THIS AMENDED AND RESTATED FIRST LIEN CREDIT AGREEMENT (this Agreement)
dated as of December 10, 2020, by and among PREIT Associates, L.P., a Delaware limited partnership (PREIT), PREIT-RUBIN, INC., a Pennsylvania corporation (PREIT-RUBIN), PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST, a Pennsylvania business trust (the Parent; together with PREIT and PREIT-RUBIN, each individually, a Borrower and collectively, the Borrower), each of the financial institutions
initially a signatory hereto together with their assignees pursuant to Section 12.6.(b) and WILMINGTON SAVINGS FUND SOCIETY, FSB, as Administrative Agent.
WHEREAS, capitalized terms used herein and not otherwise defined elsewhere in this Agreement will have the meanings given to such terms in
Section 1.1 hereof;
WHEREAS, the Borrower, certain of the Lenders and the Administrative Agent previously entered into that
certain Credit Agreement dated August 11, 2020 (as amended, supplemented or otherwise modified and in effect on the date hereof, the Existing Bridge Credit Agreement), pursuant to which the lenders thereunder (the
Existing Bridge Lenders) made term loans in an aggregate principal amount of $55,000,000 (the Existing Bridge Loans).
WHEREAS, the Borrower, the lenders party thereto (the Existing Term Loan Lenders), and Wells Fargo Bank, National
Association, as administrative agent, are parties to that certain Seven-Year Term Loan Agreement, dated as of January 8, 2014 (as amended, amended and restated, supplemented or otherwise modified and in effect as of the date hereof, the
Existing Term Loan Agreement), pursuant to which the Existing Term Loan Lenders have made term loans thereunder to the Borrower in an aggregate outstanding principal amount of $244,545,454.54 (the Existing Term
Loans);
WHEREAS, the Borrower, the lenders party thereto (the Existing Revolver/Term Loan Lenders), and
Wells Fargo Bank, National Association, as administrative agent, are parties to that certain Amended and Restated Credit Agreement, dated as of May 24, 2018 (as amended, amended and restated, supplemented or otherwise modified and in effect as
of the date hereof, the Existing Revolver/Term Loan Agreement), pursuant to which the Existing Revolver/Term Loan Lenders have made revolving loans thereunder to the Borrower in an aggregate outstanding principal amount of
$375,000,000 and term loans thereunder to the Borrower in an aggregate outstanding principal amount of $293,454,545.46 (such revolving loans and term loans, collectively, the Existing Revolver/Term Loans);
WHEREAS, on November 1, 2020 (the Petition Date), each Borrower and certain of its respective affiliates and
subsidiaries filed a voluntary petition relief under chapter 11 of title 11 of the United States Code (collectively, the Bankruptcy Cases), which Bankruptcy Cases were jointly administered under Case No. 20-12737 (KBO) in the
United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court);
WHEREAS, (i) on the Petition
Date, the Debtors filed the Joint Prepackaged Chapter 11 Plan of Reorganization of Pennsylvania Real Estate Investment Trust and Certain of its Direct and Indirect Subsidiaries (as subsequently amended, modified or supplemented from time to time,
the Prepackaged Plan), (ii) on November 30, 2020, the Bankruptcy Court confirmed the Prepackaged Plan and entered the Findings of Fact, Conclusions of Law, and Order Approving the
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