Common use of Credit Rating Clause in Contracts

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Trust’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust shall only obtain a credit rating from two of the Rating Agencies without seeking a credit rating from the third Rating Agency, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust shall have obtained a credit rating from at least two of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust shall have obtained a credit rating from at least two of the Rating Agencies and shall thereafter lose any of such ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the Rating Agencies such that Trust does not have a credit rating from at least two Rating Agencies, the Trust shall be deemed for the purposes hereof not to have a credit rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

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

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating for such Person is only one level below that of the highest higher rating. If the next highest lower rating for such Person is more than one level below that of the highest higher credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two either or both of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two any Rating AgenciesAgency, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any neither of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from a Rating Agency. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating AgenciesRating, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa: A credit rating of BBB+ from S&P is equivalent to a credit rating of Baal by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, provided that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust REIT has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:;

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. A Credit Rating that rates the Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating of the Borrower. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable 3: Credit Rating Level:Level 1. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A by S&P or A2 by ▇▇▇▇▇’▇; Credit Rating Level 2. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or A3 by ▇▇▇▇▇’▇ and Credit Rating Level 1 is not applicable; Credit Rating Level 3. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by ▇▇▇▇▇’▇ and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by ▇▇▇▇▇’▇ and Credit Rating Levels 1, 2 and 3 are not applicable;

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT or Borrower, as applicable, shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Ratings, then the Credit Ratings of the Borrower or the REIT, as applicable, that result in the most favorable Credit Rating for the Borrower shall be the applicable Credit Rating. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable Credit Rating Level:3.

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Trust’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust shall only obtain a credit rating from two of the Rating Agencies without seeking a credit rating from the third Rating Agency, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust shall have obtained a credit rating from at least two of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust shall have obtained a credit rating from at least two of the Rating Agencies and shall thereafter lose any of such ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the Rating Agencies such that Trust does not have a credit rating from at least two Rating Agencies, the Trust shall be deemed for the purposes hereof not to have a credit rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:.

Credit Rating. As of any date of determination, the higher of the highest credit ratings (or their equivalents) then rating assigned to TrustBorrower’s or Parent’s long-term senior unsecured non-credit enhanced debt by any of the Rating AgenciesAgencies as determined pursuant to this definition. A credit rating of BBB- from S&P or Fitch is shall be equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB from S&P or Fitch is shall be equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB+ from S&P or Fitch shall be equivalent to a credit rating of Baa1 by Moody’s and vice versa. A credit rating of A- from S&P or Fitch shall be equivalent to a credit rating of A3 by Moody’s and vice versa. It is the intention of the parties that if Trust Borrower or Parent shall only obtain a credit rating from two either or both of the Rating Agencies without seeking a S&P or ▇▇▇▇▇’▇, but may also seek an additional credit rating from the third Rating AgencyFitch, and the Borrower shall be entitled to the benefit of the Credit Rating Level for any such credit ratingrating subject to the terms and conditions of this definition. If Trust Borrower shall have obtained a credit rating from at least two or more of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next rating which is second from highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratingsrating which is second from highest. In the event that Trust Borrower and/or Parent shall have obtained a credit rating from at least two or more of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies (unless if such lost rating was provided by Fitch), the operative rating would be deemed to be one rating level lower than the highest remaining rating; provided, however, that Trust does not have a if at any time the only remaining credit rating from at least two Rating Agencieshas been issued by Fitch, the Trust Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. In the event that Borrower and/or Parent shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from each of the Rating Agencies, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating credit rating of the other of the Rating Agencies, if one has been provided, shall continue to apply (provided that if the only remaining credit rating has been issued by Fitch, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply). Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower and/or Parent has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that and ▇▇▇▇▇▇▇▇ has elected to use the Trust has no Credit Rating Level, Credit Rating Level 5 shall be of Borrower or Parent as the applicable Credit Rating Levelbasis for the Applicable Margin:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Trust’s REIT's long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’'▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’'▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇'▇ and vice versa. It is the intention of the parties that if Trust REIT shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five four pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust REIT has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust REIT has no Credit Rating Level, Credit Rating Level 5 4 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any two of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two of the Rating Agencies without seeking a credit rating from the third of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating for such Person is only one level below that of the highest rating. If the next highest rating for such Person is more than one level below that of the highest credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher than the lower next highest of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two any or all of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two or more of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any none of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from two or more Rating Agencies. Credit Rating Level. One of the following five pricing levels, as applicableapplicable (determined in accordance with the definition of “Credit Rating”), and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating AgenciesRating, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Trust’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust shall only obtain a credit rating from two of the Rating Agencies S&P or ▇▇▇▇▇’▇ without seeking a credit rating from the third other Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust shall have obtained a credit rating from at least two of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust shall have obtained a credit rating from at least two any of the Rating Agencies and shall thereafter lose any of such not have ratings from either S&P or ▇▇▇▇▇’▇ (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the Rating Agencies such that Trust does not have a credit rating from at least two Rating Agencieseither S&P or ▇▇▇▇▇’▇, the Trust shall be deemed for the purposes hereof not to have a credit rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained of an Investment Grade Rating from at least two Rating AgenciesEvent, during any period that the Trust has no Credit Rating LevelRating, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT or Borrower, as applicable, shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Rating Level. One Ratings, then the Credit Ratings of the following five pricing levelsBorrower or the REIT, as applicable, and provided, further, that, from and after that result in the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no most favorable Credit Rating Level, Credit Rating Level 5 for the Borrower shall be the applicable Credit Rating Level:Rating.

