SIXTH AMENDMENT TO LOAN AGREEMENT

This SIXTH AMENDMENT TO LOAN AGREEMENT (hereinafter, the “Sixth Amendment”) is
dated as of October 20, 2006, by and among BANK OF AMERICA, N.A., a national
banking association having an address at IL1-231-10-35, 231 South LaSalle
Street, Chicago, Illinois 60697, as Administrative Agent (hereinafter, the
“Administrative Agent”), BANK OF AMERICA, N.A., PB CAPITAL CORPORATION, a
lending institution having an address at 230 Park Avenue, 19th Floor, New York,
New York 10169, MANUFACTURERS AND TRADERS TRUST COMPANY, a lending institution
having an address at One M & T Plaza, Buffalo, New York 14240, SOVEREIGN BANK, a
lending institution having an address at 75 State Street, Boston, Massachusetts
02109, RAYMOND JAMES BANK, FSB, a lending institution having an address at 710
Carillon Parkway, St. Petersburg, Florida 33716, CITIZENS BANK OF PENNSYLVANIA,
a lending institution having an address at 3025 Chemical Road 194-0245, Suite
245, Plymouth Meeting, Pennsylvania 19462, KEYBANK, NATIONAL ASSOCIATION, a
lending institution having an address at 225 Franklin Street, 18th Floor,
Boston, Massachusetts, 02110, LASALLE BANK NATIONAL ASSOCIATION, a lending
institution having an address at 135 S. LaSalle Street, Chicago, Illinois,
60603, and the other lending institutions which are or may hereafter become
parties to the Loan Agreement (as defined below), as the Lenders (collectively,
the “Lenders”), and CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited
partnership having an address at 44 South Bayles Avenue, Port Washington, New
York 11050, as the Borrower (hereinafter, the “Borrower”). All capitalized terms
not otherwise defined herein shall have the same meaning ascribed to such terms
and set forth under the Loan Agreement.

BACKGROUND

WHEREAS, Bank of America, N.A., as Administrative Agent, Bank of America, N.A.,
Commerzbank AG New York Branch, PB Capital Corporation, Manufacturers and
Traders Trust Company, Sovereign Bank, Raymond James Bank, FSB, Keybank,
National Association, LaSalle Bank National Association and Citizens Bank of
Pennsylvania, as the lenders (hereinafter, the “Original Lenders”), and Borrower
entered into a certain loan arrangement (hereinafter, the “Loan Arrangement”)
evidenced by, among other documents, instruments and agreements, that certain
Loan Agreement dated as of January 30, 2004, as amended by that certain First
Amendment to Loan Agreement dated as of June 16, 2004, that certain Second
Amendment to Loan Agreement dated as of November 2, 2004, that certain Third
Amendment to Loan Agreement dated as of January 28, 2005, that certain Fourth
Amendment to Loan Agreement dated as of December 16, 2005, and that certain
Fifth Amendment to Loan Agreement dated as of June 29, 2006 (hereinafter,
collectively, the “Loan Agreement”), and those certain promissory notes dated as
of various dates executed by the Borrower in favor of the Original Lenders in
the original aggregate principal amount of $225,000,000.00 (hereinafter,
individually and collectively, the “Note”);

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WHEREAS, pursuant to the terms and conditions of Section 2.1.1(iii) of the Loan
Agreement, the Borrower has the right, on any one (1) or more occasions prior to
the Maturity Date, to elect to increase the Established Loan Amount;

WHEREAS, the Borrower has elected, and the Administrative Agent and the Lenders
have agreed, to increase the Established Loan Amount in accordance with Section
2.1.1(iii) of the Loan Agreement; and

WHEREAS, the Administrative Agent, Lenders and Borrower have further agreed to
amend the Loan Agreement as more particularly set forth herein.

Accordingly, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, it is hereby agreed by and among the
Administrative Agent, Lenders and Borrower as follows:

 

1.

Exhibit A to the Loan Agreement is hereby amended by inserting the following
definitions in their corresponding alphabetical order:

“Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender.

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

“Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is resident for tax purposes.
For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction.

“Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

“Participant” as defined in Section 13.3.3.”

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2.

The definition of the term “Adjusted Capitalized Value” is hereby amended by
deleting the reference therein to “eight and three quarters percent (8.75%)” and
replacing same with “eight percent (8.00%)”.

 

3.

The definition of the term “Aggregate Borrowing Base Value” is hereby deleted in
its entirety and shall be replaced with the following:

“Aggregate Borrowing Base Value shall mean, as determined by the Administrative
Agent as of the most recent Compliance Certificate or Borrowing Base Property
report, as applicable, delivered to the Administrative Agent, the aggregate of
the Borrowing Base Values for all Borrowing Base Properties.”

 

4.

The definition of the term “Applicable Margin” is hereby deleted in its entirety
and shall be replaced with the following:

“Applicable Margin shall mean for LIBO Rate Loans and for Variable Rate Loans,
  respectively, the following

 

Level

 

Leverage
Ratio

 

Applicable
Margin for
LIBO Rate
Loans

 

Applicable
Margin for
Variable
Rate Loans

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1

 

Leverage
Ratio<55%

 

110 basis points

 

0 basis points

2

 

Leverage
Ratio=>55%
to <60%

 

125 basis points

 

0 basis points

3

 

Leverage
Ratio=>60%
to <65%

 

135 basis points

 

0 basis points

4

 

Leverage
Ratio= >65%

 

145 basis points

 

50 basis points

The Applicable Margin shall remain in effect until the Administrative Agent has
provided the Borrower with written notice (in the manner provided in the Loan
Agreement) that the Applicable Margin has been modified due to a change in the
Leverage Ratio as of any Calculation Date, with any such change then being
implemented retroactively to the first Business day following such Calculation
Date.”

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5.

The definition of “Availability” is hereby deleted in its entirety and shall be
replaced with the following:

“Availability shall mean, from time to time, an amount determined by the
Administrative Agent as of the most recent Compliance Certificate or Borrowing
Base Property report, as applicable, delivered to the Administrative Agent,
equal to the lesser of the following:

(a) seventy percent (70%) of the Aggregate Borrowing Base Value of the Borrowing
Base Properties as of the date of the most recent Compliance Certificate or
Borrowing Base Property report, as applicable, delivered to the Administrative
Agent; or

(b) the Implied Loan Amount”.

 

6.

The definition of “Borrowing Base Value” is hereby amended by deleting the
following text on the first line thereof “shall mean, as of each Calculation
Date” and replacing same with “shall mean, as of the most recent Compliance
Certificate or Borrowing Base Property report, as applicable, delivered to the
Administrative Agent,”

 

7.

