired one sixth of the Property NOI of such Person for purposes of the immediately preceding
proviso (and not for any other purposes hereunder or under any other Loan Document)) and (iii)&nbsp;Investments (x) in one or more Portfolios of Three or More Projects (including, for the avoidance of doubt, (A)&nbsp;any Portfolio of Three or More
Projects in which any Macerich Entity is already an investor and (B)&nbsp;any new Portfolio of Three or More Projects), including new Subsidiaries, Joint Ventures or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries and loans to
Joint-Ventures and <FONT STYLE="white-space:nowrap">non-Wholly</FONT> Owned Subsidiaries (or the unaffiliated equityholders in a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary), in connection with the funding of
capital needs where the unaffiliated equityholders thereof are not obligated to fund the same, or fail to fund the same in default of their obligations or (y)&nbsp;pursuant to which a Macerich Entity acquires Capital Stock in one or more Joint
Ventures or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiaries in which a Macerich Entity is already an investor and which own a Portfolio of Three or More Projects; provided that any such Investment under this clause
(iii)&nbsp;that is made in a single transaction or series of related transactions and for which the Macerich Entities&#146; entitlement to the newly-acquired Property NOI is in an aggregate amount for such Investment that exceeds 25% of the
aggregate Property NOI with respect to all Retail/Other Properties of the Macerich Entities for the four Fiscal Quarter period then most recently ended shall require the consent of the Administrative Agent and the Required Lenders; provided further
that solely for the purposes of determining compliance with the immediately preceding proviso, any Investment under this clause (iii)&nbsp;in the form of a loan shall be added to the equity capitalization of the applicable Joint Venture or
Subsidiary and result in newly acquired Property NOI based on the increased percentage of the combined equity and equityholder loan capitalization of such Joint Venture or Subsidiary held by the Macerich Entities (for example, if the Macerich
Entities own 50% of a Person with a total equity capitalization of $10,000,000 and make a loan to such Person or unaffiliated equityholders in such Person in an amount equal to $5,000,000 (resulting in the Macerich Entities holding two thirds of the
total equity and equityholder loan capitalization of such Person), the Macerich Entities would be deemed to be entitled to two thirds of the Property NOI of such Person and have newly acquired one sixth of the Property NOI of such Person for
purposes of the immediately preceding proviso (and not for any other purposes hereunder or under any other Loan Document)); provided further that, with respect to any acquisition of (1)&nbsp;additional Capital Stock in a Joint Venture or <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary in which a Macerich Entity is already an investor or (2)&nbsp;Capital Stock in a new Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary that owns an
interest in a Project in which a Macerich Entity is already an investor, in each case of clauses (1)&nbsp;and (2), the Borrower shall use commercially reasonable efforts to obtain approval, if needed, from the applicable Joint Venture or <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary partners, underlying mortgage lender and/or ground lessee, as applicable, to permit a pledge of the applicable Capital Stock in order to cause such Capital Stock to constitute a Borrowing
Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable Borrowing Base Criteria), and if such approval is not
required or is obtained, such Capital Stock shall be added by the Borrower as a Borrowing Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital
Stock does not satisfy the applicable Borrowing Base Criteria), as applicable, in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> and/or <U>Section</U><U></U><U>&nbsp;7.18</U>, as applicable, within thirty (30)&nbsp;days (or such later date
as may be agreed to by the Administrative Agent in its sole discretion) after (x)&nbsp;the date of acquisition thereof (if no approvals are required) or (y)&nbsp;the date the required approvals are obtained (if such approvals are required); provided
further that if such approval is required but not obtained after the Borrower&#146;s use of commercially reasonable efforts, the Investment is still permitted, but the acquired Capital Stock shall not be required to become a Borrowing Base Equity
Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable Borrowing Base Criteria), as applicable, pursuant to this clause
(a); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Investments consisting of seller notes and other seller financings provided by a
Borrower Party or any Subsidiary thereof to a Person who is not an Affiliate of a Borrower Party in connection with a Disposition to such Person so long as (i)&nbsp;such Disposition is otherwise permitted under the Loan Documents and (ii)&nbsp;if
such Disposition is a Disposition of Collateral, the sole payees in respect of such seller notes or other seller financings are Borrower Parties (or, if such Subsidiary is the seller of such Collateral, a Subsidiary of a Borrower Party); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Investments consisting of first lien priority Mortgage Loans acquired by the Borrower, MAC or any Wholly-Owned Subsidiary of MAC that are
pledged to the Collateral Agent as Collateral for the Secured Obligations pursuant to the Pledge Agreement within thirty (30)&nbsp;days after the acquisition thereof; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Investments pursuant to which a Borrower Party or any Subsidiary thereof acquires the
Capital Stock in a Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary (or all or a portion of the assets of any such Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary) in which a
Borrower Party or any Subsidiary thereof is already an investor solely to the extent (x)&nbsp;in response to, or in anticipation of (as reasonably determined by the Borrower acting in good faith (and not for purposes of otherwise circumventing the
limitations described in clause (a)&nbsp;above)), (i) a proposed sale, <FONT STYLE="white-space:nowrap">buy-sell,</FONT> or forced sale of the assets owned by such Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary,
or similar rights exercised by the <FONT STYLE="white-space:nowrap">un-Affiliated</FONT> equityholders, by the other <FONT STYLE="white-space:nowrap">un-Affiliated</FONT> equityholders of such Joint Venture or
<FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or (ii)&nbsp;a default by the <FONT STYLE="white-space:nowrap">un-Affiliated</FONT> equityholders of such Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT>
Subsidiary under its organizational documents or loan agreement or the bankruptcy or insolvency of the <FONT STYLE="white-space:nowrap">un-Affiliated</FONT> equityholders of such Joint Venture or
<FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or (y)&nbsp;as required by the terms of the Joint Venture&#146;s or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary&#146;s organizational documents (so long as
such requirement in such organizational documents was not created for purposes of circumventing the limitations described in clause (a)&nbsp;above); provided that the Borrower shall use commercially reasonable efforts to obtain approval, if needed,
from the applicable Joint Venture or <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary equityholders, underlying mortgage lender and/or ground lessee, as applicable, to permit a pledge of the applicable Capital Stock in order to
cause such Capital Stock to constitute a Borrowing Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable
Borrowing Base Criteria), and if such approval is not required or is obtained, such Capital Stock shall be added by the Borrower as a Borrowing Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an
Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable Borrowing Base Criteria), as applicable, in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> and/or <U>Section</U><U></U><U>&nbsp;7.18</U>, as applicable,
within thirty (30)&nbsp;days (or such later date as may be agreed to by the Administrative Agent in its sole discretion) after (x)&nbsp;the date of acquisition thereof (if no approvals are required) or (y)&nbsp;the date the required approvals are
obtained (if such approvals are required); provided further that if such approval is required but not obtained after the Borrower&#146;s use of commercially reasonable efforts, the Investment is still permitted, but the acquired Capital Stock shall
not be required to become a Borrowing Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable Borrowing Base
Criteria), as applicable, pursuant to this clause (d); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Investments in the nature of asset swaps with existing partners; provided that,
(i)&nbsp;in the case of an asset swap in which Capital Stock is received by the Macerich Entities, the Borrower shall use commercially reasonable efforts to obtain approval, if needed, from the applicable Joint Venture or <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary partners, underlying mortgage lender and/or ground lessee, as applicable, to permit a pledge of the applicable Capital Stock in order to cause such Capital Stock to constitute a Borrowing
Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital Stock does not satisfy the applicable Borrowing Base Criteria), and if such approval is not
required or is obtained, such Capital Stock shall be added by the Borrower as a Borrowing Base Equity Interest Asset (if such Capital Stock satisfies the applicable Borrowing Base Criteria) or an Additional Equity Interest Asset (if such Capital
Stock does not satisfy the applicable Borrowing Base Criteria), as applicable, in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> and/or <U>Section</U><U></U><U>&nbsp;7.18</U>, as applicable, within thirty (30)&nbsp;days (or such later date
as may be agreed to by the Administrative Agent in its sole discretion) after (x)&nbsp;the date of acquisition thereof (if no approvals are required) or (y)&nbsp;the date the required approvals are obtained (if such approvals are required) and
(ii)&nbsp;solely to the extent the Debt Yield is less than 10.5% as of the last day of the most recently ended Fiscal Quarter for which financial statements were required to have been delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U>, in
the case of an asset swap in which Real Property is received by the Macerich Entities, the Borrower shall use commercially reasonable efforts to obtain approval, if needed, from the applicable Joint Venture or
<FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary partners, underlying mortgage lender and/or ground lessee, as applicable, to permit a mortgage of the applicable Real Property in order to cause such Real Property to constitute a
Borrowing Base Mortgaged Property Asset (if such Real Property satisfies the applicable Borrowing Base Criteria) or an Additional Real Property Asset (if such Real Property does not satisfy the applicable Borrowing Base Criteria), and, solely to the
extent the Debt Yield is less than 10.5% as of the last day of the most recently ended Fiscal Quarter for which financial statements were required to have been delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U>, if such approval is not
required or is obtained, such Real Property shall be added by the Borrower as a Borrowing Base Mortgaged Property Asset (if such Real Property satisfies the applicable Borrowing Base Criteria) or an Additional Real Property Asset (if such Real
Property does not satisfy the applicable Borrowing Base Criteria), as applicable, in accordance with <U>Section</U><U></U><U>&nbsp;7.14</U> and/or <U>Section</U><U></U><U>&nbsp;7.18</U>, as applicable, within thirty (30)&nbsp;days (or such later
date as may be agreed to by the Administrative Agent in its sole discretion) after (x)&nbsp;the date of acquisition thereof (if no approvals are required) or (y)&nbsp;the date the required approvals are obtained (if such approvals are required);
provided further that, in each case of clauses (i)&nbsp;and (ii) in the immediately preceding proviso, if such approval is required but not obtained after the Borrower&#146;s use of commercially reasonable efforts, the Investment is still permitted,
but the acquired Capital Stock or Real Property shall not be required to become Borrowing Base Equity Interest Asset or Borrowing Base Mortgaged Property Asset (if such Capital Stock or Real Property satisfies the applicable Borrowing Base Criteria)
or an Additional Equity Interest Asset or an Additional Real Property Asset (if such Capital Stock or Real Property does not satisfy the applicable Borrowing Base Criteria), as applicable, pursuant to this clause (e); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Investments in development and capital expenditures (including Investments in Land and
Investments in Real Property Under Construction); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) [reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Investments in connection with Permitted Indebtedness, including the repayment or defeasance thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Investments consisting of Cash and Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Investments that are existing, committed and/or contemplated as of the Closing Date and, in each case, set forth on <U>Schedule 8.5</U>;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) other Investments in an aggregate outstanding amount not to exceed $150,000,000. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; shall mean Liens permitted under
<U>Section</U><U></U><U>&nbsp;8.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; shall mean any corporation, natural person, firm, joint venture,
partnership, trust, unincorporated organization, government or any department or agency of any government. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; shall
mean any &#147;employee benefit plan&#148; (as defined in Section&nbsp;3(3) of ERISA) which any Consolidated Entity or any ERISA Affiliate establishes, sponsors or maintains or to which any Consolidated Entity or any ERISA Affiliate makes, is
making, or is obligated to make contributions, or with respect to which any Consolidated Entity or any ERISA Affiliate may have any liability (whether actual or contingent), but excluding any Multiemployer Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Platform</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;11.6(4)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledge Agreement</U>&#148; shall mean the Amended and Restated Pledge and Security Agreement dated as of the Closing Date made by the
Pledgors in favor of the Collateral Agent in substantially the form of <U>Exhibit D</U>, as the same may be Modified from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Equity Interests</U>&#148; shall mean the Capital Stock pledged by the Pledgors in favor of the Collateral Agent pursuant to
the Pledge Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledgors</U>&#148; shall have the meaning set forth in the Pledge Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Portfolio of Two Projects</U>&#148; shall mean a portfolio of two Projects (excluding, solely for purposes of determining whether such
portfolio consists of two Projects, outparcels) that (a)&nbsp;with respect to Investments by the Macerich Entities pursuant to clause (a)(ii)(x) of the definition of Permitted Investment, are acquired in a single transaction or series of related
transactions from a single Person or from multiple Persons who are Affiliates of each other and (b)&nbsp;with respect to Investments by the Macerich Entities pursuant to clause (a)(ii)(y) of the definition of Permitted Investment, are owned by a
single Person or multiple Persons who are Affiliates of each other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Portfolio of Three or More Projects</U>&#148; shall mean a
portfolio of three or more Projects (excluding solely for purposes of determining whether such portfolio consists of three or more Projects, outparcels) that (a)&nbsp;with respect to Investments by the Macerich Entities pursuant to clause
(a)(iii)(x) of the definition of Permitted Investment, are acquired in a single transaction or series of related transactions from a single Person or from multiple Persons who are Affiliates of each other and (b)&nbsp;with respect to Investments by
the Macerich Entities pursuant to clause (a)(iii)(y) of the definition of Permitted Investment, are owned by a single Person or multiple Persons who are Affiliates of each other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Potential Default</U>&#148; shall mean an event which but for the lapse of time or the giving of notice, or both, would constitute an
Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; shall mean the fluctuating per annum rate announced from time to time by DBNY or any
successor Administrative Agent at its principal office in New York, New York as its &#147;prime rate&#148;; provided, that if the &#147;prime rate&#148; (as determined above) would be less than 0.00%, then the Prime Rate shall be deemed to be 0.00%.