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating for such Person is only one level below that of the highest higher rating. If the next highest lower rating for such Person is more than one level below that of the highest higher credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two either or both of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two any Rating AgenciesAgency, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any neither of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from a Rating Agency. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating AgenciesRating, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the highest credit ratings (or their equivalents) then rating assigned to TrustBorrower’s or Parent’s long-term senior unsecured non-credit enhanced debt by any of the Rating AgenciesAgencies as determined pursuant to this definition. A credit rating of BBB- from S&P or Fitch is shall be equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is shall be equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch shall be equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch shall be equivalent to a credit rating of A3 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower or Parent shall only obtain a credit rating from two either or both of the Rating Agencies without seeking a S&P or ▇▇▇▇▇’▇, but may also seek an additional credit rating from the third Rating AgencyFitch, and the Borrower shall be entitled to the benefit of the Credit Rating Level for any such credit ratingrating subject to the terms and conditions of this definition. If Trust Borrower shall have obtained a credit rating from at least two or more of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next rating which is second from highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratingsrating which is second from highest. In the event that Trust Borrower and/or Parent shall have obtained a credit rating from at least two or more of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies (unless if such lost rating was provided by Fitch), the operative rating would be deemed to be one rating level lower than the highest remaining rating; provided, however, that Trust does not have a if at any time the only remaining credit rating from at least two Rating Agencieshas been issued by Fitch, the Trust Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. In the event that Borrower and/or Parent shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from each of the Rating Agencies, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating credit rating of the other of the Rating Agencies, if one has been provided, shall continue to apply (provided that if the only remaining credit rating has been issued by Fitch, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating ▇▇▇▇▇ ▇ shall apply). Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower and/or Parent has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that and Borrower has elected to use the Trust has no Credit Rating Level, Credit Rating Level 5 shall be of Borrower or Parent as the applicable Credit Rating Levelbasis for the Applicable Margin:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. A Credit Rating that rates the Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating of the Borrower. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable Credit Rating Level3:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any two of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two of the Rating Agencies without seeking a credit rating from the third of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating for such Person is only one level below that of the highest rating. If the next highest rating for such Person is more than one level below that of the highest credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher than the lower lowest of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two any or all of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two or more of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any none of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within forty-five (45) days of such event, and if not so completed within such forty-five (45) day period, Credit Rating ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from two or more Rating Agencies. Credit Rating Level. One of the following five pricing levels, as applicableapplicable (determined in accordance with the definition of “Credit Rating”), and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating Agenciesand that Borrower has irrevocably elected to have the Applicable Margin determined pursuant to subparagraph (b) of the definition of Applicable Margin, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five four pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust REIT has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust REIT has no Credit Rating Level, Credit Rating Level 5 4 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any one of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest other rating for such Person is only one level below that of the highest rating. If the next highest other rating for such Person is more than one level below that of the highest credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two any or all of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two one or more of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any none of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been provided, Agency in effect immediately prior to such time shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from