The definition of the term “Eligible Assignee” is hereby deleted in its entirety
and shall be replaced with the following:

“Eligible Assignee shall mean any Person that meets the requirements to be an
assignee under Section 13.3.1, subject to such consents, if any, as may be
required under Section 13.3.1.”

 

8.

The definition of the term “Established Loan Amount” is hereby deleted in its
entirety and shall be replaced with the following:

“Established Loan Amount shall mean, as of October 20, 2006, Three Hundred
Million Dollars ($300,000,000.00).”

 

9.

The definition of the term “Fixed Charges” is hereby amended by deleting
subsection (a) thereof and replacing same with the following:

“(a) Interest Expenses (excluding any interest expenses required to be
capitalized under GAAP),”

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10.

The definition of the term “Implied Debt Service” is hereby deleted in its
entirety and shall be replaced with the following:

“Implied Debt Service shall mean the greater of (a) the annual amount of
principal and interest payable on a hypothetical loan in an amount equal to the
Implied Loan Amount, based upon a twenty-five (25) year direct reduction monthly
amortization schedule and a per annum interest rate equal to the greater of (i)
the actual blended interest rate for the Loan, or (ii) the 10-year Treasury Rate
as of the Calculation Date plus 1.25%, or (b) an annual debt service constant of
eight percent (8.00%)”.

 

11.

The definition of the term “Implied Loan Amount” is hereby deleted in its
entirety and shall be replaced with the following:

“Implied Loan Amount shall mean a principal amount which would generate as of
any Calculation Date an Implied Debt Service Coverage Ratio of 1.35 to 1.00,
which Implied Loan Amount may be revised by the Administrative Agent after the
Closing Date or as of the most recent Compliance Certificate or Borrowing Base
Property report, as applicable, delivered to the Administrative Agent, to
reflect additions, removals and other adjustments to the Borrowing Base
Properties since the Closing Date or the most recent Compliance Certificate or
Borrowing Base Property report, as applicable, delivered to the Administrative
Agent.”

 

12.

The definition of the term “Note” is hereby deleted in its entirety and shall be
replaced with the following:

“Note shall mean, collectively, the various amended and restated promissory
notes payable to each Lender in the aggregate original principal amount of the
Established Loan Amount.

 

13.

The definition of the term “Permitted Investments” is hereby amended by deleting
subsection (b) thereof and replacing same with the following:

“(b) The Pro Rata share of Investments in Land Assets which, in the aggregate,
valued at Book Value do not exceed ten percent (10%) of Total Asset Value;”

and by deleting the following text at the end thereof:

“Provided, however, that the aggregate of the Pro Rata Share of Investments
described in clauses (a), (b) and (d) above shall not exceed thirty percent
(30%) of Total Asset Value.”

 

14.

The definition of the term “Register” is hereby deleted in its entirety and
shall be replaced with the following

“Register as defined in Section 13.3.2.”

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15.

The definition of the term “Total Asset Value” is hereby amended by replacing
all references to the amount of “8.75%” with references to the amount of
“8.00%”.

 

16.

Section 1.3 of the Loan Agreement is hereby amended by deleting the reference
contained therein to “THREE HUNDRED MILLION DOLLARS ($300,000,000.00)” and
replacing same with “FOUR HUNDRED MILLION DOLLARS ($400,000,000.00)”.

 

17.

Section 2.1.1(iii) of the Loan Agreement is hereby amended by deleting the
reference contained therein to “Three Hundred Million ($300,000,000.00) Dollars”
and replacing same with “Four Hundred Million ($400,000,000.00) Dollars”.

 

18.

Section 2.2.1 is hereby deleted in its entirety and shall be replaced by the
following:

“The Loan shall be for a term (the “Initial Term”) commencing on the date hereof
and ending on January 30, 2009 (the “Initial Maturity Date”) or such earlier
date as the Loan is accelerated pursuant to the terms of this Agreement upon an
Event of Default. The Initial Term may be extended for one year (“Extended
Term”) until January 30, 2010 (“Extended Maturity Date”) upon satisfaction of
the conditions set forth in Section 2.2.3 (hereinafter, the Initial Maturity
Date and the Extended Maturity Date may be referred to herein sometimes as the
“Maturity Date” as may be applicable).”

 

19.

Section 2.2.3(v) is hereby deleted in its entirety and shall be replaced by the
following

“(v) Extension Fee. The Borrower shall have paid to the Administrative Agent an
extension fee (the “Extension Fee”) for the pro rata benefit of the Lenders of
two-tenths of one percent (0.20%) of the outstanding principal balance of the
Loan, such Extension Fee to be payable at least five (5) days prior to the
Initial Maturity Date.”

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20.

Section 3.4.4 of the Loan Agreement is hereby deleted in its entirety and shall
be replaced by the following:

“In addition to all other rights of the Administrative Agent with respect to the
removal of the Lake Raystown Shopping Plaza as a Borrowing Base Property under
this Agreement, the Administrative Agent shall be permitted to remove the Lake
Raystown Shopping Plaza as a Borrowing Base Property upon the occurrence of (x)
the termination of that certain Lease Agreement dated July 15, 1993, as amended
and supplemented by an Amendment to Lease dated May 13, 1994, a Lease
Commencement Agreement dated July 26, 1995, a Letter Agreement dated January 21,
1999, a Second Amendment to Lease dated January 19, 2000 and a Letter Agreement
dated February 19, 2002, by and between Cedar Lake Raystown, LLC (the
“Landlord”), as successor in interest to Greater Huntington and Co., Inc., and
Giant Food Stores, LLC (the “Tenant”), as successor in interest to Giant Food
Stores, Inc., with regard to a shopping center located within the Lake Raystown
Shopping Plaza containing approximately 39,244 square feet (the “Original Giant
Space”), and (y) the relocation of the Tenant to a separate shopping center
facility located on a parcel of land adjacent to the Lake Raystown Shopping
Plaza (the “Adjacent Property”), consisting of approximately 25.553 acres and
owned by Cedar Raystown Land, LLC, an affiliate of the Landlord, and a
subsidiary of the Borrower (the “CR Subsidiary”); provided, however, that the
Administrative Agent shall not remove the Lake Raystown Shopping Plaza as a
Borrowing Base Property solely as a result of any such termination and
relocation if, simultaneous with such termination and relocation, the Borrower
and the CR Subsidiary (i) enter into such agreements with the Administrative
Agent, (ii) execute such documents, and (iii) perform all other acts, as are
necessary to (a) cause the Adjacent Property and the Lake Raystown Shopping
Plaza to be deemed to be one (1) combined property for the purpose of
determining whether such combined property (the “Combined Lake Raystown
Property”) shall be added as a Borrowing Base Property, and (b) add the Combined
Lake Raystown Property as a Borrowing Base Property in accordance with the terms
and conditions of this Agreement. The Administrative Agent and the Borrower
hereby agree that the fueling station located within the Lake Raystown Shopping
Plaza containing approximately 27,547 square feet, and subject to that certain
Lease Agreement dated January 19, 2000, by and between Landlord, as successor in
interest to Greater Raystown Associates, and Tenant, as successor in interest to
Giant Food Stores, Inc., shall not be included in the determination of whether
the Combined Lake Raystown Property shall be added as a Borrowing Base Property.
In addition, (A) the Borrower shall have a period of two hundred seventy (270)
days in which to relet the space formerly occupied by the Tenant in the Lake
Raystown Shopping Plaza, (B) the Original Giant Space shall not be included in
determining the Occupancy Ratio for the Combined Lake Raystown Property during
such two hundred seventy (270) day period and (C) the Combined Lake Raystown
Property shall be deemed to be a Stabilized Asset during such two hundred
seventy (270) day period notwithstanding the fact that the Occupancy Ratio for
the Combined Lake Raystown Property during such two hundred seventy (270) day
period may be less than eighty percent (80%). Upon the Borrower and the CR
Subsidiary entering into such agreements with the Administrative Agent, and
completing such other actions, as are necessary to add the Combined Lake
Raystown Property as a Borrowing Base Property in accordance with the terms and
conditions of this Agreement, the Administrative Agent shall advise the Borrower
of the Adjusted Appraised Value of the Combined Lake Raystown Property.”