The Prime Rate is a rate set by DBNY as one of its base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in
such internal publication or publications as DBNY may designate. The Prime Rate is not tied to any external index and does not necessarily represent the lowest or best rate of interest actually charged to any class or category of customers. Each
change in the Prime Rate will be effective on the day the change is announced within DBNY. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prohibited Person</U>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;6.26</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Project</U>&#148; shall mean any shopping center, retail property, office building,
mixed use property or other income producing project owned or controlled, directly or indirectly by a Macerich Entity. &#147;<U>Project</U>&#148; shall include (i)&nbsp;the redevelopment or reconstruction of any existing Project and (ii)&nbsp;any
anchor and/or <FONT STYLE="white-space:nowrap">&#147;big-box&#148;</FONT> parcels, outparcels and ground-leased parcels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property</U>&#148; shall mean, collectively and severally, any and all Real Property and all personal property owned or occupied by
the subject Person. &#147;<U>Property</U>&#148; shall include all Capital Stock owned by the subject Person in a Subsidiary Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property Expense</U>&#148; shall mean, for any Retail/Other Property, all operating expenses relating to such Retail/Other Property,
including the following items (<U>provided</U>, <U>however</U>, that Property Expenses shall not include debt service, tenant improvement costs, leasing commissions, capital improvements, Depreciation and Amortization Expenses and any extraordinary
items not considered operating expenses under GAAP): (i) all expenses for the operation of such Retail/Other Property, including any management fees payable under Management Contracts and all insurance expenses, but not including any expenses
incurred in connection with a sale or other capital or interim capital transaction; (ii)&nbsp;water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest or such impositions (or portions thereof) that are
payable by reason of the failure to pay an imposition timely; and (iii)&nbsp;the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed under GAAP. Property Expense will not include any expense with respect to
any Real Property that is the subject of a Specified Change of Control Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property Income</U>&#148; shall mean, for any
Retail/Other Property, all gross revenue from the ownership and/or operation of such Retail/Other Property (but excluding income from a sale or other capital item transaction), service fees and charges and all tenant expense reimbursement income
payable with respect to such Retail/Other Property. Property Income will not include any income with respect to any Real Property that is the subject of a Specified Change of Control Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property-Level Material Adverse Effect</U>&#148; shall mean a material adverse effect upon the value of a Retail/Other Property. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property NOI</U>&#148; shall mean, for any Retail/Other Property for the four
Fiscal Quarter period then most recently ended, (i)&nbsp;all Property Income for such period, <I>minus</I> (ii)&nbsp;all Property Expenses for such period. For purposes hereof the Property NOI of any Retail/Other Property of any <FONT
STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture shall be deemed equal to the product of (i)&nbsp;the Property NOI of such Retail/Other Property of such Person (prior to giving effect to this sentence), <I>multiplied
by</I> (ii)&nbsp;the percentage of the total outstanding common Capital Stock of such Person directly or indirectly owned by MAC, expressed as a decimal. For purposes of calculating Property NOI, contract rents under signed leases will be annualized
upon rent commencement (on an actual rent basis) for (i)&nbsp;newly developed properties, (ii)&nbsp;major redevelopment of existing properties and (iii)&nbsp;redevelopment of anchor spaces. With respect to any newly acquired Real Properties, for the
first four full Fiscal Quarters after acquisition thereof, Property NOI will be deemed to be the greater of (x)&nbsp;the Property NOI calculated based on the implied capitalization rate for such Real Property based on the purchase price paid for
such Real Property and (y)&nbsp;after at least one full Fiscal Quarter has been completed after the acquisition of such Real Property, the annualized Property NOI for such Real Property determined as follows: (i)&nbsp;if only one full Fiscal Quarter
has been completed after the acquisition of such Real Property, Property NOI for such single Fiscal Quarter shall be multiplied by 4, (ii) if only two full Fiscal Quarters have been completed after the acquisition of such Real Property, Property NOI
for such two Fiscal Quarter period shall be multiplied by 2, (iii) if only three full Fiscal Quarters have been completed after the acquisition of such Real Property, Property NOI for such three Fiscal Quarter period shall be multiplied by 4/3 and
(iv)&nbsp;if four full Fiscal Quarters have been completed after the acquisition of such Real Property, the Property NOI for such four Fiscal Quarter period. Property NOI will not include any income or expense with respect to any Real Property that
is the subject of a Specified Change of Control Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property Owner</U>&#148; shall mean the Macerich Entity owning the
applicable Borrowing Base Mortgaged Property Asset or Additional Real Property Asset, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property Owner
Parent</U>&#148; shall mean the Macerich Entity directly owning the Capital Stock of the applicable Property Owner with respect to the applicable Borrowing Base Mortgaged Property Asset or Additional Real Property Asset, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proposed Borrowing Base Asset</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;7.14</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Protective Advance</U>&#148; shall mean all sums expended as determined by the Administrative Agent to be necessary or appropriate to
do any of the following to the extent any Borrower Party is required, but fails, to do so pursuant to the terms of the Loan Documents: (a)&nbsp;to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral and
the instruments evidencing the Obligations; (b)&nbsp;to prevent the value of any Collateral from being materially diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to lose value);
or (c)&nbsp;to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts expended in connection therewith in accordance with <U>Section</U><U></U><U>&nbsp;10.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PTE</U>&#148; shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may
be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Punitive Damages</U>&#148; shall mean special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) on any theory of liability (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way
related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to therein, the transactions contemplated thereby, any Loan or the use of the proceeds thereof or any act or omission or
event occurring in connection therewith. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualifying Ground Lease</U>&#148; shall mean, with respect to assets proposed to be
added as Borrowing Base Mortgaged Property Assets, a ground lease that (i)&nbsp;has a remaining term of at least thirty (30)&nbsp;years including, for this purpose, any renewal option exercisable at the sole option of the ground lessee thereunder,
with no veto or approval rights by the ground lessor or any lender to such ground lessor; (ii)&nbsp;can be mortgaged without the consent of the ground lessor thereunder (or such consent is otherwise obtained); (iii) contains customary leasehold
mortgagee protection rights reasonably satisfactory to the Administrative Agent (including customary provisions regarding rights to insurance proceeds and condemnation awards); and (iv)&nbsp;can be assigned in connection with a foreclosure of a
security interest on the ground tenant&#146;s interest, without the consent of the ground lessor thereunder (or if consent of such ground lessor is required, such consent is subject to either an express reasonableness standard or an objective
financial standard for the assignee that is reasonably satisfactory to the Administrative Agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Quarterly Pricing
Certificate</U>&#148; shall mean a certificate substantially in the form of <U>Exhibit L</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rate Request</U>&#148; shall mean
a request for the conversion or continuation of a Base Rate Loan or Term SOFR Loan as set forth in <U>Section</U><U></U><U>&nbsp;1.6(2)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Generating Properties</U>&#148; shall mean, as of any date of
determination, (i)&nbsp;land that is not under development and/or (ii)&nbsp;Real Properties for which Property NOI not in excess of $150,000 was generated during the most recently ended four Fiscal Quarter period, including without limitation, as of
the Closing Date, those Raw Land and/or <FONT STYLE="white-space:nowrap">Non-Income</FONT> Generating Properties of the Macerich Entities set forth on <U>Schedule III</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property</U>&#148; shall mean each of those parcels (or portions thereof) of real property, improvements and fixtures thereon
and appurtenances thereto now or hereafter owned or leased by the Macerich Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property Under Construction</U>&#148;
shall mean Real Property for which Commencement of Construction has occurred but construction of such Real Property is not substantially complete or has not yet reached Stabilization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;1.8(4)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulation D</U>&#148; shall mean Regulation D of the Board of Governors of the Federal Reserve System from time to time in effect
and shall include any successor or other regulation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulation U</U>&#148; shall mean Regulation U of the Board of Governors of the Federal Reserve System (12 C.F.R. &#167; 221), as the
same may from time to time be amended, supplemented or superseded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>REIT</U>&#148; shall mean a domestic trust or corporation
that qualifies as a real estate investment trust under the provisions of Sections 856, et seq. of the Code. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>REIT Guaranty</U>&#148; shall mean that certain Amended and Restated Unconditional
Guaranty dated as of the Closing Date, made by MAC in favor of the Administrative Agent, as the same may be Modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>REIT Status Maintenance Dividends</U>&#148; shall mean Distributions in the minimum amount required for MAC to maintain its status as
a REIT (assuming such Distribution is paid solely in cash (in Borrower&#146;s sole discretion), and disregarding capital losses in the calculation of taxable income for such purposes). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Parties</U>&#148; shall mean, with respect to any specified Person, such Person&#146;s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person&#146;s Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Release Request
