Exhibit 10.1

COMMITMENT INCREASE AGREEMENT

This Commitment Increase Agreement (the “Agreement”) is made as of the 6th day
of June, 2008. Reference is made to that certain Fifth Amended and Restated
Revolving Credit Agreement, dated as of August 3, 2006, among Boston Properties
Limited Partnership, a Delaware limited partnership (the “Borrower”), JPMorgan
Chase Bank, N.A. (“JPChase”), Bank of America, N.A. (“BOA”) and the other
lending institutions listed on Schedule 1 thereto (the “Banks”), BOA, as
Administrative Agent (the “Administrative Agent”), JPChase, as Syndication
Agent, Eurohypo AG, New York Branch, KeyBank National Association and Wells
Fargo Bank, National Association, as Co-Documentation Agents, and The Bank of
New York, Citicorp North America, Inc., Citizens Bank of Massachusetts, Deutsche
Bank Trust Company and PNC Bank, National Association, as Co-Managing Agents (as
amended, the “Credit Agreement”).

WHEREAS, Section 2.10 of the Credit Agreement provides that the Borrower may
request that the Total Commitment be increased by up to $395,000,000 (from
$605,000,000 to an amount up to $1,000,000,000);

WHEREAS, the Borrower has requested that the Total Commitment be increased by
$318,300,000 (the “Increase”) to $923,300,000 and reserves the right to request
additional increases to bring the Total Commitment up to $1,000,000,000 from
time to time after the date hereof;

WHEREAS, certain of the lenders party to the Credit Agreement immediately prior
to the date hereof have agreed to provide an additional Commitment in connection
with the Increase (the “Increase Lenders”);

WHEREAS, SunTrust Bank and Morgan Stanley Bank (the “New Lenders”) have each
agreed to provide new Commitments to the Borrower in connection with the
Increase and to become parties to the Credit Agreement on the terms set forth
herein (the New Lenders, the Increase Lenders and each other financial
institution which is a party to the Credit Agreement immediately prior to the
effectiveness hereof are referred to collectively herein as the “Banks”);

WHEREAS, the Commitments and the Commitment Percentages of the Banks, after
giving effect to the Increase, will be adjusted as reflected on Annex 1 attached
hereto, such that, after giving effect to the Increase, the Total Commitment
will be $923,300,000; and

WHEREAS, the Administrative Agent is willing to give effect to the Increase
provided that the Borrowers, the Administrative Agent, the Increase Lenders and
the New Lenders enter into this Agreement;

NOW THEREFORE, the parties hereto hereby agree as follows:

All capitalized terms used herein without definition shall have the meanings
given such terms in the Credit Agreement.

 

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1. Funding of Commitment Increase. Pursuant to Section 2.10 of the Credit
Agreement, the Increase Lenders and the New Lenders hereby agree to fund the
Increase (which such Increase is not required to be in an increment of
$50,000,000), with each Bank having the resulting Commitment and Commitment
Percentage set forth on Annex 1 attached hereto.

2. Amendment of Schedule 1. Schedule 1 to the Credit Agreement is hereby amended
to reflect the Banks’ adjusted Commitments and Commitment Percentages and the
increase in the Total Commitment, as set forth on Annex 1 attached hereto. The
Administrative Agent shall make such arrangements with the Banks as shall be
necessary to provide that each Bank shall hold its Commitment Percentage of the
outstanding Revolving Credit Loans after giving effect to this Agreement, with
all Eurodollar Breakage Costs and other amounts payable under Section 5.8 of the
Credit Agreement, if any, to be borne by the Borrower.

3. Affirmation and Acknowledgment. The Borrower hereby ratifies and confirms all
of its Obligations to the Banks, including, without limitation, the Loans, the
Notes, the other Loan Documents, and the Borrower hereby affirms its absolute
and unconditional promise to pay to the Banks all Obligations under (and as
defined in) and upon the terms and conditions set forth in the Credit Agreement.