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21.

Section 7.19 of the Loan Agreement is hereby deleted in its entirety.

 

22.

Section 7.21 of the Loan Agreement is hereby deleted in its entirety and shall
be replaced by the following:

“7.21   Fixed Charge Ratio. The Fixed Charge Ratio as determined as of each
Calculation Date shall be not less than 1.35:1. The Fixed Charge Ratio covenant
shall be tested by the Administrative Agent as of each Calculation Date with
results based upon the results for the most recent Calculation Period, such
calculation and results to be verified by the Administrative Agent.”

 

23.

Section 8.4.3 is hereby deleted in its entirety and shall be replaced with the
following”.

“8.4.3 Individual Property secured Debt of the Borrower, CSC or any Borrower
Subsidiary which is recourse to the Borrower or CSC consistent with customary
project finance market terms and conditions (excluding the Obligations) in an
amount not to exceed twenty five percent (25%) of the Total Asset Value in the
aggregate outstanding at any one time, provided that the Borrower will be in
compliance with the Financial Covenants considering the consequences of the
incurrence of such Debt;”

 

24.

Section 13.3 of the Loan Agreement is hereby deleted and shall be replaced by
the following:

“13.3 Assignments by Lenders.

13.3.1 Assignment. Any Lender may at any time assign to one or more assignees
all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans (including for purposes of this
Section 13.3.1, participations in L/C Obligations) at the time owing to it);
provided that any such assignment shall be subject to the following conditions:

(i) Minimum Amounts.

(A) in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an
assignment to a Lender or an Affiliate of a Lender or an Approved Fund with
respect to a Lender, no minimum amount needs to be assigned; and

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(B) in any case not described in Section 13.3.1(i)(A) above, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding
thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Acceptance with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date”
is specified in the Assignment and Acceptance, as of the Trade Date, shall not
be less than $5,000,000 unless each of the Administrative Agent and, so long as
no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an Assignee Group
and concurrent assignments from members of an Assignee Group to a single
assignee (or to an assignee and members of its Assignee Group) will be treated
as a single assignment for purposes of determining whether such minimum amount
has been met;

(ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement with respect to the Loans or the Commitment
assigned;

(iii) Required Consents. No consent shall be required for any assignment except
to the extent required by Section 13.3.1(i)(B) and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld or
delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender,
an Affiliate of a Lender or an Approved Fund;

(B) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required if such assignment is to a Person that is
not a Lender, an Affiliate of a Lender or an Approved Fund; and

(C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation
of the assignee to participate in exposure under one or more Letters of Credit
(whether or not then outstanding).

(iv) Assignment and Acceptance. The parties to each assignment shall execute and
deliver to the Administrative Agent for recording in the Register an Assignment
and Acceptance, substantially in the form of Exhibit H hereto (the “Assignment
and Acceptance”), together with a processing and recordation fee in the amount
of $3,000.00; provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of
any assignment. The assignee, if it is not a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

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(v) No Assignment to Borrower. No such assignment shall be made to the Borrower
or any of the Borrower’s Affiliates or Subsidiaries.

(vi) No Assignment to Natural Person. No such assignment shall be made to a
natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant
to Section 13.3.2, from and after the effective date specified in each
Assignment and Acceptance, the assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and
Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 2.3.11, 2.6, 7.15 and 7.17 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Promptly
following delivery of notice of such assignment and written request, the
Borrower (at its expense) shall, in exchange for each surrendered Note, execute
and deliver a Note to the assignee Lender. Such new Notes shall provide that
they are replacements for the surrendered Notes, shall be in an aggregate
principal amount equal to the aggregate principal amount of the surrendered
Notes, shall be dated the effective date of such Assignment and Acceptance and
shall otherwise be substantially in the form of the assigned Notes. The
surrendered Notes shall be cancelled and returned to the Borrower. Any
assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 13.3.3.

13.3.2. Register. The Administrative Agent, acting solely for this purpose as an
agent of the Borrower, shall maintain at the Administrative Agent’s Office a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive, in the absence of manifest error, and the
Borrower, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower and any
Lender at any reasonable time and from time to time upon reasonable prior
notice.

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13.3.3. Participations. Any Lender may at any time, without the consent of the
Borrower or the Administrative Agent, but upon notice to the Borrower and the
Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Lender’s participations in L/C Obligations)
owing to it); provided that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall
continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in Section 13.4.1(i)
through (viii) that affects such Participant. Subject to Section 13.3.4 below,
the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.3.11 and 2.6 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to Section 13.3.1 above. To the
extent permitted by law, each Participant also shall be entitled to the benefits
of Section 12.2 as though it were a Lender, provided such Participant agrees to
be subject to Section 12.2 as though it were a Lender.

13.3.4 Limitations upon Participant Rights. A Participant shall not be entitled
to receive any greater payment under Section 2.3.11 or 2.6 than the applicable
Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent, provided in no
instance shall the Borrower’s Obligations be increased as a result thereof. A
Participant that would be a Foreign Lender if it were a Lender shall not be
entitled to the benefits of Section 2.3.11 unless the Borrower is notified of
the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 2.3.11 as though it were a
Lender.