Certificate</U>&#148; shall have the meaning given such term in the definition of Borrowing Base Asset Substitution Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Relevant Governmental Body</U>&#148; shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Replaced Assets</U>&#148; shall have the meaning given such term in the definition of Borrowing Base Asset Substitution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Replacement Assets</U>&#148; shall have the meaning given such term in the definition of Borrowing Base Asset Substitution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reportable Event</U>&#148; shall mean any of the events set forth in Section&nbsp;4043(c) of ERISA or the regulations thereunder,
other than any such event for which the thirty <FONT STYLE="white-space:nowrap">(30)-day</FONT> notice requirement under ERISA has been waived in regulations issued by the PBGC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; shall mean, at any time, Lenders having Revolving Credit Exposure and unused Revolving Commitments
representing an amount greater than 50.0% of the sum of the total Revolving Credit Exposure and unused Revolving Commitments at such time. The Revolving Credit Exposure and unused Revolving Commitments of any Defaulting Lender shall be disregarded
in determining Required Lenders at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Requirements of Law</U>&#148; shall mean, as to any Person, the Organizational
Documents of such Person, and any law, treaty, rule or regulation, or a final and binding determination of an arbitrator or a determination of a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resolution Authority</U>&#148; shall mean an EEA
Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Financial Officer</U>&#148; shall mean, with respect to any Person, the
chief financial officer or treasurer of such Person or any other officer, partner or member having substantially the same authority and responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Officer</U>&#148; shall mean, with respect to any Person, the president, chief executive officer, vice president,
Responsible Financial Officer, general partner or managing member of such Person or any other officer, partner or member having substantially the same authority and responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Cash</U>&#148; shall mean any cash or cash equivalents held by any Person with respect to which such Person does not have
unrestricted access and unrestricted right to expend such cash or expend or liquidate such permitted Investments (provided that Restricted Cash shall not include any reserves maintained with any lender under any secured Indebtedness for the future
payment of (i)&nbsp;property taxes, (ii)&nbsp;leasing obligations (including without limitation, in respect of tenant improvements and tenant allowances as contemplated by any applicable lease, and leasing commissions in respect of any applicable
lease), (iii) capital improvements and deferred maintenance, (iv)&nbsp;other operating expenses (other than, for the avoidance of doubt, interest payments on Indebtedness) for which reserves are customarily established and (v)&nbsp;principal of
Indebtedness). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Retail/Other Property</U>&#148; or &#147;<U>Retail/Other Properties</U>&#148; shall mean any Real Property that
is (i)&nbsp;a neighborhood, community or regional shopping center or mall, office building, multi-family project, entertainment venue, or warehouse or (ii)&nbsp;a hotel in which a Macerich Core Entity or one of its Joint Ventures holds the fee
interest and/or other ground lessor&#146;s interest under a ground lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Borrowing</U>&#148; shall mean a Borrowing
consisting of one or more Revolving Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Commitment</U>&#148; shall mean, with respect to each Revolving Lender, the
commitment, if any, of such Revolving Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount that such Revolving Lender&#146;s Revolving Credit
Exposure could be at any time hereunder, as such commitment may be (a)&nbsp;reduced from time to time pursuant to <U>Section</U><U></U><U>&nbsp;1.7</U>; (b)&nbsp;reduced or increased from time to time pursuant to assignments by or to such Revolving
Lender pursuant to <U>Section</U><U></U><U>&nbsp;11.8</U>; or (c)&nbsp;increased from time to time pursuant to a Joinder Agreement delivered pursuant to <U>Article 3</U>. The initial amount of each Revolving Lender&#146;s Revolving Commitment is set
forth on <U>Schedule</U><U></U><U>&nbsp;II</U>, or in the Assignment and Acceptance Agreement or Joinder Agreement pursuant to which such Revolving Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of
the Revolving Lenders&#146; Revolving Commitments as of the Closing Date is $650,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Commitment Termination
Date</U>&#148; shall mean initially the Initial Revolving Commitment Termination Date; <U>provided</U> that the &#147;Revolving Commitment Termination Date&#148; shall mean the Extended Revolving Commitment Termination Date if the Borrower extends
the Initial Revolving Commitment Termination Date in accordance with the terms and conditions of <U>Section</U><U></U><U>&nbsp;1.7(5)</U>. The Revolving Commitment Termination Date shall be subject to acceleration upon an Event of Default as
otherwise provided in this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Commitment Termination LC Exposure Deposit</U>&#148; shall have the
meaning given such term in <U>Section</U><U></U><U>&nbsp;1.4(11)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Exposure</U>&#148; shall mean, with
respect to any Revolving Lender at any time, the aggregate outstanding principal amount of such Revolving Lender&#146;s Revolving Loans and LC&nbsp;Exposure, at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Lender</U>&#148; shall mean any Lender with a Revolving Commitment and/or Revolving Credit Exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loan Note</U>&#148; shall mean a promissory note substantially in the form of <U>Exhibit M</U>, as it may be Modified from
time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loans</U>&#148; shall mean the loans made by the Revolving Lenders to the Borrower pursuant to
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; shall mean Standard&nbsp;&amp; Poor&#146;s Rating Services, a division
of the McGraw-Hill Companies, Inc., or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctions</U>&#148; shall mean any international economic sanction
administered or enforced by OFAC, the United Nations Security Council, the European Union, His Majesty&#146;s Treasury, or other relevant sanctions authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Cash Management Obligations</U>&#148; shall mean obligations owed by a Macerich Entity to a Specified Counterparty in respect
of any Cash Management Services, in each case, pursuant to a Secured Treasury Services Agreement, and solely to the extent designated by the Borrower and such Specified Counterparty as &#147;Secured Cash Management Obligations&#148; in writing to
the Administrative Agent. The designation of any Secured Cash Management Obligations shall not create in favor of such Specified Counterparty any rights in connection with the management or release of any Collateral or of the obligations of any
Guarantor under the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Hedge Agreement</U>&#148; shall mean any agreement in respect of Hedging Obligations
permitted under <U>Article</U><U></U><U>&nbsp;8</U> that is entered into by and between a Macerich Entity and a Specified Counterparty, to the extent designated by the Borrower and such Specified Counterparty as a &#147;Secured Hedge Agreement&#148;
in writing to the Administrative Agent. The designation of any Secured Hedge Agreement shall not create in favor of such Specified Counterparty any rights in connection with the management or release of Collateral or of the obligations of any
Guarantor under the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Hedging Obligations</U>&#148; shall mean, with respect to any Person, the
obligations of such Person under any Secured Hedge Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Obligations</U>&#148; shall mean, collectively, the
Obligations, all Erroneous Payment Subrogation Rights, all Secured Cash Management Obligations and all Secured Hedging Obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Parties</U>&#148; shall mean the Agents (including any <FONT
STYLE="white-space:nowrap">co-agent</FONT> or <FONT STYLE="white-space:nowrap">sub-agent</FONT> appointed by the Administrative Agent or the Collateral Agent in accordance with the Loan Documents from time to time), the Issuing Lenders, the Lenders,
the Indemnified Persons and the Specified Counterparties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Treasury Services Agreement</U>&#148; shall mean any agreement
between a Macerich Entity and a Specified Counterparty relating to treasury, depository, credit card, debit card and cash management services or automated clearinghouse transfer of funds or any similar services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities</U>&#148; shall mean any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit sharing agreement or arrangement, bonds, debentures, options, warrants, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as &#147;securities&#148; or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Documents</U>&#148; shall mean the Pledge Agreement, the Mortgages, the Assignment and Subordination of Property Management
Agreements, the Account Control Agreements and all other security documents hereafter delivered to the Collateral Agent purporting to grant a Lien on any Property of any Person to secure the obligations and liabilities of any Borrower Party under
any Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR</U>&#148; shall mean a rate equal to the secured overnight financing rate as administered by the SOFR
Administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR Administrator</U>&#148; shall mean the Federal Reserve Bank of New York (or a successor administrator of the
secured overnight financing rate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR Administrator&#146;s Website</U>&#148; shall mean the website of the Federal Reserve
Bank of New York, currently at https://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Solvent</U>&#148; shall mean, when used with respect to any Person, that at the time of determination: (i)&nbsp;the fair saleable
value of its assets is in excess of the total amount of its liabilities (including, without limitation, contingent liabilities); (ii) the present fair saleable value of its assets is greater than its probable liability on its existing debts as such
debts become absolute and matured; (iii)&nbsp;it is then able and expects to be able to pay its debts (including, without limitation, contingent debts and other commitments) as they mature; and (iv)&nbsp;it has capital sufficient to carry on its
business as conducted and as proposed to be conducted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Special Flood Hazard Area</U>&#148; shall mean an area that FEMA&#146;s
current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a <FONT STYLE="white-space:nowrap">100-year</FONT> flood) in any given year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Borrowing Base Mortgaged Property Asset</U>&#148; shall mean each of (i)&nbsp;the Former Mervyn&#146;s Box Borrowing Base
Mortgaged Property Assets and (ii)&nbsp;the Agent Accepted Ground Lease Borrowing Base Mortgaged Property Assets. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Change of Control Event</U>&#148; shall mean (i)&nbsp;any Retail/Other
Property or other Real Property, as applicable, is subject to an insolvency, receivership or other similar proceeding described in <U>Section</U><U></U><U>&nbsp;9.7</U> applicable to such Real Property; (ii)&nbsp;in anticipation of a full transfer