one or more Rating Agencies. Credit Rating Level. One of the following five pricing levels, as applicableapplicable (determined in accordance with the definition of “Credit Rating”), and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating AgenciesRating, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by by, subject to the terms hereof, any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust ▇▇▇▇▇▇▇▇ shall only obtain a credit rating from two of the Rating Agencies S&P or ▇▇▇▇▇’▇ without seeking or obtaining a credit rating from the third Rating Agencyother of S&P or ▇▇▇▇▇’▇, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit ratingCredit Rating. If Trust the Borrower has a credit rating from S&P or ▇▇▇▇▇’▇, it may also include a credit rating from Fitch in determining its Credit Rating. In the event the only credit rating is from Fitch, Borrower shall be deemed to not have a Credit Rating. If Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event event, subject to the terms hereof, that Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that only one rating from S&P or ▇▇▇▇▇’▇ is remaining, the operative rating would be deemed to be the remaining rating. In the event that Borrower shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such that Trust rating or ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating Agencies and as a result does not have a credit rating from at least two Rating Agenciesone or more of S&P or ▇▇▇▇▇’▇, the Trust Borrower shall be deemed for the purposes hereof not to have a credit ratingCredit Rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating AgenciesS&P or ▇▇▇▇▇’▇, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust ▇▇▇▇▇▇▇▇ has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust Borrower has no Credit Rating LevelRating, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by by, subject to the terms hereof, any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Moody’s and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from Moody’s and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two of the Rating Agencies S&P or Moody’s without seeking or obtaining a credit rating from the third Rating Agencyother of S&P or Moody’s, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit ratingCredit Rating. If Trust the Borrower has a credit rating from S&P or Moody’s, it may also include a credit rating from Fitch in determining its Credit Rating. In the event the only credit rating is from Fitch, Borrower shall be deemed to not have a Credit Rating. If Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event event, subject to the terms hereof, that Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that only one rating from S&P or ▇▇▇▇▇’▇ is remaining, the operative rating would be deemed to be the remaining rating. In the event that Borrower shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such that Trust rating or ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating Agencies and as a result does not have a credit rating from at least two Rating Agenciesone or more of S&P or Moody’s, the Trust Borrower shall be deemed for the purposes hereof not to have a credit ratingCredit Rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating AgenciesS&P or Moody’s, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust Borrower has no Credit Rating LevelRating, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the highest credit ratings (or their equivalents) then rating assigned to TrustBorrower’s or Parent’s long-term senior unsecured non-credit enhanced debt by any of the Rating AgenciesAgencies as determined pursuant to this definition. A credit rating of BBB- from S&P or Fitch is shall be equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is shall be equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch shall be equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch shall be equivalent to a credit rating of A3 by ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower or Parent shall only obtain a credit rating from two either or both of the Rating Agencies without seeking a S&P or ▇▇▇▇▇’▇, but may also seek an additional credit rating from the third Rating AgencyFitch, and the Borrower shall be entitled to the benefit of the Credit Rating Level for any such credit ratingrating subject to the terms and conditions of this definition. If Trust Borrower shall have obtained a credit rating from at least two or more of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next rating which is second from highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratingsrating which is second from highest. In the event that Trust Borrower and/or Parent shall have obtained a credit rating from at least two or more of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies (unless if such lost rating was provided by Fitch), the operative rating would be deemed to be one rating level lower than the highest remaining rating; provided, however, that Trust does not have a if at any time the only remaining credit rating from at least two Rating Agencieshas been issued by Fitch, the Trust Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. In the event that Borrower and/or Parent shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from each of the Rating Agencies, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating credit rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. apply (provided that if the only remaining credit rating has been issued by Fitch, Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, Credit Rating Level 5 ▇▇▇▇▇ ▇ shall be the applicable Credit Rating Level:apply).