13.3.5 Certain Pledges. Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any
pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment or foreclosure with respect to any such pledge
or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledge or assignee for such Lender as a party hereto.

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13.3.6 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Acceptance shall be
deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.”

 

25.

Exhibit B-1 to the Loan Agreement is hereby deleted in its entirety and shall be
replaced with the Exhibit B-1 attached hereto as Exhibit E.

 

26.

Exhibit F to the Loan Agreement is hereby deleted in its entirety and shall be
replaced with the Exhibit F attached hereto as Exhibit A.

 

27.

Exhibit G to the Loan Agreement is hereby deleted in its entirety and shall be
replaced with the Exhibit G attached hereto as Exhibit F.

 

28.

Exhibit H to the Loan Agreement is hereby deleted in its entirety and shall be
replaced with the Exhibit H attached hereto as Exhibit G.

 

29.

Immediately after the execution hereof, Exhibit I to the Loan Agreement shall be
deemed deleted in its entirety and shall be replaced with the Exhibit I attached
hereto as Exhibit B.

 

30.

Immediately after the execution hereof, Exhibit J to the Loan Agreement shall be
deemed deleted in its entirety and shall be replaced with the Exhibit J attached
hereto as Exhibit C. The Borrower hereby certifies, warrants and represents
that, to the best of Borrower’s knowledge, the Individual Properties being added
as Borrowing Base Properties satisfy the Borrowing Base Property Requirements
and the related Eligibility Criteria, all as set forth in the Loan Agreement.

 

31.

Immediately after the execution hereof, Schedule 6.14.2(i) to the Loan Agreement
shall be deemed deleted in its entirety and shall be replaced with the Schedule
6.14.2(i) attached hereto as Exhibit D.

 

32.

The Borrower, the Administrative Agent and the Lenders hereby acknowledge and
agree that (a) notwithstanding the terms of the Loan Agreement and the terms of
Paragraph 33 below, the Applicable Margin shall be determined as set forth under
the Fourth Amendment to Loan Agreement dated as of December 16, 2005, through
October 19, 2006, and (b) effective as of the execution hereof, the Applicable
Margin shall be Level 1 as set forth in this Sixth Amendment.

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33.

The Borrower, the Administrative Agent and the Lenders here by acknowledge and
agree that the Borrower’s compliance with the Financial Covenants for the period
ended September 30, 2006 shall be calculated as if the terms and conditions of
this Sixth Amendment were in effect as of September 30, 2006.

 

34.

The Borrower hereby ratifies, confirms, and reaffirms all of the terms and
conditions of the Loan Agreement, and all of the other documents, instruments,
and agreements evidencing the Loan Arrangement including, without limitation,
the Note. The Borrower further acknowledges and agrees that all of the terms and
conditions of the Loan Arrangement shall remain in full force and effect except
as expressly provided in this Sixth Amendment. No novation of the indebtedness
evidenced by the Note, the Loan Agreement or any other Loan Document shall occur
as a result of the execution of this Sixth Amendment.

 

35.

Any determination that any provision of this Sixth Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance
shall not effect the validity, legality, or enforceability of such provision in
any other instance, or the validity, legality or enforceability of any other
provisions of this Sixth Amendment.

 

36.

This Sixth Amendment may be executed in several counterparts and by each party
on a separate counterpart, each of which when so executed and delivered shall be
an original, and all of which together shall constitute one instrument. In
proving this Sixth Amendment, it shall not be necessary to produce or account
for more than one such counterpart signed by the party against whom enforcement
is sought.

 

37.

The Loan Agreement, as amended by this Sixth Amendment, constitutes the entire
agreement of the parties regarding the matters contained herein and shall not be
modified by any prior oral or written communications.

 

38.

The Borrower acknowledges, confirms and agrees that it has no offsets, defenses,
claims or counterclaims against the Administrative Agent or the Lenders with
respect to any of the Borrower’s liabilities and obligations to the
Administrative Agent or the Lenders under the Loan Arrangement, and to the
extent that the Borrower has any such claims under the Loan Arrangement, the
Borrower affirmatively WAIVES and RENOUNCES such claims as of the date hereof.

-13-

--------------------------------------------------------------------------------

 

39.

Conditions Precedent. This Sixth Amendment shall become effective as of the date
first above written, at such time when all of the following conditions are
satisfied:

 

a.

All Lenders shall have executed this Sixth Amendment.

 

b.

The Borrower shall have executed this Sixth Amendment.

 

c.

The Lenders shall have received such executed resolutions, secretary’s
certificates and certificates of legal existence as the Administrative Agent may
specify all in form and substance satisfactory to the Administrative Agent and
its counsel.

 

d.

The Lenders shall have received such legal opinions for the Borrower and such
other parties as the Administrative Agent may require, all in form and substance
satisfactory to the Administrative Agent and its counsel.

 

e.

The Borrower shall have paid the fees, costs and expenses of the Administrative
Agent’s counsel in connection with this Sixth Amendment.

[The balance of this page is intentionally left blank]

-14-

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, this Sixth Amendment has been executed as a sealed
instrument as of the date first set forth above.

 

BORROWER:

 

 

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnership

 

 

By: 

Cedar Shopping Centers, Inc.,
its general partner

 

 

 

 

By: 

/s/ Brenda J. Walker

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Brenda J. Walker

 

 

 

Title: 

Vice President

 

 

 

ADMINISTRATIVE AGENT:

 

 

BANK OF AMERICA, N.A.

 

 

By: 

/s/ Mark A. Mokelke

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Mark A. Mokelke

 

 

 

Title: 

Vice President

 

 

 

 

LENDERS:

 

 

BANK OF AMERICA, N.A.

