Exhibit 10.2

 

Execution Version

 

21 February 2005

 

FIRST SHURGARD SPRL

and its subsidiaries

 

FIRST SHURGARD FINANCE SARL

as Luxco Borrower

 

FIRST SHURGARD DEUTSCHLAND GMBH

as German Borrower

 

SOCIÉTÉ GÉNÉRALE

as Mandated Lead Arranger

 

THE LENDERS

as named herein

 

SOCIÉTÉ GÉNÉRALE

as Facility Agent

 

SOCIÉTÉ GÉNÉRALE

as Security Agent

 

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AMENDMENT AND WAIVER AGREEMENT

(relating to a Senior Credit Agreement dated

26 May 2003 as amended by amendment agreements dated

11 July 2003 and 2 December 2003)

 

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LOGO [g86724image001.jpg]

 

 

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Execution Version

 

CONTENTS

 

     PAGE

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CLAUSE      1.   DEFINITIONS AND INTERPRETATION    1 2.   CONDITIONS PRECEDENT
   3 3.   AMENDMENTS    3 4.   WAIVERS    3 5.   CONFIRMATIONS    3 6.  
REPRESENTATIONS AND WARRANTIES    4 7.   FEES    5 8.   CONTINUITY AND FURTHER
ASSURANCE    5 9.   MISCELLANEOUS    5 SCHEDULE 1 THE LENDERS    6 SCHEDULE 2
THE GUARANTORS    7 SCHEDULE 3 CONDITIONS PRECEDENT    8 SCHEDULE 4 THIRD
INFORMATION PACKAGE    11 SCHEDULE 5 AMENDED AND RESTATED SENIOR CREDIT
AGREEMENT    12

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THIS AGREEMENT is made on 21 February 2005

 

BETWEEN:

 

(1) FIRST SHURGARD SPRL, a company organised and existing under the laws of
Belgium, having its registered office at 48, Quai du Commerce, 1000 Brussels and
registered with the legal entities register under number 0479.505.939. (the
Parent);

 

(2) FIRST SHURGARD FINANCE SARL, a société à responsabilité limitée incorporated
in the Grand-Duchy of Luxembourg with registered office at 1, rue des Glacis,
L-1628 Luxembourg registered with the Luxembourg register of commerce and
companies under the number B-93014 (the Luxco Borrower);

 

(3) FIRST SHURGARD DEUTSCHLAND GMBH, a limited liability company organised under
the laws of the Federal Republic of Germany having its registered office at
Siemensstrasse 31, 47533 Kleve and registered in the commercial register of the
local court of Kleve under HRB 2598 (the German Borrower);

 

(4) THE PERSONS identified in Schedule 2 as guarantors (the Guarantors);

 

(5) SOCIÉTÉ GÉNÉRALE as mandated lead arranger (the Arranger);

 

(6) THE PERSONS identified in Schedule 1 as the lenders (the Lenders);

 

(7) SOCIÉTÉ GÉNÉRALE as Facility Agent; and

 

(8) SOCIÉTÉ GÉNÉRALE as Security Agent.

 

WHEREAS:

 

(A) The Obligors, the Arranger, the Lenders, the Facility Agent and the Security
Agent are party to a €140,000,000 credit facility agreement dated 26 May 2003
(as supplemented and amended from time to time, including by amendment
agreements dated 11 July 2003 and 2 December 2003) (the Senior Credit
Agreement).

 

(B) In a request letter dated 25 January 2005 the Luxco Borrower and the Parent
requested that the Lenders approved certain amendments and waivers to the Senior
Credit Agreement. The requisite approvals have been obtained from the Lenders
for each of these amendments and waivers in accordance with Clause 25
(Amendments and Waivers) of the Senior Credit Agreement.

 

(C) Each Obligor and the other parties to this Agreement have agreed to enter
into this Agreement in order to amend and waive the Senior Credit Agreement in
the manner set out in this Agreement.

 

IT IS AGREED as follows:

 

1. DEFINITIONS AND INTERPRETATION

 

1.1 Definitions

 

In this Agreement:

 

Additional Mezzanine Bonds means the bonds issued from time to time pursuant to
and on the terms and conditions set out in the Additional Mezzanine Bond
Subscription Agreement.