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇M▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from M▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by M▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. A Credit Rating that rates the Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating of the Borrower. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable 3: Credit Rating Level:Level 1. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A by S&P or A2 by M▇▇▇▇’▇; Credit Rating Level 2. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or A3 by M▇▇▇▇’▇ and Credit Rating Level 1 is not applicable; Credit Rating Level 3. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by M▇▇▇▇’▇ and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by M▇▇▇▇’▇ and Credit Rating Levels 1, 2 and 3 are not applicable; Credit Rating Level 5. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Baa3 by M▇▇▇▇’▇ and Credit Rating Levels 1, 2, 3 and 4 are not applicable; and Credit Rating Level 6. The Credit Rating Level which would be applicable for so long as the Credit Rating is less than BBB- by S&P or Baa3 by M▇▇▇▇’▇ or there is no Credit Rating. Debtor Relief Laws. The Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws or regulations relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in effect. Default. See §12.1.

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

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to Trust’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇M▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇M▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust shall only obtain a credit rating from two of the Rating Agencies without seeking a credit rating from the third Rating Agency, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust shall have obtained a credit rating from at least two of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust shall have obtained a credit rating from at least two of the Rating Agencies and shall thereafter lose any of such ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the Rating Agencies such that Trust does not have a credit rating from at least two Rating Agencies, the Trust shall be deemed for the purposes hereof not to have a credit rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

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

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P is equivalent to a credit rating of A3 from ▇▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating for such Person is only one level below that of the highest higher rating. If the next highest lower rating for such Person is more than one level below that of the highest higher credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two either or both of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two any Rating AgenciesAgency, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any neither of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply. Credit Rating Level. One , provided that the designation of the following five pricing levels, as applicablesuch replacement agency and such amendment are completed within thirty (30) days of such event, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Levelif not so completed within such thirty (30) day period, Credit Rating Level 5 shall be ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level:Level until such time as Borrower obtains a Credit Rating from a Rating Agency.

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ Moody’s and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by Moody’s and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would shall be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust Borrower shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. A Credit Rating that rates the Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating of the Borrower. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable 3: Credit Rating Level:Level 1. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A+ by S&P or A1 by ▇▇▇▇▇’▇; Credit Rating Level 2. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A by S&P or A2 by ▇▇▇▇▇’▇ and Credit Rating Level 1 is not applicable; Credit Rating Level 3. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or A3 by ▇▇▇▇▇’▇ and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by ▇▇▇▇▇’▇ and Credit Rating Levels 1, 2 and 3 are not applicable; Credit Rating Level 5. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by ▇▇▇▇▇’▇ and Credit Rating Levels 1, 2, 3 and 4 are not applicable; Credit Rating Level 6. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Baa3 by ▇▇▇▇▇’▇ and Credit Rating Levels 1, 2, 3, 4 and 5 are not applicable; and Credit Rating Level 7. The Credit Rating Level which would be applicable for so long as the Credit Rating is less than BBB- by S&P or Baa3 by ▇▇▇▇▇’▇ or there is no Credit Rating.