of legal title to the subject Real Property upon foreclosure, deed in lieu of foreclosure or otherwise under <FONT STYLE="white-space:nowrap">non-recourse</FONT> Indebtedness (other than with respect to the Subsidiary of MAC that owns such Real
Property), all Control (as defined in the definition of Affiliate and including direct, indirect and beneficial control or otherwise) over such Real Property has been transferred in an arms-length transaction to a third party not affiliated with MAC
or any of its Subsidiaries; (iii)&nbsp;none of the Management Companies are continuing to manage such Real Property, directly or indirectly; and (iv)&nbsp;following the transfer of control and management rights as provided in clauses (ii)&nbsp;and
(iii) above, neither MAC nor any of its Subsidiaries (other than with respect to the Subsidiary of MAC that owns such Real Property) shall have any further operating liability, including any obligation to make additional capital contributions, in
any form with respect to such Real Property. Nothing contained in this definition is intended to permit MAC or any of its Subsidiaries to commence any insolvency, receivership, bankruptcy or similar proceedings otherwise restricted under this
Agreement, including pursuant to <U>Section</U><U></U><U>&nbsp;9.7</U>, and all such provisions shall continue to apply with full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Counterparty</U>&#148; shall mean any Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time
it enters into a Secured Hedge Agreement or a Secured Treasury Services Agreement, as applicable, in its capacity as a party thereto and that is designated a &#147;Specified Counterparty&#148; with respect to such Secured Hedge Agreement or Secured
Treasury Services Agreement, as applicable, in a writing from the Borrower to the Administrative Agent, and (other than a Person already party hereto as a Lender or an Agent) that delivers to the Administrative Agent a letter agreement reasonably
satisfactory to it (i)&nbsp;appointing each of the Administrative Agent and the Collateral Agent as its agent under the applicable Loan Documents and (ii)&nbsp;agreeing to be bound by <U>Sections 11.7</U>, <U>11.12</U> and <U>11.13</U> and
<U>Article 10</U> as if it were a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Debt Default</U>&#148; shall mean a default (after giving effect to any
grace or cure periods, if any, set forth in the documents, instruments and agreements evidencing such Indebtedness) by any of the Borrower Parties or any of their respective Subsidiaries or Joint Ventures in any payment of principal of or interest
on any recourse Indebtedness (other than the Obligations). A Specified Debt Default with respect to any Indebtedness shall cease to exist once such Specified Debt Default has been waived or cured in accordance with the terms of the documents,
instruments and agreements evidencing such Indebtedness or such Indebtedness has otherwise been repaid in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified
Default</U>&#148; shall mean any (i)&nbsp;Potential Default under <U>Section</U><U></U><U>&nbsp;9.1</U> or <U>9.7</U> or (ii)&nbsp;Potential Default that is not capable of being cured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Ground Lease</U>&#148; shall mean each ground lease to which a Borrowing Base Mortgaged Property Asset is subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Indebtedness</U>&#148; shall mean any Indebtedness of a Subsidiary of a Borrower Party (other than a Subsidiary that is a
Borrower Party)&nbsp;(i) that is secured by (A)(x) a single Project (but not more than one Project) or (y)&nbsp;one or more Real Properties that are <FONT STYLE="white-space:nowrap">co-located</FONT> with each other and do not constitute a Project
(each such Project described in clause (i)(A)(x) or Real Property described in clause (i)(B)(y), an &#147;<U>Applicable Property</U>&#148;) and/or (B)&nbsp;Capital Stock of (I)&nbsp;the Persons that own such Applicable Property and/or (II)&nbsp;the
Persons that operate such Applicable Property, and (ii)&nbsp;for which the sole obligors are (A)&nbsp;the Persons that own such Applicable Property, (B)&nbsp;the Persons that operate such Applicable Property, (C)&nbsp;the immediate parent companies
of the Persons described in the immediately preceding clauses (A)&nbsp;and (B) and/or (D)&nbsp;Borrower Parties that have provided Permitted Guaranties of such Indebtedness; provided that (a)&nbsp;the Persons described in clauses (ii)(A), (ii)(B)
and (ii)(C) above shall not own any material assets that are unrelated to the Applicable Property (and for the avoidance of doubt, the Persons described in clauses (ii)(A), (ii)(B) above shall not own (I)&nbsp;any Project or Real Property other than
the Applicable Property or (II)&nbsp;any Capital Stock of any Person other than the Persons described in clauses (ii)(A) and (ii)(B) above) and (b)&nbsp;no Borrower Party may be an obligor for such Indebtedness other than with respect to Permitted
Guaranties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Unencumbered Property Assets</U>&#148; shall mean the fee and/or ground
lease interests in (i)&nbsp;(A) the Real Property commonly known as &#147;Paradise Village Office Park I&#148; and (B)&nbsp;the Real Property commonly known as &#147;Paradise Village Office Park II&#148;, each located in Phoenix, Arizona, held as of
the date hereof by Macerich Management Company, a California corporation, (ii)&nbsp;the Wilton Mall Property, (iii)&nbsp;the parcels of Real Property commonly referred to as &#147;Tysons Corner Office &#150; 1861 International&#148;, which has an
address at 1861 International Drive, Tysons, Virginia and includes the &#147;Silver Diner&#148; parcel, and is located at the <FONT STYLE="white-space:nowrap">mixed-use</FONT> center commonly known as &#147;Tysons Corner Center&#148; in Tysons,
Virginia, held as of the date hereof by Tysons Corner Property LLC, a Virginia limited liability company, and by Tysons Corner LLC, a Virginia limited liability company, (iv)&nbsp;the parcel of Real Property commonly referred to as the
&#147;Crate&nbsp;&amp; Barrel Parcel&#148;, which has an address at 1800 International Drive, Tysons, Virginia, and is located at the <FONT STYLE="white-space:nowrap">mixed-use</FONT> center commonly known as &#147;Tysons Corner Center&#148; in
Tysons, Virginia, which parcel is held as of the date hereof by Tysons Corner Property Holdings II LLC, a Delaware limited liability company, (v)&nbsp;the parcel of Real Property commonly referred to as the &#147;Hotel Plaza&#148;, located at the <FONT
STYLE="white-space:nowrap">mixed-use</FONT> center commonly known as &#147;Tysons Corner Center&#148; in Tysons, Virginia, held as of the date hereof by Tysons Corner Hotel Plaza LLC, a Delaware limited liability company, (vi)&nbsp;the parcel of
Real Property commonly referred to as the &#147;Hyatt Regency Hotel Parcel&#148;, located at the <FONT STYLE="white-space:nowrap">mixed-use</FONT> center commonly known as &#147;Tysons Corner Center&#148; in Tysons, Virginia, owned in fee as of the
date hereof by Tysons Corner Hotel Plaza LLC, a Delaware limited liability company, and leased to Tysons Corner Hotel I LLC, a Delaware limited liability company, (vii)&nbsp;the parcel of Real Property commonly referred to as &#147;Biltmore Fashion
Park&#148; in Phoenix, Arizona, held as of the date hereof by Biltmore Shopping Center Partners LLC, an Arizona limited liability company, (viii)&nbsp;that certain parcel of Real Property located in the shopping center commonly known as the Deptford
Mall in Deptford, NJ owned in fee by Macerich Deptford Adjacent LLC (and previously occupied by Sears), (ix) that certain parcel of Real Property located in the shopping center commonly known as the Vintage Faire Mall in Modesto, CA owned in fee by
Vintage Faire Adjacent LLC (and previously occupied by Sears) and/or (x)&nbsp;the parcels of Real Property held as of the date hereof by MS Portfolio LLC, a Delaware limited liability company (and previously occupied by Sears). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stabilization</U>&#148; shall mean, with respect to any Real Property, the earlier of (i)&nbsp;the date on which ninety percent (90%)
or more of the Gross Leasable Area of such Real Property has been subject to binding leases for a period of twelve (12)&nbsp;months or longer, or (ii)&nbsp;the date twenty-four (24)&nbsp;months after the date that substantially all portions of such
Real Property are open to the public and operating in the ordinary course of business. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stated Amount</U>&#148; shall mean, with respect to any Letter of Credit, the
maximum amount available to be drawn thereunder, without regard to whether any conditions to drawing could then be met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Statement Date</U>&#148; shall mean December&nbsp;31, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stonewood Ground Lease</U>&#148; shall mean the ground lease for the Stonewood Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stonewood Mortgage</U>&#148; shall have the meaning given such term in Section&nbsp;7.8. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Stonewood Property</U>&#148; shall mean the Real Property commonly known as &#147;Stonewood Center&#148; located at 251 &amp; 300
Stonewood Street, 9021, 9245 &amp; 9253 Firestone Boulevard, Downey, California held via leasehold estate as of the date hereof by Macerich Stonewood, LLC, a Delaware limited liability company and Macerich Stonewood Holdings LLC, a Delaware limited
liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; shall mean, with respect to any Person: (a)&nbsp;any corporation more than fifty percent
(50%) of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person, (b)&nbsp;any partnership, limited liability company, association, joint venture or similar
business organization more than fifty percent (50%) of the ownership interests having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person, or (c)&nbsp;with respect to MAC, any other Person
in which MAC owns, directly or indirectly, any Capital Stock and, in each case under this clause (c), which would be combined with MAC in the consolidated financial statements of MAC in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary Entities</U>&#148; shall mean a Subsidiary or Joint Venture of a Person. Unless otherwise expressly provided, all
references in the Loan Documents to a &#147;Subsidiary Entity&#148; shall mean a Subsidiary Entity of MAC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary
Guarantors</U>&#148; shall mean each Person that is a party to the Subsidiary Guaranty from time to time as a Guarantor. The Subsidiary Guarantors as of the Closing Date are listed on <U>Schedule IV</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary Guaranty</U>&#148; shall mean that certain Amended and Restated Subsidiary Guaranty dated as of the Closing Date executed
by each of the Guarantors (as defined therein) from time to time party thereto in favor of the Administrative Agent and, solely for purposes of Section&nbsp;7 thereof, acknowledged and agreed to by MAC, in substantially the form of <U>Exhibit I</U>,
as the same may be Modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; shall mean any and all present or future taxes, levies, imposts,
duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Expense</U>&#148; shall mean (without duplication), for any period, total tax
expense (if any) attributable to income and franchise taxes based on or measured by income, whether paid or accrued, of the Consolidated Entities, including the Consolidated Entity&#146;s <I>pro rata</I> share of tax expenses in any Joint Venture.
For purposes of this definition, the Consolidated Entities&#146; <I>pro rata</I> share of any such tax expense of any Joint Venture shall be deemed equal to the product of (i)&nbsp;such tax expense of such Joint Venture, <I>multiplied by</I>
(ii)&nbsp;the percentage of the total outstanding Capital Stock of such Person held by the Consolidated Entity, expressed as a decimal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR</U>&#148; shall mean, with respect to each Interest Period, the Term SOFR Reference Rate for a tenor comparable to such
Interest Period as determined by the Administrative Agent on the Interest Determination Date for such Interest Period, as such rate is published by the Term SOFR Administrator (as calculated by the Administrative Agent and rounded upwards, if
necessary, to the nearest 1/1,000 of 1%); <I>provided</I>, that if as of 5:00 p.m. (New York City time) on any Interest Determination Date the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator
and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR for the related Interest Period will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than
three&nbsp;(3) U.S. Government Securities Business Days prior to such Interest Determination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR
Administrator</U>&#148; shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR Borrowing</U>&#148;, when used in reference to any Borrowing, refers to whether the Loans comprising such Borrowing are
bearing interest at a rate determined by reference to the Applicable Term SOFR Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR Loan</U>&#148;, when used in
reference to any Loan, refers to whether the Loans comprising such Borrowing are bearing interest at a rate determined by reference to the Applicable Term SOFR Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR Reference Rate</U>&#148; shall mean the forward-looking term rate based on SOFR, currently identified on the Term SOFR
Administrator&#146;s website at <U><FONT STYLE="white-space:nowrap">https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html</FONT></U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">171 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Liabilities</U>&#148; shall mean, at any time, without duplication, the
aggregate amount of (i)&nbsp;all Indebtedness and other liabilities of the Borrower Parties and other Consolidated Entities that are Wholly-Owned reflected in the financial statements of MAC or disclosed in the notes thereto (to the extent the same
would constitute a Contingent Obligation), <I>plus </I>(ii)&nbsp;for all Consolidated Entities that are not Wholly-Owned, such Borrower Parties&#146; pro rata share of all Indebtedness and other liabilities reflected in the financial statements of
MAC or disclosed in the notes thereto (to the extent the same constitutes a Contingent Obligation), <I>plus</I> (iii)&nbsp;the Borrower Parties&#146; <I>pro rata</I> share of all Indebtedness and other liabilities reflected in the financial
statements of any <FONT STYLE="white-space:nowrap">non-Wholly-Owned</FONT> Subsidiary or Joint Venture or disclosed in the notes thereto (to the extent the same constitutes a Contingent Obligation), <I>plus</I> (iv)&nbsp;the Borrower Parties&#146;
pro rata share of all liabilities of the Consolidated Entities with respect to purchase and repurchase obligations, <U>provided</U> that any obligations to acquire fully-constructed Real Property shall not be included in Total Liabilities prior to
the transfer of title of such Real Property. With respect to any Real Property Under Construction as to which any Consolidated Entity has provided an outstanding and undrawn letter of credit relating to the performance and/or completion of
construction at such property, the amount of Indebtedness evidenced by such letter of credit shall be included in Total Liabilities if: (a)&nbsp;such Indebtedness does not duplicate Indebtedness incurred in respect of such Real Property Under
Construction (including any <FONT STYLE="white-space:nowrap">off-site</FONT> improvements associated therewith); (b) such Indebtedness is required by GAAP to be reflected on the liability side of any Consolidated Entities&#146; balance sheet; and
(c)&nbsp;to the extent such Indebtedness is not required by GAAP to be reflected on the liability side of any Consolidated Entities&#146; balance sheet, then such Indebtedness shall only be included to the extent the amount of such Indebtedness
exceeds $40,000,000. For purposes of clauses (ii), (iii) and (iv), the Borrower Parties&#146; <I>pro rata</I> share of all Indebtedness and other liabilities of a Consolidated Entity that is not a Borrower Party and is not a Wholly-Owned Subsidiary
or of a Joint Venture shall be deemed equal to the product of (a)&nbsp;such Indebtedness or other liabilities, <I>multiplied by</I> (b)&nbsp;the percentage of the total outstanding Capital Stock of such Person held directly or indirectly by the
Borrower Parties, expressed as a decimal. To the extent that Indebtedness in respect of any guaranty or other liability is expressly excluded from the definition of Contingent Obligation, it shall not constitute a Total Liability. Notwithstanding
the foregoing, during any period that a Retail/Other Property is subject to a Specified Change of Control Event, the Indebtedness and other liabilities of such Retail/Other Property shall be excluded from Total Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transactional Affiliates</U>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;8.6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transactions</U>&#148; shall mean, collectively, (a)&nbsp;the funding of any initial Revolving Borrowing on the Closing Date and the
execution, delivery and performance of the Loan Documents to be entered into on the Closing Date, (b)&nbsp;the Closing Date Payments, and (c)&nbsp;the payment of fees, costs and expenses in connection with the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Type</U>&#148;, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Applicable Term SOFR Rate or the Applicable Base Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCC</U>&#148; shall mean the Uniform Commercial Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Financial Institution</U>&#148; shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK
Resolution Authority</U>&#148; shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">172 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unadjusted Benchmark Replacement</U>&#148; shall mean the applicable Benchmark
Replacement determined under the definition thereof excluding the applicable Benchmark Replacement Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unaffiliated
Partners</U>&#148; shall mean Persons who own, directly or indirectly at any tier, a beneficial interest in the Capital Stock of a Subsidiary Entity, but such Persons shall exclude: (i)&nbsp;the Macerich Entities; (ii)&nbsp;Affiliates of Macerich
Entities; and (iii)&nbsp;Persons whose Capital Stock or beneficial interest therein is owned, directly or indirectly at any tier, by the Macerich Entities or their Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unencumbered Property</U>&#148; shall mean any Real Property that is not, or that ceases to be, encumbered by Indebtedness of the
type referred to in clauses (a)(i) and (ii)&nbsp;of the definition of &#147;Indebtedness&#148;, whether as a result of debt repayments or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unencumbered Property Owner Parent</U>&#148; shall have the meaning as set forth in <U>Section</U><U></U><U>&nbsp;7.18(1)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unfunded Pension Liability</U>&#148; shall mean the excess of a Pension Plan&#146;s benefit liabilities under
Section&nbsp;4001(a)(16) of ERISA, over the current value of that Plan&#146;s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section&nbsp;412 of the Code for the applicable plan year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unused Commitments</U>&#148; shall mean, with respect to any Revolving Lender at any time, the difference of (i)&nbsp;the total
amount of such Revolving Lender&#146;s Revolving Commitment and (ii)&nbsp;such Revolving Lender&#146;s Revolving Credit Exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unused Line Fee</U>&#148; shall have the meaning as set forth in <U>Section</U><U></U><U>&nbsp;2.11</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Government Securities Business Day</U>&#148; shall mean any day except for (a)&nbsp;a Saturday, (b)&nbsp;a Sunday, or (c)&nbsp;a
day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government
securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wholly-Owned</U>&#148; shall mean, with respect to any Real Property, Capital Stock, or other Property owned or
leased, that (i)&nbsp;title to such Property is held directly by, or such Property is leased by, the Borrower, or (ii)&nbsp;in the case of Real Property or Capital Stock, title to such property is held by, or (in the case of Real Property) such
Property is leased by, a Consolidated Entity at least 99% of the Capital Stock of which is held of record and beneficially by the Borrower (or a Person whose Capital Stock is owned 100% by the Borrower) and the balance of the Capital Stock of which
(if any) is held of record and beneficially by MAC (or a Person whose Capital Stock is owned 100% by MAC). References to Property Wholly-Owned by a Macerich Entity shall mean property 100% owned by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wilton Mall Property</U>&#148; shall mean the Real Property consisting of that shopping center commonly known as &#147;Wilton
Mall&#148; located in Town of Wilton, New York, held as of the date hereof by Wilton Mall, LLC, a Delaware limited liability company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Withholding Agent</U>&#148; shall mean any Borrower Party and the Administrative Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">173 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Write-Down and Conversion Powers</U>&#148; shall mean, (a)&nbsp;with respect to any
EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any powers of the applicable Resolution Authority under the <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation to cancel, reduce, modify or change the form of liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any
of the powers under that <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.2. <U>Other Interpretive Provisions</U>. The definitions of terms herein shall apply equally applicable to the singular and plural forms of
the defined terms. Terms (including uncapitalized terms) not otherwise defined herein and that are defined in the UCC shall have the meanings therein described. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) The words &#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148; and similar words refer to this Agreement as a whole and not to
any particular provision of this Agreement; and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) (i) The term &#147;documents&#148; includes any and all instruments, documents, agreements, certificates, indentures, notices and other
writings, however evidenced; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The term &#147;including&#148; is not limiting and means &#147;including without
limitation;&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) In the computation of periods of time from a specified date to a later specified date, the word
&#147;from&#148; means &#147;from and including,&#148; the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding,&#148; and the word &#147;through&#148; means &#147;to and including;&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) The term &#147;property&#148; includes any kind of property or asset, real, personal or mixed, tangible or intangible; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) The verb &#147;exists&#148; and its correlative noun forms, with reference to a Potential Default or an Event of
Default, means that such Potential Default or Event of Default has occurred and continues uncured and unwaived. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Unless otherwise
expressly provided herein, (i)&nbsp;references to agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent Modifications thereto, but only to the extent such Modifications are not prohibited
by the terms of any Loan Document, (ii)&nbsp;references to any statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or
regulation, and (iii)&nbsp;references to any Person include its permitted successors and assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(4) This Agreement and the other Loan
Documents may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">174 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5) Any reference herein or in any other Loan Document to an assignment, sale, disposition
or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or trust, or an allocation of assets to a series of a limited liability company, limited partnership or trust, as if it
were an assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person, and any reference herein to a merger, consolidation or amalgamation, or similar term, shall be deemed to apply to the unwinding of
such a division or allocation, as if it were a merger, consolidation or amalgamation, or similar term, as applicable, with a separate Person. Any division of a limited liability company, limited partnership or trust shall constitute a separate
Person hereunder (and each division of any limited liability company, limited partnership or trust that is a Subsidiary, a Joint Venture or any other like term shall also constitute such a Person). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.3. <U>Rates</U>. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, (a)&nbsp;the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to
in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any
Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its
discontinuance or unavailability, or (b)&nbsp;the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the
Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR or any other Benchmark, or any component definition thereof or rates
referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information
source or service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Pages Follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">175 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BORROWER: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE MACERICH PARTNERSHIP, L.P.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">a Delaware limited partnership</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">The Macerich Company,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a Maryland corporation,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President, Chief</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MAC: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE MACERICH COMPANY,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a Maryland corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President, Chief</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SUBSIDIARY GUARANTORS: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Desert Sky Mall LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>East Mesa Mall L.L.C.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>La Cumbre Adjacent Parcel GP LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Biltmore CI, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Biltmore OPI, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Desert Sky Mall Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Fresno Adjacent GP Corp.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich La Cumbre GP LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Management Company</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich North Park Mall LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich SanTan Estrella Holdings Pledgor LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich South Park Mall LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Southridge Mall LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Stonewood Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Stonewood, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Superstition Mall Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Valle Vista Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Valley River Center LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Washington Square Petaluma Holdings LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Whittwood Holdings GP Corp.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MVRC Holding LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SM Eastland Mall, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SM Valley Mall, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TWC Scottsdale Corp.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Westcor Realty Limited Partnership</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Wilton Mall, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Wilton SPC, Inc.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WM Inland Investors IV GP LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President, Chief Financial</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>La Cumbre Adjacent Parcel LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>La Cumbre Adjacent Parcel SPE LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: La Cumbre Adjacent Parcel GP LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Fresno Adjacent LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich Fresno Adjacent GP Corp.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich La Cumbre LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich La Cumbre SPE LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich La Cumbre GP LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Whittwood Holdings LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich Whittwood Holdings GP Corp.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Queens JV LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Queens JV GP LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WM Inland Investors IV LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: WM Inland Investors IV GP LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WM Inland LP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich Inland GP LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Macerich Lubbock Limited Partnership</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich Lubbock GP Corp.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>The Westcor Company Limited Partnership</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Westcor Realty Limited Partnership,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>The Westcor Company II Limited Partnership</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Macerich TWC II Corp.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Sarwil Associates II, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: MACWPII LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Kingsmore</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ADMINISTRATIVE AGENT, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COLLATERAL AGENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AND LENDERS: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DEUTSCHE BANK AG NEW YORK BRANCH,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Administrative Agent, Collateral Agent and an Issuing Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Darrell L. Gustafson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Darrell L. Gustafson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matt Smith</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Matt Smith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DEUTSCHE BANK AG NEW YORK BRANCH,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alison Lugo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alison Lugo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Marko Lukin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Marko Lukin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JPMORGAN CHASE BANK, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as an Issuing Lender and a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brad Olmstead</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brad Olmstead</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GOLDMAN SACHS BANK USA, as an Issuing Lender and a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jonathan Dworkin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jonathan Dworkin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BMO BANK N.A., as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kent Horiuchi</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kent Horiuchi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Victoria Roberts</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Victoria Roberts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SOLELY TO ACKNOWLEDGE AND AGREE TO THE LAST SENTENCE OF SECTION 11.28: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="13%"></TD>

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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ROYAL BANK OF CANADA</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brian Gross</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brian Gross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Macerich Amended and Restated Credit Agreement] </P>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d437561dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 10.2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Version </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDED
AND RESTATED UNCONDITIONAL GUARANTY </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDED AND RESTATED UNCONDITIONAL GUARANTY (as Modified from time to time, this
&#147;<U>Guaranty</U>&#148;) is dated as of September&nbsp;11, 2023, and made by THE MACERICH COMPANY, a Maryland corporation (&#147;<U>Guarantor</U>&#148;), in favor of DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as Administrative Agent (in
such capacity, together with its successors in such capacity, &#147;<U>Administrative Agent</U>&#148;), for the benefit of the Secured Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>R E C I T A L S </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A.