 

 

By: 

/s/ Mark A. Mokelke

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Mark A. Mokelke

 

 

 

Title: 

Vice President

 

 

 

 

PB CAPITAL CORPORATION

 

 

By: 

/s/ Andrew E. Woodtli

 

By: 

/s/ Michael J. Rodgers

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

Name: 

Andrew E. Woodtli

 

Name: 

Michael J. Rodgers

Title: 

Senior Director

 

Title: 

Vice President

--------------------------------------------------------------------------------

 

MANUFACTURERS AND TRADERS TRUST COMPANY

By: 

/s/ Peter J. Ostrowski

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Peter J. Ostrowski

 

 

 

Title: 

Vice President

 

 

 

 

SOVEREIGN BANK

 

 

By: 

/s/ Erin T. Aslakson

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Erin T. Aslakson

 

 

 

Title: 

Assistant Vice President

 

 

 

 

RAYMOND JAMES BANK, FSB

 

 

By: 

/s/ Steven Paley

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Steven Paley

 

 

 

Title: 

Vice President

 

 

 

 

CITIZENS BANK OF PENNSYLVANIA

 

 

By: 

/s/ Robert L. Schopf

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Robert L. Schopf

 

 

 

Title: 

Vice President

 

 

 

 

KEYBANK, NATIONAL ASSOCIATION

 

 

By: 

/s/ Gregory W. Lane

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Gregory W. Lane

 

 

 

Title: 

Vice President

 

 

 

 

LASALLE BANK NATIONAL ASSOCIATION

By: 

/s/ Robert E. Goeckel

 

 

 

--------------------------------------------------------------------------------

 

 

 

Name: 

Robert E. Goeckel

 

 

 

Title: 

Vice President

 

 

 

--------------------------------------------------------------------------------

EXHIBIT A

EXHIBIT F TO LOAN AGREEMENT

OWNERSHIP INTERESTS AND TAXPAYER IDENTIFICATION NUMBERS

 

Entity Name

 

Partners/Members

 

Tax Identification
Number

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

Cedar-South Philadelphia I, LLC

 

Cedar-South Philadelphia II, LLC (100%)

 

90-0082050

 

Cedar-South Philadelphia II, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

90-0082060

 

Cedar-Riverview LP

 

Cedar-Riverview LLC (1%; general partner); CSC-Riverview LLC (99%; limited
partner)

 

20-0422200

 

Cedar-Riverview LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0151534

 

CSC-Riverview LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0151125

 

Cedar Lender LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0447171

 

Delaware 1851 Associates, LP

 

Cedar-Columbus LLC (1%; general partner); CSC-Columbus LLC (99%; limited
partner)

 

23-2999402

 

Cedar-Columbus LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0151547

 

Cedar Sunset Crossing, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0579586

 

CSC-Columbus LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0151526

 

Cedar Dubois, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-0768567

 

Swede Square Associates, L.P.

 

Swede Square, LLC (0.1%; general partner); Cedar Shopping Centers Partnership,
L.P. (99.9%; limited partner)

 

02-0673581

 

EF-1

--------------------------------------------------------------------------------

 

 

Swede Square, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

02-0673593

 

Cedar Lake Raystown, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-1158059

 

Cedar Huntingdon, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-1157929

 

Cedar Brickyard, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-2011661

 

Cedar St. James, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-2311739

 

Cedar Kenley Village, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-2311870

 

Cedar-Valley Plaza, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

42-1596164

 

Cedar-Glen Allen UK, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3797757

 

Cedar-Fredericksburg UK, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3797657

 

Cedar-Salem Run, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3797596

 

Cedar-VA Commons LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3797692

 

Cedar-Revere LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3528504

 

Cedar-Carlisle, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3397838

 

Cedar-Trexler Plaza 2, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-5065081

 

Cedar-Stonehedge, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-5228228

 

Cedar-Oakhurst, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-5233216

 

Cedar-Palmyra, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-3897470

 

Cedar-Stadium Plaza, LLC

 

Cedar Shopping Centers Partnership, L.P. (100%)

 

20-2957198

 

EF-2

--------------------------------------------------------------------------------

EXHIBIT B

EXHIBIT I TO LOAN AGREEMENT

LENDERS’ COMMITMENT

 

Lender

 

Commitment Amount

 

Commitment Percentage

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

BANK OF AMERICA, N.A.

 

$

44,000,000.00

 

14.66666

%

PB CAPITAL CORPORATION

 

$

44,000,000.00

 

14.66666

%

MANUFACTURERS AND TRADERS TRUST COMPANY

 

$

30,000,000.00

 

10

%

SOVEREIGN BANK

 

$

30,000,000.00

 

10

%

RAYMOND JAMES BANK, FSB

 

$

20,000,000.00

 

6.66670

%

CITIZENS BANK OF PENNSYLVANIA

 

$

44,000,000.00

 

14.66666

%

KEYBANK, NATIONAL ASSOCIATION

 

$

44,000,000.00

 

14.66666

%

LASALLE BANK NATIONAL ASSOCIATION

 

$

44,000,000.00

 

14.66666

%

TOTAL

 

$

300,000,000.00

 

100

%

EI-1

--------------------------------------------------------------------------------

EXHIBIT C

EXHIBIT J TO LOAN AGREEMENT

 

Borrowing Base Property

 

Adjusted Appraised Value
as of October 20, 2006

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

South Philadelphia Shopping Plaza
Philadelphia, Pennsylvania

 

$36,400,000.00

Riverview Shopping Center
Philadelphia, Pennsylvania

 

$43,200.000.00

Sunset Crossing Shopping Center
Dickson, Pennsylvania

 

$11,250,000.00

Columbus Crossing Shopping Center
Philadelphia, Pennsylvania

 

$23,000,000.00

Dubois Commons Shopping Center
Sandy, Pennsylvania

 

$17,690,000.00

Swede Square Shopping Center
East Norriton, Pennsylvania

 

$11,500,000.00

Lake Raystown Shopping Center
Smithfield, Pennsylvania

 

$6,700,000.00

Brickyard Shopping Center
Berlin, Connecticut

 

$28,200,000.00

Valley Plaza Shopping Center,
Hagerstown, Maryland

 

$9,950,000.00

St. James Shopping Center,
Hagerstown, Maryland

 

$4,250,000.00

Kenley Village Shopping Center,
Hagerstown, Maryland

 

$3,750,000.00

Ukrop’s Shopping Center,
Fredericksburg, Virginia

 

$16,000,000.00

Ukrop’s Shopping Center,
Glen Allen, Virginia

 

$6,300,000.00

Virginia Center Commons
Glen Allen, Virginia

 

$4,900,000.00

The Shoppes at Salem Run
Fredericksburg, Virginia

 

$5,300,000.00

Unit 2 of The Shops at Suffolk Downs Condominium
Revere, Massachusetts

 

$19,300,000.00 (As Is)

$20,900,000.00 (At Completion)

Point at Carlisle Shopping Center
Carlisle, Pennsylvania

 

$12,900,000.00

Trexlertown Plaza (Units 1, 3A and 4)
Trexlertown, Pennsylvania

 

$27,500,000.00

Stonhedge Square Shopping Center
Carlisle, Pennsylvania

 

$13,800,000.00

Oakhurst Plaza
Harrisburg, Pennsylvania

 

$22,500,000.00

Palmyra Shopping Center
Palmyra, Pennsylvania

 