 

Additional Mezzanine Bond Subscription Agreement means the subscription
agreement in the agreed form dated on or around the date of this Agreement
between Shurgard USA, the Luxco Borrower and the Facility Agent relating to the
issue of the Additional Mezzanine Bonds, and attaching as an annex the terms and
conditions of the Additional Mezzanine Bonds in the agreed form.

 

Page 1

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Amended Senior Credit Agreement means the Senior Credit Agreement as to be
amended and waived by this Agreement.

 

Amendment Arrangement Fees Letter means the letter from the Arranger to the
Borrowers, the Parent and Shurgard Europe dated on or about the date of this
Agreement setting out the details of certain fees payable to the Facility Agent
in connection with this Agreement.

 

Deferral Letter means the letter dated 19 November 2004 from the Luxco Borrower
to the Facility Agent under which the Luxco Borrower requested the Senior
Finance Parties to defer the exercise of their rights in connection with certain
Events of Default for a standstill period of 90 days, the terms of which were
accepted by the Senior Finance Parties pursuant to a letter dated 17 December
2004.

 

Downstream Intercompany Loan Agreement Second Amendment Agreement means the
amendment agreement in the agreed form in respect of the Downstream Intercompany
Loan Agreement dated on or about the date of this Agreement between the parties
to the Downstream Intercompany Loan Agreement.

 

Effective Date means the date upon which the Facility Agent confirms to the
Parent that it has received all of the documents and evidence set out in
Schedule 3 (Conditions Precedent) to this Agreement in form and substance
satisfactory to the Facility Agent.

 

Second Subscription Agreement Amendment Agreement means the amendment agreement
in the agreed form in respect of the Subscription Agreement dated on or about
the date of this Agreement between the parties to the Subscription Agreement.

 

Shurgard 2005 Working Capital Facility Agreement means the short term working
capital facility agreement in the agreed form dated on or around the date of
this Agreement between Shurgard USA, Crescent, the Luxco Borrower and the
Facility Agent.

 

Third Crescent Side Letter means the letter in the agreed form dated on or
around the date of this Agreement from Crescent to the Facility Agent for itself
and on behalf of the Senior Finance Parties confirming that Crescent approves
the amendments and waivers to the Senior Credit Agreement to be made in
accordance with this Agreement.

 

Third Information Package means the Updated Business Plan and those documents
listed in Schedule 4 (Third Information Package) to this Agreement.

 

Third Shurgard Europe Side Letter means the letter in the agreed form dated on
or around the date of this Agreement from Shurgard Europe to the Facility Agent
for itself and on behalf of the Senior Finance Parties confirming that Shurgard
Europe approves the amendments to the Senior Credit Agreement to be made in
accordance with this Agreement.

 

Updated Business Plan means the base case financial projections for the business
of the Group in the agreed form.

 

1.2 Interpretation

 

(a) Save as expressly defined in this Agreement, capitalised terms defined in
the Senior Credit Agreement shall have the same meaning when used in this
Agreement.

 

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(b) Clauses 1.2 (Construction of specific terms) to 1.4 (Provisions relating to
Group Members) of the Senior Credit Agreement shall apply to this Agreement,
with any necessary modifications, as if expressly set out in it.

 

2. CONDITIONS PRECEDENT

 

Neither Clause 3 (Amendments) nor Clause 4 (Waivers) of this Agreement will take
effect unless the Facility Agent notifies the Parent that it has received all of
the documents and evidence set out in Schedule 3 (Conditions Precedent) to this
Agreement in form and substance satisfactory to the Facility Agent. The Facility
Agent will provide such notification promptly to the Parent.

 

3. AMENDMENTS

 

On and from the Effective Date:

 

(a) subject to the terms of this Agreement, the provisions of the Senior Credit
Agreement shall be amended so that it reads as if it were restated in the form
set out in Schedule 5 (Amended and Restated Senior Credit Agreement) to this
Agreement; and

 

(b) subject to the terms of this Agreement, the provisions of the Senior Credit
Agreement set out in Clause 4 (Waivers) of this Agreement shall be waived as set
out in that clause.