4. Increase Lender and New Lender Provisions. (a) Subject to the terms and
conditions of this Agreement, each Increase Lender and each New Lender hereby
agree to lend, without recourse to the Banks or the Administrative Agent, on and
after the Increase Effective Date, that portion of the Total Commitment, as the
case may be, equal to the amount set forth on Annex 1 attached hereto opposite
its name, in accordance with the terms and conditions set forth herein and in
the Credit Agreement, and acknowledge, without limitation, that the Borrower may
from time to time borrow, repay and reborrow such amounts from each such Bank as
provided in the Credit Agreement. Each New Lender hereby agrees to be bound by,
and shall be entitled to the benefits of and, to the extent of its Commitment,
shall be bound by the obligations of, the terms and conditions of the Credit
Agreement as if such New Lender had been one of the lending institutions
originally executing the Credit Agreement as a “Bank”; provided that nothing
herein shall be construed as making any of the New Lenders liable to the
Borrower or the other Banks in respect of any acts or omissions of any party to
the Credit Agreement or in respect of any other event occurring prior to the
Increase Effective Date.

(b) Each New Lender (i) represents and warrants that it has full power and
authority, and has taken all action necessary, to execute and deliver this
Agreement and to consummate the transactions contemplated hereby and to become a
Bank under the Credit Agreement; (ii) confirms that it has received a copy of
the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 8.4 of the Credit Agreement and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Agreement; (iii) agrees that it
will, independently and without reliance upon the Banks or the Administrative
Agent 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 Credit Agreement; (iv) represents

 

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and warrants that it is an Eligible Assignee; (v) appoints and authorizes the
Administrative Agent to take such action as Administrative Agent on its behalf
and to exercise such powers under the Credit Agreement and the other Loan
Documents as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto; and (vi) agrees
that it will perform in accordance with their terms all of the obligations which
by the terms of the Credit Agreement are required to be performed by it as a
Bank.

5. Representations and Warranties. The Borrower hereby represents and warrants
to the Banks as follows:

(a) The execution and delivery by the Borrower of this Agreement, and the
performance by the Borrower of its obligations and agreements under this
Agreement and the Credit Agreement, are within the authority of the Borrower,
have been duly authorized by all necessary proceedings on behalf of the Borrower
and do not and will not materially contravene any provision of law, statute,
rule or regulation to which the Borrower is subject or the Borrower’s agreement
of limited partnership or its certificate of limited partnership or of any
agreement or other instrument binding upon the Borrower (except for any such
failure to comply under any such agreement or other instrument as would not
materially and adversely affect the condition (financial or otherwise),
properties, business or results of operations of Borrower).

(b) This Agreement and the Credit Agreement constitute legal, valid and binding
obligations of the Borrower, enforceable in accordance with their respective
terms, except as limited by bankruptcy, insolvency, reorganization, moratorium
or other laws relating to or affecting generally the enforcement of creditors’
rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought.

(c) Other than approvals or consents which have been obtained or those which
would not have a material adverse effect on Borrower, no approval or consent of
any governmental agency or authority is required to make valid and legally
binding the execution, delivery or performance by the Borrower of this
Agreement; and no filing with any governmental agency or authority is required
in connection with the execution, delivery or performance by the Borrower of
this Agreement, other than filings which will be made with the SEC when and as
required by law or deemed appropriate by Borrower.

(d) The representations and warranties contained in Section 7 of the Credit
Agreement and in the other Loan Documents are true and correct on and as of the
Increase Effective Date (except (i) to the extent of changes resulting from
transactions contemplated or not prohibited by this Agreement or the other Loan
Documents and changes occurring in the ordinary course of business and (ii) to
the extent that such representations and warranties relate expressly to an
earlier date).

(e) No Default or Event of Default has occurred and is continuing (both before
and after giving effect to the Increase).

 

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6. Conditions Precedent. This Agreement shall be deemed to be effective as of
the date first written above (the “Increase Effective Date”), subject to the
execution and delivery of the following documents, each in form and substance
satisfactory to the Administrative Agent, and the payment of certain fees and
expenses noted below on or before such date:

(a) this Agreement executed by the Borrower, each New Lender, each Increase
Lender and the Administrative Agent;

(b) an Allonge amending each of the Revolving Credit Notes, duly executed,
authorized and delivered by the Borrower in favor of each Increase Lender;

(d) a Revolving Credit Note issued in favor of each New Lender in the original
principal amount of such New Lender’s Commitment, duly executed, authorized and
delivered by the Borrower;

(d) a certificate dated as of the date hereof signed by a Responsible Officer of
the Borrower (i) certifying that the Increase is duly authorized by the Borrower
and attaching the resolutions evidencing such authorization, and (ii) certifying
that the Increase Conditions have been satisfied and setting forth the
applicable conditions; and

(e) payment by the Borrower in immediately available funds of the fees agreed to
in the fee letter entered into in connection with the Increase.