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Pursuant to that certain Amended and Restated Credit Agreement dated as of even date herewith (as Modified from time to time, the
&#147;<U>Credit Agreement</U>&#148;) by and among The Macerich Partnership, L.P., a Delaware limited partnership (the &#147;<U>Borrower</U>&#148;), Guarantor, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time
party thereto (the &#147;<U>Lenders</U>&#148;), the Administrative Agent and Deutsche Bank AG New York Branch, as Collateral Agent for the Secured Parties (in such capacity, the &#147;<U>Collateral Agent</U>&#148;), (i) the parties thereto have
agreed to amend and restate in its entirety that certain Credit Agreement, dated as of April&nbsp;14, 2021 (as the same may have been Modified from time to time prior to the date hereof, the &#147;<U>Original Credit Agreement</U>&#148;), by and
among the Borrower, MAC, as a guarantor, the Subsidiary Guarantors party thereto, the Lenders party thereto, the Administrative Agent and the Collateral Agent and (ii)&nbsp;the Lenders and other Secured Parties have agreed to extend certain Loans
and other financial accommodations to the Borrower on the terms and subject to the conditions set forth therein and in the other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. In connection with the Original Credit Agreement, Guarantor and the Administrative Agent entered into that certain Unconditional Guaranty,
dated as of April&nbsp;14, 2021 (as the same may have been Modified from time to time prior to the date hereof, the &#147;<U>Original Guaranty</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. The parties hereto desire to amend and restate the Original Guaranty in its entirety in the form of this Agreement on the terms and
conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. It is a condition precedent to the effectiveness of the Credit Agreement that Guarantor execute and
deliver this Guaranty to Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>A G R E E M E N T </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW<B> </B>THEREFORE, to induce the Lenders and the other Secured Parties to extend the Loans and other financial accommodations to Borrower,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Guarantor hereby covenants and agrees as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Guarantee of Obligations</U>. Guarantor hereby (i)&nbsp;confirms that, pursuant to the Original Guaranty, Guarantor guaranteed to
Administrative Agent, for the benefit of the Secured Parties and their respective successors and assigns, as a primary obligor and not merely as a surety, the Guaranteed Obligations (as defined below) and (ii)&nbsp;ratifies, reaffirms and restates
such guaranty. Furthermore, Guarantor does hereby unconditionally, absolutely and irrevocably guarantee to Administrative Agent, for the benefit of the Secured Parties and their respective successors and assigns, as a primary obligor and not merely
as a surety, (a)&nbsp;the due and punctual payment by each of the other Borrower Parties of all Secured Obligations (including interest accruing and other monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding or otherwise enforceable), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (b)&nbsp;the due
and punctual performance of all covenants, agreements, obligations and liabilities of each of the other Borrower Parties under or pursuant to the Credit Agreement and the other Loan Documents (all the monetary and other obligations referred to in
the preceding clauses (a)&nbsp;and (b) being collectively called the &#147;<U>Guaranteed Obligations</U>&#148;; provided that the Guaranteed Obligations of Guarantor shall exclude any Excluded Swap Obligations with respect to Guarantor). Guarantor
further agrees that the Guaranteed Obligations may be Modified, waived, accelerated or compromised from time to time, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding
any Modification, waiver, acceleration or compromise of any of the Guaranteed Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Nature of Guaranty</U>. This is an
irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. Guarantor waives any right to require that any resort be had by any Secured Party to any of the security held for payment of the Guaranteed
Obligations or to any balance of any deposit account or credit on the books of any Secured Party in favor of Borrower or any other person. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to the
Guaranteed Obligations arising or created after any attempted revocation by Guarantor. It is the intent of Guarantor that the obligations and liabilities of Guarantor hereunder are absolute and unconditional under any and all circumstances and that
until the Guaranteed Obligations are fully and finally satisfied, such obligations and liabilities shall not be discharged or released in whole or in part, by any act or occurrence which might, but for the provisions of this Guaranty, be deemed a
legal or equitable discharge or release of Guarantor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Rights Independent</U>. The obligations of Guarantor hereunder are independent of the
Secured Obligations of Borrower or the obligations of any other Person, including any other Person executing a guaranty of any or all of the Guaranteed Obligations (such Person, an &#147;<U>Other Guarantor</U>&#148;) or any security for the
Guaranteed Obligations, and Administrative Agent may proceed in the enforcement hereof independently of any other right or remedy that Administrative Agent may at any time hold with respect to the Guaranteed Obligations or any security or other
guarantee therefor. Administrative Agent may file a separate action or actions against Guarantor hereunder, whether an action is brought and prosecuted with respect to any security or against Borrower or any Other Guarantor or any other Person, or
whether Borrower or any Other Guarantor or any other Person is joined in any such action or actions. Guarantor waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement of the Guaranteed Obligations. The
liability of Guarantor hereunder shall be reinstated and revived, and the rights of each Secured Party shall continue, with respect to any amount at any time paid on account of the Guaranteed Obligations which shall thereafter be required to be
restored or returned by any Secured Party upon the bankruptcy, insolvency, or reorganization of Borrower or any other Person, or otherwise, all as though such amount had not been paid. Guarantor further agrees to the extent (i)&nbsp;Borrower or
Guarantor makes any payment to any Secured Party in connection with the Guaranteed Obligations and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by the
trustee, receiver or any other entity, whether under the Bankruptcy Code, any other federal, state or local laws concerning bankruptcy, insolvency, reorganization or relief of debtors, or otherwise, or (ii)&nbsp;in the event following the payment in
full of the Guaranteed Obligations, any Secured Party is subject to further liability, loss, or expense covered by the indemnification obligations set forth in the Loan Documents (the payments and obligations referred to in clauses (i)&nbsp;and (ii)
above are hereafter referred to, collectively, as &#147;<U>Preferential Payments</U>&#148;), then this Guaranty shall continue to be effective or shall be reinstated, as the case may be, and, to the extent of such payment or repayment by such
Secured Party, the Guaranteed Obligations or part thereof intended to be satisfied by such Preferential Payment shall be revived and continued in full force and effect as if said Preferential Payment had not been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Authority to Modify the Guaranteed Obligations</U>. Guarantor authorizes each Secured Party, without notice to or demand on Guarantor
and without affecting its liability hereunder or the enforceability hereof, from time to time to: (a)&nbsp;Modify, waive, accelerate or compromise the time for payment or the terms of the Guaranteed Obligations or any part thereof, including
increase or decrease the rates of interest thereon; (b)&nbsp;Modify, waive, accelerate, compromise, or enter into or give any agreement, approval, or consent with respect to, the Guaranteed Obligations or any part thereof or any of the Loan
Documents or any security or additional guaranties, or any condition, covenant, default, remedy, right, representation, or term thereof or thereunder; (c)&nbsp;accept new or additional instruments, documents, or agreements in exchange for or
relative to any of the Loan Documents or the Guaranteed Obligations or any part thereof; (d)&nbsp;accept partial payments on the Guaranteed Obligations; (e)&nbsp;receive and hold additional security or guaranties for the Guaranteed Obligations or
any part thereof or this Guaranty; (f)&nbsp;release, reconvey, terminate, waive, abandon, subordinate, exchange, substitute, transfer, and enforce the Guaranteed Obligations or any security or any other guaranties, and apply any security and direct
the order or manner of sale thereof as such Secured Party in its discretion may determine; (g)&nbsp;release Borrower, any other Person or any Other Guarantor from any personal liability with respect to the Guaranteed Obligations or any part thereof;
(h)&nbsp;settle, release on terms satisfactory to such Secured Party or by operation of law or otherwise, compound, compromise, collect, or otherwise liquidate or enforce any of the Guaranteed Obligations and any security or other guarantee in any
manner, consent to the transfer of any security, and bid and purchase at any sale; and (i)&nbsp;consent to the merger or any other change, restructure, or termination of the corporate existence of Borrower or any other Person and correspondingly
restructure the Guaranteed Obligations, and any such merger, change, restructure, or termination shall not affect the liability of Guarantor hereunder or the enforceability hereof with respect to all Guaranteed Obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Waiver of Defenses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Guarantor waives any right to require any Secured Party, prior to or as a condition to the enforcement of this Guaranty, to:
(i)&nbsp;proceed against Borrower or any other Person or any Other Guarantor; (ii)&nbsp;proceed against or exhaust any security for the Guaranteed Obligations or to marshal assets in connection with foreclosing collateral security; (iii)&nbsp;give
notice of the terms, time, and place of any public or private sale of any security for the Guaranteed Obligations; or (iv)&nbsp;pursue any other remedy in such Secured Party&#146;s power whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Guarantor waives any defense arising by reason of: (i)&nbsp;any disability or other defense of Borrower or any other Person with respect
to the Guaranteed Obligations; (ii)&nbsp;the unenforceability or invalidity of the Guaranteed Obligations, any of the Loan Documents or any security or any other guarantee for the Guaranteed Obligations, or the lack of perfection or failure of
priority of any security for the Guaranteed Obligations; (iii)&nbsp;the cessation from any cause whatsoever of the liability of Borrower or any other Person or any Other Guarantor (other than by reason of the full payment and discharge of the
Guaranteed Obligations); (iv) any act or omission of any Secured Party or any other Person which directly or indirectly results in or aids the discharge or release of Borrower or any other Person or the Guaranteed Obligations or any security or
other guarantee therefor by operation of law or otherwise; (v)&nbsp;the taking or accepting of any other security, collateral or guaranty, or other assurance of the payment or performance of all or any of the Guaranteed Obligations; (vi)&nbsp;any
release, surrender, exchange, subordination, deterioration, waste, loss or impairment by any Secured Party (including any negligent impairment but excluding any gross negligent or willful impairment (as determined by a final and <FONT
STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction)) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed
Obligations; (vii)&nbsp;the failure of any Secured Party or other Person to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or
security (but excluding any gross negligence or willful misconduct on the part of any Secured Party (as determined by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction)); (viii) the fact
that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the indebtedness evidenced by the Notes or the Guaranteed Obligations shall not be properly perfected
or created, or shall prove to be unenforceable or subordinate to any other security interest or lien; (ix)&nbsp;any payment by Borrower to any Secured Party is held to constitute a preference under the Bankruptcy Code or any other federal, state or
local laws concerning bankruptcy, insolvency, reorganization or relief of debtors, or for any reason any Secured Party is required to refund such payment or pay such amounts to Borrower or someone else; and (x)&nbsp;any and all other suretyship or
guarantor defenses that may be available to Guarantor (other than by reason of the full payment and discharge of the Guaranteed Obligations). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Guarantor waives: (i)&nbsp;all presentments, demands for performance, notices of
nonperformance, protests, notices of protest, notices of dishonor, and all other notices of any kind or nature whatsoever with respect to the Guaranteed Obligations, and notices of acceptance of this Guaranty and of the existence, creation, or
incurring of new or additional Guaranteed Obligations; (ii)&nbsp;any rights to <FONT STYLE="white-space:nowrap">set-offs,</FONT> recoupments, claims or counterclaims; and (iii)&nbsp;any right to revoke or terminate this Guaranty except for
termination in accordance with the terms hereof including Section&nbsp;13 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) As used in this paragraph, any reference to
&#147;the principal&#148; includes Borrower, and any reference to &#147;the creditor&#148; includes the Administrative Agent and each other Secured Party. In accordance with Section&nbsp;2856 of the California Civil Code Guarantor waives any and all
rights and defenses available to it by reason of Sections 2787 to 2855, inclusive, of the California Civil Code, including without limitation any and all rights or defenses Guarantor or any other guarantor of the Guaranteed Obligations may have
because the Guaranteed Obligations are secured by real property. This means, among other things: (1)&nbsp;the creditor may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by the principal; and
(2)&nbsp;if the creditor forecloses on any real property collateral pledged by the principal: (A)&nbsp;the amount of the Guaranteed Obligations may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price and (B)&nbsp;the creditor may collect from Guarantor even if the creditor, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from the principal. This is
an unconditional and irrevocable waiver of any right and defenses Guarantor may have because the Guaranteed Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights and defenses based upon
Section&nbsp;580a, 580b, 580d, or 726 of the California Code of Civil Procedure. Guarantor also waives all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial
foreclosure with respect to security for a Guaranteed Obligation, has destroyed Guarantor&#146;s rights of subrogation and reimbursement against the principal by the operation of Section&nbsp;580d of the Code of Civil Procedure or otherwise; and
even though that election of remedies by the creditor, such as nonjudicial foreclosure with respect to security for an obligation of any other guarantor of any of the Guaranteed Obligations, has destroyed Guarantor&#146;s rights of contribution
against such other guarantor. No other provision of this Guaranty shall be construed as limiting the generality of any of the covenants and waivers set forth in this paragraph. As provided below, this Guaranty shall be governed by, and shall be
construed and enforced in accordance with, the internal laws of the State of New York, without regard to conflicts of laws principles. This paragraph is included solely out of an abundance of caution, and shall not be construed to mean that any of
the above-referenced provisions of California law are in any way applicable to this Guaranty or to any of the Guaranteed Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.
<U>Subordination</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Guarantor hereby covenants and agrees that the principal of, or interest on, all now existing and hereafter
arising Indebtedness of Borrower and the other Borrower Parties to Guarantor (the &#147;<U>Claims</U>&#148;) and all rights and remedies of Guarantor with respect thereto and any lien securing payment thereof are and shall continue to be subject,
subordinate and rendered junior in the right of payment to the Guaranteed Obligations, as the same may be Modified, waived, accelerated or compromised from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Guarantor represents and warrants to Administrative Agent that Guarantor is or will be
the sole and absolute owner of the Claims and shall not sell, assign, transfer or otherwise dispose of any right it may have to repayment of the Claims or any security therefor except to the extent permitted under the Credit Agreement. Guarantor
hereby further covenants and agrees that upon the occurrence and during the continuation of any Event of Default, until the Guaranteed Obligations are paid and performed in full: (i)&nbsp;Guarantor will not sell, assign, transfer or endorse the
Claims or any part or evidence thereof; (ii)&nbsp;Guarantor will not Modify the Claims or any part or evidence thereof; and (iii)&nbsp;Guarantor will not take, or permit any action to be taken, to assert, collect or enforce the Claims or any part
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Upon any distribution of all of the assets of Borrower to creditors of Borrower upon the dissolution, winding up,
liquidation, arrangement, or reorganization of Borrower, whether in any bankruptcy, insolvency, arrangement, reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and
liabilities of Borrower or otherwise, any payment or distribution of any kind (whether in cash, property or securities) which is payable or deliverable upon or with respect to the Claims shall be held in trust for the Secured Parties and shall be
paid over or delivered to Administrative Agent for the benefit of the Secured Parties to be applied against the payment or prepayment of the Guaranteed Obligations until the Guaranteed Obligations shall have been paid in full. If any proceeding
referred to in the preceding sentence is commenced by or against Borrower: (i)&nbsp;Administrative Agent is hereby irrevocably authorized and empowered (in its own name or in the name of Guarantor or otherwise), but shall have no obligation, to
demand, sue for, collect and receive every payment or distribution referred to in the preceding sentence and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the
Claims or enforcing any security interest or other lien securing payment of the Claims) as Administrative Agent may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of Administrative Agent hereunder; and
(ii)&nbsp;Guarantor shall duly and promptly take such action as Administrative Agent may reasonably request (A)&nbsp;to collect the Claims for account of Administrative Agent and to file appropriate claims or proofs of claim in respect of the
Claims, (B)&nbsp;to execute and deliver to Administrative Agent such powers of attorney, assignments, or other instruments as it may reasonably request in order to enable it to enforce any and all claims with respect to, and any security interests
and other liens securing payment of, the Claims, and (C)&nbsp;to collect and receive any and all payments or distributions which may be payable or deliverable upon or with respect to the Claims. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Upon any distribution of all of the assets of any Borrower Party to creditors of such
Borrower Party upon the dissolution, winding up, liquidation, arrangement, or reorganization of such Borrower Party, whether in any bankruptcy, insolvency, arrangement, reorganization or receivership proceeding or upon an assignment for the benefit
of creditors or any other marshalling of the assets and liabilities of such Borrower Party or otherwise, any payment or distribution of any kind (whether in cash, property or securities) which is payable or deliverable upon or with respect to the
Claims shall be held in trust for the Secured Parties and shall be paid over or delivered to Administrative Agent for the benefit of the Secured Parties to be applied against the payment or prepayment of the Guaranteed Obligations until the
Guaranteed Obligations shall have been paid in full. If any proceeding referred to in the preceding sentence is commenced by or against any Borrower Party: (i)&nbsp;Administrative Agent is hereby irrevocably authorized and empowered (in its own name
or in the name of Guarantor or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in the preceding sentence and give acquittance therefore and to file claims and proofs of
claim and take such other action (including, without limitation, voting the Claims or enforcing any security interest or other lien securing payment of the Claims) as Administrative Agent may deem necessary or advisable for the exercise or
enforcement of any of the rights or interests of Administrative Agent hereunder; and (ii)&nbsp;Guarantor shall duly and promptly take such action as Administrative Agent may reasonably request (A)&nbsp;to collect the Claims for account of
Administrative Agent and to file appropriate claims or proofs of claim in respect of the Claims, (B)&nbsp;to execute and deliver to Administrative Agent such powers of attorney, assignments, or other instruments as it may reasonably request in order
to enable it to enforce any and all claims with respect to, and any security interests and other liens securing payment of, the Claims, and (C)&nbsp;to collect and receive any and all payments or distributions which may be payable or deliverable
upon or with respect to the Claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) All payments or distributions upon or with respect to the Claims which are received by Guarantor
contrary to the provisions of this Guaranty shall be received in trust for the benefit of Administrative Agent, shall be segregated from other funds and property held by Guarantor and shall be forthwith paid over to Administrative Agent in the same
form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of <FONT STYLE="white-space:nowrap">non-cash</FONT> property or securities) for, the payment or prepayment of the
Guaranteed Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Deferral of Subrogation</U>. Until all of the Guaranteed Obligations have been paid and performed in full,
(i)&nbsp;Guarantor shall not exercise any rights of subrogation, contribution or reimbursement against Borrower or any Other Guarantor of the Guaranteed Obligations, and (ii)&nbsp;Guarantor shall not exercise any right to enforce any right, power or
remedy which any Secured Party now has or may in the future have against Borrower or any Other Guarantor and any benefit of, and any right to participate in, any security for this Guaranty or for the obligations of Borrower or any Other Guarantor
now or in the future held by any Secured Party. If Guarantor nevertheless receives payment of any amount on account of any such subrogation, contribution or reimbursement rights or otherwise in respect of any payment by Guarantor of the Guaranteed
Obligations prior to payment and performance in full of all of the Guaranteed Obligations, such amount shall be held in trust for the benefit of Administrative Agent and immediately paid to Administrative Agent for application to the Guaranteed
Obligations in such order and manner as Administrative Agent may determine. For the avoidance of doubt, neither this Section&nbsp;7 nor any other provision of this Guaranty shall prohibit Guarantor from receiving (and retaining for its own account)
any distributions made by Borrower in accordance with Section&nbsp;8.10 of the Credit Agreement that are not made on account of the exercise by Guarantor of any rights of subrogation, contribution or reimbursement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Condition of Borrower</U>. Guarantor represents and warrants to Administrative Agent,
for the benefit of the Secured Parties, that: (a)&nbsp;this Guaranty is executed at the request of Borrower; (b)&nbsp;Guarantor has established adequate means of obtaining from Borrower on a continuing basis financial and other information
pertaining to the business of Borrower; (c)&nbsp;Guarantor is now and will continue to be adequately familiar with the business, operations, condition, and assets of Borrower; (d)&nbsp;Guarantor will receive substantial direct and indirect benefits
from the financing arrangements contemplated by the Loan Documents; and (e)&nbsp;the agreements, waivers and acknowledgements contained herein are knowingly made in contemplation of such benefits. Guarantor hereby waives and relinquishes any duty on
the part of any Secured Party to disclose to Guarantor any matter, fact or thing relating to the business, operations, condition, or assets of Borrower now known or hereafter known by any Secured Party during the life of this Guaranty. With respect
to any of the Guaranteed Obligations, no Secured Party need inquire into the powers of Borrower or the officers or employees acting or purporting to act on its behalf, and all Guaranteed Obligations made or created in good faith reliance upon the
professed exercise of such powers shall be guaranteed hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Payments</U>. All payments made by Guarantor to or for the account of any Secured Party shall be made without condition or deduction of