 

4. WAIVERS

 

On and from the Effective Date:

 

(a) the Current Event of Default and Future Events of Default (each as defined
in the Deferral Letter) shall be waived; and

 

(b) Clause 7.5 (Mandatory prepayment from Management Fee) and Clause 16.4
(Management Fee payments on Event of Default) of the Senior Credit Agreement
shall be waived to the extent necessary to permit any amounts under the
Management Agreements in respect of the Management Fee which would have been
payable by any Obligors to Shurgard Europe but for the occurrence of the Current
Event of Default and the Future Events of Default (each as defined in the
Deferral Letter) during the Standstill Period (as defined in the Deferral
Letter) to be paid to Shurgard Europe pursuant to the Management Agreements and
the Joint Venture Agreement.

 

5. CONFIRMATIONS

 

(a) Each Obligor confirms its acceptance of the Amended Senior Credit Agreement
and that it is bound as an Obligor by the terms of the Amended Senior Credit
Agreement.

 

(b) Each Obligor confirms and agrees that the guarantee provided to the Senior
Finance Parties by it in respect of the obligations and liabilities of the
Obligors under the Senior Finance Documents extends (subject to any relevant
guarantee limitation wording set out in Clauses 13.9 (German guarantee
limitation) to 13.14 (Dutch guarantee limitation) of the Senior Credit Agreement
and Clause 20 (Limitation of liability) of the Intercreditor Deed) to the
liabilities and obligations of the Obligors to the Senior Finance Parties under
the Amended Senior Credit Agreement and such guarantee continues in full force
and effect in accordance with its terms.

 

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(c) Each Obligor:

 

  (i) confirms that each of the Security Documents and the Security Interests
created under it will remain in full force and effect in accordance with the law
pursuant to which it is governed notwithstanding the amendments to, and waivers
of, the Senior Credit Agreement pursuant to this Agreement; and

 

  (ii) confirms that the Security Documents and the Security Interests created
under them shall secure, notwithstanding the amendments to, and waivers of, the
Senior Credit Agreement pursuant to this Agreement, the full amount of the
Secured Liabilities (as defined in each relevant Security Document) and that
references to any Senior Finance Documents in the definition of such Secured
Liabilities shall include, without limitation, the Amended Senior Credit
Agreement.

 

6. REPRESENTATIONS AND WARRANTIES

 

On the date of this Agreement and on the Effective Date each of the Obligors:

 

(a) makes the representations and warranties in Clauses 14.1(a) (Status) to
14.1(g) (No default) (inclusive) of the Senior Credit Agreement to each Senior
Finance Party as if each reference in those representations to “this Agreement”
or “the Transaction Documents” includes a reference to (i) this Agreement and
(ii) the Amended Senior Credit Agreement (subject to the Current Event of
Default and the Future Events of Default (each as defined in the Deferral
Letter) not being considered as Defaults for the purpose of the representations
and warranties made pursuant to this Clause 6(a));

 

(b) makes the representation and warranty in Clause 14.1(j) (Information
Package) of the Senior Credit Agreement to each Senior Finance Party as if each
reference in that representation to “the Information Package” was a reference to
the Third Information Package;

 

(c) represents and warrants to each Senior Finance Party that all other factual,
written information supplied by or on behalf of any Obligor to the
Administrative Parties in connection with this Agreement and the transactions
contemplated by it was, to the best of that Obligor’s information and belief
after making all due and careful enquiry, true, complete and accurate in all
material respects at the time it was supplied;

 

(d) represents and warrants to each Senior Finance Party that no Obligor is, to
the best of that Obligor’s information and belief after making all due and
careful enquiry, aware of anything which has occurred or come to light since the
date of the Third Information Package which, if disclosed, would make the Third
Information Package untrue, inaccurate or misleading in any material respect,
would make any of the projections or forecasts contained therein unfair or would
make unreasonable any of the assumptions upon which they are based or would make
any other information referred to in paragraph (c) above untrue, inaccurate or
misleading in any material respect; and

 

(e) represents and warrants to each Senior Finance Party that each document
delivered to the Facility Agent by or on behalf of any Obligor referred to in
Schedule 3 (Conditions precedent) to this Agreement was genuine and, in the case
of copy documents, were at the date of delivery true, complete and accurate
copies of original documents which had not been amended and were in full force
and effect.