$7,400,000.00

Stadium Plaza
East Lansing, MI

 

$11,500,000.00

EJ-1

--------------------------------------------------------------------------------

EXHIBIT D

SCHEDULE 6.14.2(i) TO LOAN AGREEMENT

 

BORROWING BASE PROPERTY

 

FEE OR LEASEHOLD ESTATE INTEREST

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

South Philadelphia Shopping Plaza Philadelphia, Pennsylvania

 

Leasehold

Riverview Shopping Center Philadelphia, Pennsylvania

 

Fee and Leasehold

Sunset Crossing Shopping Center Dickson, Pennsylvania

 

Fee

Columbus Crossing Shopping Center Philadelphia, Pennsylvania

 

Fee

Dubois Commons Shopping Center Sandy, Pennsylvania

 

Fee

Swede Square Shopping Center East Norriton, Pennsylvania

 

Fee

Lake Raystown Shopping Center Smithfield, Pennsylvania

 

Fee

Brickyard Shopping Center Berlin, Connecticut

 

Fee

Valley Plaza Shopping Center, Hagerstown, Maryland

 

Fee

St. James Shopping Center, Hagerstown, Maryland

 

Fee

Kenley Village Shopping Center, Hagerstown, Maryland

 

Fee

Ukrop’s Shopping Center, Fredericksburg, Virginia

 

Fee

Ukrop’s Shopping Center, Glen Allen, Virginia

 

Fee

Virginia Center Commons, Glen Allen, Virginia

 

Fee

The Shoppes at Salem Run, Fredericksburg, Virginia

 

Fee

Unit 2 of The Shops at Suffolk Downs Condominium, Revere, Massachusetts

 

Fee

Point at Carlisle Shopping Center Carlisle, Pennsylvania

 

Fee

Trexlertown Plaza (Units 1, 3A and 4) Trexlertown, Pennsylvania

 

Fee

Stonhedge Square Shopping Center Carlisle, Pennsylvania

 

Fee

Oakhurst Plaza Harrisburg, Pennsylvania

 

Fee

Palmyra Shopping Center Palmyra, Pennsylvania

 

Fee and Access Easement

Stadium Plaza East Lansing, MI

 

Fee

--------------------------------------------------------------------------------

RIGHTS OF FIRST REFUSAL

Right of First Refusal, executed on October 31, 2003, and effective as of
November 3, 2003, granted by Cedar-Riverview LP, a Pennsylvania limited
partnership, to Firehouse Realty Corp., a Pennsylvania corporation, Reed
Development Associates, Inc., a Pennsylvania corporation, South River View
Plaza, Inc., a Pennsylvania corporation, River View Development Corp., a
Pennsylvania corporation, and Riverview Commons, Inc., a Pennsylvania
corporation.

Right of First Refusal, executed on November 19, 2003, and effective as of
December 9, 2003, granted by Delaware 1851 Associates, LP, a Pennsylvania
limited partnership, to Welsh-Square, Inc., a Pennsylvania corporation,
Indenture of Trust of Bart Blatstein dated as of June 9, 1998, a Pennsylvania
trust, and Irrevocable Indenture of Trust of Barton Blatstein dated July 13,
1999, a Pennsylvania trust.

--------------------------------------------------------------------------------

EXHIBIT E

EXHIBIT B-1 TO LOAN AGREEMENT

REQUISITION AND AVAILABILITY CERTIFICATE

TO:

Bank of America, N.A. (“Administrative Agent”)

RE:

Loan Agreement dated as of January 30, 2004 (as amended, the “Loan Agreement”)
between Administrative Agent, the lenders described therein and Cedar Shopping
Centers Partnership, L.P. (“Borrower”)

LOAN REQUEST NO.: ________________

AMOUNT OF LOAN ADVANCE REQUESTED: $__________________

DATE:________________, 200__

This Borrower’s Certificate and Request for Loan Advance is submitted by
Borrower to Administrative Agent pursuant to the provisions of the Loan
Agreement in order to induce Lenders to make the Loan Advance identified above.
Capitalized terms used herein which are not otherwise specifically defined shall
have the same meaning herein as in the Loan Agreement.

Borrower hereby requests Lenders to make a Loan Advance under the Notes in the
following amount: $________________________.

The Loan Advance is requested for the following purposes:
___________________________________________________________

_________________________________________________________________________________________________________________

_________________________________________________________________________________________________________________.

The Loan Advance requested of $______________, when added to prior Loan Advances
under the Notes of $________________, plus the L/C Exposure of
$__________________, will result in aggregate Loans plus L/C Exposure of
$_______________.

The types of Loans requested are as follows:

 

Variable Rate:

$__________________

Effective LIBO Rate

$___________________

 

Interest Period ________________

 

$___________________

 

Interest Period ________________

 

 

--------------------------------------------------------------------------------

The Maximum Loan Amount shall not be exceeded upon the making of the Loan
Advance requested hereunder. Calculations of the Maximum Loan Amount, current
Loan balance, and amount of the Loan available to be advanced and/or L/C’s
available to be issued are set forth on the Availability Certificate annexed
hereto.

Borrower hereby certifies, warrants and represents to Administrative Agent and
the Lenders that (except for each condition precedent to Lender’s obligation to
make the requested Loan Advance) this request: (i) constitutes an affirmation by
Borrower that, except as otherwise disclosed in writing to the Administrative
Agent, each of the warranties and representations made in the Loan Agreement,
including, without limitation, the Borrower’s continued compliance with the
Financial Covenants, as satisfied by the Closing Compliance Certificate, or once
delivered, the most recent Compliance Certificate delivered by the Borrower to
the Agent, remains true and correct in all material respects as of the date of
this request and, unless Administrative Agent is notified to the contrary prior
to the disbursement of the Loan Advance, will be so on the date of such Loan
Advance; and (ii) constitutes the representation and warranty of Borrower that
the information set forth in this request is true, accurate and complete in all
material respects.

The Borrower hereby further certifies, warrants and represents to Administrative
Agent and the Lenders that: (i) to the best of the Borrower’s knowledge, the
financial information provided by the Borrower to the Agent remains true and
accurate in all material respects; (ii) the Borrower is in compliance with the
financial covenants contained in the Loan Agreement to the extent set forth
below; (iii) to the best of the Borrower’s knowledge, an Event of Default which
is continuing has not occurred under the Loan Agreement or any of the other Loan
Documents.

--------------------------------------------------------------------------------

 

Covenant

 

Requirement

 

Actual

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

Leverage Ratio

 

Less than 70%

 

 

 

Fixed Charge Ratio

 

Not less than 1.35:1

 

 

 

Borrower’s Net Worth

 

Not less than 85% of the Borrower’s Net Worth as of December 31, 2003, plus 85%
of cumulative net cash proceeds, as set forth in the Loan Agreement

 

 

 

Occupancy Ratio for Borrowing Base Properties

 

Not less than 85% for the aggregate of all Borrowing Base Properties, and not
less than 80% for each individual Borrowing Base Property

 

 

 

Aggregate Pro Rata amount of the Variable Rate Indebtedness of the Consolidated
CSC Entities and the Unconsolidated CSC Entities

 

Less than 30% of the Total Asset Value

 

 

 

Individual Property secured Debt of the Borrower, CSC or any Borrower Subsidiary
which is recourse to the Borrower or CSC

 

In the aggregate outstanding at any time, not to exceed twenty five percent
(25%) of the Total Asset Value

 

 

 

The Pro Rata share of Investments in Development Assets (valued at undepreciated
Book Value)

 

In the aggregate, not to exceed twenty five percent (25%) of Total Asset Value

 

 

 

The Pro Rata share of Investments in Land Assets which are valued at Book Value

 

In the aggregate, not to exceed ten percent (10%) of Total Asset Value

 

 

 

The Pro Rata share of Investments in Non-Retail Assets

 

In the aggregate, not to exceed five percent (5%) of Total Asset Value

 

 

 

Calculations of the Financial Covenants are set forth in the Closing Compliance
Certificate, or once delivered, the most recent Compliance Certificate delivered
by the Borrower to the Agent.

This request is submitted to Administrative Agent for the purpose of inducing
Lenders to make a Loan Advance and Borrower intends that Administrative Agent
and the Lenders shall rely upon the same being true, accurate and complete in
all material respects.

If all conditions precedent to Lenders’ obligation to make a Loan Advance are
satisfied, please disburse the Loan Advance on ______________, 200__.

--------------------------------------------------------------------------------

 

WITNESS the execution hereof as an instrument under seal as of the _______ day
of _____________, 200__.

 

 

 

 

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnership

 

 

 

By:

Cedar Shopping Centers, Inc.,
its general partner

 

 

 

By: 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

Name: 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

Title:

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Availability Certificate

1.

Maximum Loan Amount

 

a.

 

  Established Loan Amount

 

 

 

$

300,000,000.00

 

 

 

b.

 

  Total Commitment

 

 

 

$

300,000,000.00

 

 

 

c.

 

  Availability (calculated below) lesser of (a), (b) and (c)

 

 

 

$

 

 

$

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

2.

Loan Balance

 

a.

 

  Outstanding Balance of Loan plus

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

b.

 

  L/C Exposure (a) plus (b)

 

 

 

$

 

 

$

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

3.

Amount of Loan available to be advanced and/or L/C’s available to be issued

 

 

 

  1 minus 2

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Availability Calculation

 

a.

 

  Aggregate Borrowing Base Value* (calculated below)

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

  Multiplied by 70%

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

b.

 

  Implied Loan Amount (calculated below) lesser of (a) or (b)

 

 

 

$

 

 

$

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

*Borrowing Base Value Calculation

(prepare for each Borrowing Base Property)

(a)

If Stabilized Asset

 

(i)

 

Adjusted Appraised Value (as determined by the most recent Appraisal of such
Borrowing Base Property)

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

(ii)

 

Adjusted Capitalized Value** (calculated below)

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

**

Adjusted Capitalized Value Calculation (For Stabilized Asset)

 

Adjusted Net Operating Income for most recent fiscal quarter, annualized
capitalized at 8.00%

$

 

 

$

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

 

 

 

(b)

If Non-Stabilized Asset

 

(i)

 

Adjusted Appraised Value (as determined by the most recent Appraisal of such
Borrowing Base Property)

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

(ii)

 

Adjusted Capitalized Value (Undepreciated Book Value)

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

--------------------------------------------------------------------------------

Calculation of Borrowing Base Value if Event of Loss Has Occurred

 

(i)

 

Adjusted Capitalized Value (calculated in the manner set forth above for
Stabilized Asset, subject to the limits of Borrowing Base Value, or Non
Stabilized Asset, as applicable)

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

Multiplied by 70%

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

--------------------------------------------------------------------------------

Implied Loan Amount Calculation

Principal amount which generates Implied Debt Service Coverage Ratio of 1.35 to
1.00, calculated in accordance with the worksheet which is to be annexed hereto.

--------------------------------------------------------------------------------

EXHIBIT F

EXHIBIT G TO LOAN AGREEMENT

COMPLIANCE CERTIFICATE

TO: The Administrative Agent and Lenders party to the Loan Agreement Described
Below

This Compliance Certificate is furnished pursuant to that certain Loan Agreement
dated as of January 30, 2004 (as amended, the “Loan Agreement”), among Cedar
Shopping Centers Partnership, L.P. (“Borrower”), Bank of America, N.A., as
Administrative Agent and the Lenders identified therein. Unless otherwise
defined herein, capitalized terms used in this Compliance Certificate have the
meanings ascribed thereto in the Loan Agreement.

THE UNDERSIGNED HEREBY CERTIFIES THAT:

1. I am the duly elected/authorized ______________________ of Cedar Shopping
Centers, Inc., general partner of the Borrower.

2. I have reviewed the terms of the Loan Agreement and I have made, or have
caused to be made under my supervision, a review of the transactions and
conditions of the Borrower during the accounting period covered by the attached
financial statements.

3. The examinations described in paragraph 2 did not disclose, and I have no
knowledge of, the existence of any condition or event which constitutes an Event
of Default or an event which, with notice or the passage of time or both, would
constitute an Event of Default during or at the end of the accounting period
covered by the attached financial statements or as of the date of this
Certificate, except as set forth below.

4. Schedule 1 attached hereto sets forth financial data and computations at and
for the period ending __________ evidencing the Borrower’s compliance with
certain covenants of the Loan Agreement, except as set forth below, all of which
data and computations are true, complete and correct in all material respects to
my knowledge.

Described below are the exceptions, if any, to paragraphs 3 and 4, listing the
nature of the condition or event, the period during which it has existed and the
action which the Borrower has taken, is taking, or proposes to take with respect
to each such condition or event:

 

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of this
____ day of ____________, 200____.

 

 

 

CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
a Delaware limited partnership

 

 

 

By:

Cedar Shopping Centers, Inc.,
its general partner

 

 

 

 

By: 

 

 

 

 

 

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Name: 

 

 

 

 

 

 

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Title: 

 

 

 

 

 

 

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Schedule 1 to Compliance Certificate

 

Covenant

 

Requirement

 

Actual

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Leverage Ratio

 

Less than 70%

 

 

Fixed Charge Ratio

 

Not less than 1.35:1

 

 

Borrower’s Net Worth

 

Not less than 85% of the Borrower’s Net Worth as of December 31, 2003, plus 85%
of cumulative net cash proceeds, as set forth in the Loan Agreement

 

 

Occupancy Ratio for Borrowing Base Properties

 

Not less than 85% for the aggregate of all Borrowing Base Properties, and not
less than 80% for each individual Borrowing Base Property

 

 

Aggregate Pro Rata amount of the Variable Rate Indebtedness of the Consolidated
CSC Entities and the Unconsolidated CSC Entities

 

Less than 30% of the Total Asset Value

 

 

Individual Property secured Debt of the Borrower, CSC or any Borrower Subsidiary
which is recourse to the Borrower or CSC

 

In the aggregate outstanding at any time, not to exceed twenty five percent
(25%) of the Total Asset Value (excluding the Obligations)

 

 

The Pro Rata share of Investments in Development Assets (valued at undepreciated
Book Value)

 

In the aggregate, not to exceed twenty five percent (25%) of Total Asset Value

 

 

The Pro Rata share of Investments in Land Assets which are valued at Book Value

 

In the aggregate, not to exceed ten percent (10%) of Total Asset Value

 

 

The Pro Rata share of Investments in Non-Retail Assets

 

In the aggregate, not to exceed five percent (5%) of Total Asset Value

 

 

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EXHIBIT G

EXHIBIT H TO LOAN AGREEMENT

ASSIGNMENT AND ACCEPTANCE

This Assignment and Acceptance (this “Assignment and Acceptance”) is dated as of
the Effective Date set forth below and is entered into by and between [the][each
Assignor] identified in item 1 below [the][each, an] “Assignor”) and [the][each]
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is
understood and agreed that the rights and obligations of [the Assignors][the
Assignees] hereunder are several and not joint.] Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement
identified below (the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed
to and incorporated herein by reference and made a part of this Assignment and
Acceptance as if set forth herein in full.

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and
assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective
Assignors], subject to and in accordance with the Standard Terms and Conditions
and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the
respective Assignors’] rights and obligations in [its capacity as a
Lender][their respective capacities as Lenders] under the Credit Agreement and
any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of [the Assignor][the respective Assignors]
under the respective facilities identified below (including, without limitation,
the Letters of Credit included in such facilities) and (ii) to the extent
permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of [the Assignor (in its capacity as a Lender)][the
respective Assignors (in their respective capacities as Lenders)] against any
Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the
loan transactions governed thereby or in any way based on or related to any of
the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i)
above (the rights and obligations sold and assigned by [the][any] Assignor to
[the][any] Assignee pursuant to clauses (i) and (ii) above being referred to
herein collectively as [the][an] “Assigned Interest”). Each such sale and
assignment is without recourse to [the][any] Assignor and, except as expressly
provided in this Assignment and Acceptance, without representation or warranty
by [the][any] Assignor.

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1.        Assignor[s]:

_________________________

 

_________________________

2.        Assignee[s]:

_________________________

 

_________________________

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

3.

Borrower: Cedar Shopping Centers Partnership, L.P.

 

4.

Administrative Agent: Bank of America, N.A., as the administrative agent under
the Credit Agreement

 

5.

Credit Agreement: Loan Agreement, dated as of January 30, 2004, as amended,
among Cedar Shopping Centers Partnership, L.P., the Lenders from time to time
party thereto, and Bank of America, N.A., as Administrative Agent and L/C
Issuer.

 

6.

Assigned Interest[s]:

 

Assignor[s]

 

Assignee[s]

 

Facility
Assigned

 

Aggregate
Amount of the
Commitment/
Loans for all
Lenders

 

Amount of
Commitment/
Loans Assigned

 

Percentage
Assigned of
Commitment/
Loans

 

CUSIP
Number

 

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7.

Trade Date: ____________________, 200_.

Effective Date: _______________, 20___ TO BE INSERTED BY ADMINISTRATIVE AGENT
AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.

The terms set forth in this Assignment and Acceptance are hereby agreed to:

 

 

 

ASSIGNOR:

 

 

[NAME OF ASSIGNOR]

 

 By: 

 

 

 

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ASSIGNEE:

 

 

[NAME OF ASSIGNEE]

 

  
By:

 

 

 

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ANNEX 1 TO ASSIGNMENT AND ACCEPTANCE

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ACCEPTANCE

1. Representations and Warranties.

1.1 Assignor. [The] [Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii)
[the][such] Assigned Interest is free and clear of any lien, encumbrance or
other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Acceptance and to
consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or
observance by the Borrower, any of its Subsidiaries or Affiliates or any other
Person of any of their respective obligations under any Loan Document.

1.2 Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Acceptance and to consummate the transactions
contemplated hereby and to become a Lender under the Credit Agreement, (ii) it
meets all the requirements to be an assignee under Section 13.3.1 of the Credit
Agreement (subject to such consents, if any, as may be required under Section
13.3.1 of the Credit Agreement), (iii) from and after the Effective Date, it
shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of [the][the relevant] Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it is sophisticated with respect to
decisions to acquire assets of the type represented by [the][such] Assigned
Interest and either it, or the Person exercising discretion in making its
decision to acquire [the][such] Assigned Interest, is experienced in acquiring
assets of such type, (v) it has received a copy of the Credit Agreement, and has
received or has been accorded the opportunity to receive copies of the most
recent financial statements delivered pursuant to Section 7.2 thereof, as
applicable, and such other documents and information as it deems appropriate to
make its own credit analysis and decision to enter into this Assignment and
Acceptance and to purchase [the][such] Assigned Interest, (iv) it has
independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed appropriate,
made it own credit analysis and decision to enter into this Assignment and
Acceptance and to purchase [the][such] Assigned Interest, and (vii) if it is a
Foreign Lender, attached hereto is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by
[the][such] Assignee; and (b) agrees that (i) it will, independently and without
reliance upon the Administrative Agent, [the][any] Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender.

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2. Payments. From and after the Effective Date, the Administrative Agent shall
make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant]
Assignor for amounts which have accrued to but excluding the Effective Date and
to [the][the relevant] Assignee for amounts which have accrued from and after
the Effective Date.

3. General Provisions. This Assignment and Acceptance shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and
assigns. This Assignment and Acceptance may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment and Acceptance by
telecopy shall be effective as delivery of a manually executed counterpart of
this Assignment and Acceptance. This Assignment and Acceptance shall be governed
by, and construed in accordance with, the law of the Commonwealth of
Massachusetts.

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