any kind, including for any counterclaim, defense, recoupment or <FONT STYLE="white-space:nowrap">set-off.</FONT> All payments made by Guarantor hereunder shall be made free and clear of and without deduction for any present or future Indemnified
Taxes or Other Taxes. Guarantor shall pay such Taxes and shall promptly furnish to Administrative Agent copies of any tax receipts or such evidence of payment as any Secured Party may reasonably require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Costs and Expenses in Enforcement</U>. Guarantor agrees to pay to Administrative Agent all reasonable and documented out of pocket
advances, charges, costs, and expenses, including reasonable attorneys&#146; fees, incurred or paid by Administrative Agent in exercising any right, power, or remedy conferred by this Guaranty, or in the enforcement of this Guaranty, whether or not
an action is filed in connection therewith, in each case, to the extent the Borrower would be required to pay the same under Section&nbsp;7.6 of the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Notices</U>. All notices, requests, demands and other communications which are required or may be given under this Guaranty shall be in
writing and shall be delivered to the parties hereto in the manner provided in the Credit Agreement to the following addresses: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To Guarantor:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Macerich Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">401 Wilshire Boulevard,
Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santa Monica, CA 90401</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Scott
Kingsmore</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">with a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Macerich Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">401 Wilshire Boulevard,
Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santa Monica, CA 90401</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Chief Legal
Officer</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To Administrative Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG New York Branch</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 Columbus
Circle, 15th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:
ldcm.agencyservicing@db.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Latham&nbsp;&amp; Watkins LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">355 South Grand
Avenue, Suite 100</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California 90071</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:
Jason R. Bosworth, Esq.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: Jason.Bosworth@lw.com</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any party may change the address to which notices are to be sent by notice of such change to each other party given as
provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Termination</U>. The guarantees made hereunder (a)&nbsp;shall terminate upon Payment in Full and (b)&nbsp;shall
continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by any Secured Party or Guarantor upon the bankruptcy or
reorganization of Borrower, Guarantor or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>No Waiver; Cumulative Remedies</U>. The rights, powers and remedies of
Administrative Agent hereunder and under the other Loan Documents are cumulative and in addition to all rights, powers and remedies provided under any and all agreements among Guarantor, Borrower and any Secured Party relating to the Guaranteed
Obligations, at law, in equity or otherwise. Any delay or failure by Administrative Agent to exercise any right, power or remedy shall not constitute a waiver thereof by any Secured Party, and no single or partial exercise by Administrative Agent of
any right, power or remedy shall preclude other or further exercise thereof or any exercise of any other rights, powers or remedies. Without limiting the foregoing, Administrative Agent on behalf of the Secured Parties is hereby authorized to demand
specific performance of this Guaranty at any time when Guarantor shall have failed to comply with any of the provisions of this Guaranty applicable to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Amendments</U>. Subject to Section&nbsp;11.2 of the Credit Agreement, this Guaranty may be Modified only by, and none of the terms
hereof may be waived without, a written instrument executed by Guarantor and Administrative Agent. <U></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Waivers</U>. Guarantor
warrants and agrees that each of the waivers set forth in this Guaranty are made with Guarantor&#146;s full knowledge of their significance and consequences, and that under the circumstances, the waivers are reasonable and not contrary to public
policy or law. If any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective only to the maximum extent permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Binding Agreement</U>. This Guaranty and the terms, covenants, and conditions hereof shall be binding upon and inure to the benefit of
Guarantor, each Secured Party, and their respective successors and assigns; <U>provided</U>, <U>however</U>, that Guarantor shall not be permitted to transfer, convey, assign or delegate this Guaranty or any interest herein without the prior written
consent of Administrative Agent and, to the extent required pursuant to the Credit Agreement, the Lenders. Each Secured Party may assign its interest hereunder in whole or in part in connection with an assignment of its interest in the Guaranteed
Obligations pursuant to the Credit Agreement (including pursuant to Section&nbsp;11.8 thereof). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>GOVERNING LAW</U>. THIS GUARANTY AND ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF
ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>JURISDICTION</U>. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY AND ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF
ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE
STATE, COUNTY AND CITY OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, GUARANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. GUARANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF <I>FORUM NON CONVENIENS</I>, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS GUARANTY. GUARANTOR WAIVES PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>WAIVER OF JURY
TRIAL</U>. GUARANTOR, AND BY ACCEPTANCE OF THIS GUARANTY, EACH SECURED PARTY, WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIMS, CONTROVERSIES, DISPUTES OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY) BASED UPON,
ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OTHER PARTY HERETO. GUARANTOR, AND BY ACCEPTANCE OF THIS
GUARANTY, EACH SECURED PARTY, AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, GUARANTOR, AND BY ACCEPTANCE OF THIS GUARANTY, ADMINISTRATIVE AGENT AND EACH OF THE OTHER
SECURED PARTIES, FURTHER AGREES THAT ITS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
GUARANTY OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Severability</U>. In case any one or more of the provisions contained in this
Guaranty should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Counterparts</U>. This Guaranty may be executed in counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Guaranty by facsimile or in electronic (i.e., &#147;pdf&#148; or
&#147;tif&#148;) format shall be effective as delivery of a manually executed counterpart of this Guaranty. The words &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in this Guaranty shall be deemed to
include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. The Administrative Agent may also require that any such documents and signatures delivered by facsimile or other electronic transmission be confirmed by a manually signed original thereof; <I>provided</I> that the failure to
request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or other electronic transmission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Exculpation</U>. In no event shall any officer, director, employee, agent, consultant, investor or manager of Guarantor, nor shall any
other Person (except only the Guarantor), have any guaranty or indemnification obligation or liability of any kind under this Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Miscellaneous</U>. All words used herein in the plural shall be deemed to have been used in the singular, and all words used herein in
the singular shall be deemed to have been used in the plural, where the context and construction so require. Section headings in this Guaranty are included for convenience of reference only and are not a part of this Guaranty for any other purpose.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25. <U>Effect of Amendment and Restatement</U>. This Guaranty amends and restates the
Original Guaranty in its entirety. It is expressly understood and agreed by the parties hereto that this Guaranty is in no way intended to and does not constitute a novation or termination of the obligations and liabilities existing under the
Original Guaranty or evidence satisfaction of all or any of such obligations and liabilities, nor does the amendment and restatement hereunder of the Original Guaranty, or the concurrent amendment and restatement of any document, agreement or other
instrument executed in connection therewith, constitute a waiver of any conditions or requirements set forth herein, whether or not performed, fulfilled or required to be performed or fulfilled prior to the date hereof. This Guaranty does not
evidence a termination and <FONT STYLE="white-space:nowrap">re-guaranty</FONT> of the Guaranteed Obligations under the Original Guaranty (which guaranty of the Guaranteed Obligations shall be continuing in all respects). Any reference to the
&#147;REIT Guaranty&#148; or words of like import in any other Loan Document shall mean this Guaranty as hereby amended and restated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[The
remainder of this page is intentionally left blank.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, Guarantor has caused this Guaranty to be duly executed as of the
date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GUARANTOR:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE MACERICH COMPANY,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a Maryland corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott W. Kingsmore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Amended and Restated Unconditional Guaranty] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ADMINISTRATIVE AGENT:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DEUTSCHE BANK AG NEW YORK BRANCH,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Darrell L. Gustafson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Darrell L. Gustafson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matt Smith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Matt Smith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Amended and Restated Unconditional Guaranty] </P>
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<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 9/15/2023 8:59:59 PM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  targetNamespace="http://www.macerich.com/20230911"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2022/dei-2022.xsd" namespace="http://xbrl.sec.gov/dei/2022" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2022/naics-2022.xsd" namespace="http://xbrl.sec.gov/naics/2022" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mac-20230911_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mac-20230911_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.macerich.com//20230911/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>mac-20230911_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 9/15/2023 8:59:59 PM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>mac-20230911_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 9/15/2023 9:00:00 PM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.2</span><table class="report" border="0" cellspacing="2" id="idm140463167840064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 11, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MACERICH CO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000912242<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 11,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12504<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">95-4448705<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">401 Wilshire Boulevard<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Santa Monica<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">90401<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(310)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">394-6000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common stock of The Macerich Company, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MAC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