 

7. FEES

 

The Parent will procure that there are paid to the Facility Agent the fees as
specified in the Amendment Arrangement Fees Letter within 2 Business Days of the
signing date of this Agreement.

 

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8. CONTINUITY AND FURTHER ASSURANCE

 

8.1 Continuing obligations

 

(a) Save as expressly set out in this Agreement, this Agreement will not (and
will not be deemed to) be a consent, agreement or waiver in respect of any other
provision, term or condition of any of the Senior Finance Documents.

 

(b) The terms of the Senior Credit Agreement are confirmed by the parties to
this Agreement and, save as expressly modified by this Agreement, shall remain
in full force and effect. This Agreement shall not constitute nor shall it be
construed as a novation.

 

(c) Save as expressly set out in this Agreement, the terms of this Agreement are
strictly without prejudice to the rights, powers and discretions of the Senior
Finance Parties under the Senior Finance Documents.

 

8.2 Further assurance

 

Each of the Obligors shall, at the request of the Facility Agent (acting
reasonably), and at each Obligor’s own expense, do all such acts and things
necessary or desirable to give effect to the amendments and waivers to be
effected pursuant to this Agreement.

 

9. MISCELLANEOUS

 

9.1 Governing law

 

This Agreement (and any dispute, controversy, proceedings or claims of whatever
nature arising out of or in any way relating to this Agreement) shall be
governed by and construed in all respects in accordance with English law.

 

9.2 Incorporation of terms

 

The provisions of Clause 27 (Partial invalidity), Clause 28.2 (Jurisdiction),
Clause 28.5 (Third Parties) and 28.6 (Counterparts) of the Senior Credit
Agreement shall be incorporated into this Agreement as if set out in full in
this Agreement and as if references in those clauses to “this Agreement” or “the
Senior Finance Documents” are references to this Agreement.

 

9.3 Senior Finance Document

 

This Agreement is a Senior Finance Document.

 

IN WITNESS whereof the parties hereto have caused this Agreement to be duly
executed on the date first written above

 

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SCHEDULE 1

 

THE LENDERS

 

Lender

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   Facility Commitment

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   Facility Office

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Natexis Banques Populaires

   € 27,500,000    45, rue Saint Dominique
75007 Paris
France

Société Générale

   € 27,500,000    Tour Société Générale
17 Cours Valmy
92972 Paris-La Défense
Cedex
France

Banque de l’Economie du Commerce et de la Monétique

   € 25,000,000    4, rue Gaillon
75002 Paris
France

Bouwfonds Property Finance BV

   € 25,000,000    Westerdorpstraat 15
Hoevelaken
The Netherlands
PO Box 15
3870 DA Hoevelaken

Crédit Foncier de France

   € 15,000,000    19, rue des Capucines
75001 Paris
France

BoA Netherlands Coöperatieve U.A.

   € 10,000,000    Herengracht 469,
1017 BS Amsterdam,
The Netherlands

The Governor and Company of the Bank of Scotland

   € 10,000,000    10, rue Cimarosa
75016 Paris
France     

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          € 140,000,000     

 

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SCHEDULE 2

 

THE GUARANTORS

 

Name

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Jurisdiction

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Registered number

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First Shurgard SPRL

  Belgium   0479.505.939.

First Shurgard Finance SARL

  Luxembourg   B-93014

First Shurgard Sweden AB

  Sweden   556640-8687

First Shurgard Sweden Invest KB

  Sweden   969687-5591

First Shurgard Denmark APS

  Denmark   CVR 26985587

First Shurgard Denmark Invest APS

  Denmark   CVR 26689007

First Shurgard UK Limited

  England   4621869

First Shurgard Nederland BV

  Netherlands   1237637

First Shurgard Deutschland GmbH

  Germany   HRB 2598

First Shurgard France SAS

  France   RCS 443 404 355

 

Page 7

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SCHEDULE 3

 

CONDITIONS PRECEDENT

 

1. Formalities certificates: A certificate from each Obligor, Crescent and
Shurgard Europe substantially in the form set out in Schedule 10 (Formalities
Certificate format) to the Senior Credit Agreement signed by an authorised
director and the secretary (or equivalent) of such entity attaching the
documents referred to in such certificate including copies of the constitutive
documents and a current excerpt of the commercial register, if applicable, of
the relevant entity (or confirming that the constitutive documents of such
entity previously delivered to the Facility Agent have not been amended and
remain in full force and effect as at the date of such certificate) and any
necessary board and/or shareholder resolutions or resolutions of the management
or supervisory boards of such entity approving the Transaction Documents
(including the Senior Finance Documents) referred to in this Agreement to which
it is a party (all such documents to be in agreed form).

 

2. Financial information: a certified copy of the Third Information Package.

 

3. Transaction Documents: certified copies of the following documents in the
agreed form:

 

(a) the Second Subscription Agreement Amendment Agreement;

 

(b) the Additional Mezzanine Bond Subscription Agreement;

 

(c) the Shurgard 2005 Working Capital Facility Agreement;

 

(d) Downstream Intercompany Loan Agreement Second Amendment Agreement;

 

(e) the Third Crescent Side Letter; and

 

(f) the Third Shurgard Europe Side Letter.

 

4. Senior Finance Documents: each of the following documents in the agreed form
duly executed and delivered by all parties thereto:

 

(a) this Agreement;

 

(b) the Amendment Arrangement Fees Letter.

 

5. Fees: evidence that the Facility Agent will receive all fees due and payable
in accordance with the Amendment Arrangement Fees Letter prior to the date
falling two Business Days after the signing date of this Agreement and evidence
that all other fees, costs and expenses (including legal fees and all costs of
registration, property transfers, security or otherwise) due and payable by the
Obligors will be paid on, or as soon as practicable immediately after, the
Effective Date.

 

6. Authorisations: certified copies of all authorisations necessary for any of
the transactions contemplated by this Agreement and the other Transaction
Documents and their validity and/or enforceability certified as having been
obtained and being in full force and effect.

 

7. Hedging

 

(a) Evidence that the Luxco Borrower will prior to the Third Effective Date
enter into currency hedging arrangements satisfactory to the Facility Agent
(acting reasonably) in respect of the Additional Mezzanine Bonds for the purpose
of hedging or fixing for the period ending on the scheduled redemption date of
the Additional Mezzanine Bonds the buy and/or sell rates of

 

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exchange between euros and US dollars for the delivery of a total amount of at
least €5,000,000 plus the amount of any hedging premium or cost incurred in
connection with such hedging or fixing, subject to any reduction in the
commitment of Shurgard USA under and in accordance with the terms of the
Additional Mezzanine Bond Subscription Agreement.

 

(b) Evidence that the Luxco Borrower will prior to the Third Effective Date
enter into currency hedging arrangements satisfactory to the Facility Agent
(acting reasonably) in respect of the Shurgard 2005 Working Capital Facility
Agreement for the purpose of hedging or fixing for the period ending on the
scheduled repayment date of the Shurgard 2005 Working Capital Facility Agreement
the buy and/or sell rates of exchange between euros and US dollars for the
delivery of a total amount of at least €2,500,000 plus the amount of any hedging
premium or cost incurred in connection with such hedging or fixing and in
accordance with the terms of the Shurgard 2005 Working Capital Facility
Agreement.

 

8. Legal opinions:

 

(a) legal opinions of:

 

  (i) Freshfields Bruckhaus Deringer as to matters of English law;

 

  (ii) Freshfields Bruckhaus Deringer as to matters of Belgian law;

 

  (iii) Freshfields Bruckhaus Deringer as to matters of Dutch law;

 

  (iv) Freshfields Bruckhaus Deringer as to matters of French law;

 

  (v) Freshfields Bruckhaus Deringer as to matters of German law;

 

  (vi) Vinge as to matters of Swedish law;

 

  (vii) Gorrissen Federspiel Kierkegaard as to matters of Danish law; and

 

  (viii) Arendt & Medernach as to matters of Luxembourg law,

 

in relation to this Agreement;

 

(b) a legal opinion of Linklaters De Bandt as to matters of Belgian law in
relation to the Shurgard 2005 Working Capital Facility Agreement;

 

(c) a legal opinion of Perkins Coie LLP as to matters of Washington state law,

 

in relation to:

 

  (i) the Second Subscription Agreement Amendment Agreement;

 

  (ii) the Additional Mezzanine Bond Subscription Agreement: and

 

  (iii) the Shurgard 2005 Working Capital Facility Agreement; and

 

(d) a legal opinion of Linklaters Loesch as to matters of Luxembourg law in
relation to:

 

  (i) the Second Subscription Agreement Amendment Agreement (addressing, amongst
other things, the effectiveness of the conversion of the Mezzanine Bonds from US
Dollars to euros;

 

  (ii) the Additional Mezzanine Bond Subscription Agreement; and

 

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  (iii) the Shurgard 2005 Working Capital Facility,

 

each in form and substance satisfactory to the Facility Agent.

 

9. Further documents:

 

(a) A copy of a pro forma overview of the Luxco Borrower’s sources and uses of
funds for the 12-month period following the date of an advance to be provided to
the Facility Agent in respect of each drawing by the Luxco Borrower under, and
in accordance with, the Additional Mezzanine Bond Subscription Agreement and the
Shurgard 2005 Working Capital Facility Agreement in the agreed form.

 

(b) Copies of the resolutions of Shurgard USA:

 

  (i) as Subscriber (as therein defined) under the Subscription Agreement
approving the terms of the Second Subscription Agreement Amendment Agreement;
and

 

  (ii) as Subscriber (as therein defined) under the Additional Mezzanine Bond
Subscription Agreement approving the terms of the Additional Mezzanine Bond
Subscription Agreement.

 

(c) A copy of any other authorisation or other document, opinion or assurance
which the Facility Agent notifies the Parent that it reasonably believes to be
necessary in connection with the entry into, performance of, and the
transactions contemplated by, this Agreement.

 

Page 10

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SCHEDULE 4

 

THIRD INFORMATION PACKAGE

 

1. Short term and 2005 sources and uses.

 

2. Covenant projections store by store.

 

3. Comparison of original business plan with base case.

 

4. Occupancy, rate, revenue, NOI projections 2004-2005.

 

5. Store action plans per store in 2005.

 

6. Base case financial projections.

 

7. Occupancy and average rental rates projections per store 2004-2008.

 

8. Operating expenses projections per store 2004-2005.

 

9. Discount & doubtful debts ratios per store in 2005.

 

10. Direct project costs projections per store – Nov 2004 until Dec 2005.

 

11. Total project costs, debt and equity projections per store – Nov 2004 until
Dec 2005

 

12. Cash need reconciliation DD 18 vs. base case financial projections.

 

13. New interest cover ratio proposal.

 

14. Base case financial projections with postponed amortisation.

 

15. Written documents relating to the Presentations made by Shurgard Self
Storage and Shurgard USA on 18 January 2005.

 

Page 11

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SCHEDULE 5

 

AMENDED AND RESTATED SENIOR CREDIT AGREEMENT

 

Page 12

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SIGNATORIES TO THE AMENDMENT AGREEMENT The Parent First Shurgard SPRL

By:

 

 

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The Borrowers First Shurgard Finance SARL

By:

 

 

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First Shurgard Deutschland GmbH

By:

 

 

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The Guarantors First Shurgard SPRL

By:

 

 

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

First Shurgard Finance SARL

By:

 

 

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First Shurgard Sweden AB

By:

 

 

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

First Shurgard Sweden Invest KB

By:

 

 

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

First Shurgard Denmark APS

By:

 

 

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Page 13

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First Shurgard Denmark Invest APS

By:

 

 

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

First Shurgard UK Limited

By:

 

 

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First Shurgard Nederland BV

By:

 

 

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

First Shurgard Deutschland GmbH

By:

 

 

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

First Shurgard France SAS

By:

 

 

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

The Arranger Société Générale

By:

 

 

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The Lenders Société Générale

By:

 

 

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Natexis Banques Populaires

By:

 

 

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BoA Netherlands Coöperatieve U.A.

By:

 

 

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Page 14

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Bouwfonds Property Finance BV

By:

 

 

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

Crédit Foncier de France

By:

 

 

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

Banque de l’Economie du Commerce et de la Monétique

By:

 

 

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BoA Netherlands Coöperatieve U.A.

By:

 

 

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The Governor and Company of the Bank of Scotland

By:

 

 

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The Facility Agent Société Générale

By:

 

 

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The Security Agent Société Générale

By:

 

 

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