7. Payments to New Lenders. From and after the Increase Effective Date, the
Borrower shall make all payments in respect of any New Lenders’ Commitment,
including payments of principal, interest, fees and other amounts payable under
the Credit Agreement, to the Administrative Agent for the account of such New
Lender in accordance with the terms of the Credit Agreement.

8. Miscellaneous Provisions.

(a) This Agreement is intended to take effect as an agreement under seal and
shall be construed according to and governed by the laws of the Commonwealth of
Massachusetts.

(b) This Agreement may be executed in any number of counterparts, but all such
counterparts shall together constitute but one instrument. In making proof of
this Agreement it shall not be necessary to produce or account for more than one
counterpart signed by each party hereto by and against which enforcement hereof
is sought. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile shall be as effective as delivery of an original executed
counterpart of this Agreement.

(c) The Borrower hereby agrees to pay to the Administrative Agent, on demand by
the Administrative Agent, all reasonable out-of-pocket costs and expenses
incurred or sustained by the Administrative Agent in connection with the
preparation of this Agreement (including reasonable legal fees).

 

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IN WITNESS WHEREOF, the Borrower, the New Lenders, the Increase Lenders and the
Administrative Agent have duly executed this Agreement as of the date first
above written.

 

       BOSTON PROPERTIES LIMITED PARTNERSHIP   By:    Boston Properties, Inc.,
its sole general partner           By:  

/S/ MICHAEL E. LABELLE

   (SEAL)           Name:   Michael E. LaBelle              Title:   Senior Vice
President, Chief Financial Officer    ACKNOWLEDGED AND AGREED:           BOSTON
PROPERTIES, INC.              By:   /S/ MICHAEL E. LABELLE    (SEAL)          
Name:   Michael E. LaBelle              Title:   Senior Vice President, Chief
Financial Officer             

 

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BANK OF AMERICA, N.A., as Administrative Agent By:  

/S/ KATHLEEN M. CARRY

Name:   Kathleen M. Carry Title:   Vice President

 

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BANK OF AMERICA, N.A., as an Increase Lender By:  

/S/ JAMES P. JOHNSON

Name:   James P. Johnson Title:   Senior Vice President

 

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JPMORGAN CHASE BANK, N.A.,

as an Increase Lender

By:  

/S/ MARC E. CONSTANTINO

Name:   Marc E. Constantino Title:   Executive Director

 

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THE BANK OF NEW YORK,

as an Increase Lender

By:  

/S/ KENNETH R. MCDONNELL

Name:   Kenneth R. McDonnell Title:   Vice President

 

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RBS CITIZENS, NATIONAL ASSOCIATION,

as an Increase Lender

By:  

/S/ DANIEL R. OULLETTE

Name:   Daniel R. Oullette Title:   Senior Vice President

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS,

as an Increase Lender

By:  

/S/ PERRY FORMAN

Name:   Perry Forman Title:   Director

 

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PNC BANK, NATIONAL ASSOCIATION,

as an Increase Lender

By:  

/S/ ANDREW D. COLER

Name:   Andrew D. Coler Title:   Senior Vice President

 

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U.S. BANK NATIONAL ASSOCIATION,

as an Increase Lender

By:  

/S/ DAVID MILLER

Name:   David Miller Title:   Vice President

 

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SUNTRUST BANK,

as a New Lender

By:  

/S/ NANCY B. RICHARDS

Name:   Nancy B. Richards Title:   Senior Vice President

 

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MORGAN STANLEY BANK,

as a New Lender

By:  

/S/ DANIEL TWENGE

Name:   Daniel Twenge Title:   Authorized Signatory

 

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