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇M▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from M▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by M▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five six pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust REIT has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust REIT has no Credit Rating Level, Credit Rating Level 5 6 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇M▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from M▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by M▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from M▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust the Borrower shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust the Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest higher of the obtained ratings shall control, provided that the next highest lower rating for such Person is only one level below that of the highest higher rating. If the next highest lower rating for such Person is more than one level below that of the highest higher credit ratingrating for such Person, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust Borrower shall have obtained a credit rating from at least two any of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the such Rating Agencies such that Trust and as a result does not have a credit rating from at least two any Rating AgenciesAgency, or if the Trust only credit rating the REIT or Borrower shall have is provided by Fitch, Borrower shall be deemed for the purposes hereof not to have a credit rating. If Notwithstanding anything to the contrary contained herein, if at any time any none of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the any Rating Agencies, if one has been providedAgency in effect immediately prior to such time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating L▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇ the applicable Credit Rating Level until such time as Borrower obtains a Credit Rating from a Rating Agency. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two Rating Agencies(i) S&P or M▇▇▇▇’▇, or (ii) a combination of Fitch and S&P or M▇▇▇▇’▇, during any period that the Trust Borrower has no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level:

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

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

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustREIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇M▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from M▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P is equivalent to a credit rating of Baa1 by M▇▇▇▇’▇ and vice versa. It is the intention of the parties that if Trust REIT or Borrower, as applicable, shall only obtain a credit rating from two one of the Rating Agencies without seeking a credit rating from the third other of the Rating AgencyAgencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies, the highest higher of the obtained two ratings shall control, provided that the next highest lower rating is only one level below that of the highest higher rating. If the next highest lower rating is more than one level below that of the highest higher credit rating, the operative rating would be deemed to be one rating level higher lower than the lower higher of the two ratings. In the event that Trust REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose any of such ratings rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies such Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that Trust does not REIT or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, the Trust REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a credit rating. If at any time any either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Ratings, then the Credit Ratings of the Borrower or the REIT, as applicable, that result in the most favorable Credit Rating for the Borrower shall be the applicable Credit Rating. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust has first obtained an Investment Grade Rating from at least two Rating Agencies, during any period that the Trust has no Credit Rating Level, initial Applicable Margin shall be at Credit Rating Level 5 shall be the applicable Credit Rating Level3:

Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned to TrustBorrower’s long-term senior unsecured non-credit enhanced debt by by, subject to the terms hereof, any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by ▇▇▇▇▇’▇ and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from Moody’s and vice versa. It is the intention of the parties that if Trust Borrower shall only obtain a credit rating from two of the Rating Agencies S&P or Moody’s without seeking or obtaining a credit rating from the third Rating Agencyother of S&P or Moody’s, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit ratingCredit Rating. If Trust the Borrower has a credit rating from S&P or Moody’s, it may also include a credit rating from Fitch in determining its Credit Rating. In the event the only credit rating is from Fitch, Borrower shall be deemed to not have a Credit Rating. If Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies, the highest of the obtained ratings shall control, provided that the next highest rating is only one level below that of the highest rating. If the next highest rating is more than one level below that of the highest credit rating, the operative rating would be deemed to be one rating level higher than the lower of the two ratings. In the event event, subject to the terms hereof, that Trust Borrower shall have obtained a credit rating from at least two more than one of the Rating Agencies and shall thereafter lose any of such rating or ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that only one rating from S&P or ▇▇▇▇▇’▇ is remaining, the operative rating would be deemed to be the remaining rating. In the event that Borrower shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such that Trust rating or ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating Agencies and as a result does not have a credit rating from at least two Rating Agenciesone or more of S&P or Moody’s, the Trust Borrower shall be deemed for the purposes hereof not to have a credit ratingCredit Rating. If at any time any of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating AgenciesS&P or Moody’s, if one has been provided, shall continue to apply. Credit Rating Level. One of the following five pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that Trust Borrower has first obtained an Investment Grade Rating from at least two and elected to use such Investment Grade Rating Agenciesas the basis for the Applicable Margin, during any period that the Trust Borrower has no Credit Rating LevelRating, Credit Rating Level 5 shall be the applicable Credit Rating Level: