<PAGE>

                                                                    EXHIBIT 10.2

                      AMENDED AND RESTATED CREDIT AGREEMENT

                                   dated as of

                                 MARCH 30, 2006

                                      among

                   EDUCATION REALTY OPERATING PARTNERSHIP, LP
                  AND CERTAIN OF ITS SUBSIDIARIES, as Borrower

                                       and

                            The Lenders Party Hereto

                                       and

                         KEYBANK, NATIONAL ASSOCIATION,
                             as Administrative Agent

                            KEYBANC CAPITAL MARKETS,
                      AS SOLE BOOKRUNNER AND LEAD ARRANGER

                         COMMERZBANK AG NEW YORK BRANCH
                                       AND
                               UBS SECURITIES LLC
                            AS CO-SYNDICATION AGENTS

                           ALLIED IRISH BANKS, P.L.C.
                             AS DOCUMENTATION AGENT

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
ARTICLE I Definitions......................................................    2
   SECTION 1.01 Defined Terms..............................................    2
   SECTION 1.02 Classification of Loans and Borrowings.....................   20
   SECTION 1.03 Terms Generally............................................   20
   SECTION 1.04 Accounting Terms; GAAP.....................................   20

ARTICLE II The Credits.....................................................   21
   SECTION 2.01 Commitments................................................   21
   SECTION 2.02 Loans and Borrowings.......................................   21
   SECTION 2.03 Requests for Revolving Borrowings..........................   22
   SECTION 2.04 Swingline..................................................   22
   SECTION 2.05 Letters of Credit..........................................   24
   SECTION 2.06 Funding of Borrowings......................................   28
   SECTION 2.07 Interest Elections.........................................   28
   SECTION 2.08 Termination, Reduction and Increase of Commitments.........   30
   SECTION 2.09 Repayment of Loans; Evidence of Debt.......................   31
   SECTION 2.10 Prepayment of Loans........................................   31
   SECTION 2.11 Fees.......................................................   32
   SECTION 2.12 Interest...................................................   33
   SECTION 2.13 Alternate Rate of Interest.................................   34
   SECTION 2.14 Increased Costs............................................   35
   SECTION 2.15 Break Funding Payments.....................................   36
   SECTION 2.16 Taxes......................................................   36
   SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of
                Set-offs...................................................   37
   SECTION 2.18 Mitigation Obligations; Replacement of Lenders.............   39
   SECTION 2.19 Extension..................................................   40

ARTICLE III Representations and Warranties.................................   41
   SECTION 3.01 Organization; Powers.......................................   42
   SECTION 3.02 Authorization; Enforceability..............................   42
   SECTION 3.03 Governmental Approvals; No Conflicts.......................   42
   SECTION 3.04 Financial Condition; No Material Adverse Change............   42
   SECTION 3.05 Properties.................................................   43
   SECTION 3.06 Intellectual Property......................................   44
   SECTION 3.07 Litigation and Environmental Matters.......................   45
   SECTION 3.08 Compliance with Laws and Agreements........................   46
   SECTION 3.09 Investment and Holding Company Status......................   47
   SECTION 3.10 Taxes......................................................   47
   SECTION 3.11 ERISA......................................................   47
   SECTION 3.12 Disclosure.................................................   47
   SECTION 3.13 Insurance..................................................   47
   SECTION 3.14 Margin Regulations.........................................   48
</TABLE>


                                        i

<PAGE>

<TABLE>
<S>                                                                           <C>
   SECTION 3.15 Subsidiaries; REIT Qualification...........................   48

ARTICLE IV Conditions......................................................   48
   SECTION 4.01 Effective Date.............................................   48
   SECTION 4.02 Each Credit Event..........................................   49

ARTICLE V Affirmative Covenants............................................   50
   SECTION 5.01 Financial Statements; Ratings Change and Other
                Information................................................   50
   SECTION 5.02 Financial Tests............................................   51
   SECTION 5.03 Notices of Material Events.................................   51
   SECTION 5.04 Existence; Conduct of Business.............................   52
   SECTION 5.05 Payment of Obligations.....................................   52
   SECTION 5.06 Maintenance of Properties; Insurance.......................   52
   SECTION 5.07 Books and Records; Inspection Rights.......................   54
   SECTION 5.08 Compliance with Laws.......................................   54
   SECTION 5.09 Use of Proceeds and Letters of Credit......................   54
   SECTION 5.10 Fiscal Year................................................   54
   SECTION 5.11 Environmental Matters......................................   54
   SECTION 5.12 Property Pool..............................................   55
   SECTION 5.13 Further Assurances.........................................   57
   SECTION 5.14 Partial Releases...........................................   57
   SECTION 5.15 Parent Covenants...........................................   58

ARTICLE VI Negative Covenants..............................................   58
   SECTION 6.01 Sale/Leaseback.............................................   59
   SECTION 6.02 Liens......................................................   59
   SECTION 6.03 Fundamental Changes........................................   59
   SECTION 6.04 Investments, Loans, Advances and Acquisitions..............   60
   SECTION 6.05 Hedging Agreements.........................................   61
   SECTION 6.06 Restricted Payments........................................   61
   SECTION 6.07 Transactions with Affiliates...............................   61
   SECTION 6.08 Parent Negative Covenants..................................   61
   SECTION 6.09 Restrictive Agreements.....................................   62
   SECTION 6.10 Indebtedness...............................................   62

ARTICLE VII Events of Default..............................................   62

ARTICLE VIII The Administrative Agent......................................   65

ARTICLE IX Miscellaneous...................................................   67
   SECTION 9.01 Notices....................................................   67
   SECTION 9.02 Waivers; Amendments........................................   67
   SECTION 9.03 Expenses; Indemnity; Damage Waiver.........................   69
   SECTION 9.04 Successors and Assigns.....................................   70
   SECTION 9.05 Survival...................................................   73
   SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and
                Several....................................................   73
</TABLE>


                                       ii

<PAGE>

<TABLE>
<S>                                                                           <C>
   SECTION 9.07 Severability...............................................   74
   SECTION 9.08 Right of Setoff............................................   75
   SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of
                Process....................................................   75
   SECTION 9.10 WAIVER OF JURY TRIAL.......................................   76
   SECTION 9.11 Headings...................................................   76
   SECTION 9.12 Confidentiality............................................   76
   SECTION 9.13 Interest Rate Limitation...................................   76
   SECTION 9.14 USA PATRIOT Act............................................   77
</TABLE>


                                       iii

<PAGE>

SCHEDULES:

Schedule 2.01 - Commitments
Schedule 3.05(f) - Earthquake or Seismic Area
Schedule 3.07 - ADA Disclosure
Schedule 3.15 - Subsidiaries
Schedule 5.12 - Pool
Schedule 6.02 - Existing Liens

EXHIBITS:

Exhibit A - Form of Assignment and Acceptance
Exhibit B - Form of Compliance Certificate
Exhibit C - Form of Guaranty
Exhibit D - Form of Note
Exhibit E - Form of Borrowing Request/Interest Rate Election


                                       iv
<PAGE>

         THIS AMENDED AND RESTATED CREDIT AGREEMENT AMENDS AND RESTATES
        THAT CERTAIN CREDIT AGREEMENT DATED JANUARY 31, 2005 (AS SAME WAS
      AMENDED FROM TIME TO TIME, THE "ORIGINAL CREDIT AGREEMENT"), ENTERED
             INTO BETWEEN EDUCATION REALTY OPERATING PARTNERSHIP, LP
       AND CERTAIN OF ITS SUBSIDIARIES, AS BORROWER, JPMORGAN CHASE BANK,
               N.A., AS ADMINISTRATIVE AGENT, UBS SECURITIES LLC,
    AS SYNDICATION AGENT, J.P. MORGAN SECURITIES INC. AND UBS SECURITIES LLC,
         AS JOINT BOOKRUNNERS AND JOINT LEAD ARRANGERS, AND THE VARIOUS
                              LENDERS PARTY THERETO.

         AMENDED AND RESTATED CREDIT AGREEMENT ("Agreement") dated as of
                              March 30, 2006, among

EDUCATION REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership, EDR
Athens I, LLC, a Delaware limited liability company, EDR Tallahassee I, LLC, a
Delaware limited liability company, EDR C Station, LLC, a Delaware limited
liability company, EDR Tallahassee Limited Partnership, a Delaware limited
partnership, EDR Tharpe Limited Partnership, a Delaware limited partnership, EDR
Lawrence Limited Partnership, a Delaware limited partnership, the LENDERS party
hereto, KEYBANK, NATIONAL ASSOCIATION, as Administrative Agent, and KEYBANC
CAPITAL MARKETS, as Sole Bookrunner and Lead Arranger COMMERZBANK AG NEW YORK
BRANCH and UBS LOAN FINANCE LLC
as Co-Syndication Agents
ALLIED IRISH BANKS, P.L.C. Documentation Agent

     The parties hereto agree as follows:

     WHEREAS, the Borrower, JPMorgan Chase Bank, N.A. and the other parties
referenced above (the "Original Lenders") entered into the Original Credit
Agreement wherein loans and other financial accommodations were extended to the
Borrower; and

     WHEREAS, certain of the Original Lenders have assigned their interests in
under the Original Credit Agreement to KeyBank National Association, and KeyBank
National Association has been appointed as successor Administrative Agent; and

     WHEREAS, the Borrower, KeyBank, National Association, as the Administrative
Agent and the Lenders which have not been replaced, together with certain new
Lenders party hereto, desire to modify, amend and restate the Original Credit
Agreement as provided herein.

<PAGE>

                                    ARTICLE I

                                   Definitions

     SECTION 1.01 Defined Terms.

     As used in this Agreement, the following terms have the meanings specified
below:

     "ABR," when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a
rate determined by reference to the Alternate Base Rate.

     "Adjusted EBITDA" means, for a given testing period, EBITDA less the
Capital Expenditure Reserve.

     "Adjusted LIBO Rate" means, with respect to any Eurodollar Borrowing for
any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate.

     "Administrative Agent" means KeyBank, National Association, in its capacity
as administrative agent for the Lenders hereunder.

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

     "Affiliate" means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified.

     "Alternate Base Rate" means, for any day, a rate per annum equal to the
greater of (a) the Prime Rate in effect on such day, and (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate
Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective from and including the effective date of such change in the
Prime Rate or the Federal Funds Effective Rate, respectively.

     "Applicable Percentage" means, with respect to any Lender, the percentage
of the total Commitments represented by such Lender's Commitment. If the
Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Revolving Credit Exposure most recently in effect,
giving effect to any assignments.

     "Applicable Rate" means, for any day, with respect to any ABR Loan or
Eurodollar Revolving Loan, as the case may be, the applicable rate per annum set
forth below under the caption "ABR Spread" or "Eurodollar Spread," as the case
may be, based upon the Total Leverage Ratio applicable on such date:


                                      -2-

<PAGE>

<TABLE>
<CAPTION>
                        ABR     Eurodollar
Total Leverage Ratio   Spread     Spread
--------------------   ------   ----------
<S>                    <C>      <C>
     Category 1         0.00%      1.35%
        <45%

     Category 2         0.00%      1.50%
    >45% but <55%

     Category 3         0.25%      1.75%
    >55% but <65%

     Category 4          .50%      2.00%
        >65%
</TABLE>

Each change in the Applicable Rate shall apply during the period commencing on
the date of the most recent Compliance Certificate delivered to the
Administrative Agent and ending on the date of receipt of the next Compliance
Certificate pursuant to Section 5.01(c). If a Compliance Certificate is not
delivered to the Administrative Agent in accordance with Section 5.01(c) the
Applicable Rate shall be deemed to be in Category 4 until the required
Compliance Certificate is delivered to the Administrative Agent.

     "Appraisal" (whether one or more) means a written appraisal of the
Mortgaged Properties by an appraiser satisfactory to the Administrative Agent.
Each Appraisal must comply with all Legal Requirements and, unless specifically
provided to the contrary in this Agreement, must be in form and substance
satisfactory to the Administrative Agent and all of the Required Lenders.

     "Appraised Value" means the value of Real Property, as set forth in the
Appraisal for such Real Property.

     "Approved Fund" has the meaning set forth in Section 9.04(b).

     "Assets Under Development" means all Real Property, or phases thereof, that
is under construction or development as an income-producing project in a
diligent manner and in accordance with industry standard construction schedules,
but for which a certificate of occupancy has not been issued.

     "Assignment and Acceptance" means an assignment and acceptance entered into
by a Lender and an assignee (with the consent of any party whose consent is
required by Section 9.04), and accepted by the Administrative Agent, in the form
of Exhibit A or any other form approved by the Administrative Agent.

     "Availability Period" means the period from and including the Effective
Date to but excluding the Maturity Date.

     "Board" means the Board of Governors of the Federal Reserve System of the
United States of America.

     "Borrower" means, collectively, Education Realty Operating Partnership, LP,
a Delaware limited partnership, EDR Athens I, LLC, a Delaware limited liability
company, EDR Tallahassee I, LLC, a Delaware limited liability company, EDR C
Station, LLC, a Delaware limited liability


                                      -3-

<PAGE>

company, EDR Tallahassee Limited Partnership, a Delaware limited partnership,
EDR Tharpe Limited Partnership, a Delaware limited partnership, and EDR Lawrence
Limited Partnership, a Delaware limited partnership, and any other Person who
from time to time becomes a "Borrower" as required by Section 5.12.

     "Borrowing" means (a) Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a
single Interest Period is in effect, or (b) a Swingline Loan.

     "Borrowing Base Availability" means the aggregate of the following
calculated for each Mortgaged Property in the Pool: the lesser of (a) sixty-five
percent (65%) of the Pool Value; or (b) the lesser of (i) the loan amount which
would produce a debt service coverage ratio (defined as the Net Operating Income
for the subject property divided by accrued interest on such loan amount for the
same period used to calculate Net Operating Income based on an interest rate
equal to the Adjusted LIBO Rate for a three (3) month Interest Period plus the
Applicable Rate, each on the date of calculation) of 1.30:1.00, or (ii) the loan
amount which would produce a debt service coverage ratio (defined as the Net
Operating Income for the subject property divided by the annual principal and
interest payments that would be required on a loan for such amount based on a
thirty (30) year amortization and an interest rate equal to the greater of (1)
the rate per annum on the date of determination of obligations of the United
States Treasury with a term of ten (10) years, plus one and three-fourths
percent (1-3/4%) or (2) seven percent (7%) per annum) of 1.30:1.00.

     "Borrowing Request" means a request by the Borrower for a Revolving
Borrowing in accordance with Section 2.03.

     "Business Day" means any day that is not a Saturday, Sunday or other day on
which commercial banks in Boston, Massachusetts or New York, New York are
authorized or required by law to remain closed; provided that, when used in
connection with a Eurodollar Loan, the term "Business Day" shall also exclude
any day on which banks are not open for dealings in dollar deposits in the
London interbank market.

     "Capital Expenditure Reserve" means, on an annual basis, an amount equal to
(a) the aggregate number of beds available for lease in each Real Property
parcel owned by Borrower or any Subsidiary measured as of the last day of each
of the immediately preceding four (4) calendar quarters and averaged, multiplied
by (b) $125.00.

     "Capital Lease Obligations" of any Person means the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance
with GAAP.

     "Change in Control" means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder as in effect on


                                      -4-

<PAGE>

the date hereof), of shares representing more than thirty percent (30%) of the
aggregate ordinary voting power represented by the issued and outstanding
capital stock of the Parent; (b) occupation of a majority of the seats (other
than vacant seats) on the board of directors of the Parent by Persons who were
neither (i) nominated by the board of directors of the Parent nor (ii) appointed
by directors so nominated; or (c) the acquisition of direct or indirect Control
of the Parent by any Person or group.

     "Change in Law" means (a) the adoption of any law, rule or regulation after
the date of this Agreement by any Governmental Authority, (b) any change in any
law, rule or regulation or in the interpretation or application thereof by any
Governmental Authority after the date of this Agreement or (c) compliance by any
Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending
office of such Lender or by such Lender's or the Issuing Bank's holding company,
if any) with any request, guideline or directive (whether or not having the
force of law) of any Governmental Authority made or issued after the date of
this Agreement.

     "Class," when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are Revolving Loans or
Swingline Loans.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

     "Collateral" means all property, tangible or intangible, real, personal or
mixed, now or hereafter subject to the liens and security interests of the Loan
Documents, or intended so to be.

     "Commitment" means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans and to acquire participations in Letters of
Credit and Swingline Loans hereunder, expressed as an amount representing the
maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder,
as such commitment may be reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender's Commitment is set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders' Commitments is
$100,000,000.00.

     "Compliance Certificate" has the meaning set forth in Section 5.01(c)
hereof and a form of which is attached hereto as Exhibit B.

     "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise, which
includes the customary powers of a managing member of any limited liability
company, any general partner of any limited partnership, or any board of
directors of a corporation. "Controlling" and "Controlled" have meanings
correlative thereto.

     "Credit Party" means each Borrower and each Guarantor.

     "Current Survey" shall mean the boundary survey of each of the Mortgaged
Properties that is more particularly described on Schedule 1.01 hereto.


                                      -5-

<PAGE>

     "Deed of Trust" (whether one or more) means a deed of trust and security
agreement, a mortgage and security agreement, or a security deed and security
agreement covering the Mortgaged Properties.

     "Default" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

     "Dollars" or "$" refers to lawful money of the United States of America.

     "EBITDA" means an amount derived from (a) net income, plus (b) to the
extent included in the determination of net income, depreciation, amortization,
interest expense and income taxes, plus or minus (c) to the extent included in
the determination of net income, any extraordinary losses or gains resulting
from sales or payment of Indebtedness, and (d) as approved by the Administrative
Agent, such approval not to be unreasonably withheld, any extraordinary,
non-recurring expenses associated with any financing, merger, acquisition,
divestiture, or other capital transaction, in each case, as determined on a
consolidated basis in accordance with GAAP, and including (without duplication)
the Equity Percentage of EBITDA for the Borrower's Unconsolidated Affiliates. If
EBITDA is calculated over a period of less than four (4) quarters which includes
the month of August, then the average EBITDA for the months in the calculation
period other than August will be substituted for the August EBITDA.

     "EDR" means Education Realty Operating Partnership, LP, a Delaware limited
partnership.

     "Effective Date" means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 9.02).

     "Eligible Ground Lease" shall mean a lease meeting the following
requirements: (a) a remaining term (including renewal options exercisable at
lessee's sole option) of at least forty (40) years, (b) may be transferred
and/or assigned by lessee without landlord's consent and (c) the Administrative
Agent has determined that the ground lease is financeable in that it contains
customary lender protection provisions and provides or allows for, without
further consent from the landlord, (i) notice and right to cure to lessee's
lender, (ii) a pledge and mortgage of the leasehold interest, (iii) recognition
of a foreclosure of the leasehold interest including no prohibition on entering
into a new lease with the lender, and (iv) no right of landlord to terminate the
lease without consent of lessee's lender.

     "Environmental Assessment" shall mean a written assessment and report
ordered by the Administrative Agent as to the status of any Mortgaged Properties
regarding compliance with any Legal Requirements related to environmental
matters. Each Environmental Assessment must comply with all Legal Requirements.

     "Environmental Claim" means any notice of violation, action, claim,
Environmental Lien, demand, abatement or other order or direction (conditional
or otherwise) by any Governmental Authority or any other Person for personal
injury (including sickness, disease or death), tangible or intangible property
damage, damage to the environment, nuisance, pollution, contamination or


                                      -6-

<PAGE>

other adverse effects on the environment, or for fines, penalties or
restriction, resulting from or based upon (i) the existence, or the continuation
of the existence, of a Release (including, without limitation, sudden or
non-sudden accidental or non-accidental Releases) of, or exposure to, any
Hazardous Material, or other Release in, into or onto the environment
(including, without limitation, the air, soil, surface water or groundwater) at,
in, by, from or related to any property owned, operated or leased by the
Borrower or any of its Subsidiaries or any activities or operations thereof;
(ii) the environmental aspects of the transportation, storage, treatment or
disposal of Hazardous Materials in connection with any property owned, operated
or leased by the Borrower or any of its Subsidiaries or their operations or
facilities; or (iii) the violation, or alleged violation, of any Environmental
Laws or Environmental Permits of or from any Governmental Authority relating to
environmental matters connected with any property owned, leased or operated by
the Borrower or any of its Subsidiaries.

     "Environmental Indemnity" means, collectively, each Environmental Risk
Agreement of even date herewith executed by the Borrower and Guarantor and
delivered to the Administrative Agent, together with each Environmental Risk
Agreement hereafter executed with respect to any of the Mortgaged Properties.

     "Environmental Laws" means all applicable laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, or binding agreements
issued, promulgated or entered into by any Governmental Authority, relating in
any way to the environment, preservation or reclamation of natural resources,
the management, release or threatened release of any Hazardous Material or to
health and safety matters and includes (without limitation) the Comprehensive
Environmental Response, Compensation, and Liability Act ("CERCLA"), 42 U.S.C.
Section 9601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7
U.S.C. Section 136 et seq., the Resource Conservation and Recovery Act ("RCRA"),
42 U.S.C. Section 6901 et seq., the Toxic Substances Control Act, 15 U.S.C.
Section 2601 et seq., the Clean Air Act, 42 U.S.C. Section 7401 et seq., the
Clean Water Act, 33 U.S.C. Section 1251 et seq., the Occupational Safety and
Health Act, 29 U.S.C. Section 651 et seq., (to the extent the same relates to
any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. Section
2701 et seq., as such laws have been amended or supplemented, and the
regulations promulgated pursuant thereto, and all analogous state and local
statutes.

     "Environmental Liability" means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Borrower or any Subsidiary directly or
indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) exposure to any Hazardous Materials in violation of any Environmental Law,
(c) the Release or threatened Release of any Hazardous Materials into the
environment in violation of any Environmental Law or (d) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.

     "Environmental Lien" means any lien in favor of any Governmental Authority
arising under any Environmental Law.


                                      -7-

<PAGE>

     "Environmental Permit" means any permit required under any applicable
Environmental Law or under any and all supporting documents associated
therewith.

     "Equity Percentage" means the aggregate ownership percentage of Borrower in
each Unconsolidated Affiliate, which shall be calculated as the greater of (a)
Borrower's nominal capital ownership interest in the Unconsolidated Affiliate as
set forth in the Unconsolidated Affiliate's organizational documents, and (b)
Borrower's economic ownership interest in the Unconsolidated Affiliate,
reflecting Borrower's share of income and expenses of the Unconsolidated
Affiliate.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

     "ERISA Affiliate" means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section
414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of
the Code.

     "ERISA Event" means (a) any "reportable event", as defined in Section 4043
of ERISA or the regulations issued thereunder with respect to a Plan (other than
an event for which the 30-day notice period is waived); (b) the existence with
respect to any Plan of an "accumulated funding deficiency" (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or
Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by
any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

     "Eurodollar," when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted LIBO Rate.

     "Event of Default" has the meaning assigned to such term in Article VII.

     "Excluded Taxes" means, with respect to the Administrative Agent, any
Lender, the Issuing Bank or any other recipient of any payment to be made by or
on account of any obligation of the Borrower hereunder, (a) income or franchise
taxes imposed on (or measured by) its net income by the United States of
America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any
Lender, in


                                      -8-

<PAGE>

which its applicable lending office is located, (b) any branch profits taxes
imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) in the case of a Foreign
Lender (other than an assignee pursuant to a request by the Borrower under
Section 2.18(b)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office) or is attributable to such Foreign Lender's
failure to comply with Section 2.16(e), except to the extent that such Foreign
Lender (or its assignor, if any) was entitled, at the time of designation of a
new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding tax pursuant to Section 2.16(a).

     "Extension Request" has the meaning set forth in Section 2.19.

     "Federal Funds Effective Rate" means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.

     "Financial Officer" means the chief financial officer or the chief
accounting officer of the Borrower.

     "Financing Statements" means all such Uniform Commercial Code financing
statements as the Administrative Agent shall require, duly authorized by the
Borrower to give notice of and to perfect or continue perfection of the Lenders'
security interest in all Collateral.

     "Fixed Charge Coverage Ratio" shall mean the ratio of (a) the sum of the
Parent's Adjusted EBITDA and the Borrower's Adjusted EBITDA for the immediately
preceding four (4) calendar quarters (or the period between the Measurement Date
and the calculation date, if shorter); to (b) all of the principal due and
payable and principal paid on the Parent's Indebtedness and on the Borrower's
Indebtedness (including scheduled payments on Capital Lease Obligations), plus
all of the Parent's and the Borrower's Interest Expense, plus the aggregate of
all cash dividends payable on the preferred stock of the Parent or any of its
Subsidiaries, in each case for the period used to calculate Adjusted EBITDA, all
of the foregoing calculated without duplication.

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

     "Funds From Operations" shall mean net income of the Borrower determined in
accordance with GAAP, plus depreciation and amortization; provided, that there
shall not be included in such calculation any gain or loss from debt
restructuring and sales of property or, as


                                      -9-

<PAGE>

approved by the Administrative Agent, such approval not to be unreasonably
withheld, any extraordinary, non-recurring expenses associated with any
financing, merger, acquisition, divestiture, or other capital transaction. Funds
From Operations will be calculated for the four (4) calendar quarters
immediately preceding the date of the calculation. Funds From Operations shall
be calculated on a consolidated basis, and including (without duplication) the
Equity Percentage of Funds From Operations for the Borrower's Unconsolidated
Affiliates.

     "GAAP" means generally accepted accounting principles in the United States
of America, subject to the provisions of Section 1.04.

     "Governmental Authority" means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to
government.

     "Guarantee" of or by any Person (the "guarantor") means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic
effect of guaranteeing any Indebtedness or other obligation of any other Person
(the "primary obligor") in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or
lease property, securities or services for the purpose of assuring the owner of
such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or
liquidity of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or
obligation; provided, that the term Guarantee shall not include endorsements for
collection or deposit in the ordinary course of business.

     "Guarantor" means the Parent, EDR Oxford, LLC, and any other Person who
from time to time has executed a Guaranty as required by the terms of this
Agreement.

     "Guaranty" means a guaranty in the form of Exhibit C attached hereto.

     "Hazardous Materials" means all explosive or radioactive substances or
wastes and all hazardous or toxic substances or wastes, including petroleum or
petroleum distillates, asbestos or asbestos containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law;
provided, that Hazardous Materials shall not include any such substances or
wastes utilized or maintained at the Real Property in the ordinary course of
business and in accordance with all applicable Environmental Laws.

     "Hedging Agreement" means any interest rate protection agreement, foreign
currency exchange agreement, commodity price protection agreement or other
interest or currency exchange rate or commodity price hedging arrangement.


                                      -10-

<PAGE>

     "Historical Value" shall mean the purchase price of Real Property
(including improvements) and ordinary related purchase transaction costs, plus
the cost of subsequent capital improvements (including construction costs for
property under construction or development) made by the Borrower, less any
provision for losses, all determined in accordance with GAAP. If the Real
Property is purchased as a part of a group of properties, the Historical Value
shall be calculated based upon a pro rata allocation of the aggregate purchase
price by the Borrower based on net operating income of such property, and
consistent with GAAP.

     "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations of such Person
upon which interest charges are customarily paid, (d) all obligations of such
Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i)
all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty, (j) all obligations,
contingent or otherwise, of such Person in respect of bankers' acceptances, (k)
all obligations contingent or otherwise, of such Person with respect to any
Hedging Agreements (calculated on a mark-to-market basis as of the reporting
date), and (l) payments received in consideration of sale of an ownership
interest in Borrower when the interest so sold is determined, and the date of
delivery is, more than one (1) month after receipt of such payment and only to
the extent that the obligation to deliver such interest is not payable solely in
such interest of such Person. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result
of such Person's ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is
not liable therefor. Indebtedness shall be calculated on a consolidated basis in
accordance with GAAP, and including (without duplication) the Equity Percentage
of Indebtedness for the Borrower's Unconsolidated Affiliates.

     "Indemnified Taxes" means Taxes other than Excluded Taxes.

     "Interest Coverage Ratio" shall mean the ratio of (a) the sum of the
Parent's EBITDA and the Borrower's EBITDA for the immediately preceding four (4)
calendar quarters (or the period between the Measurement Date and the
calculation date, if shorter) to (b) all of the Parent's and the Borrower's
Interest Expense for the period used to calculate EBITDA.

     "Interest Election Request" means a request by the Borrower to convert or
continue a Revolving Borrowing in accordance with Section 2.07.


                                      -11-

<PAGE>

     "Interest Expense" shall mean all of a Person's paid, accrued or
capitalized interest expense on such Person's Indebtedness (whether direct,
indirect or contingent, and including, without limitation, interest on all
convertible debt), and including (without duplication) the Equity Percentage of
Interest Expense for the Borrower's Unconsolidated Affiliates.

     "Interest Payment Date" means the first Business Day of each calendar
month.

     "Interest Period" means with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two or three months
thereafter; provided, that (a) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such
next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day and (b)
any Interest Period pertaining to a Eurodollar Borrowing that commences on the
last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be
the date on which such Borrowing is made and, in the case of a Revolving
Borrowing, thereafter shall be the effective date of the most recent conversion
or continuation of such Borrowing.

     "Issuing Bank" means KeyBank, National Association, in its capacity as the
issuer of Letters of Credit hereunder, and its successors in such capacity as
provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange
for one or more Letters of Credit to be issued by Affiliates of the Issuing
Bank, in which case the term "Issuing Bank" shall include any such Affiliate
with respect to Letters of Credit issued by such Affiliate.

     "KeyBank" means KeyBank, National Association, in its individual capacity.

     "LC Disbursement" means a payment made by the Issuing Bank pursuant to a
Letter of Credit.

     "LC Exposure" means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate
amount of all LC Disbursements that have not yet been reimbursed by or on behalf
of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time.

     "Legal Requirement" means any law, statute, ordinance, decree, requirement,
order, judgment, rule, regulation (or interpretation of any of the foregoing)
of, and the terms of any license or permit issued by, any Governmental
Authority.

     "Lenders" means the Persons listed on Schedule 2.01 and any other Person
that shall have become a party hereto pursuant to an Assignment and Acceptance,
other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Acceptance. Unless the context otherwise requires, the term
"Lender" includes the Swingline Lender.


                                      -12-

<PAGE>

     "Letter of Credit" means any letter of credit issued pursuant to this
Agreement.

     "LIBO Rate" means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on
any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the "LIBO Rate" with respect to such
Eurodollar Borrowing for such Interest Period shall be the rate (rounded
upwards, if necessary, to the next 1/100 of 1%) at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by
the principal London office of the Administrative Agent in immediately available
funds in the London interbank market at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period.

     "Lien" means, with respect to an asset, (a) any mortgage, deed of trust,
lien (statutory or other), pledge, hypothecation, negative pledge, collateral
assignment, encumbrance, deposit arrangement, charge or security interest in, on
or of such asset; (b) the interest of a vendor or a lessor under any conditional
sale agreement, capital lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing)
relating to such asset; (c) the filing under the Uniform Commercial Code or
comparable law of any jurisdiction of any financing statement naming the owner
of the asset to which such Lien relates as debtor; (d) any other preferential
arrangement of any kind or nature whatsoever intended to assure payment of any
Indebtedness or other obligation; and (e) in the case of securities, any
purchase option, call or similar right of a third party with respect to such
securities.

     "Loan Documents" means this Agreement, the Notes, the Guaranty, the Deed of
Trust, the Financing Statements, the Environmental Indemnity, and all other
instruments, agreements and written obligations executed and delivered by any of
the Credit Parties in connection with the transactions contemplated hereby.

     "Loans" means the loans made by the Lenders to the Borrower pursuant to
this Agreement.

     "Management Company" means the manager of the Real Property owned by EDR or
a Subsidiary of EDR, together with Place Management Group, LLC which manages
thirteen (13) properties purchased from Place Properties, L.P.

     "Material Adverse Effect" means a material adverse effect on (a) the
business, assets, operations, or condition, financial or otherwise, of (i) the
Borrower and its Subsidiaries, other than owners of Mortgaged Properties, and
the Guarantor, taken as a whole, or (ii) any owner of a Mortgaged Property, (b)
the ability of any of the Credit Parties to perform their obligations under the
Loan Documents or (c) the rights of or benefits available to the Administrative
Agent or the Lenders under the Loan Documents.


                                      -13-

<PAGE>

     "Material Indebtedness" means Indebtedness (other than the Loans and
Letters of Credit), or obligations in respect of one or more Hedging Agreements,
of any one or more of the Borrower and the other Credit Parties in an aggregate
principal amount exceeding $10,000,000.

     "Maturity Date" means March 30, 2009, as the same may be extended in
accordance with Section 2.19.

     "Maximum Loan Available Amount" means, on any date, an amount equal to the
lesser of (a) the aggregate Commitments or (b) the aggregate Borrowing Base
Availability.

     "Maximum Rate" shall have the meaning set forth in Section 9.13.

     "Measurement Date" means December 31, 2005.

     "Mortgaged Properties" means the Real Property described on Schedule 5.12
attached hereto and together with any additional property, whether now existing
or hereafter acquired, which is or is to become subject to the Liens of a Deed
of Trust in accordance with this Agreement.

     "Multiemployer Plan" means a multiemployer plan as defined in Section
4001(a)(3) of ERISA.

     "Net Operating Income" shall mean, for any income producing operating Real
Property, the difference between (a) any rentals, proceeds and other income
received from such property, including early lease termination penalties to the
extent no new tenant is in place and allocated over the applicable remaining
term (but excluding (i) security or other deposits, and (ii) other income of a
non-recurring nature) during the determination period, less (b) an amount equal
to all costs and expenses (excluding Interest Expense, any expenditures that are
capitalized in accordance with GAAP, non-cash expenses such as depreciation and
amortization, and as approved by the Administrative Agent, such approval not to
be unreasonably withheld, any extraordinary, non-recurring expenses associated
with any financing, merger, acquisition, divestiture, or other capital
transaction) incurred as a result of, or in connection with, or properly
allocated to, the operation or leasing of such property during the determination
period; provided, however, that the amount for the expenses for the management
of a property included in clause (b) above shall be set at three percent (3%) of
(I) the amount provided in clause (a) above, less (II) a bad debt allowance. Net
Operating Income shall be calculated based on the immediately preceding four (4)
calendar quarters unless the Real Property has not been owned by the Borrower or
its Subsidiaries for four (4) calendar quarters, in which event (i) Net
Operating Income shall be calculated for the period of ownership, and
annualized, and (ii) if the period of ownership includes the month of August,
the Net Operating Income for August will be disregarded in the annualization
calculation. Net Operating Income shall be calculated on a consolidated basis in
accordance with GAAP, and including (without duplication) the Equity Percentage
of Net Operating Income for the Borrower's Unconsolidated Affiliates.

     "Note" means a promissory note in the form attached hereto as Exhibit D
payable to a Lender evidencing certain of the obligations of the Borrower to
such Lender and executed by


                                      -14-

<PAGE>

Borrower, as the same may be amended, supplemented, modified or restated from
time to time; "Notes" means, collectively, all of such Notes outstanding at any
given time.

     "Other Taxes" means any and all present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement, and not including the Excluded
Taxes.

     "Parent" means Education Realty Trust, Inc., a Maryland corporation and the
parent of EDR.

     "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions.

     "Permitted Encumbrances" means:

          (a) Liens imposed by law for taxes that are not yet due or are being
contested in compliance with Section 5.05;

          (b) pledges and deposits made in the ordinary course of business in
compliance with workers' compensation, unemployment insurance and other social
security laws or regulations;

          (c) deposits to secure the performance of bids, trade contracts,
purchase, construction or sales contracts, leases, statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature, in
each case in the ordinary course of business;

          (d) the Title Instruments, Liens and other matters described in the
Title Insurance Policy;

          (e) uniform commercial code protective filings with respect to
personal property leased to the Borrower or any Subsidiary;

          (f) the negative pledge and/or pledge of equity interests granted by
the Borrower in connection with the Term Loan Documents; and

          (g) landlords' liens for rent not yet due and payable; provided that
the term "Permitted Encumbrances" shall not include any Lien securing
Indebtedness other than the Loans.

     "Permitted Investments" means:

          (a) direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the


                                      -15-

<PAGE>

extent such obligations are backed by the full faith and credit of the United
States of America), in each case maturing within one year from the date of
acquisition thereof;

          (b) investments in commercial paper maturing within 270 days from the
date of acquisition thereof and having an investment grade credit rating on the
date of acquisition;

          (c) investments in certificates of deposit, banker's acceptances and
time deposits maturing within 180 days from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued
or offered by, any domestic office of any commercial bank organized under the
laws of the United States of America or any State thereof which has a combined
capital and surplus and undivided profits of not less than $500,000,000;

          (d) fully collateralized repurchase agreements with a term of not more
than 90 days for securities described in clause (a) above and entered into with
a financial institution satisfying the criteria described in clause (c) above;
and

          (e) investments in Subsidiaries and Unconsolidated Affiliates made in
accordance with this Agreement.

     "Person" means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

     "Plan" means any employee pension benefit plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code
or Section 302 of ERISA, and in respect of which the Borrower or any ERISA
Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

     "Pool" has the meaning set forth in Section 5.12.

     "Pool Value" means, as to each property in the Pool, (a) for Real Property
that has been owned by the Borrower for less than twelve (12) months, the lesser
of (i) the "as stabilized" Appraised Value of such property, and (ii) the
Historical Value of such property, and (b) thereafter and for all other Real
Property, the "as is" Appraised Value of such property.

     "Prime Rate" means the rate of interest per annum publicly announced from
time to time by KeyBank, National Association, as its prime rate in effect at
its principal office in Cleveland, Ohio; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

     "Real Property" means, collectively, all interest in any land and
improvements located thereon (including direct financing leases of land and
improvements owned by a Person), together with all equipment, furniture,
materials, supplies and personal property now or hereafter located at or used in
connection with the land and all appurtenances, additions, improvements,
renewals, substitutions and replacements thereof now or hereafter acquired by
any Person.

     "Register" has the meaning set forth in Section 9.04.


                                      -16-

<PAGE>

     "Related Parties" means, with respect to any specified Person, such
Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person's Affiliates.

     "Release" means any release, spill, emission, leaking, pumping, pouring,
dumping, emptying, injection, deposit, disposal, discharge, dispersal, leaching
or migration on or into the indoor or outdoor environment or into or out of any
property.

     "Remedial Action" means all actions, including without limitation any
capital expenditures, required or necessary to (i) clean up, remove, treat or in
any other way address any Hazardous Material; (ii) prevent the Release or threat
of Release, or minimize the further Release, of any Hazardous Material so it
does not migrate or endanger public health or the environment; (iii) perform
pre-remedial studies and investigations or post-remedial monitoring and care; or
(iv) bring facilities on any property owned or leased by the Borrower or any of
its Subsidiaries into compliance with all Environmental Laws.

     "Required Lenders" means, at any time, Lenders having Revolving Credit
Exposures and unused Commitments representing at least 66-2/3% of the sum of the
total Revolving Credit Exposures and unused Commitments at such time.

     "Restricted Payment" means any dividend or other distribution (whether in
cash, securities or other property) with respect to any ownership interests in
the Borrower or any Subsidiary, or any payment (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, cancellation or termination
of any such ownership interests in the Borrower or any option, warrant or other
right to acquire any such shares of capital stock of the Borrower.

     "Revolving Credit Exposure" means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender's Revolving Loans and
its LC Exposure and Swingline Exposure at such time.

     "Revolving Loan" means a Loan made pursuant to Section 2.01.

     "Statutory Reserve Rate" means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Governmental Authority to which the Administrative Agent is
subject, with respect to the Adjusted LIBO Rate, for Eurocurrency funding
(currently referred to as "Eurocurrency Liabilities" in Regulation D of the
Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency
funding and to be subject to such reserve requirements without benefit of or
credit for proration, exemptions or offsets that may be available from time to
time to any Lender under such Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.


                                      -17-

<PAGE>

     "Subsidiary" means, with respect to any Person (the "parent") at any date,
any corporation, limited liability company, partnership, association or other
entity the accounts of which would be consolidated with those of the parent in
the parent's consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests are, as of such
date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent. EDR is a
Subsidiary of the Parent.

     "Swingline Exposure" means, at any time, the aggregate principal amount of
all Swingline Loans outstanding at such time. The Swingline Exposure of any
Lender at any time shall be its Applicable Percentage of the total Swingline
Exposure at such time.

     "Swingline Lender" means KeyBank, National Association, in its capacity as
lender of Swingline Loans hereunder.

     "Swingline Loan" means a Loan made pursuant to Section 2.04.

     "Tangible Net Worth" shall mean total assets (without deduction for
accumulated depreciation) less (1) all intangibles and (2) all liabilities
(including contingent and indirect liabilities), all determined in accordance
with GAAP. The term "intangibles" shall include, without limitation, (i)
deferred charges, and (ii) the aggregate of all amounts appearing on the assets
side of any such balance sheet for franchises, licenses, permits, patents,
patent applications, copyrights, trademarks, trade names, goodwill, treasury
stock, experimental or organizational expenses and other like intangibles. The
term "liabilities" shall include, without limitation, (i) Indebtedness secured
by Liens on Property of the Person with respect to which Tangible Net Worth is
being computed whether or not such Person is liable for the payment thereof,
(ii) deferred liabilities, and (iii) Capital Lease Obligations. Tangible Net
Worth shall be calculated on a consolidated basis in accordance with GAAP.

     "Taxes" means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     "Term Loan" means the $50,000,000.00 term loan facility provided by
KeyBank, National Association, as agent, and certain other lenders, to the
Borrower pursuant to the Term Loan Documents.

     "Term Loan Documents" means the various documents and instruments entered
into between the Borrower, KeyBank, National Association, as agent and lender,
and the other lenders evidencing the Term Loan.

     "Title Instruments" means true and correct copies of all instruments of
record in the Office of the County Clerk, the Real Property Records or of any
other Governmental Authority affecting title to all or any part of the Mortgaged
Properties, including but not limited to those (if


                                      -18-

<PAGE>

any) which impose restrictive covenants, easements, rights-of-way or other
encumbrances on all or any part of the Mortgaged Properties.

     "Title Insurance Policy" means, collectively, the policies of title
insurance in the aggregate face amounts equal to the aggregate Revolving Loan
Commitment, issued in favor of the Administrative Agent by a title insurance
company satisfactory to the Administrative Agent and insuring that title to the
Mortgaged Properties is vested in Borrower, free and clear of any Lien,
objection, exception or requirement, and that each Deed of Trust creates a valid
first and prior lien on all the Mortgaged Properties, subject only to the
Permitted Encumbrances and such other exceptions as may be approved in writing
by the Administrative Agent. The Title Insurance Policy shall include such
provisions or endorsements as necessary to provide coverage on a revolving
credit basis.

     "Total Asset Value" means the sum of (without duplication) (a) the
aggregate Value of all of Borrower's and its Subsidiaries' Real Property, plus
(b) the amount of any cash and cash equivalents, excluding tenant security and
other restricted deposits of the Borrower and its Subsidiaries. Total Asset
Value shall be calculated on a consolidated basis in accordance with GAAP.

     "Total Leverage Ratio" shall mean the ratio (expressed as a percentage) of
(a) the Borrower's Indebtedness plus the Parent's Indebtedness to (b) Total
Asset Value.

     "Transactions" means the execution, delivery and performance by the Credit
Parties of the Loan Documents, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

     "Type," when used in reference to any Loan or Borrowing, refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is
determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

     "Unconsolidated Affiliate" means, without duplication, in respect of any
Person, any other Person (other than a Person whose stock is traded on a
national trading exchange) in whom such Person holds a voting equity or
ownership interest and whose financial results would not be consolidated under
GAAP with the financial results of such Person on the consolidated financial
statements of such Person.

     "Value" means the sum of the following:

          (a) for Real Property that is not in the Pool and that Borrower or a
Subsidiary of Borrower has owned for all of the immediately preceding four (4)
calendar quarters, the result of dividing (i) the aggregate Net Operating Income
of the subject property based on the immediately preceding four (4) calendar
quarters, by (ii) eight percent (8.00%); plus

          (b) for Real Property that is not in the Pool and that Borrower or a
Subsidiary of Borrower has not owned for all of the immediately preceding four
(4) calendar quarters, the Historical Value of the subject property; plus


                                      -19-

<PAGE>

          (c) for Real Property that is in the Pool, the aggregate Pool Value;
plus

          (d) for Real Property that is Assets Under Development or undeveloped
land, the Historical Value of the subject property.

     "Withdrawal Liability" means liability to a Multiemployer Plan as a result
of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

     SECTION 1.02 Classification of Loans and Borrowings.

     For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a "Revolving Loan") or by Type (e.g., a "Eurodollar Loan") or by
Class and Type (e.g., a "Eurodollar Revolving Loan"). Borrowings also may be
classified and referred to by Class (e.g., a "Revolving Borrowing") or by Type
(e.g., a "Eurodollar Borrowing") or by Class and Type (e.g., a "Eurodollar
Revolving Borrowing").

     SECTION 1.03 Terms Generally.

     The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words
"include," "includes," and "including" shall be deemed to be followed by the
phrase "without limitation." The word "will" shall be construed to have the same
meaning and effect as the word "shall". Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications
set forth herein), (b) any reference herein to any Person shall be construed to
include such Person's successors and assigns, (c) the words "herein," "hereof,"
and "hereunder," and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (d)
all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement and (e) the words "asset" and "property" shall be construed to
have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and
contract rights. All references to the Borrower shall be deemed to be references
to all Persons constituting the Borrower or each of them (whichever the context
requires) and the obligations of such Persons under this Agreement and the other
Loan Documents shall be joint and several as they relate to the Borrower.

     SECTION 1.04 Accounting Terms; GAAP.

     Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, as in effect
from time to time; provided that, if the Borrower notifies the Administrative
Agent that the Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the date hereof in


                                      -20-

<PAGE>

GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an
amendment to any provision hereof for such purpose), regardless of whether any
such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in
accordance herewith.

                                   ARTICLE II

                                   The Credits

     SECTION 2.01 Commitments.

     Subject to the terms and conditions set forth herein, each Lender agrees to
make Revolving Loans to the Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result in (i) such
Lender's Revolving Credit Exposure exceeding such Lender's Commitment or (ii)
the sum of the total Revolving Credit Exposures exceeding the total Maximum Loan
Available Amount; provided however, that no Lender shall be obligated to make a
Revolving Loan in excess of such Lender's Applicable Percentage of the
difference between the Maximum Loan Available Amount and the Revolving Credit
Exposure. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

     SECTION 2.02 Loans and Borrowings.

          (a) Each Revolving Loan shall be made as part of a Borrowing
     consisting of Revolving Loans made by the Lenders ratably in accordance
     with their respective Commitments. The failure of any Lender to make any
     Loan required to be made by it shall not relieve any other Lender of its
     obligations hereunder; provided that the Commitments of the Lenders are
     several and no Lender shall be responsible for any other Lender's failure
     to make Loans as required.

          (b) Subject to Section 2.13, each Revolving Borrowing shall be
     comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
     request in accordance herewith. Each Swingline Loan shall be an ABR Loan.
     Each Lender at its option may make any Eurodollar Loan by causing any
     domestic or foreign branch or Affiliate of such Lender to make such Loan;
     provided that any exercise of such option shall not affect the obligation
     of the Borrower to repay such Loan in accordance with the terms of this
     Agreement.

          (c) At the commencement of each Interest Period for any Eurodollar
     Revolving Borrowing, such Borrowing shall be in an aggregate amount that is
     an integral multiple of $100,000 and not less than $1,000,000. At the time
     that each ABR Revolving Borrowing is made, such Borrowing shall be in an
     aggregate amount that is an integral multiple of $100,000 and not less than
     $1,000,000, provided that an ABR Revolving


                                      -21-

<PAGE>

     Borrowing may be in an aggregate amount that is equal to the entire unused
     balance of the total Commitments or that is required to finance the
     reimbursement of an LC Disbursement as contemplated by Section 2.05(e).
     Each Swingline Loan shall be in an amount that is an integral multiple of
     $100,000 and not less than $1,000,000. Borrowings of more than one Type and
     Class may be outstanding at the same time; provided that there shall not at
     any time be more than a total of six (6) Eurodollar Borrowings outstanding.

          (d) Notwithstanding any other provision of this Agreement, the
     Borrower shall not be entitled to request, or to elect to convert or
     continue, any Borrowing if the Interest Period requested with respect
     thereto would end after the Maturity Date.

     SECTION 2.03 Requests for Revolving Borrowings.

     To request a Revolving Borrowing, EDR (on behalf of the Borrower) shall
notify the Administrative Agent of such request by telephone (a) in the case of
a Eurodollar Borrowing, not later than 12:00 noon, Boston, Massachusetts time,
three Business Days before the date of the proposed Borrowing or (b) in the case
of an ABR Borrowing, not later than 12:00 noon, Boston, Massachusetts time, one
Business Day before the date of the proposed Borrowing; provided that any such
notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e) may be given not later than 11:00 a.m., Boston,
Massachusetts time, on the date of the proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request
in the form of Exhibit E attached hereto and hereby made a part hereof and
signed by EDR, on behalf of the Borrower. Each such telephonic and written
Borrowing Request shall specify the following information in compliance with
Section 2.02:

               (i) the aggregate amount of the requested Borrowing;

               (ii) the date of such Borrowing, which shall be a Business Day;

               (iii) whether such Borrowing is to be an ABR Borrowing or a
          Eurodollar Borrowing;

               (iv) in the case of a Eurodollar Borrowing, the Interest Period
          to be applicable thereto, which shall be a period contemplated by the
          definition of the term "Interest Period"; and

               (v) the location and number of the Borrower's account to which
          funds are to be disbursed, which shall comply with the requirements of
          Section 2.06.

     If no election as to the Type of Revolving Borrowing is specified in the
Borrowing Request, then the requested Revolving Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month's duration, in the case of a Eurodollar Borrowing.
Promptly following receipt of a Borrowing Request in accordance with this
Section,


                                      -22-

<PAGE>

the Administrative Agent shall advise each Lender of the details thereof and of
the amount of such Lender's Loan to be made as part of the requested Borrowing.

     SECTION 2.04 Swingline.

          (a) Subject to the terms and conditions set forth herein, the
     Swingline Lender agrees to make Swingline Loans to the Borrower from time
     to time during the Availability Period, in an aggregate principal amount at
     any time outstanding that will not result in (i) the aggregate principal
     amount of outstanding Swingline Loans exceeding $10,000,000.00 or (ii) the
     sum of the total Revolving Credit Exposures exceeding the total Maximum
     Loan Available Amount; provided that the Swingline Lender shall not be
     required to make a Swingline Loan to refinance an outstanding Swingline
     Loan. Within the foregoing limits and subject to the terms and conditions
     set forth herein, the Borrower may borrow, prepay and reborrow Swingline
     Loans.

          (b) To request a Swingline Loan, the Borrower shall notify the
     Administrative Agent of such request by telephone (confirmed by telecopy),
     not later than 2:00 p.m., Boston, Massachusetts time, on the day of a
     proposed Swingline Loan. Each such notice shall be irrevocable and shall
     specify the requested date (which shall be a Business Day) and amount of
     the requested Swingline Loan. The Administrative Agent will promptly advise
     the Swingline Lender of any such notice received from the Borrower. The
     Swingline Lender shall make each Swingline Loan available to the Borrower
     by means of a credit to the general deposit account of the Borrower with
     the Swingline Lender (or, in the case of a Swingline Loan made to finance
     the reimbursement of an LC Disbursement as provided in Section 2.05(e), by
     remittance to the Issuing Bank) by 4:00 p.m., Boston, Massachusetts time,
     on the requested date of such Swingline Loan.

The Swingline Lender may by written notice given to the Administrative Agent not
later than 10:00 a.m., Boston, Massachusetts time, on any Business Day require
the Lenders to acquire participations on such Business Day in all or a portion
of the Swingline Loans outstanding. Such notice shall specify the aggregate
amount of Swingline Loans in which Lenders will participate. Promptly upon
receipt of such notice, the Administrative Agent will give notice thereof to
each Lender, specifying in such notice such Lender's Applicable Percentage of
such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally
agrees, within two (2) Business Days after receipt of notice as provided above,
to pay to the Administrative Agent, for the account of the Swingline Lender,
such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender
acknowledges and agrees that its obligation to acquire participations in
Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or reduction or termination of the Commitments, and
that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each Lender shall comply with its obligation under this
paragraph by wire transfer of immediately available funds, in the same manner as
provided in Section 2.06 with respect to Loans made by such Lender (and Section
2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Swingline Lender the
amounts so received by it from the Lenders. The Administrative Agent shall
notify the Borrower of any participations in any


                                      -23-

<PAGE>

Swingline Loan acquired pursuant to this paragraph, and thereafter payments in
respect of such Swingline Loan shall be made to the Administrative Agent and not
to the Swingline Lender. Any amounts received by the Swingline Lender from the
Borrower (or other party on behalf of the Borrower) in respect of a Swingline
Loan after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent;
any such amounts received by the Administrative Agent shall be promptly remitted
by the Administrative Agent to the Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, as their interests may
appear; provided that any such payment so remitted shall be repaid to the
Swingline Lender or to the Administrative Agent, as applicable, if and to the
extent such payment is required to be refunded to the Borrower for any reason.
The purchase of participations in a Swingline Loan pursuant to this paragraph
shall not relieve the Borrower of any default in the payment thereof.

     SECTION 2.05 Letters of Credit.

          (a) General. Subject to the terms and conditions set forth herein, the
     Borrower may request the issuance of Letters of Credit for its own account
     in a form reasonably acceptable to the Administrative Agent and the Issuing
     Bank, at any time and from time to time prior to thirty (30) days before
     the termination of the Availability Period. In the event of any
     inconsistency between the terms and conditions of this Agreement and the
     terms and conditions of any form of letter of credit application or other
     agreement submitted by the Borrower to, or entered into by the Borrower
     with, the Issuing Bank relating to any Letter of Credit, the terms and
     conditions of this Agreement shall control.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
     Conditions. To request the issuance of a Letter of Credit (or the
     amendment, renewal or extension of an outstanding Letter of Credit), the
     Borrower shall hand deliver or telecopy (or transmit by electronic
     communication, if arrangements for doing so have been approved by the
     Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably
     in advance of the requested date of issuance, amendment, renewal or
     extension) a notice requesting the issuance of a Letter of Credit, or
     identifying the Letter of Credit to be amended, renewed or extended, and
     specifying the date of issuance, amendment, renewal or extension (which
     shall be a Business Day), the date on which such Letter of Credit is to
     expire (which shall comply with paragraph (c) of this Section), the amount
     of such Letter of Credit, the name and address of the beneficiary thereof
     and such other information as shall be necessary to prepare, amend, renew
     or extend such Letter of Credit. The Administrative Agent shall remit a
     copy of such request to the Lenders. If requested by the Issuing Bank, the
     Borrower also shall submit a letter of credit application on the Issuing
     Bank's standard form in connection with any request for a Letter of Credit.
     A Letter of Credit shall be issued, amended, renewed or extended only if
     (and upon issuance, amendment, renewal or extension of each Letter of
     Credit the Borrower shall be deemed to represent and warrant that), after
     giving effect to such issuance, amendment, renewal or extension (i) the LC
     Exposure shall not exceed $10,000,000, (ii) the total Revolving Credit
     Exposures shall not exceed the total Maximum Loan Available


                                      -24-

<PAGE>

     Amount, and (iii) the face amount of the subject Letter of Credit shall not
     be less than $100,000.

          (c) Expiration Date. Each Letter of Credit shall expire not later than
     the close of business on the date that is thirty (30) days prior to the
     Maturity Date.

          (d) Participations. By the issuance of a Letter of Credit (or an
     amendment to a Letter of Credit increasing the amount thereof) and without
     any further action on the part of the Issuing Bank or the Lenders, the
     Issuing Bank hereby grants to each Lender, and each Lender hereby acquires
     from the Issuing Bank, a participation in such Letter of Credit equal to
     such Lender's Applicable Percentage of the aggregate amount available to be
     drawn under such Letter of Credit. In consideration and in furtherance of
     the foregoing, each Lender hereby absolutely and unconditionally agrees to
     pay to the Administrative Agent, for the account of the Issuing Bank, such
     Lender's Applicable Percentage of each LC Disbursement made by the Issuing
     Bank and not reimbursed by the Borrower on the date due as provided in
     paragraph (e) of this Section, or of any reimbursement payment required to
     be refunded to the Borrower for any reason. Each Lender acknowledges and
     agrees that its obligation to acquire participations pursuant to this
     paragraph in respect of Letters of Credit is absolute and unconditional and
     shall not be affected by any circumstance whatsoever, including any
     amendment, renewal or extension of any Letter of Credit or the occurrence
     and continuance of a Default or reduction or termination of the
     Commitments, and that each such payment shall be made without any offset,
     abatement, withholding or reduction whatsoever.

          (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement
     in respect of a Letter of Credit, the Borrower shall reimburse such LC
     Disbursement by paying to the Administrative Agent an amount equal to such
     LC Disbursement not later than 12:00 noon, Boston, Massachusetts time, on
     the Business Day that such LC Disbursement is made, if the Borrower shall
     have received notice of such LC Disbursement prior to 10:00 a.m., Boston,
     Massachusetts time, on such date, or, if such notice has not been received
     by the Borrower prior to such time on such date, then on the Business Day
     immediately following the day that the Borrower receives such notice, if
     such notice is not received prior to such time on the day of receipt;
     provided that the Borrower may, subject to the conditions to borrowing set
     forth herein, request in accordance with Section 2.03 that such payment be
     financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent
     amount and, to the extent so financed, the Borrower's obligation to make
     such payment shall be discharged and replaced by the resulting ABR
     Revolving Borrowing or Swingline Loan. If the Borrower fails to make such
     payment when due, the Administrative Agent shall notify each Lender of the
     applicable LC Disbursement, the payment then due from the Borrower in
     respect thereof and such Lender's Applicable Percentage thereof. Promptly
     following receipt of such notice, each Lender shall pay to the
     Administrative Agent its Applicable Percentage of the payment then due from
     the Borrower, in the same manner as provided in Section 2.06 with respect
     to Loans made by such Lender (and Section 2.06 shall apply, mutatis
     mutandis, to the payment obligations of the Lenders), and the
     Administrative Agent shall promptly pay to the Issuing Bank the amounts so
     received by it from the Lenders.


                                      -25-

<PAGE>

     Promptly following receipt by the Administrative Agent of any payment from
     the Borrower pursuant to this paragraph, the Administrative Agent shall
     distribute such payment to the Issuing Bank or, to the extent that Lenders
     have made payments pursuant to this paragraph to reimburse the Issuing
     Bank, then to such Lenders and the Issuing Bank as their interests may
     appear. Any payment made by a Lender pursuant to this paragraph to
     reimburse the Issuing Bank for any LC Disbursement (other than the funding
     of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not
     constitute a Loan and shall not relieve the Borrower of its obligation to
     reimburse such LC Disbursement.

          (f) Obligations Absolute. The Borrower's obligation to reimburse LC
     Disbursements as provided in paragraph (e) of this Section shall be
     absolute, unconditional and irrevocable, and shall be performed strictly in
     accordance with the terms of this Agreement under any and all circumstances
     whatsoever and irrespective of (i) any lack of validity or enforceability
     of any Letter of Credit or this Agreement, or any term or provision
     therein, (ii) any draft or other document presented under a Letter of
     Credit proving to be forged, fraudulent or invalid in any respect or any
     statement therein being untrue or inaccurate in any respect, (iii) payment
     by the Issuing Bank under a Letter of Credit against presentation of a
     draft or other document that does not comply with the terms of such Letter
     of Credit, or (iv) any other event or circumstance whatsoever, whether or
     not similar to any of the foregoing, that might, but for the provisions of
     this Section, constitute a legal or equitable discharge of, or provide a
     right of setoff against, the Borrower's obligations hereunder. Neither the
     Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
     Related Parties, shall have any liability or responsibility by reason of or
     in connection with the issuance or transfer of any Letter of Credit or any
     payment or failure to make any payment thereunder (irrespective of any of
     the circumstances referred to in the preceding sentence), or any error,
     omission, interruption, loss or delay in transmission or delivery of any
     draft, notice or other communication under or relating to any Letter of
     Credit (including any document required to make a drawing thereunder), any
     error in interpretation of technical terms or any consequence arising from
     causes beyond the control of the Issuing Bank; provided that the foregoing
     shall not be construed to excuse the Issuing Bank from liability to the
     Borrower to the extent of any direct damages (as opposed to consequential
     damages, claims in respect of which are hereby waived by the Borrower to
     the extent permitted by applicable law) suffered by the Borrower that are
     caused by the Issuing Bank's failure to exercise care when determining
     whether drafts and other documents presented under a Letter of Credit
     comply with the terms thereof. The parties hereto expressly agree that, in
     the absence of gross negligence or willful misconduct on the part of the
     Issuing Bank, the Issuing Bank shall be deemed to have exercised care in
     each such determination. In furtherance of the foregoing and without
     limiting the generality thereof, the parties agree that, with respect to
     documents presented which appear on their face to be in substantial
     compliance with the terms of a Letter of Credit, the Issuing Bank may, in
     its sole discretion, either accept and make payment upon such documents
     without responsibility for further investigation, regardless of any
     information to the contrary, or refuse to accept and make payment upon


                                      -26-

<PAGE>

     such documents if such documents are not in strict compliance with the
     terms of such Letter of Credit.

          (g) Disbursement Procedures. The Issuing Bank shall, promptly
     following its receipt thereof, examine all documents purporting to
     represent a demand for payment under a Letter of Credit. The Issuing Bank
     shall promptly notify the Administrative Agent and the Borrower by
     telephone (confirmed by telecopy) of such demand for payment and whether
     the Issuing Bank has made or will make an LC Disbursement thereunder;
     provided that any failure to give or delay in giving such notice shall not
     relieve the Borrower of its obligation to reimburse the Issuing Bank and
     the Lenders with respect to any such LC Disbursement.

          (h) Interim Interest. If the Issuing Bank shall make any LC
     Disbursement, then, unless the Borrower shall reimburse such LC
     Disbursement in full on the date such LC Disbursement is made, the unpaid
     amount thereof shall bear interest, for each day from and including the
     date such LC Disbursement is made to but excluding the date that the
     Borrower reimburses such LC Disbursement, at the rate per annum then
     applicable to ABR Revolving Loans; provided that, if the Borrower fails to
     reimburse such LC Disbursement when due pursuant to paragraph (e) of this
     Section, then Section 2.12(c) shall apply. Interest accrued pursuant to
     this paragraph shall be for the account of the Issuing Bank, except that
     interest accrued on and after the date of payment by any Lender pursuant to
     paragraph (e) of this Section to reimburse the Issuing Bank shall be for
     the account of such Lender to the extent of such payment.

          (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced
     at any time by written agreement among the Borrower, the Administrative
     Agent, the replaced Issuing Bank and the successor Issuing Bank. The
     Administrative Agent shall notify the Lenders of any such replacement of
     the Issuing Bank. At the time any such replacement shall become effective,
     the Borrower shall pay all unpaid fees accrued for the account of the
     replaced Issuing Bank pursuant to Section 2.11(b). From and after the
     effective date of any such replacement, (i) the successor Issuing Bank
     shall have all the rights and obligations of the Issuing Bank under this
     Agreement with respect to Letters of Credit to be issued thereafter and
     (ii) references herein to the term "Issuing Bank" shall be deemed to refer
     to such successor or to any previous Issuing Bank, or to such successor and
     all previous Issuing Banks, as the context shall require. After the
     replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall
     remain a party hereto and shall continue to have all the rights and
     obligations of an Issuing Bank under this Agreement with respect to Letters
     of Credit issued by it prior to such replacement, but shall not be required
     to issue additional Letters of Credit.

          (j) Cash Collateralization. If any Event of Default shall occur and be
     continuing, on the Business Day that the Borrower receives notice from the
     Administrative Agent demanding the deposit of cash collateral pursuant to
     this paragraph, the Borrower shall deposit in an account with the
     Administrative Agent, in the name of the Administrative Agent and for the
     benefit of the Lenders, an amount in cash equal to the LC Exposure as of
     such date plus any accrued and unpaid interest thereon; provided


                                      -27-

<PAGE>

     that the obligation to deposit such cash collateral shall become effective
     immediately, and such deposit shall become immediately due and payable,
     without demand or other notice of any kind, upon the occurrence of any
     Event of Default with respect to the Borrower described in clause (g) or
     (h) of Article VII. Such deposit shall be held by the Administrative Agent
     as collateral for the payment and performance of the obligations of the
     Borrower under this Agreement. The Administrative Agent shall have
     exclusive dominion and control, including the exclusive right of
     withdrawal, over such account. Other than any interest earned on the
     investment of such deposits, which investments shall be made at the option
     and sole discretion of the Administrative Agent and at the Borrower's risk
     and expense, such deposits shall not bear interest. Interest or profits, if
     any, on such investments shall accumulate in such account. Moneys in such
     account shall be applied by the Administrative Agent to reimburse the
     Issuing Bank for LC Disbursements for which it has not been reimbursed and,
     to the extent not so applied, shall be held for the satisfaction of the
     reimbursement obligations of the Borrower for the LC Exposure at such time
     or, if the maturity of the Loans has been accelerated (but subject to the
     consent of Lenders with LC Exposure representing greater than 51% of the
     total LC Exposure), be applied to satisfy other obligations of the Borrower
     under this Agreement. If the Borrower is required to provide an amount of
     cash collateral hereunder as a result of the occurrence of an Event of
     Default, such amount (to the extent not applied as aforesaid) shall be
     returned to the Borrower within three Business Days after all Events of
     Default have been cured or waived.

     SECTION 2.06 Funding of Borrowings.

          (a) Each Lender shall make each Loan to be made by it hereunder on the
     proposed date thereof by wire transfer of immediately available funds by
     12:00 noon, Boston, Massachusetts time, to the account of the
     Administrative Agent most recently designated by it for such purpose by
     notice to the Lenders; provided that Swingline Loans shall be made as
     provided in Section 2.04. The Administrative Agent will make such Loans
     available to the Borrower by promptly crediting the amounts so received, in
     like funds, to an account of the Borrower maintained with the
     Administrative Agent in Boston, Massachusetts and designated by the
     Borrower in the applicable Borrowing Request; provided that ABR Revolving
     Loans made to finance the reimbursement of an LC Disbursement as provided
     in Section 2.05(e) shall be remitted by the Administrative Agent to the
     Issuing Bank.

          (b) Unless the Administrative Agent shall have received notice from a
     Lender prior to the proposed date of any Borrowing that such Lender will
     not make available to the Administrative Agent such Lender's share of such
     Borrowing, the Administrative Agent may assume that such Lender has made
     such share available on such date in accordance with paragraph (a) of this
     Section and may, in reliance upon such assumption, make available to the
     Borrower a corresponding amount. In such event, if a Lender has not in fact
     made its share of the applicable Borrowing available to the Administrative
     Agent, then the applicable Lender and the Borrower severally agree to pay
     to the Administrative Agent forthwith on demand such corresponding amount
     with interest thereon, for each day from and including the date such amount
     is made available to the


                                      -28-

<PAGE>

     Borrower to but excluding the date of payment to the Administrative Agent,
     at (i) in the case of such Lender, the greater of the Federal Funds
     Effective Rate and a rate determined by the Administrative Agent in
     accordance with banking industry rules on interbank compensation or (ii) in
     the case of the Borrower, the interest rate applicable to the corresponding
     Loan made to the Borrower. If such Lender pays such amount to the
     Administrative Agent, then such amount shall constitute such Lender's Loan
     included in such Borrowing.

     SECTION 2.07 Interest Elections.

          (a) Each Revolving Borrowing initially shall be of the Type specified
     in the applicable Borrowing Request and, in the case of a Eurodollar
     Revolving Borrowing, shall have an initial Interest Period as specified in
     such Borrowing Request. Thereafter, the Borrower may elect to convert such
     Borrowing to a different Type or to continue such Borrowing and, in the
     case of a Eurodollar Revolving Borrowing, may elect Interest Periods
     therefor, all as provided in this Section. The Borrower may elect different
     options with respect to different portions of the affected Borrowing, in
     which case each such portion shall be allocated ratably among the Lenders
     holding the Loans comprising such Borrowing, and the Loans comprising each
     such portion shall be considered a separate Borrowing. This Section shall
     not apply to Swingline Loans, which may not be converted or continued.

          (b) To make an election pursuant to this Section, the Borrower shall
     notify the Administrative Agent of such election by telephone by the time
     that a Borrowing Request would be required under Section 2.03 if the
     Borrower were requesting a Revolving Borrowing of the Type resulting from
     such election to be made on the effective date of such election. Each such
     telephonic Interest Election Request shall be irrevocable and shall be
     confirmed promptly by hand delivery or telecopy to the Administrative Agent
     of a written Interest Election Request in the form of a Borrowing Request
     (with proper election made for an interest rate election only) and signed
     by the Borrower.

          (c) Each telephonic and written Interest Election Request shall
     specify the following information in compliance with Section 2.02:

               (i) the Borrowing to which such Interest Election Request applies
          and, if different options are being elected with respect to different
          portions thereof, the portions thereof to be allocated to each
          resulting Borrowing (in which case the information to be specified
          pursuant to clauses (iii) and (iv) below shall be specified for each
          resulting Borrowing);

               (ii) the effective date of the election made pursuant to such
          Interest Election Request, which shall be a Business Day;

               (iii) whether the resulting Borrowing is to be an ABR Borrowing
          or a Eurodollar Borrowing; and


                                      -29-

<PAGE>

               (iv) if the resulting Borrowing is a Eurodollar Borrowing, the
          Interest Period to be applicable thereto after giving effect to such
          election, which shall be a period contemplated by the definition of
          the term "Interest Period".

If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration.

          (d) Promptly following receipt of an Interest Election Request, the
     Administrative Agent shall advise each Lender of the details thereof and of
     such Lender's portion of each resulting Borrowing.

          (e) If the Borrower fails to deliver a timely Interest Election
     Request with respect to a Eurodollar Revolving Borrowing prior to the end
     of the Interest Period applicable thereto, then, unless such Borrowing is
     repaid as provided herein, at the end of such Interest Period such
     Borrowing shall be converted to an ABR Borrowing. Notwithstanding any
     contrary provision hereof, if an Event of Default has occurred and is
     continuing and the Administrative Agent, at the request of the Required
     Lenders, so notifies the Borrower, then, so long as an Event of Default is
     continuing (i) no outstanding Revolving Borrowing may be converted to or
     continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar
     Revolving Borrowing shall be converted to an ABR Borrowing at the end of
     the Interest Period applicable thereto.

     SECTION 2.08 Termination, Reduction and Increase of Commitments.

          (a) Unless previously terminated by the Administrative Agent or
     Borrower in accordance with this Agreement, the Commitments shall terminate
     on the Maturity Date.

          (b) The Borrower may only reduce the Commitments without the prior
     written consent of the Administrative Agent and all of the Lenders in the
     following circumstances: the Borrower may from time to time prior to March
     30, 2009 reduce the Commitments, provided that each reduction in the
     Commitments shall be in an amount that is at least $5,000,000 and an
     integral multiple of $500,000, and the total Commitments may not be reduced
     to less than $37,500,000 unless the Commitments are reduced to zero and
     terminated. The Borrower shall not reduce the Commitments if, after giving
     effect to any concurrent prepayment of the Loans in accordance with Section
     2.10, the total Revolving Credit Exposures would exceed the Maximum Loan
     Available Amount as reduced. After any reduction in the Commitments, the
     Borrower's option to increase the Commitments provided in Section 2.08(d)
     shall terminate.

          (c) The Borrower shall notify the Administrative Agent of any election
     to reduce the Commitments under Section 2.08(b) at least three (3) Business
     Days prior to the effective date of such reduction, specifying such
     election and the effective date thereof. Promptly following receipt of any
     notice, the Administrative Agent shall advise the Lenders of the contents
     thereof. Each notice delivered by the Borrower pursuant to this Section
     shall be irrevocable. Any reduction of the Commitments shall be permanent.


                                      -30-

<PAGE>

     Each reduction in the Commitments shall be made ratably among the Lenders
     in accordance with their respective Commitments.

          (d) So long as the Borrower is not then in Default, and the Borrower
     has not previously decreased the Commitments under Section 2.08(b), the
     Borrower may, prior to March 30, 2009, request that the Commitments be
     increased, so long as (a) each increase is in a minimum amount of
     $10,000,000.00 and an integral multiple of $5,000,000 (or such smaller
     amounts as the Administrative Agent may approve), (b) the Borrower has not
     previously reduced the Commitments, and (c) the aggregate Commitments do
     not exceed $150,000,000.00 (the "Maximum Commitment"). If the Borrower
     requests that the total Commitments be increased, the Administrative Agent
     shall use its best efforts to obtain increased or additional commitments up
     to the Maximum Commitment, and to do so the Administrative Agent may obtain
     additional lenders of its choice (and approved by Borrower, such approval
     not to be unreasonably withheld or delayed), and without the necessity of
     approval from any of the Lenders. The Borrower and each other Credit Party
     shall execute an amendment to this Agreement, additional Notes and other
     documents as the Administrative Agent may reasonably require to evidence
     the increase of the Commitments, the addition of new projects as Mortgaged
     Properties, if applicable, and the admission of additional Persons as
     Lenders, if necessary.

     SECTION 2.09 Repayment of Loans; Evidence of Debt.

          (a) The Borrower hereby unconditionally promises to pay (i) to the
     Administrative Agent for the account of each Lender the then unpaid
     principal amount of each Revolving Loan on the Maturity Date, and (ii) to
     the Swingline Lender the then unpaid principal amount of each Swingline
     Loan on the earlier of the Maturity Date and the first date after such
     Swingline Loan is made that is five (5) Business Days after such Swingline
     Loan is made; provided that on each date that a Revolving Borrowing is
     made, the Borrower shall repay all Swingline Loans then outstanding. The
     Loans shall be evidenced by the Notes.

          (b) Each Lender shall maintain in accordance with its usual practice
     an account or accounts evidencing the indebtedness of the Borrower to such
     Lender resulting from each Loan made by such Lender, including the amounts
     of principal and interest payable and paid to such Lender from time to time
     hereunder.

          (c) The Administrative Agent shall maintain accounts in which it shall
     record (i) the amount of each Loan made hereunder, the Class and Type
     thereof and the Interest Period applicable thereto, (ii) the amount of any
     principal or interest due and payable or to become due and payable from the
     Borrower to each Lender hereunder and (iii) the amount of any sum received
     by the Administrative Agent hereunder for the account of the Lenders and
     each Lender's share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph
     (b) or (c) of this Section shall be prima facie evidence of the existence
     and amounts of the obligations recorded therein; provided that the failure
     of any Lender or the Administrative


                                      -31-

<PAGE>

     Agent to maintain such accounts or any error therein shall not in any
     manner affect the obligation of the Borrower to repay the Loans in
     accordance with the terms of this Agreement.

     SECTION 2.10 Prepayment of Loans.

          (a) The Borrower shall have the right at any time and from time to
     time to prepay, without penalty, any Borrowing in whole or in part, subject
     to prior notice in accordance with paragraph (b) of this Section, and
     subject to Section 2.15, if applicable.

          (b) The Borrower shall notify the Administrative Agent (and, in the
     case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
     (confirmed by telecopy) of any prepayment hereunder (i) in the case of
     prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m.,
     Boston, Massachusetts time, three (3) Business Days before the date of
     prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing,
     not later than 11:00 a.m., Boston, Massachusetts time, one Business Day
     before the date of prepayment, or (iii) in the case of prepayment of a
     Swingline Loan, not later than 12:00 noon, Boston, Massachusetts time, on
     the date of prepayment. Each such notice shall be irrevocable and shall
     specify the prepayment date and the principal amount of each Borrowing or
     portion thereof to be prepaid. Promptly following receipt of any such
     notice relating to a Revolving Borrowing, the Administrative Agent shall
     advise the Lenders of the contents thereof. Each partial prepayment of any
     Revolving Borrowing shall be in an amount that is an integral multiple of
     $100,000 and not less than $500,000. Each prepayment of a Revolving
     Borrowing shall be applied ratably to the Loans included in the prepaid
     Borrowing. Prepayments shall be accompanied by accrued interest to the
     extent required by Section 2.12.

          (c) In connection with the prepayment of any Loan prior to the
     expiration of the Interest Period applicable thereto, the Borrower shall
     also pay any applicable expenses pursuant to Section 2.15.

          (d) Amounts to be applied to the prepayment of Loans pursuant to any
     of the preceding subsections of this Section shall be applied, first, to
     reduce outstanding ABR Loans and next, to the extent of any remaining
     balance, to reduce outstanding Eurodollar Loans. Each such prepayment shall
     be applied to prepay ratably the Loans of the Lender.

          (e) If at any time the total Revolving Credit Exposure of the Lenders
     exceeds the then effective Maximum Loan Available Amount, the Borrower
     shall prepay the Loans in an amount equal to such excess within one (1)
     Business Day after such occurrence.

     SECTION 2.11 Fees.

          (a) The Borrower agrees to pay to the Administrative Agent for the
     account of each Lender a facility fee, which shall accrue at the following
     rates on the average daily unused amount of the Commitment of such Lender
     during the period from and including


                                      -32-

<PAGE>

     the date of this Agreement to, but excluding, the date on which such
     Commitment terminates:

          (b) Whenever and for so long as the ratio of the aggregate unpaid
     principal balance of the Loans (including Swingline Loans) to the aggregate
     amount of the Lenders' Commitments is (i) less than or equal to fifty
     percent (50%), then 0.20% per annum, and (ii) greater than fifty percent
     (50%), then 0.15% per annum.

     Accrued facility fees shall be payable in arrears on the last day of March,
June, September and December of each year and on the date on which the
Commitments terminate, commencing on the first such date to occur after the date
hereof; provided that any facility fees accruing after the date on which the
Commitments terminate shall be payable on demand. All facility fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

          (c) The Borrower agrees to pay (i) to the Administrative Agent for the
     account of each Lender a participation fee with respect to its
     participations in Letters of Credit, which shall accrue at the Applicable
     Rate provided for Eurodollar Revolving Loans on the average daily amount of
     such Lender's LC Exposure (excluding any portion thereof attributable to
     unreimbursed LC Disbursements) during the period from and including the
     date of this Agreement to but excluding the later of the date on which such
     Lender's Commitment terminates and the date on which such Lender ceases to
     have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, in the
     amount of 0.125% of the face amount of each Letter of Credit (but not less
     than $500.00 for each Letter of Credit). Participation fees accrued through
     and including the last day of March, June, September and December of each
     year shall be payable on the third Business Day following such last day,
     commencing on the first such date to occur after the date of this
     Agreement; provided that all such fees shall be payable on the date on
     which the Commitments terminate and any such fees accruing after the date
     on which the Commitments terminate shall be payable on demand. Fronting
     fees shall be payable in full in advance on the date of the issuance, or
     renewal or extension of each Letter of Credit, and are not refundable. Any
     other fees payable to the Issuing Bank pursuant to this paragraph shall be
     payable within 10 days after demand. All participation fees and fronting
     fees shall be computed on the basis of a year of 360 days and shall be
     payable for the actual number of days elapsed (including the first day but
     excluding the last day).

          (d) The Borrower agrees to pay to the Administrative Agent, for its
     own account, fees payable in the amounts and at the times separately agreed
     upon between the Borrower and the Administrative Agent.

          (e) All fees payable hereunder shall be paid on the dates due, in
     immediately available funds, to the Administrative Agent (or to the Issuing
     Bank, in the case of fees payable to it) for distribution, in the case of
     facility fees and participation fees, to the Lenders. Fees paid shall not
     be refundable under any circumstances.


                                      -33-

<PAGE>

          (f) In the event that the Maturity Date is extended in accordance with
     the terms of Section 2.19, the Borrower agrees to pay to the Administrative
     Agent for the account of each Lender an extension fee equal to 0.20% of the
     aggregate Revolving Credit Exposure on the first effective day of the
     extension.

     SECTION 2.12 Interest.

          (a) The Loans comprising each ABR Borrowing (including each Swingline
     Loan) shall bear interest at the lesser of (x) the Alternate Base Rate plus
     the Applicable Rate, or (y) the Maximum Rate.

          (b) The Loans comprising each Eurodollar Borrowing shall bear interest
     at the lesser of (a) the Adjusted LIBO Rate for the Interest Period in
     effect for such Borrowing plus the Applicable Rate, or (b) the Maximum
     Rate.

          (c) Notwithstanding the foregoing, (A) if any principal of or interest
     on any Loan or any fee or other amount payable by the Borrower hereunder is
     not paid when due, whether at stated maturity, upon acceleration or
     otherwise, such overdue amount shall bear interest, after as well as before
     judgment, at a rate per annum equal to (i) in the case of overdue principal
     of any Loan, the lesser of (x) 4% plus the rate otherwise applicable to
     such Loan as provided in the preceding paragraphs of this Section, or (y)
     the Maximum Rate, or (ii) in the case of any other amount, the lesser of
     (x) 4% plus the rate applicable to ABR Loans as provided in paragraph (a)
     of this Section, or (y) the Maximum Rate; and (B) after the occurrence of
     any Event of Default, at the option of the Administrative Agent, or if the
     Administrative Agent is directed in writing by the Required Lenders to do
     so, the Loan shall bear interest at a rate per annum equal to the lesser of
     (x) 4% plus the rate otherwise applicable to such Loan as provided in the
     preceding paragraphs of this Section, or (y) the Maximum Rate.

          (d) Accrued interest on each Loan shall be payable in arrears on each
     Interest Payment Date for such Loan and, in the case of Revolving Loans,
     upon termination of the Commitments; provided that (i) interest accrued
     pursuant to paragraph (c) of this Section shall be payable on demand, (ii)
     in the event of any repayment or prepayment of any Loan (other than a
     prepayment of an ABR Revolving Loan prior to the end of the Availability
     Period), accrued interest on the principal amount repaid or prepaid shall
     be payable on the date of such repayment or prepayment and (iii) in the
     event of any conversion of any Eurodollar Revolving Loan prior to the end
     of the current Interest Period therefor, accrued interest on such Loan
     shall be payable on the effective date of such conversion.

          (e) All interest hereunder shall be computed on the basis of a year of
     360 days and twelve (12) 30-day months, and in each case shall be payable
     for the actual number of days elapsed (including the first day but
     excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO
     Rate or LIBO Rate shall be determined by the Administrative Agent, and such
     determination shall be conclusive absent manifest error.

     SECTION 2.13 Alternate Rate of Interest.


                                      -34-

<PAGE>

     If prior to the commencement of any Interest Period for a Eurodollar
Borrowing:

          (a) the Administrative Agent determines (which determination shall be
     conclusive absent manifest error) that adequate and reasonable means do not
     exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as
     applicable, for such Interest Period; or

          (b) the Administrative Agent is advised by the Required Lenders that
     (i) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
     Interest Period will not adequately and fairly reflect the cost to such
     Lenders (or Lender) of making or maintaining their Loans (or its Loan)
     included in such Borrowing for such Interest Period and (ii) such fact is
     generally applicable to its loans of this type to similar borrowers, as
     evidenced by a certification from such Lenders;

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving
Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if
the circumstances giving rise to such notice affect only one Type of Borrowings,
then the other Type of Borrowings shall be permitted.

     SECTION 2.14 Increased Costs.

          (a) If any Change in Law shall:

               (i) impose, modify or deem applicable any reserve, special
          deposit or similar requirement against assets of, deposits with or for
          the account of, or credit extended by, any Lender (except any such
          reserve requirement reflected in the Adjusted LIBO Rate) or the
          Issuing Bank; or

               (ii) impose on any Lender or the Issuing Bank or the London
          interbank market any other condition (other than one relating to
          Excluded Taxes) affecting this Agreement or Eurodollar Loans made by
          such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender or the
Issuing Bank of participating in, issuing or maintaining any Letter of Credit or
to reduce the amount of any sum received or receivable by such Lender or the
Issuing Bank hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such
additional amount or amounts as will compensate such Lender or the Issuing Bank,
as the case may be, for such additional costs incurred or reduction suffered.


                                      -35-

<PAGE>

          (b) If any Lender or the Issuing Bank determines that any Change in
     Law regarding capital requirements has or would have the effect of reducing
     the rate of return on such Lender's or the Issuing Bank's capital or on the
     capital of such Lender's or the Issuing Bank's holding company, if any, as
     a consequence of this Agreement or the Loans made by, or participations in
     Letters of Credit held by, such Lender, or the Letters of Credit issued by
     the Issuing Bank, to a level below that which such Lender or the Issuing
     Bank or such Lender's or the Issuing Bank's holding company could have
     achieved but for such Change in Law (taking into consideration such
     Lender's or the Issuing Bank's policies and the policies of such Lender's
     or the Issuing Bank's holding company with respect to capital adequacy),
     then from time to time the Borrower will pay to such Lender or the Issuing
     Bank, as the case may be, such additional amount or amounts as will
     compensate such Lender or the Issuing Bank or such Lender's or the Issuing
     Bank's holding company for any such reduction suffered.

          (c) A certificate of a Lender or the Issuing Bank setting forth the
     amount or amounts necessary to compensate such Lender or the Issuing Bank
     or its holding company, as the case may be, as specified in paragraph (a)
     or (b) of this Section shall be delivered to the Borrower and shall be
     conclusive absent manifest error. The Borrower shall pay such Lender or the
     Issuing Bank, as the case may be, the amount shown as due on any such
     certificate within 10 days after receipt thereof.

          (d) Failure or delay on the part of any Lender or the Issuing Bank to
     demand compensation pursuant to this Section shall not constitute a waiver
     of such Lender's or the Issuing Bank's right to demand such compensation;
     provided that the Borrower shall not be required to compensate a Lender or
     the Issuing Bank pursuant to this Section for any increased costs or
     reductions incurred more than 270 days prior to the date that such Lender
     or the Issuing Bank, as the case may be, notifies the Borrower of the
     Change in Law giving rise to such increased costs or reductions and of such
     Lender's or the Issuing Bank's intention to claim compensation therefor;
     provided further that, if the Change in Law giving rise to such increased
     costs or reductions is retroactive, then the 270-day period referred to
     above shall be extended to include the period of retroactive effect
     thereof.

     SECTION 2.15 Break Funding Payments.

     In the event of (a) the payment of any principal of any Eurodollar Loan
other than on the last day of an Interest Period applicable thereto (including
as a result of an Event of Default), (b) the conversion of any Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Revolving Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.10(b)), or (d) the assignment of any
Eurodollar Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Borrower pursuant to Section 2.18, then,
in any such event, the Borrower shall compensate each Lender for the loss, cost
and expense attributable to such event. In the case of a Eurodollar Loan, such
loss, cost or expense to any Lender shall be deemed to include an amount
determined by such Lender to be the excess, if any, of (i) the amount of
interest which would have accrued on the principal


                                      -36-

<PAGE>

amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that
would have been applicable to such Loan, for the period from the date of such
event to the last day of the then current Interest Period therefor (or, in the
case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest which
would accrue on such principal amount for such period at the interest rate which
such Lender would bid were it to bid, at the commencement of such period, for
dollar deposits of a comparable amount and period from other banks in the
Eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall
be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof.

     SECTION 2.16 Taxes.

          (a) Any and all payments by or on account of any obligation of the
     Borrower hereunder shall be made free and clear of and without deduction
     for any Indemnified Taxes or Other Taxes; provided that if the Borrower
     shall be required to deduct any Indemnified Taxes or Other Taxes from such
     payments, then (i) the sum payable shall be increased as necessary so that
     after making all required deductions (including deductions applicable to
     additional sums payable under this Section) the Administrative Agent,
     Lender or Issuing Bank (as the case may be) receives an amount equal to the
     sum it would have received had no such deductions been made, (ii) the
     Borrower shall make such deductions and (iii) the Borrower shall pay the
     full amount deducted to the relevant Governmental Authority in accordance
     with applicable law.

          (b) In addition, the Borrower shall pay any Other Taxes to the
     relevant Governmental Authority in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent, each Lender
     and the Issuing Bank, within 10 days after written demand therefor, for the
     full amount of any Indemnified Taxes or Other Taxes paid by the
     Administrative Agent, such Lender or the Issuing Bank, as the case may be,
     on or with respect to any payment by or on account of any obligation of the
     Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or
     asserted on or attributable to amounts payable under this Section) and any
     penalties, interest and reasonable expenses arising therefrom or with
     respect thereto, whether or not such Indemnified Taxes or Other Taxes were
     correctly or legally imposed or asserted by the relevant Governmental
     Authority. A certificate as to the amount of such payment or liability
     delivered to the Borrower by a Lender or the Issuing Bank, or by the
     Administrative Agent on its own behalf or on behalf of a Lender or the
     Issuing Bank, shall be conclusive absent manifest error.

          (d) As soon as practicable after any payment of Indemnified Taxes or
     Other Taxes by the Borrower to a Governmental Authority, the Borrower shall
     deliver to the Administrative Agent the original or a certified copy of a
     receipt issued by such Governmental Authority evidencing such payment, a
     copy of the return reporting such


                                      -37-

<PAGE>

     payment or other evidence of such payment reasonably satisfactory to the
     Administrative Agent.

          (e) Any Foreign Lender that is entitled to an exemption from or
     reduction of withholding tax under the law of the jurisdiction in which the
     Borrower is located, or any treaty to which such jurisdiction is a party,
     with respect to payments under this Agreement shall deliver to the Borrower
     (with a copy to the Administrative Agent), at the time or times prescribed
     by applicable law, such properly completed and executed documentation
     prescribed by applicable law or reasonably requested by the Borrower as
     will permit such payments to be made without withholding or at a reduced
     rate.

     SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

          (a) The Borrower shall make each payment required to be made by it
     hereunder (whether of principal, interest, fees or reimbursement of LC
     Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, or
     otherwise) prior to 1:00 p.m., Boston, Massachusetts time, on the date when
     due, in immediately available funds, without set-off or counterclaim. Any
     amounts received after such time on any date may, in the discretion of the
     Administrative Agent, be deemed to have been received on the next
     succeeding Business Day for purposes of calculating interest thereon. All
     such payments shall be made to the Administrative Agent at its offices at
     225 Franklin Street, Boston, Massachusetts, except payments to be made
     directly to the Issuing Bank or Swingline Lender as expressly provided
     herein and except that payments pursuant to Sections 2.14, 2.15, 2.16 and
     9.03 shall be made directly to the Persons entitled thereto. If the
     Administrative Agent receives a payment for the account of a Lender prior
     to 1:00 p.m., Boston, Massachusetts time, such payment must be delivered to
     the Lender on the same day and if it is not so delivered due to the fault
     of the Administrative Agent, the Administrative Agent shall pay to the
     Lender entitled to the payment interest thereon for each day after payment
     should have been received by the Lender pursuant hereto until the Lender
     receives payment, at the greater of the Federal Funds Effective Rate and a
     rate determined by the Administrative Agent in accordance with banking
     industry rules on interbank compensation. If any payment hereunder shall be
     due on a day that is not a Business Day, the date for payment shall be
     extended to the next succeeding Business Day, and, in the case of any
     payment accruing interest, interest thereon shall be payable for the period
     of such extension. All payments hereunder shall be made in Dollars.

          (b) If at any time insufficient funds are received by and available to
     the Administrative Agent to pay fully all amounts of principal,
     unreimbursed LC Disbursements, interest and fees then due hereunder, such
     funds shall be applied (i) first, towards payment of interest and fees then
     due hereunder, ratably among the parties entitled thereto in accordance
     with the amounts of interest and fees then due to such parties, and (ii)
     second, towards payment of principal and unreimbursed LC Disbursements then
     due hereunder, ratably among the parties entitled thereto in accordance
     with the amounts of principal and unreimbursed LC Disbursements then due to
     such parties.


                                      -38-

<PAGE>

          (c) If any Lender shall, by exercising any right of set-off or
     counterclaim or otherwise, obtain payment in respect of any principal of or
     interest on any of its Revolving Loans or participations in LC
     Disbursements or Swingline Loans resulting in such Lender receiving payment
     of a greater proportion of the aggregate amount of its Revolving Loans and
     participations in LC Disbursements and Swingline Loans and accrued interest
     thereon than the proportion received by any other Lender, then the Lender
     receiving such greater proportion shall purchase (for cash at face value)
     participations in the Revolving Loans and participations in LC
     Disbursements and Swingline Loans of other Lenders to the extent necessary
     so that the benefit of all such payments shall be shared by the Lenders
     ratably in accordance with the aggregate amount of principal of and accrued
     interest on their respective Revolving Loans and participations in LC
     Disbursements and Swingline Loans; provided that (i) if any such
     participations are purchased and all or any portion of the payment giving
     rise thereto is recovered, such participations shall be rescinded and the
     purchase price restored to the extent of such recovery, without interest,
     and (ii) the provisions of this paragraph shall not be construed to apply
     to any payment made by the Borrower pursuant to and in accordance with the
     express terms of this Agreement or any payment obtained by a Lender as
     consideration for the assignment of or sale of a participation in any of
     its Loans or participations in LC Disbursements to any assignee or
     participant, other than to the Borrower or any Subsidiary or Affiliate
     thereof (as to which the provisions of this paragraph shall apply). The
     Borrower consents to the foregoing and agrees, to the extent it may
     effectively do so under applicable law, that any Lender acquiring a
     participation pursuant to the foregoing arrangements may exercise against
     the Borrower rights of set-off and counterclaim with respect to such
     participation as fully as if such Lender were a direct creditor of the
     Borrower in the amount of such participation.

          (d) Unless the Administrative Agent shall have received notice from
     the Borrower prior to the date on which any payment is due to the
     Administrative Agent for the account of the Lenders or the Issuing Bank
     hereunder that the Borrower will not make such payment, the Administrative
     Agent may assume that the Borrower has made such payment on such date in
     accordance herewith and may, in reliance upon such assumption, distribute
     to the Lenders or the Issuing Bank, as the case may be, the amount due. In
     such event, if the Borrower has not in fact made such payment, then each of
     the Lenders or the Issuing Bank, as the case may be, severally agrees to
     repay to the Administrative Agent forthwith on demand the amount so
     distributed to such Lender or Issuing Bank with interest thereon, for each
     day from and including the date such amount is distributed to it to but
     excluding the date of payment to the Administrative Agent, at the greater
     of the Federal Funds Effective Rate and a rate determined by the
     Administrative Agent in accordance with banking industry rules on interbank
     compensation.

          (e) If any Lender shall fail to make any payment required to be made
     by it pursuant to Section 2.05(d) or (e), 2.06(b) or 2.17(d), then the
     Administrative Agent may, in its discretion (notwithstanding any contrary
     provision hereof), apply any amounts thereafter received by the
     Administrative Agent for the account of such Lender to satisfy such
     Lender's obligations under such Sections until all such unsatisfied
     obligations are fully paid.


                                      -39-
<PAGE>

     SECTION 2.18 Mitigation Obligations; Replacement of Lenders.

          (a) Each Lender and the Issuing Bank will notify the Borrower of any
     event occurring after the date of this Agreement which will entitle such
     Person to compensation pursuant to Sections 2.12 and 2.14 as promptly as
     practicable after it obtains knowledge thereof and determines to request
     such compensation, provided that such Person shall not be liable for the
     failure to provide such notice. If any Lender or the Issuing Bank requests
     compensation under Section 2.12, or if the Borrower is required to pay any
     additional amount to any such Person or any Governmental Authority for the
     account of any Lender pursuant to Section 2.14, then such Lender or the
     Issuing bank shall use reasonable efforts to avoid or minimize the amounts
     payable, including, without limitation, the designation of a different
     lending office for funding or booking its Loans and Letters of Credit
     hereunder or the assignment of its rights and obligations hereunder to
     another of its offices, branches or affiliates, if, in the judgment of such
     Lender or the Issuing Bank, such designation or assignment (i) would
     eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as
     the case may be, in the future and (ii) would not subject such Lender or
     the Issuing Bank to any unreimbursed cost or expense and would not
     otherwise be disadvantageous to such Lender or the Issuing Bank. The
     Borrower hereby agrees to pay all reasonable and documented costs and
     expenses incurred by any Lender or the Issuing Bank in connection with any
     such designation or assignment.

          (b) If any Lender requests compensation under Section 2.12, or if the
     Borrower is required to pay any additional amount to any Lender or any
     Governmental Authority for the account of any Lender pursuant to Section
     2.14, or if any Lender defaults in its obligation to fund Loans hereunder,
     then the Borrower may, at its sole expense and effort, upon notice to such
     Lender and the Administrative Agent, require such Lender to assign and
     delegate, without recourse (in accordance with and subject to the
     restrictions contained in Section 9.04), all its interests, rights and
     obligations under this Agreement to an assignee that shall assume such
     obligations (which assignee may be another Lender, if a Lender accepts such
     assignment); provided that (i) the Borrower shall have received the prior
     written consent of the Administrative Agent (and, if a Commitment is being
     assigned, the Issuing Bank), which consent shall not unreasonably be
     withheld, (ii) such Lender shall have received payment of an amount equal
     to the outstanding principal of its Loans and participations in LC
     Disbursements and Swingline Loans, accrued interest thereon, accrued fees
     and all other amounts payable to it hereunder, from the assignee (to the
     extent of such outstanding principal and accrued interest and fees) or the
     Borrower (in the case of all other amounts), and (iii) in the case of any
     such assignment resulting from a claim for compensation under Section 2.12
     or payments required to be made pursuant to Section 2.14, such assignment
     will result in a reduction in such compensation or payments. A Lender shall
     not be required to make any such assignment and delegation if, prior
     thereto, as a result of a waiver by such Lender or otherwise, the
     circumstances entitling the Borrower to require such assignment and
     delegation cease to apply.

     SECTION 2.19 Extension.


                                      -40-

<PAGE>

          (a) Subject to the provisions of this Section, the Borrower may extend
     the Maturity Date of the Revolving Loans one (1) time for one (1) year by
     giving written request therefor (the "Extension Request") to the
     Administrative Agent of the Borrower's desire to extend such term, at least
     sixty (60), but no more than one hundred twenty (120), days prior to the
     Maturity Date.

          (b) If the Maturity Date is extended, all of the other terms and
     conditions of this Agreement and the other Loan Documents (including
     interest payment dates) shall remain in full force and effect and
     unmodified, except as expressly provided for herein. The extension of the
     Maturity Date is subject to the satisfaction of each of the following
     additional conditions:

               (i) The representations and warranties of each Credit Party set
          forth in this Agreement or any other Loan Document to which such
          Credit Party is a signatory shall be true and correct in all material
          respects on the date that the Extension Request is given to the
          Administrative Agent and on the first day of the extension (except to
          the extent such representations and warranties relate to a specified
          date);

               (ii) no Default or Event of Default has occurred and is
          continuing on the date on which the Borrower gives the Administrative
          Agent the Extension Request or on the first day of the extension;

               (iii) the Borrower shall be in compliance with all of the
          financial covenants set forth in Article V hereof both on the date on
          which the Extension Request is given to the Administrative Agent and
          on the first day of the extension;

               (iv) the Borrower shall have paid to the Administrative Agent all
          amounts then due and payable to any of the Lenders, the Issuing Bank
          and the Administrative Agent under the Loan Documents, including the
          extension fee described in Section 2.11(f) hereof;

               (v) the Borrower shall pay for any and all reasonable
          out-of-pocket costs and expenses, including, reasonable attorneys'
          fees and disbursements, incurred by the Administrative Agent in
          connection with or arising out of the extension of the Maturity Date;

               (vi) no change in the business, assets, management, operations or
          financial condition of any Credit Party shall have occurred since the
          most recent funding of any Loan, which change, in the judgment of the
          Administrative Agent, will have or is reasonably likely to have a
          Material Adverse Effect;

               (vii) the Borrower shall execute and deliver to Administrative
          Agent such other documents, financial statements, instruments,
          certificates, opinions of counsel, Title Insurance Policy
          endorsements, reports, or amendments to the Loan


                                      -41-

<PAGE>

          Documents as the Administrative Agent shall reasonably request
          regarding the Credit Parties as shall be necessary to effect such
          extension; and

               (viii) a written agreement evidencing the extension is signed by
          the Administrative Agent, the Lenders, the Credit Parties and any
          other Person to be charged with compliance therewith, which agreement
          such parties agree to execute if the extension conditions set forth
          above have been satisfied.

                                   ARTICLE III

                         Representations and Warranties

     The Borrower represents and warrants to the Lenders, the Administrative
Agent and the Issuing Bank that:

     SECTION 3.01 Organization; Powers.

     Each Credit Party is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power
and authority to carry on its business as now conducted and, except where the
failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in,
and is in good standing in, every jurisdiction where such qualification is
required.

     SECTION 3.02 Authorization; Enforceability.

     The Transactions are within the corporate, partnership or limited liability
company powers (as applicable) of the respective Credit Parties and have been
duly authorized by all necessary corporate, partnership or limited liability
company action. This Agreement and the Loan Documents have been duly executed
and delivered by each Credit Party which is a party thereto and constitute the
legal, valid and binding obligation of each such Person, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors' rights generally
and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law.

     SECTION 3.03 Governmental Approvals; No Conflicts.

     The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect, (b)
will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of any Credit Party or any of the Borrower's
Subsidiaries or any order of any Governmental Authority, (c) will not violate or
result in a default under any indenture, agreement or other instrument binding
upon any Credit Party or any of the Borrower's Subsidiaries or its assets, or
give rise to a right thereunder to require any payment to be made by any Credit
Party or any of the Borrower's Subsidiaries, and (d) will not result in the
creation or imposition of any Lien on any asset of any Credit Party or any of
the Borrower's Subsidiaries, except pursuant to the Deed of Trust.


                                      -42-

<PAGE>

     SECTION 3.04 Financial Condition; No Material Adverse Change.

          (a) The Borrower has heretofore furnished to the Lenders financial
     statements (i) as of and for the fiscal year ended December 31, 2004 and
     the fiscal quarter ended September 30, 2005, reported on by Deloitte &
     Touche, LLP, independent public accountants, for the predecessor entities
     for EDR, EDR Athens I, LLC, EDR Tallahassee I, LLC, EDR Oxford, LLC, and
     EDR C Station, LLC, and (ii) combined statements of certain revenues and
     expenses for the fiscal quarter and the portion of the fiscal year ended
     September 30, 2005, for the predecessor entities for EDR Tallahassee
     Limited Partnership, EDR Tharpe Limited Partnership and EDR Lawrence
     Limited Partnership. Such financial statements present fairly, in all
     material respects, the financial position and results of operations and
     cash flows of the Borrower and its consolidated Subsidiaries as of such
     dates and for such periods in accordance with GAAP, subject to year-end
     audit adjustments and the absence of footnotes in the case of the
     statements referred to in clause (ii) above.

          (b) Since September 30, 2005, no event has occurred which could
     reasonably be expected to have a Material Adverse Effect.

     SECTION 3.05 Properties.

          (a) Subject to Liens permitted by Section 6.02, each of the Borrower
     and its Subsidiaries has title to, or valid leasehold interests in, all its
     real and personal property material to its business, except for minor
     defects in title that do not interfere with its ability to conduct its
     business as currently conducted or to utilize such properties for their
     intended purposes.

          (b) Each of the Borrower and its Subsidiaries owns, or is licensed to
     use, all trademarks, tradenames, copyrights, patents and other intellectual
     property material to the Borrower's business, and the use thereof by the
     Borrower and its Subsidiaries does not infringe upon the rights of any
     other Person, except for any such infringements that, individually or in
     the aggregate, could not reasonably be expected to result in a Material
     Adverse Effect.

          (c) All components of all improvements included within the Real
     Property owned or leased, as lessee, by any Credit Party, including,
     without limitation, the roofs and structural elements thereof and the
     heating, ventilation, air conditioning, plumbing, electrical, mechanical,
     sewer, waste water, storm water, paving and parking equipment, systems and
     facilities included therein, are in good working order and repair, subject
     to such exceptions which are not reasonably likely to have, in the
     aggregate, a Material Adverse Effect. All water, gas, electrical, steam,
     compressed air, telecommunication, sanitary and storm sewage lines and
     systems and other similar systems serving the Real Property owned or leased
     by any Credit Party are installed and operating and are sufficient to
     enable the Real Property to continue to be used and operated in the manner
     currently being used and operated, and no Credit Party has any knowledge of
     any factor or condition that reasonably could be expected to result in the
     termination or material


                                      -43-

<PAGE>

     impairment of the furnishing thereof, subject to such exceptions which are
     not likely to have, in the aggregate, a Material Adverse Effect. No
     improvement or portion thereof is dependent for its access, operation or
     utility on any land, building or other improvement not included in the Real
     Property owned or leased by the Borrower or its Subsidiaries, other than
     for access provided pursuant to a recorded easement or other right of way
     establishing the right of such access subject to such exceptions which are
     not likely to have, in the aggregate, a Material Adverse Effect.

          (d) All franchises, licenses, authorizations, rights of use,
     governmental approvals and permits (including all certificates of occupancy
     and building permits) required to have been issued by Governmental
     Authority to enable all Real Property owned or leased by Borrower or any of
     its Subsidiaries to be operated as then being operated have been lawfully
     issued and are in full force and effect, other than those which the failure
     to obtain in the aggregate could not be reasonably expected to have a
     Material Adverse Effect. No Credit Party is in violation of the terms or
     conditions of any such franchises, licenses, authorizations, rights of use,
     governmental approvals and permits, which violation would reasonably be
     expected to have a Material Adverse Effect.

          (e) None of the Credit Parties has received any notice or has any
     knowledge, of any pending, threatened or contemplated condemnation
     proceeding affecting any Real Property owned or leased by Borrower or any
     of its Subsidiaries or any part thereof, or any proposed termination or
     impairment of any parking at any such owned or leased Real Property or of
     any sale or other disposition of any Real Property owned or leased by
     Borrower or any of its Subsidiaries or any part thereof in lieu of
     condemnation, which in the aggregate, are reasonably likely to have a
     Material Adverse Effect.

          (f) Except for events or conditions not reasonably likely to have, in
     the aggregate, a Material Adverse Effect, (i) no portion of any Real
     Property owned or leased by Borrower or any of its Subsidiaries has
     suffered any material damage by fire or other casualty loss which has not
     heretofore been completely repaired and restored to its condition prior to
     such casualty, and (ii) no portion of any Real Property owned or leased by
     Borrower or any of its Subsidiaries is located in a special flood hazard
     area as designated by any federal Government Authorities or any area
     identified by the insurance industry or other experts acceptable to the
     Administrative Agent as an area that is a high probable earthquake or
     seismic area, except as set forth on Schedule 3.05(f).

          (g) There are no Persons operating or managing any Real Property other
     than the Borrower, the Management Company, and Place Management Group, LLC
     which manages only the thirteen (13) properties purchased from Place
     Properties, L.P., pursuant to (i) the management agreements delivered to
     Administrative Agent as of the Effective Date, and (ii) such other
     management agreements in form and substance reasonably satisfactory to the
     Administrative Agent. To Borrower's knowledge, except as disclosed on the
     Current Survey no improvement or portion thereof, or any other part of any
     Real Property, is dependent for its access, operation or utility on any
     land, building or other improvement not included in the Real Property owned
     or leased by the Borrower or its


                                      -44-

<PAGE>

     Subsidiaries, other than for access provided pursuant to a recorded
     easement or other right of way establishing the right of such access.

     SECTION 3.06 Intellectual Property.

     To the knowledge of each Credit Party, such Credit Party owns, or is
licensed to use, all trademarks, trade names, copyrights, patents and other
intellectual property material to its business, and the use thereof by such
Credit Party does not infringe upon the rights of any other Person, except for
any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. To the knowledge
of each Credit Party, there are no material slogans or other advertising
devices, projects, processes, methods, substances, parts or components, or other
material now employed, or now contemplated to be employed, by any Credit Party
with respect to the operation of any Real Property, and no claim or litigation
regarding any slogan or advertising device, project, process, method, substance,
part or component or other material employed, or now contemplated to be employed
by any Credit Party, is pending or threatened, the outcome of which could
reasonably be expected to have a Material Adverse Effect.

     SECTION 3.07 Litigation and Environmental Matters.

          (a) Except as set forth in Schedule 3.07 attached hereto, there are no
     actions, suits or proceedings by or before any arbitrator or Governmental
     Authority pending against or, to the knowledge of the Borrower, threatened
     against or affecting any Credit Party or any of the Borrower's Subsidiaries
     (i) as to which there is a reasonable possibility of an adverse
     determination and that, if adversely determined, could reasonably be
     expected, individually or in the aggregate, to result in a Material Adverse
     Effect or (ii) that involve this Agreement or the Transactions.

          (b) Except with respect to any other matters that, individually or in
     the aggregate, could not reasonably be expected to result in a Material
     Adverse Effect :

               (i) to the knowledge of the Credit Parties, all Real Property
          leased or owned by Borrower or any of its Subsidiaries is free from
          contamination by any Hazardous Material, except to the extent such
          contamination could not reasonably be expected to cause a Material
          Adverse Effect;

               (ii) to the knowledge of the Credit Parties, the operations of
          Borrower and its Subsidiaries, and the operations at the Real Property
          leased or owned by Borrower or any of its Subsidiaries are in
          compliance with all applicable Environmental Laws, except to the
          extent such noncompliance could not reasonably be expected to cause a
          Material Adverse Effect;

               (iii) neither the Borrower nor any of its Subsidiaries have known
          liabilities with respect to Hazardous Materials and, to the knowledge
          of each Credit Party, no facts or circumstances exist which could
          reasonably be expected to give rise to liabilities with respect to
          Hazardous Materials, in either case, except


                                      -45-

<PAGE>

          to the extent such liabilities could not reasonably be expected to
          have a Material Adverse Effect;

               (iv) (A) the Borrower and its Subsidiaries and all Real Property
          owned or leased by Borrower or its Subsidiaries have all Environmental
          Permits necessary for the operations at such Real Property and are in
          compliance with such Environmental Permits; (B) there are no legal
          proceedings pending nor, to the knowledge of any Credit Party,
          threatened to revoke, or alleging the violation of, such Environmental
          Permits; and (C) none of the Credit Parties have received any notice
          from any source to the effect that there is lacking any Environmental
          Permit required in connection with the current use or operation of any
          such properties, in each case, except to the extent the nonobtainment
          or loss of an Environmental Permit could not reasonably be expected to
          have a Material Adverse Effect;

               (v) neither the Real Property currently leased or owned by
          Borrower nor any of its Subsidiaries, nor, to the knowledge of any
          Credit Party, (x) any predecessor of any Credit Party, nor (y) any of
          Credit Parties' Real Property owned or leased in the past, nor (z) any
          owner of Real Property leased or operated by Borrower or any of its
          Subsidiaries, are subject to any outstanding written order or
          contract, including Environmental Liens, with any Governmental
          Authority or other Person, or to any federal, state, local, foreign or
          territorial investigation of which a Credit Party has been given
          notice respecting (A) Environmental Laws, (B) Remedial Action, (C) any
          Environmental Claim; or (D) the Release or threatened Release of any
          Hazardous Material, in each case, except to the extent such written
          order, contract or investigation could not reasonably be expected to
          have a Material Adverse Effect;

               (vi) none of the Credit Parties are subject to any pending legal
          proceeding alleging the violation of any Environmental Law nor, to the
          knowledge of each Credit Party, are any such proceedings threatened,
          in either case, except to the extent any such proceedings could not
          reasonably be expected to have a Material Adverse Effect;

               (vii) neither the Borrower nor any of its Subsidiaries nor, to
          the knowledge of each Credit Party, any predecessor of any Credit
          Party, nor to the knowledge of each Credit Party, any owner of Real
          Property leased by Borrower or any of its Subsidiaries, have filed any
          notice under federal, state or local, territorial or foreign law
          indicating past or present treatment, storage, or disposal of or
          reporting a Release of Hazardous Material into the environment, in
          each case, except to the extent such Release of Hazardous Material
          could not reasonably be expected to have a Material Adverse Effect;

               (viii) none of the operations of the Borrower or any of its
          Subsidiaries or, to the knowledge of each Credit Party, of any owner
          of premises currently leased by Borrower or any of its Subsidiaries or
          of any tenant of premises currently


                                      -46-

<PAGE>

          leased from Borrower or any of its Subsidiaries, involve or previously
          involved the generation, transportation, treatment, storage or
          disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in
          effect as of the date of this Agreement) or any state, local,
          territorial or foreign equivalent, in violation of Environmental Laws,
          except to the extent the same could not readily be expected to have a
          Material Adverse Effect; and

               (ix) to the knowledge of the Credit Parties, there is not now,
          nor has there been in the past (except, in all cases, to the extent
          the existence thereof could not reasonably be expected to have a
          Material Adverse Effect), on, in or under any Real Property leased or
          owned by Borrower or any of its Subsidiaries, or any of their
          predecessors (A) any underground storage tanks or surface tanks, dikes
          or impoundments (other than for surface water); (B) any friable
          asbestos-containing materials; (C) any polychlorinated biphenyls; or
          (D) any radioactive substances other than naturally occurring
          radioactive material.

     SECTION 3.08 Compliance with Laws and Agreements.

     Each of the Credit Parties is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all
indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has
occurred and is continuing.

     SECTION 3.09 Investment and Holding Company Status.

     Neither any of the Credit Parties nor any of the Borrower's Subsidiaries is
(a) an "investment company" as defined in, or subject to regulation under, the
Investment Company Act of 1940 or (b) a "holding company" as defined in, or
subject to regulation under, the Public Utility Holding Company Act of 1935.

     SECTION 3.10 Taxes.

     Each Credit Party and each of the Borrower's Subsidiaries has timely filed
or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it,
except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Person has set aside on its books adequate
reserves or (b) to the extent that the failure to do so could not reasonably be
expected to result in a Material Adverse Effect.

     SECTION 3.11 ERISA.

     No ERISA Event has occurred or is reasonably expected to occur that, when
taken together with all other such ERISA Events for which liability is
reasonably expected to occur, could reasonably be expected to result in a
Material Adverse Effect. The Borrower does not have any Plans as of the date
hereof. As to any future Plan the present value of all accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of
Statement of


                                      -47-

<PAGE>

Financial Accounting Standards No. 87) will not exceed the fair market value of
the assets of such Plan, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes
of Statement of Financial Accounting Standards No. 87) will not exceed the fair
market value of the assets of all such underfunded Plans.

     SECTION 3.12 Disclosure.

     The Borrower has disclosed or made available to the Lenders all agreements,
instruments and corporate or other restrictions to which it, any other Credit
Party, or any of its Subsidiaries is subject, and all other matters known to it,
that, in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. Neither the Confidential Information Memorandum dated March 2006
prepared by the Administrative Agent in conjunction with the Borrower, nor any
of the reports, financial statements, certificates or other information
furnished by or on behalf of the Borrower to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so furnished)
contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to
projected financial information, the Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

     SECTION 3.13 Insurance.

     Borrower has provided to Administrative Agent an insurance schedule which
accurately sets forth, in all material respects, as of the Effective Date all
insurance policies and programs currently in effect with respect to the assets
and business of Borrower and its Subsidiaries, specifying for each such policy
and program, (i) the amount thereof, (ii) the risks insured against thereby,
(iii) the name of the insurer and each insured party thereunder, (iv) the policy
or other identification number thereof and (v) the expiration date thereof. Such
insurance policies and programs (or such other similar policies as are permitted
pursuant to Section 5.06) are currently in full force and effect, and, together
with payment by the insured of scheduled deductible payments, are in amounts
sufficient to cover the replacement value of the respective assets of the
Borrower and its Subsidiaries.

     SECTION 3.14 Margin Regulations.

     The Borrower is not engaged in the business of extending credit for the
purpose of purchasing or carrying margin stock (within the meaning of Regulation
U issued by the Board), and no proceeds of any Loan or Letter of Credit will be
used to purchase or carry any margin stock.

     SECTION 3.15 Subsidiaries; REIT Qualification.

     As of the Effective Date, the Borrower has only the Subsidiaries listed on
Schedule 3.15 attached hereto. The Borrower and each of the Borrower's
Subsidiaries, other than Allen & O'Hara Education Services, Inc., is a
"qualified REIT subsidiary" under Section 856 of the Code.


                                      -48-

<PAGE>

                                   ARTICLE IV

                                   Conditions

     SECTION 4.01 Effective Date.

     The obligations of the Lenders to make Loans and of the Issuing Bank to
issue Letters of Credit hereunder shall not become effective until the date on
which each of the following conditions is satisfied (or waived in accordance
with Section 9.02):

          (a) The Administrative Agent (or its counsel) shall have received from
     each Credit Party either (i) a counterpart of this Agreement and all other
     Loan Documents to which it is party signed on behalf of such party or (ii)
     written evidence satisfactory to the Administrative Agent (which may
     include telecopy transmission of a signed signature page of each such Loan
     Document other than the Notes) that such party has signed a counterpart of
     the Loan Documents, together with copies of all Loan Documents.

          (b) The Administrative Agent shall have received a favorable written
     opinion (addressed to the Administrative Agent and the Lenders and dated
     the Effective Date) of Bass, Berry & Sims PLC, counsel for the Borrower and
     the Guarantor, and such other counsel as the Administrative Agent may
     approve, covering such matters relating to the Credit Parties, the Loan
     Documents or the Transactions as the Required Lenders shall reasonably
     request. The Borrower hereby requests such counsel to deliver such opinion.

          (c) The Administrative Agent shall have received such documents and
     certificates as the Administrative Agent or its counsel may reasonably
     request relating to the organization, existence and good standing of the
     Credit Parties, the authorization of the Transactions and any other legal
     matters relating to the Credit Parties, this Agreement (including each
     Credit Party's compliance with Section 9.14 and other customary "know your
     customer" requirements) or the Transactions, all in form and substance
     satisfactory to the Administrative Agent and its counsel.

          (d) The Administrative Agent shall have received a Compliance
     Certificate, dated the date of this Agreement and signed by a Financial
     Officer of EDR, in form and substance satisfactory to the Administrative
     Agent.

          (e) The Administrative Agent shall have received all fees and other
     amounts due and payable on or prior to the Effective Date, including, to
     the extent invoiced, reimbursement or payment of all out-of-pocket expenses
     required to be reimbursed or paid by the Borrower hereunder.

          (f) The Administrative Agent shall have received copies of all other
     Loan Documents, and the Appraisal (which will be updated annually if
     requested by the Administrative Agent or the Required Lenders), the
     Environmental Assessment, the Title Insurance Policy and the Current Survey
     (in each instance as delivered in connection with the original closing of
     the Loan, with the Administrative Agent receiving an acceptable


                                      -49-

<PAGE>

     endorsement to each Title Policy) and such other due diligence information
     as the Administrative Agent may require for each Mortgaged Property.

The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding.

     SECTION 4.02 Each Credit Event.

     The obligation of each Lender to make a Loan on the occasion of any
Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter
of Credit, is subject to the satisfaction of the following conditions:

          (a) The representations and warranties of each Credit Party set forth
     in this Agreement or in any other Loan Document shall be true and correct
     on and as of the date of such Borrowing or the date of issuance, amendment,
     renewal or extension of such Letter of Credit, as applicable.

          (b) At the time of and immediately after giving effect to such
     Borrowing or the issuance, amendment, renewal or extension of such Letter
     of Credit, as applicable, no Default shall have occurred and be continuing.

          (c) With respect to (i) any requested Borrowings, the Borrower shall
     have complied with Section 2.03 or Section 2.04, as applicable, and (ii)
     the request for the issuance, amendment, renewal or extension of any
     Letters of Credit, the Borrower shall have complied with Section 2.05(b).

          (d) The Administrative Agent shall have received a Compliance
     Certificate signed by a Financial Officer of EDR.

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the
Borrower on the date thereof as to the matters specified in this Section.

                                    ARTICLE V

                              Affirmative Covenants

     Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated and all LC
Disbursements shall have been reimbursed, the Borrower covenants and agrees with
the Lenders that:

     SECTION 5.01 Financial Statements; Ratings Change and Other Information.

     The Borrower will furnish to the Administrative Agent and each Lender:


                                      -50-

<PAGE>

          (a) within 90 days after the end of each fiscal year of the Parent,
     the Borrower's and the Parent's audited consolidated balance sheet and
     related statements of operations, stockholders' equity and cash flows as of
     the end of and for such year, setting forth in each case in comparative
     form the figures for the previous fiscal year, all reported on by Deloitte
     & Touche LLP or other independent public accountants of recognized national
     standing (without a "going concern" or like qualification or exception and
     without any qualification or exception as to the scope of such audit) to
     the effect that such consolidated financial statements present fairly in
     all material respects the financial condition and results of operations of
     the Parent and its consolidated Subsidiaries on a consolidated basis in
     accordance with GAAP consistently applied;

          (b) within 45 days after the end of each of the first three fiscal
     quarters of each fiscal year of the Parent, the Borrower's and the Parent's
     consolidated balance sheet and related statements of operations,
     stockholders' equity and cash flows as of the end of and for such fiscal
     quarter and the then elapsed portion of the fiscal year, setting forth in
     each case in comparative form the figures for the corresponding period or
     periods of (or, in the case of the balance sheet, as of the end of) the
     previous fiscal year, all certified by one of its Financial Officers as
     presenting fairly in all material respects the financial condition and
     results of operations of the Parent and its consolidated Subsidiaries on a
     consolidated basis in accordance with GAAP consistently applied, subject to
     normal year-end audit adjustments and the absence of footnotes, and (ii) a
     property report with a list of all Real Property acquired by the Borrower
     or any of its Subsidiaries since the last quarterly property report and
     summary operating information for each project, including the Net Operating
     Income of each property;

          (c) concurrently with any delivery of financial statements under
     clause (a) or (b) above, a certificate of a Financial Officer of EDR (the
     "Compliance Certificate") in the form of Exhibit B attached hereto;

          (d) promptly after the same become publicly available for Forms 10-K
     and 10-Q described below, and upon written request for items other than
     Forms 10-K and 10-Q described below, copies of all periodic and other
     reports, proxy statements and other materials filed by the Parent, the
     Borrower or any Subsidiary with the Securities and Exchange Commission
     (including registration statements and reports on Form 10-K, 10-Q and 8-K
     (or their equivalents)), or any Governmental Authority succeeding to any or
     all of the functions of said Commission, or with any national securities
     exchange, or distributed by the Parent or the Borrower to its shareholders
     generally, as the case may be;

          (e) within thirty (30) days after the beginning of each fiscal year, a
     current operating budget of the Borrower and its Subsidiaries (based on the
     Borrower's good faith estimates and projections) for that fiscal year,
     including projected sources and uses of funds (including dividend and debt
     payments); and

          (f) promptly following any request therefor, such other information
     regarding the operations, business affairs and financial condition of any
     Credit Party or any


                                      -51-

<PAGE>

     Subsidiary of the Borrower, or compliance with the terms of the Loan
     Documents, as the Administrative Agent or any Lender may reasonably
     request.

     SECTION 5.02 Financial Tests.

     The Borrower shall have and maintain, on a consolidated basis in accordance
with GAAP, tested as of the close of each fiscal quarter:

          (a) a Total Leverage Ratio no greater than seventy percent (70%) at
     all times;

          (b) commencing on the Measurement Date, an Interest Coverage Ratio of
     not less than 1.85:1.00 at all times;

          (c) commencing on the Measurement Date, a Fixed Charge Coverage Ratio
     of not less than 1.50:1.00 at all times;

          (d) a Tangible Net Worth of at least $407,770,000.00, plus
     seventy-five percent (75%) of the net proceeds (gross proceeds less
     reasonable and customary costs of sale and issuance paid to Persons not
     Affiliates of any Credit Party) received by the Borrower at any time from
     the issuance of stock of the Parent after the date of this Agreement, at
     all times;

          (e) the ratio of (i) the sum of the Borrower's Indebtedness and the
     Parent's Indebtedness that bears interest at a varying rate of interest or
     that does not have the interest rate effectively fixed pursuant to a
     Hedging Agreement, to (ii) the sum of the Borrower's Indebtedness and the
     Parent's Indebtedness, shall not exceed thirty percent (30%).

     SECTION 5.03 Notices of Material Events.

     The Borrower will furnish to the Administrative Agent and each Lender
written notice of the following promptly after it becomes aware of same (unless
specific time is set forth below):

          (a) the occurrence of any Default;

          (b) within five (5) Business Days after the filing or commencement of
     any action, suit or proceeding by or before any arbitrator or Governmental
     Authority against or affecting any Credit Party or any Affiliate thereof
     that, if adversely determined, could reasonably be expected to result in a
     Material Adverse Effect;

          (c) within five (5) Business Days after the occurrence of any ERISA
     Event that, alone or together with any other ERISA Events that have
     occurred, could reasonably be expected to result in liability of the
     Borrower and its Subsidiaries in an aggregate amount exceeding
     $10,000,000.00; and


                                      -52-

<PAGE>

          (d) any other development that results in, or could reasonably be
     expected to result in, a Material Adverse Effect.

     Each notice delivered under this Section shall be accompanied by a
statement of a Financial Officer or other executive officer of EDR setting forth
the details of the event or development requiring such notice and any action
taken or proposed to be taken with respect thereto.

     At the Administrative Agent's option, after the happening of any of the
events listed in clauses (a), (b) or (d) above, the Administrative Agent may
obtain, or cause the Borrower to obtain, an updated Appraisal for the property
giving rise to such events, all at the Borrower's expense.

     SECTION 5.04 Existence; Conduct of Business.

     The Borrower will, and will cause each of its Subsidiaries to, do or cause
to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business; provided that the foregoing
shall not prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 6.03. Each Person that is a Borrower must at all times
be a wholly owned Subsidiary of EDR.

     SECTION 5.05 Payment of Obligations.

     The Borrower will, and will cause each of its Subsidiaries to, pay its
obligations, including Tax liabilities, that, if not paid, could result in a
Material Adverse Effect before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good faith
by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on
its books adequate reserves with respect thereto in accordance with GAAP and (c)
the failure to make payment pending such contest could not reasonably be
expected to result in a Material Adverse Effect.

     SECTION 5.06 Maintenance of Properties; Insurance.

          (a) The Borrower will, and will cause each of its Subsidiaries to, (i)
     keep and maintain all property material to the conduct of its business in
     good working order and condition, ordinary wear and tear excepted, and (ii)
     maintain, with financially sound and reputable insurance companies,
     insurance in such amounts and against such risks as are set forth in the
     schedule provided pursuant to Section 3.13, with Administrative Agent named
     as loss payee and a beneficiary of such insurance on substantially similar
     policies and programs as are acceptable to Administrative Agent.

          (b) The Borrower shall maintain the following insurance coverages for
     each of the Mortgaged Properties in the Pool:

               (i) An all-risk policy of permanent property insurance insuring
          the Mortgaged Property against all risks of any kind or character
          except those


                                      -53-

<PAGE>

          permitted by the Administrative Agent in writing to be excluded from
          coverage thereunder.

               (ii) A boiler and machinery insurance policy covering loss or
          damage to all portions of the Mortgaged Property comprised of
          air-conditioning and heating systems, other pressure vessels,
          machinery, boilers or high pressure piping.

               (iii) An all-risk policy of insurance covering loss of earnings
          and/or rents from the Mortgaged Property in the event that the
          Mortgaged Property is not available for use or occupancy due to
          casualty, damage or destruction required to be covered by the policies
          of insurance described in (i) and (ii) above.

               (iv) Commercial general liability, auto liability, umbrella or
          excess liability and worker's compensation insurance against claims
          for bodily injury, death or property damage occurring on, in or about
          the Mortgaged Property in an amount and containing terms acceptable to
          the Administrative Agent.

               (v) Such other insurance against other insurable hazards, risks
          or casualties which at the time are commonly insured against in the
          case of owners and premises similarly situated, due regard being given
          to the financial condition of the Borrower, the height and type of the
          Mortgaged Property, its construction, location, use and occupancy.

               (vi) All required insurance will be written on forms acceptable
          to the Administrative Agent and by companies having a Best's Insurance
          Guide Rating of not less than A or A+ and which are otherwise
          acceptable to the Administrative Agent, and such insurance (other than
          third party liability insurance) shall be written or endorsed so that
          all losses are payable to the Administrative Agent, as Administrative
          Agent for the Lenders. The original policies evidencing such insurance
          shall be delivered by the Borrower to the Administrative Agent and
          held by the Administrative Agent, unless Administrative Agent
          expressly consents to accept insurance certificates instead. Each such
          policy shall expressly prohibit cancellation or modification of
          insurance without thirty (30) days' written notice to the
          Administrative Agent. The Borrower agrees to furnish due proof of
          payment of the premiums for all such insurance to Administrative Agent
          promptly after each such payment is made and in any case at least
          fifteen (15) days before payment becomes delinquent.

          (c) The Borrower will pay and discharge all taxes, assessments,
     maintenance charges, permit fees, impact fees, development fees, capital
     repair charges, utility reservations and standby fees and all other similar
     impositions of every kind and character charged, levied, assessed or
     imposed against any interest in any of the Mortgaged Property owned by it,
     as they become payable and before they become delinquent. The Borrower
     shall furnish receipts evidencing proof of such payment to the
     Administrative Agent promptly after payment and before delinquency.


                                      -54-

<PAGE>

     SECTION 5.07 Books and Records; Inspection Rights.

          (a) The Borrower will, and will cause each of its Subsidiaries to,
     keep proper books of record and account in which full, true and correct
     entries are made of all dealings and transactions in relation to its
     business and activities.

          (b) The Borrower will, and will cause each of its Subsidiaries to,
     permit any representatives designated by the Administrative Agent or any
     Lender, upon reasonable prior notice and subject to rights of tenants, to
     visit and inspect its properties, to examine and make extracts from its
     books and records, and to discuss its affairs, finances and condition with
     its officers and independent accountants, all at such reasonable times and
     as often as reasonably requested.

     SECTION 5.08 Compliance with Laws.

     The Borrower will, and will cause each of its Subsidiaries to, comply with
all laws, rules, regulations and orders of any Governmental Authority applicable
to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

     SECTION 5.09 Use of Proceeds and Letters of Credit.

     The proceeds of the Loans will be used for acquisition, development and
enhancement of Real Property, debt refinancing, capital improvements and working
capital. No part of the proceeds of any Loan will be used, whether directly or
indirectly, for financing, funding or completing the hostile acquisition of
publicly traded Persons or for any purpose that entails a violation of any of
the Regulations of the Board, including Regulations U and X.

     SECTION 5.10 Fiscal Year.

     Borrower shall maintain as its fiscal year the twelve (12)-month period
ending on December 31 of each year.

     SECTION 5.11 Environmental Matters.

          (a) Borrower shall comply and shall cause each of its Subsidiaries and
     each Real Property owned or leased by such parties to comply in all
     material respects with all applicable Environmental Laws currently or
     hereafter in effect, except to the extent noncompliance could not
     reasonably be expected to have a Material Adverse Effect.

          (b) If the Administrative Agent or the Required Lenders at any time
     have a reasonable basis to believe that there may be a material violation
     of any Environmental Law related to any Real Property owned or leased by
     Borrower or any of its Subsidiaries, or Real Property adjacent to such Real
     Property, which could reasonably be expected to have a Material Adverse
     Effect, then Borrower agrees, upon request from the Administrative Agent,
     to provide the Administrative Agent, at the Borrower's expense, with such
     reports, certificates, engineering studies or other written material or
     data as the


                                      -55-

<PAGE>

     Administrative Agent or the Required Lenders may reasonably require so as
     to reasonably satisfy the Administrative Agent and the Required Lenders
     that any Credit Party or Real Property owned or leased by them is in
     material compliance with all applicable Environmental Laws.

          (c) Borrower shall, and shall cause each of its Subsidiaries to, take
     such Remedial Action or other action as required by Environmental Law or
     any Governmental Authority.

          (d) If the Borrower fails to timely take, or to diligently and
     expeditiously proceed to complete in a timely fashion, any action described
     in this Section, the Administrative Agent may, after notice to the
     Borrower, in its sole and absolute discretion, make advances or payments
     toward the performance or satisfaction of the same, but shall in no event
     be under any obligation to do so. All sums so advanced or paid by the
     Administrative Agent (including reasonable counsel and consultant and
     investigation and laboratory fees and expenses, and fines or other penalty
     payments) and all sums advanced or paid in connection with any judicial or
     administrative investigation or proceeding relating thereto, will become
     due and payable from the Borrower ten (10) Business Days after demand, and
     shall bear interest at the rate for past due interest provided in Section
     2.12(c) from the date any such sums are so advanced or paid by the
     Administrative Agent until the date any such sums are repaid by the
     Borrower. Promptly upon request, the Borrower will execute and deliver such
     instruments as the Administrative Agent may deem reasonably necessary to
     permit the Administrative Agent to take any such action, and as the
     Administrative Agent may require to secure all sums so advanced or paid by
     the Administrative Agent. If a Lien is filed against the Mortgaged Property
     by any Governmental Authority resulting from the need to expend or the
     actual expending of monies arising from an action or omission, whether
     intentional or unintentional, of the Borrower or for which any Borrower is
     responsible, resulting in the Releasing of any Hazardous Material into the
     waters or onto land located within or without the State where the Mortgaged
     Property is located, then the Borrower will, within thirty (30) days from
     the date that the Borrower is first given notice that such Lien has been
     placed against the Mortgaged Property (or within such shorter period of
     time as may be specified by the Administrative Agent if such Governmental
     Authority has commenced steps to cause the Mortgaged Property to be sold
     pursuant to such Lien), either (i) pay the claim and remove the Lien, or
     (ii) furnish a cash deposit, bond or such other security with respect
     thereto as is satisfactory in all respects to the Administrative Agent and
     is sufficient to effect a complete discharge of such Lien on the Mortgaged
     Property.

     SECTION 5.12 Property Pool.

          (a) The Borrower (or a Subsidiary of EDR if the conditions in
     Subsection (c) below are satisfied) will at all times own (in fee simple
     title or through an Eligible Ground Lease) a pool (the "Pool") of Real
     Property assets that are subject to a Deed of Trust and Environmental
     Indemnity and are Collateral and that are not subject to a Lien in


                                      -56-

<PAGE>

     any manner, other than Permitted Encumbrances, with an aggregate Pool Value
     equal to at least $50,000,000, with the following characteristics:

               (i) completed income-producing, first-class student housing
          communities located in states in the United States of America other
          than Alaska and Hawaii;

               (ii) managed by the Borrower, its Subsidiary or the Management
          Company (solely as to the Real Properties acquired from Place
          Properties, L.P.);

               (iii) a final certificate of occupancy, or the local equivalent
          has been issued by the appropriate Governmental Authority for all of
          the improvements on the Real Property;

               (iv) no material deferred maintenance and no capital improvements
          are required to continue operating as a first-class student housing
          community, as determined by an architectural or engineering report
          approved by the Administrative Agent;

               (v) (1) the Administrative Agent must have received Phase I
          environmental reports from third-party independent consultants for
          each property in, or to be added to, the Pool that do not disclose any
          adverse material environmental conditions, (2) the owner of the
          subject property must be able to make the representations and
          warranties in Sections 3.05 and 3.07 as to each property in, or to be
          added to, the Pool, (3) the owner of the subject property must have
          provided a current Survey, Title Insurance Policy, Financing Statement
          and all other documents required for Collateral as the Administrative
          Agent may require (which will include, at a minimum, proof of casualty
          and liability insurance complying with this Agreement, architect's or
          engineer's inspection report, central and local Uniform Commercial
          Code searches, Appraisal, current rent roll, purchase agreement,
          recent photographs, last three years operating statements, a pro forma
          operating statement, and a site visit by the Administrative Agent) and
          in form and substance satisfactory to the Administrative Agent, and
          (4) if the property owner is to become a "Borrower" under this
          Agreement, then it must have joined in, and assumed all obligations of
          a "Borrower" under, this Agreement and the other Loan Documents, a
          Subsidiary owner must have complied with Subsection (c) below, and in
          each case provided all of the items required by Article IV (to the
          extent applicable), all in form and substance satisfactory to the
          Administrative Agent; and

               (vi) the property is otherwise approved by the Administrative
          Agent and the Required Lenders, such approval not to be unreasonably
          withheld. As of the Effective Date the Real Property assets included
          in the Pool are listed on Schedule 5.12 attached hereto.


                                      -57-

<PAGE>

          (b) Notwithstanding the foregoing, (i) there shall at all times be at
     least four (4) separate Real Property assets in the Pool, and (ii) no
     single property in the Pool shall have a Pool Value equal to or greater
     than 30% of the aggregate Pool Value, except for the Jefferson Pointe
     project in Tallahassee, Florida.

          (c) If any Real Property to be included in the Pool is owned by a
     Subsidiary of EDR that is not a Borrower, then the Real Property may be
     included in the Pool only if the owner of such Real Property (i) is a
     wholly owned Subsidiary of EDR, and (ii) executes a Guaranty and delivers
     it to the Administrative Agent.

          (d) All of the Real Property assets in the Pool must be owned by EDR
     or a wholly owned Subsidiary of EDR that is either a Borrower or a
     Guarantor.

          (e) If the Borrower requests inclusion of assets in the Pool that do
     not meet the requirements of this Section, then such assets may only be
     included in the Pool upon the prior written approval of the Administrative
     Agent and the Required Lenders.

     SECTION 5.13 Further Assurances.

     At any time upon the request of the Administrative Agent, Borrower will,
promptly and at its expense, execute, acknowledge and deliver such further
documents and perform such other acts and things as the Administrative Agent may
reasonably request to evidence the Loans made hereunder and interest thereon in
accordance with the terms of this Agreement. The Administrative Agent has agreed
in some instances that the maximum amount secured by a Deed of Trust may be
limited in order to reduce fees or taxes paid by the Borrower in a particular
jurisdiction. If an Appraisal reflects that the Appraised Value of a Real
Property asset subject to a Deed of Trust is in excess of the maximum amount
secured by the Deed of Trust, then within ten (10) days after written notice
from the Administrative Agent to the Borrower, upon the reasonable request of
the Administrative Agent, the Borrower will execute an amendment to the Deed of
Trust and such other documentation as is necessary to increase the amount
secured by the Deed of Trust to at least the Appraised Value of the subject Real
Property.

     SECTION 5.14 Partial Releases.

     The Borrower may obtain the release of any Mortgaged Property (the "Release
Tract") from the liens and security interests of the Loan Documents if it
satisfies the following terms and conditions:

          (a) No Event of Default is in existence, and the release of the
     Release Tract will not cause there to be a Default (including under Section
     5.12 hereof). EDR will deliver to the Administrative Agent a Compliance
     Certificate with pro forma information without the Release Tract.

          (b) The release will be for the complete Mortgaged Property
     constituting a student housing community, and not for just a portion
     thereof.


                                      -58-

<PAGE>

          (c) No less than forty-five (45) days prior to the date of the
     requested release ("Partial Release Date"), the Borrower shall deliver to
     the Administrative Agent a written request for such partial release (the
     "Release Request").

          (d) The Borrower shall provide the Administrative Agent with an
     endorsement to the Title Insurance Policy, if required with respect to
     interrelated Title Insurance Policies, and such other documents as may be
     reasonably required by the Administrative Agent, to confirm that the liens
     and security interests of the Loan Documents remain valid and prior liens
     against the Mortgaged Properties (the "Remaining Projects").

          (e) The Borrower shall pay all costs and expenses incurred by the
     Administrative Agent in connection with such Partial Release, including,
     without limitation, reasonable attorneys' fees, recording fees and any
     title policy endorsement fees.

          (f) The Administrative Agent shall have received satisfactory evidence
     that each of the Remaining Projects which is adjoining or which shares
     access or easements with the Release Tract, if any, has adequate access and
     joint use easements, that there are no encroachments from or on to the
     Release Tract, and that there is no inability to use required facilities or
     amenities, which evidence may be provided by a Current Survey of the
     affected Remaining Projects.

     Subject to the satisfaction of the provisions of this Section, any Borrower
other than EDR owning the Release Tract which has no other ownership interest in
any of the Remaining Projects, will be released from further payment and
performance of the Loans on the Partial Release Date, other than obligations
under the Environmental Indemnity.

     SECTION 5.15 Parent Covenants.

     The Parent will:

          (a) maintain at least one class of common shares of the Parent having
     trading privileges on the New York Stock Exchange;

          (b) own, directly or indirectly, all of the general partner interests
     in EDR and at least fifty-one percent (51%) of (i) the shares of beneficial
     interest of EDR, and (ii) each class of security issued by EDR with the
     power to select the general partner of EDR;

          (c) maintain management and control of EDR;

          (d) conduct substantially all of its operations through EDR and one or
     more of EDR's Subsidiaries;

          (e) comply with all Legal Requirements to maintain, and will at all
     times elect, qualify as and maintain, its status as a real estate
     investment trust under Section 856(c)(i) of the Code, and


                                      -59-
<PAGE>

          (f) promptly contribute to EDR the net proceeds of any stock sales or
     debt offerings.

                                   ARTICLE VI

                               Negative Covenants

     Until the Commitments have expired or terminated and the principal of and
interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit have expired or terminated and all LC Disbursements shall
have been reimbursed, the Borrower covenants and agrees with the Lenders that:

     SECTION 6.01 Sale/Leaseback.

     The Borrower will not, and will not permit any Subsidiary to, enter into a
sale/leaseback, or similar transaction, for any of its Real Property, with the
exception of the lease of the thirteen (13) properties acquired from Place
Properties, L.P. by the Borrower to Place Properties, L.P.

     SECTION 6.02 Liens.

     The Borrower will not create, incur, assume or permit to exist any Lien on
any property or asset now owned or hereafter acquired by it, or assign or sell
any income or revenues (including accounts receivable) or rights in respect of
any thereof, except:

          (a) Permitted Encumbrances; and

          (b) any Lien on any property or asset of the Borrower existing on the
     date hereof and set forth in Schedule 6.02; provided that (i) such Lien
     shall not apply to any other property or asset of the Borrower or any
     Subsidiary and (ii) such Lien shall secure only those obligations (whether
     present or future) set forth in the governing loan documents, as of the
     date hereof and extensions, renewals and replacements thereof that do not
     increase the outstanding principal amount thereof.

     SECTION 6.03 Fundamental Changes.

     The Borrower will not, and will not permit any Subsidiary to:

          (a) merge into or consolidate with any other Person, or permit any
     other Person to merge into or consolidate with it, or sell, transfer, lease
     or otherwise dispose of (in one transaction or in a series of transactions)
     all or substantially all of the assets of the Borrower or all or
     substantially all of the stock of its Subsidiaries (in each case, whether
     now owned or hereafter acquired), or liquidate or dissolve, except that, if
     at the time thereof and immediately after giving effect thereto no Default
     shall have occurred and be continuing (i) any Person may merge into, or
     consolidate with, EDR in a transaction in which EDR is the surviving
     corporation, (ii) any Person not a Credit Party may merge into, or
     consolidate with, any Subsidiary in a transaction in which the surviving
     entity is a


                                      -60-

<PAGE>

     Subsidiary, (iii) any Subsidiary not a Credit Party may sell, transfer,
     lease or otherwise dispose of its assets to the Borrower or to another
     Subsidiary, (iv) any Subsidiary not a Credit Party may liquidate or
     dissolve if the Borrower determines in good faith that such liquidation or
     dissolution is in the best interests of the Borrower and is not materially
     disadvantageous to the Lenders, (v) any Subsidiary which is a Credit Party
     may merge into (or consolidate with) or liquidate or dissolve into, any
     other Subsidiary which is a Credit Party, and (vi) any Subsidiary which is
     a Credit Party may sell, transfer, lease or otherwise dispose of its assets
     to Borrower or to any other Subsidiary which is a Credit Party; provided
     that any such merger involving a Person that is not a wholly owned
     Subsidiary immediately prior to such merger shall not be permitted unless
     also permitted by Section 6.04.

          (b) sell, transfer, lease or otherwise dispose of any of its assets to
     a Person other than pursuant to clause (a) above if (i) the Value of the
     assets disposed of in any twelve (12) month period exceeds twenty-five
     percent (25%) of the Value of the Borrower's and its Subsidiaries' Real
     Property other than Assets Under Development or undeveloped land, before
     giving effect to such dispositions, or (ii) the assets disposed of in any
     twelve (12) month period contributed or made up more than twenty-five
     percent (25%) of the Borrower's Net Operating Income for such twelve (12)
     month period.

          (c) engage to any material extent in any business other than the
     ownership, development, operation and management of student housing
     communities and businesses reasonably related thereto, except as allowed by
     Section 6.04(e).

     SECTION 6.04 Investments, Loans, Advances and Acquisitions.

     The Borrower will not, and will not permit any of its Subsidiaries to,
purchase, hold or acquire (including pursuant to any merger with any Person that
was not a wholly owned Subsidiary prior to such merger) any capital stock,
evidences of indebtedness or other securities (including any option, warrant or
other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, or make or permit to exist any investment or any other
interest in, any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions) any assets of any other Person
constituting a business unit, except:

          (a) Permitted Investments;

          (b) Real Property operated as student housing communities;

          (c) investments in Unconsolidated Affiliates so long as the aggregate
     amount of such investments described in this clause (c) does not exceed
     twenty percent (20%) of the Total Asset Value after giving effect to such
     investments;

          (d) undeveloped land, so long as the aggregate Historical Value of
     such land does not exceed ten percent (10%) of Total Asset Value, after
     giving effect to such investments;


                                      -61-

<PAGE>

          (e) investments not related to the ownership, development, operation
     and management of student housing communities, so long as the value of
     same, determined in accordance with this Agreement, do not exceed ten
     percent (10%) of Total Asset Value, after giving effect to such
     investments;

          (f) Assets Under Development, so long as the aggregate Historical
     Value thereof does not exceed twenty percent (20%) of the Total Asset Value
     after giving effect to such investments; and

          (g) mergers, consolidations and other transactions permitted under
     Section 6.03, so long as same do not cause the Borrower to be in violation
     of any provision of this Section 6.04.

     In addition to the foregoing, the aggregate value of the investments
described in clauses (c), (d), (e) and (f), above shall not exceed thirty
percent (30%) of Total Asset Value after giving effect to such investments. The
investments described above may be purchased or acquired, directly or
indirectly, through partnerships, joint ventures, or otherwise. The calculations
in this Section will be made without duplication if an investment is within more
than one category described in this Section.

     SECTION 6.05 Hedging Agreements.

     The Borrower will not, and will not permit any of its Subsidiaries to,
enter into any Hedging Agreement, other than Hedging Agreements entered into in
the ordinary course of business to hedge or mitigate risks to which the Borrower
or any Subsidiary is exposed in the conduct of its business or the management of
its liabilities.

     SECTION 6.06 Restricted Payments.

     The Parent will not, and will not permit any of its Subsidiaries to,
declare or make, or agree to pay or make, directly or indirectly, during any
calendar quarter, any Restricted Payment, except that any of the following
Restricted Payments are permitted: (a) Restricted Payments in an amount equal to
or less than a per share rate of $1.20; (b) Restricted Payments by the Parent
required to comply with Section 5.15(e); or (c) dividends or distributions
declared and paid ratably by Subsidiaries to Borrower with respect to their
capital stock or equity interest.

     Notwithstanding the foregoing, the amount of Restricted Payments permitted
under subsection 6.06(a) may be increased as long as either of the following
conditions is met: (a) after giving effect to the increased Restricted Payment,
the Total Leverage Ratio shall remain less than or equal to 60%; or (b) the
increased Restricted Payment, when added to all Restricted Payments made during
the 3 immediately preceding calendar quarters, does not exceed (i) 100% of Funds
From Operations for the applicable period through and including December 31,
2006, and (ii) 95% of Funds From Operations for the applicable period
thereafter.

     SECTION 6.07 Transactions with Affiliates.


                                      -62-

<PAGE>

     The Borrower will not, and will not permit any of its Subsidiaries to,
sell, lease or otherwise transfer any property or assets to, or purchase, lease
or otherwise acquire any property or assets from, or otherwise engage in any
other transactions with, any of its Affiliates, except (a) in the ordinary
course of business at prices and on terms and conditions not less favorable to
the Borrower or such Subsidiary than could be obtained on an arm's-length basis
from unrelated third parties, (b) transactions between or among the Borrower and
its wholly owned Subsidiaries not involving any other Affiliate and (c) any
Restricted Payment permitted by Section 6.06.

     SECTION 6.08 Parent Negative Covenants.

     The Parent will not (a) own any Property other than the ownership interests
of EDR and other assets with no more than $10,000,00.00 in value; (b) give or
allow any Lien on the ownership interests of EDR; (c) create, incur, suffer or
permit to exist, or assume or guarantee, directly or indirectly, contingently or
otherwise, or become or remain liable with respect to any Indebtedness if the
aggregate of such Indebtedness and the Indebtedness of the Borrower would
violate Section 5.02 if such aggregate Indebtedness is treated as the Borrower's
Indebtedness or (d) engage to any material extent in any business other than the
ownership, development, operation and management of student housing communities.

     SECTION 6.09 Restrictive Agreements.

     With the exception of any prohibition arising under the Term Loan
Documents, the Borrower will not, and will not permit any of its Subsidiaries
to, directly or indirectly, enter into, incur or permit to exist any agreement
or other arrangement that prohibits, restricts or imposes any condition upon (a)
the ability of the Borrower or any Subsidiary to create, incur or permit to
exist any Lien upon any of its property or assets, or (b) the ability of any
Subsidiary to pay dividends or other distributions with respect to any shares of
its capital stock or to make or repay loans or advances to the Borrower or any
other Subsidiary or to Guarantee Indebtedness of the Borrower or any other
Subsidiary; provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by law or by this Agreement, (ii) the foregoing shall not
apply to customary restrictions and conditions contained in agreements relating
to the sale of a Subsidiary pending such sale, provided such restrictions and
conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder, (iii) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured
Indebtedness or Liens permitted by this Agreement if such restrictions or
conditions apply only to the property or assets securing such Indebtedness and
(iv) clause (a) of the foregoing shall not apply to customary provisions in
leases restricting the assignment thereof.

     SECTION 6.10 Indebtedness.

     Neither the Parent, the Borrower nor any Guarantor shall, without the prior
written consent of the Required Lenders, create, incur, assume, guarantee or be
or remain liable, contingently or otherwise with respect to any Indebtedness on
a recourse basis, except: (a) Indebtedness under this Agreement; (b)
Indebtedness incurred in connection with the construction or renovation of Real
Property, which Indebtedness is approved by the Administrative Agent, such
approval not to be unreasonably withheld; (c) Indebtedness under the


                                      -63-

<PAGE>

Term Loan, including any amendment or modification thereof; (d) Indebtedness to
Administrative Agent; and (e) Indebtedness whose recourse is solely for
so-called "bad-boy" acts, including without limitation, (i) failure to account
for a tenant's security deposits, if any, for rent or any other payment
collected by a borrower from a tenant under the lease, all in accordance with
the provisions of any applicable loan documents, (ii) fraud or a material
misrepresentation made by a Borrower or any Guarantor, or the holders of
beneficial or ownership interests in such Borrower or any Guarantor, in
connection with the financing evidenced by the applicable loan documents; (iii)
any attempt by a Borrower or any Guarantor to divert or otherwise cause to be
diverted any amounts payable to the applicable lender in accordance with the
applicable loan documents; (iv) the misappropriation or misapplication of any
insurance proceeds or condemnation awards relating to the Mortgaged Property;
(v) voluntary or involuntary bankruptcy by a Borrower or any Guarantor; and (vi)
any environmental matter(s) affecting any Mortgaged Property which is introduced
or caused by a Borrower or any Guarantor or any holder of a beneficial or
ownership interest in a Borrower or any Guarantor.

                                  ARTICLE VII

                                Events of Default

     If any of the following events ("Events of Default") shall occur:

          (a) the Borrower shall fail to pay any principal of any Loan or any
     reimbursement obligation in respect of any LC Disbursement when and as the
     same shall become due and payable, whether at the due date thereof or at a
     date fixed for prepayment thereof or otherwise;

          (b) any Credit Party shall fail to pay any interest on any Loan or any
     fee or any other amount (other than an amount referred to in clause (a) of
     this Article) payable under any Loan Documents, when and as the same shall
     become due and payable, and such failure shall continue unremedied for a
     period of over three Business Days (such three Business Day period
     commencing after written notice from the Administrative Agent as to any
     such fee);

          (c) any representation or warranty made or deemed made by or on behalf
     of any Credit Party in or in connection with any Loan Document or any
     amendment or modification thereof or waiver thereunder, or in any report,
     certificate, financial statement or other document furnished pursuant to or
     in connection with this Agreement or any amendment or modification hereof
     or waiver hereunder, shall prove to have been incorrect in any material
     respect when made or deemed made;

          (d) the Borrower shall fail to observe or perform any covenant,
     condition or agreement contained in Article V or VI other than Sections
     5.04, 5.05, 5.06, 5.07(a), 5.08, and 5.11;

          (e) any Credit Party shall fail to observe or perform any covenant,
     condition or agreement contained in any Loan Document (other than those
     specified in clause (a), (b)


                                      -64-

<PAGE>

     or (d) of this Article), and such failure shall continue unremedied for a
     period of over 30 days after notice thereof from the Administrative Agent
     to the Borrower (which notice will be given at the request of any Lender)
     and if such default is not cureable within thirty (30) days and the Credit
     Party is diligently pursuing cure of same, the cure period may be extended
     for 30 days (for a total of 60 days after the original notice from the
     Administrative Agent) upon written request from the Borrower to the
     Administrative Agent;

          (f) any event or condition occurs that results in any Material
     Indebtedness becoming due prior to its scheduled maturity or that enables
     or permits (with or without the giving of notice, the lapse of time or
     both) the holder or holders of any Material Indebtedness or any trustee or
     agent on its or their behalf to cause any Material Indebtedness to become
     due, or to require the prepayment, repurchase, redemption or defeasance
     thereof, prior to its scheduled maturity;

          (g) an involuntary proceeding shall be commenced or an involuntary
     petition shall be filed seeking (i) liquidation, reorganization or other
     relief in respect of any Credit Party or any Subsidiary of the Borrower or
     its debts, or of a substantial part of its assets, under any Federal, state
     or foreign bankruptcy, insolvency, receivership or similar law now or
     hereafter in effect or (ii) the appointment of a receiver, trustee,
     custodian, sequestrator, conservator or similar official for any Credit
     Party or any Subsidiary of the Borrower or for a substantial part of its
     assets, and, in any such case, such proceeding or petition shall continue
     undismissed for 60 days or an order or decree approving or ordering any of
     the foregoing shall be entered;

          (h) any Credit Party or any Subsidiary of the Borrower shall (i)
     voluntarily commence any proceeding or file any petition seeking
     liquidation, reorganization or other relief under any Federal, state or
     foreign bankruptcy, insolvency, receivership or similar law now or
     hereafter in effect, (ii) consent to the institution of, or fail to contest
     in a timely and appropriate manner, any proceeding or petition described in
     clause (h) of this Article, (iii) apply for or consent to the appointment
     of a receiver, trustee, custodian, sequestrator, conservator or similar
     official for such Person or for a substantial part of its assets, (iv) file
     an answer admitting the material allegations of a petition filed against it
     in any such proceeding, (v) make a general assignment for the benefit of
     creditors or (vi) take any action for the purpose of effecting any of the
     foregoing;

          (i) any Credit Party or any Subsidiary of the Borrower shall become
     unable, admit in writing its inability or fail generally to pay its debts
     as they become due;

          (j) one or more judgments for the payment of money in an aggregate
     amount in excess of $10,000,000 shall be rendered against any Credit Party,
     any Subsidiary of the Borrower or any combination thereof and the same
     shall remain undischarged for a period of 30 consecutive days during which
     execution shall not be effectively stayed, or any action shall be legally
     taken by a judgment creditor to attach or levy upon any assets of such
     Person to enforce any such judgment;


                                      -65-

<PAGE>

          (k) an ERISA Event shall have occurred that, in the opinion of the
     Required Lenders, when taken together with all other ERISA Events that have
     occurred, could reasonably be expected to result in liability of the
     Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000;

          (l) the Guaranty of the Loan by the Guarantor shall for any reason
     terminate or cease to be in full force and effect, other than as provided
     for in Section 5.14 of this Agreement; or

          (m) a Change in Control shall occur;

then, and in every such event (other than an event described in clause (g) or
(h) of this Article), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders
shall, by notice to the Borrower, take some or all of the following actions, at
the same or different times: (i) terminate the Commitments, and thereupon the
Commitments shall terminate immediately, (ii) declare the Loans then outstanding
to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower, and (iii) exercise any other
rights or remedies provided under this Agreement (including Section 2.05(j)) or
any other Loan Document, or any other right or remedy available by law or
equity; and in case of any event described in clause (g) or (h) of this Article,
the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall automatically become due
and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower.

                                  ARTICLE VIII

                            The Administrative Agent

     Each of the Lenders and the Issuing Bank hereby irrevocably appoints the
Administrative Agent as its agent and authorizes the Administrative Agent to
take such actions on its behalf and to exercise such powers as are delegated to
the Administrative Agent by the terms hereof, together with such actions and
powers as are reasonably incidental thereto.

     The bank serving as the Administrative Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

     The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent


                                      -66-

<PAGE>

shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent
shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly
contemplated hereby that the Administrative Agent is required to exercise in
writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section
9.02), and (c) except as expressly set forth herein, the Administrative Agent
shall not have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to any Credit Party that is communicated to
or obtained by the bank serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action
taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 9.02) or in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall be
deemed not to have knowledge of any Default unless and until written notice
thereof is given to the Administrative Agent by the Borrower or a Lender, and
the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith, (iii)
the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

     The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine
and to have been signed or sent by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed
by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.

     The Administrative Agent may perform any and all its duties and exercise
its rights and powers by or through any one or more sub-agents appointed by the
Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Administrative Agent.

     Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any
time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such
resignation, the Required Lenders


                                      -67-

<PAGE>

shall have the right, with the approval of Borrower (provided no Default has
occurred and is continuing), which approval shall not be unreasonably withheld,
to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may, on behalf of the Lenders and the Issuing
Bank, appoint a successor Administrative Agent which shall be a bank with an
office in Boston, Massachusetts, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the Administrative Agent's
resignation hereunder, the provisions of this Article and Section 9.03 shall
continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while it was acting as Administrative
Agent.

     Each Lender acknowledges that 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 its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any related agreement or any
document furnished hereunder or thereunder.

                                   ARTICLE IX

                                  Miscellaneous

     SECTION 9.01 Notices.

     Except in the case of notices and other communications expressly permitted
to be given by telephone, all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

          (a) if to the Borrower, to it in care of EDR at 530 Oak Court Drive,
     Suite 300, Memphis, Tennessee 38117, Attention: Randall H. Brown (Telephone
     No. (901) 259-2507 and Telecopy No. (901) 259-2594));

          (b) if to the Administrative Agent, to KeyBank, National Association,
     225 Franklin Street, Boston, Massachusetts, Attention: Mr. Gregory W. Lane
     (Telephone No. (617) 385-6212 and Telecopy No. (617) 385-6293);


                                      -68-

<PAGE>

          (c) if to the Issuing Bank, to it at KeyBank, National Association,
     225 Franklin Street, Boston, Massachusetts, Attention: Mr. Gregory W. Lane
     (Telephone No. (617) 385-6212 and Telecopy No. (617) 385-6293; and

          (d) if to the Swingline Lender, to it at KeyBank, National
     Association, 225 Franklin Street, Boston, Massachusetts, Attention: Mr.
     Gregory W. Lane (Telephone No. (617) 385-6212 and Telecopy No. (617)
     385-6293); and

          (e) if to any other Lender, to it at its address (or telecopy number)
     set forth on the signature pages of this Agreement, or as provided to
     Borrower in writing by the Administrative Agent or the Lender.

Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and
other communications given to any party hereto in accordance with the provisions
of this Agreement shall be deemed to have been given (i) if given by telecopy,
when such telecopy is transmitted to the telecopy number specified in this
Section and the appropriate confirmation is received (or if such day is not a
Business Day, on the next Business Day); (ii) if given by mail (return receipt
requested), on the earlier of receipt or three (3) Business Days after such
communication is deposited in the mail with first class postage prepaid,
addressed as aforesaid; or (iii) if given by any other means, when delivered at
the address specified in this Section; provided that notices to the
Administrative Agent under Article II shall not be effective until received.

     SECTION 9.02 Waivers; Amendments.

          (a) No failure or delay by the Administrative Agent, the Issuing Bank
     or any Lender in exercising any right or power hereunder or under any other
     Loan Document shall operate as a waiver thereof, nor shall any single or
     partial exercise of any such right or power, or any abandonment or
     discontinuance of steps to enforce such a right or power, preclude any
     other or further exercise thereof or the exercise of any other right or
     power. The rights and remedies of the Administrative Agent, the Issuing
     Bank and the Lenders hereunder and under any other Loan Document are
     cumulative and are not exclusive of any rights or remedies that they would
     otherwise have. No waiver of any provision of this Agreement or consent to
     any departure by the Borrower therefrom shall in any event be effective
     unless the same shall be permitted by paragraph (b) of this Section, and
     then such waiver or consent shall be effective only in the specific
     instance and for the purpose for which given. Without limiting the
     generality of the foregoing, the making of a Loan or issuance of a Letter
     of Credit shall not be construed as a waiver of any Default, regardless of
     whether the Administrative Agent, any Lender or the Issuing Bank may have
     had notice or knowledge of such Default at the time.

          (b) Neither this Agreement nor any provision hereof may be waived,
     amended or modified except pursuant to an agreement or agreements in
     writing entered into by the Borrower and the Required Lenders or by the
     Borrower and the Administrative Agent with the consent of the Required
     Lenders; provided that no such agreement shall (i) increase the Commitment
     of any Lender without the written consent of such Lender, (ii)


                                      -69-

<PAGE>

     reduce the principal amount of any Loan or LC Disbursement or reduce the
     rate of interest thereon, or reduce any fees payable hereunder, without the
     written consent of each Lender affected thereby, (iii) postpone the
     scheduled date of payment of the principal amount of any Loan or LC
     Disbursement, or any interest thereon, or any fees payable hereunder, or
     reduce the amount of, waive or excuse any such payment, or postpone the
     scheduled date of expiration of any Commitment, without the written consent
     of each Lender affected thereby, (iv) change Section 2.17(b) or (c) in a
     manner that would alter the pro rata sharing of payments required thereby,
     without the written consent of each Lender, (v) change any of the
     provisions of this Section or the definition of "Required Lenders" or any
     other provision hereof specifying the number or percentage of Lenders
     required to waive, amend or modify any rights hereunder or make any
     determination or grant any consent hereunder, without the written consent
     of each Lender, or (vi) release any Credit Party from its obligations under
     the Loan Documents or release any Collateral, without the written consent
     of each Lender; provided further that no such agreement shall amend, modify
     or otherwise affect the rights or duties of the Administrative Agent, the
     Issuing Bank or the Swingline Lender hereunder without the prior written
     consent of the Administrative Agent, the Issuing Bank or the Swingline
     Lender, as the case may be.

          (c) Notwithstanding any provision of this Agreement to the contrary
     none of the Lenders or the existing Borrower will be required to execute
     assumption or amendment documents to add a Person as a Borrower or as a
     Guarantor. If Real Property assets are added to the Pool in accordance with
     this Agreement and the owner is not already a Borrower, then (i) such owner
     may be added as a Borrower as required by Section 5.12 pursuant to a
     Joinder Agreement in the form attached hereto as Exhibit F executed by such
     owner and delivered to the Administrative Agent, or (ii) such owner may be
     added as a Guarantor in accordance with Section 5.12 pursuant to a Guaranty
     in the form attached hereto as Exhibit C executed by such owner and
     delivered to the Administrative Agent, and in each case Borrower,
     Guarantor, such owner and the Administrative Agent will enter into an
     amendment to the Environmental Indemnity.

     SECTION 9.03 Expenses; Indemnity; Damage Waiver.

          (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses
     incurred by the Administrative Agent and its Affiliates, including the
     reasonable fees, charges and disbursements of counsel for the
     Administrative Agent, in connection with the syndication of the credit
     facilities provided for herein, the preparation and administration of this
     Agreement or any amendments, modifications or waivers of the provisions
     hereof (whether or not the transactions contemplated hereby or thereby
     shall be consummated), (ii) all reasonable out-of-pocket expenses incurred
     by the Issuing Bank in connection with the issuance, amendment, renewal or
     extension of any Letter of Credit or any demand for payment thereunder and
     (iii) all out-of-pocket expenses incurred by the Administrative Agent, the
     Issuing Bank or any Lender, including the reasonable fees, charges and
     disbursements of any counsel for the Administrative Agent, the Issuing Bank
     or any Lender, in connection with the enforcement or protection of its
     rights in connection with this Agreement, including its rights under this
     Section, or in connection with the Loans


                                      -70-

<PAGE>

     made or Letters of Credit issued hereunder, including all such
     out-of-pocket expenses incurred during any workout, restructuring or
     negotiations in respect of such Loans or Letters of Credit.

          (b) The Borrower shall indemnify the Administrative Agent, the Issuing
     Bank and each Lender, and each Related Party of any of the foregoing
     Persons (each such Person being called an "Indemnitee") against, and hold
     each Indemnitee harmless from, any and all losses, claims, damages,
     liabilities and related expenses, including the fees, charges and
     disbursements of any counsel for any Indemnitee, incurred by or asserted
     against any Indemnitee arising out of, in connection with, or as a result
     of (i) the execution or delivery of this Agreement or any agreement or
     instrument contemplated hereby, the performance by the parties hereto of
     their respective obligations hereunder or the consummation of the
     Transactions or any other transactions contemplated hereby, (ii) any Loan
     or Letter of Credit or the use of the proceeds therefrom (including any
     refusal by the Issuing Bank to honor a demand for payment under a Letter of
     Credit if the documents presented in connection with such demand do not
     strictly comply with the terms of such Letter of Credit), (iii) any actual
     or alleged presence or release of Hazardous Materials on or from any
     property owned or operated by the Borrower or any of its Subsidiaries, or
     any Environmental Liability related in any way to the Borrower or any of
     its Subsidiaries, or (iv) any actual or prospective claim, litigation,
     investigation or proceeding relating to any of the foregoing, whether based
     on contract, tort or any other theory and regardless of whether any
     Indemnitee is a party thereto; provided that such indemnity shall not, as
     to any Indemnitee, be available to the extent that such losses, claims,
     damages, liabilities or related expenses resulted from the gross negligence
     or willful misconduct of such Indemnitee as determined by a court of law in
     a final non-appealable judgment.

          (c) To the extent that the Borrower fails to pay any amount required
     to be paid by it to the Administrative Agent, the Issuing Bank or the
     Swingline Lender under paragraph (a) or (b) of this Section, each Lender
     severally agrees to pay to the Administrative Agent, the Issuing Bank or
     the Swingline Lender, as the case may be, such Lender's Applicable
     Percentage (determined as of the time that the applicable unreimbursed
     expense or indemnity payment is sought) of such unpaid amount; provided
     that the unreimbursed expense or indemnified loss, claim, damage, liability
     or related expense, as the case may be, was incurred by or asserted against
     the Administrative Agent, the Issuing Bank or the Swingline Lender in its
     capacity as such.

          (d) To the extent permitted by applicable law, the Borrower shall not
     assert, and hereby waives, any claim against any Indemnitee, on any theory
     of liability, for special, indirect, consequential or punitive damages (as
     opposed to direct or actual damages) arising out of, in connection with, or
     as a result of, this Agreement or any agreement or instrument contemplated
     hereby, the Transactions, any Loan or Letter of Credit or the use of the
     proceeds thereof.

          (e) All amounts due under this Section shall be payable not later than
     ten days after written demand therefor.


                                      -71-

<PAGE>

     SECTION 9.04 Successors and Assigns.

          (a) The provisions of this Agreement shall be binding upon and inure
     to the benefit of the parties hereto and their respective successors and
     assigns permitted hereby (including any Affiliate of the Issuing Bank that
     issues any Letter of Credit), except that the Borrower may not assign or
     otherwise transfer any of its rights or obligations hereunder without the
     prior written consent of each Lender (and any attempted assignment or
     transfer by the Borrower without such consent shall be null and void).
     Nothing in this Agreement, expressed or implied, shall be construed to
     confer upon any Person (other than the parties hereto, their respective
     successors and assigns permitted hereby (including any Affiliate of the
     Issuing Bank that issues any Letter of Credit) and, to the extent expressly
     contemplated hereby, the Related Parties of each of the Administrative
     Agent, the Issuing Bank and the Lenders) any legal or equitable right,
     remedy or claim under or by reason of this Agreement.

          (b) (i) Subject to the conditions set forth in paragraph (b)(ii)
     below, any Lender may 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 at the time owing to it) with the prior
     written consent (such consent not to be unreasonably withheld) of:

               (A) the Borrower, provided that no consent of the Borrower shall
     be required for an assignment to a Lender, an Affiliate of a Lender, an
     Approved Fund or, if an Event of Default has occurred and is continuing,
     any other assignee;

               (B) the Administrative Agent; and

               (C) the Issuing Bank.

          (ii) Assignments shall be subject to the following additional
     conditions:

               (A) except in the case of an assignment to a Lender or an
     Affiliate of a Lender or an assignment of the entire remaining amount of
     the assigning Lender's Commitment or Loans of any Class, the amount of the
     Commitment or Loans of the assigning Lender subject to each such assignment
     (determined as of the date the Assignment and Assumption with respect to
     such assignment is delivered to the Administrative Agent) shall not be less
     than $5,000,000.00 unless each of the Borrower and the Administrative Agent
     otherwise consent, provided that no such consent of the Borrower shall be
     required if an Event of Default has occurred and is continuing;

               (B) 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, provided that this clause shall not be construed to
     prohibit the assignment of a proportionate part of all the assigning
     Lender's rights and obligations in respect of one Class of Commitments or
     Loans;


                                      -72-

<PAGE>

               (C) the parties to each assignment shall execute and deliver to
     the Administrative Agent an Assignment and Assumption, together with a
     processing and recordation fee of $3,500.00; and

               (D) the assignee, if it shall not be a Lender, shall deliver to
     the Administrative Agent an Administrative Questionnaire.

               For the purposes of this Section 9.04(b), the term "Approved
     Fund" has the following meaning:

     "Approved Fund" means any Person (other than a natural person) that is
engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of its business and 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.

          (iii) Subject to acceptance and recording thereof pursuant to
     paragraph (b)(iv) of this Section, from and after the effective date
     specified in each Assignment and Assumption the assignee thereunder shall
     be a party hereto and, to the extent of the interest assigned by such
     Assignment and Assumption, 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 Assumption, be
     released from its obligations under this Agreement (and, in the case of an
     Assignment and Assumption 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 2.14,
     2.15, 2.16 and 9.03). Any assignment or transfer by a Lender of rights or
     obligations under this Agreement that does not comply with this Section
     9.04 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
     paragraph (c) of this Section.

          (iv) The Administrative Agent, acting for this purpose as an agent of
     the Borrower, shall maintain at one of its offices a copy of each
     Assignment and Assumption delivered to it and a register for the
     recordation of the names and addresses of the Lenders, and the Commitment
     of, and principal amount of the Loans and LC Disbursements owing to, each
     Lender pursuant to the terms hereof from time to time (the "Register"). The
     entries in the Register shall be conclusive, and the Borrower, the
     Administrative Agent, the Issuing Bank 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, the Issuing Bank and any Lender, at any reasonable time and
     from time to time upon reasonable prior notice.

          (v) Upon its receipt of a duly completed Assignment and Assumption
     executed by an assigning Lender and an assignee, the assignee's completed
     Administrative Questionnaire (unless the assignee shall already be a Lender
     hereunder), the processing and recordation fee referred to in paragraph (b)
     of this Section and any written consent to


                                      -73-

<PAGE>

     such assignment required by paragraph (b) of this Section, the
     Administrative Agent shall accept such Assignment and Assumption and record
     the information contained therein in the Register. No assignment shall be
     effective for purposes of this Agreement unless it has been recorded in the
     Register as provided in this paragraph.

          (c) Any Lender may, without the consent of the Borrower, the
     Administrative Agent, the Issuing Bank or the Swingline Lender, sell
     participations to one or more banks or other entities (a "Participant") in
     all or a portion of such Lender's rights and obligations under this
     Agreement (including all or a portion of its Commitment and the Loans 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 Issuing Bank and the other
     Lenders 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, modification or waiver described
     in the first proviso to Section 9.02(b) that affects such Participant.
     Subject to paragraph (d) of this Section, the Borrower agrees that each
     Participant shall be entitled to the benefits of Sections 2.14, 2.15 and
     2.16 to the same extent as if it were a Lender and had acquired its
     interest by assignment pursuant to paragraph (b) of this Section. To the
     extent permitted by law, each Participant also shall be entitled to the
     benefits of Section 9.08 as though it were a Lender, provided such
     Participant agrees to be subject to Section 2.17(c) as though it were a
     Lender.

          (d) A Participant shall not be entitled to receive any greater payment
     under Section 2.14 or 2.16 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. A Participant that would be
     a Foreign Lender if it were a Lender shall not be entitled to the benefits
     of Section 2.16 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 2.16(e) as though it were a Lender.

          (e) Any Lender may at any time pledge or assign a security interest in
     all or any portion of its rights under this Agreement to secure obligations
     of such Lender, including any pledge or assignment to secure obligations to
     a Federal Reserve Bank, and this Section shall not apply to any such pledge
     or assignment of a security interest; provided that no such pledge or
     assignment of a security interest shall release a Lender from any of its
     obligations hereunder or substitute any such pledgee or assignee for such
     Lender as a party hereto.

     SECTION 9.05 Survival.


                                      -74-

<PAGE>

     All covenants, agreements, representations and warranties made by the
Borrower herein and in the certificates or other instruments delivered in
connection with or pursuant to this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement and the making of any Loans and issuance of any
Letters of Credit, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that the Administrative Agent, the Issuing
Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding and
so long as the Commitments have not expired or terminated. The provisions of
Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in
full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination
of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof.

     SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several.

          (a) This Agreement may be executed in counterparts (and by different
     parties hereto on different counterparts), each of which shall constitute
     an original, but all of which when taken together shall constitute a single
     contract.

          (b) This Agreement and any separate letter agreements with respect to
     fees payable to the Administrative Agent constitute the entire contract
     among the parties relating to the subject matter hereof and supersede any
     and all previous agreements and understandings, oral or written, relating
     to the subject matter hereof.

          (c) Except as provided in Section 4.01, this Agreement shall become
     effective when it shall have been executed by the Administrative Agent and
     when the Administrative Agent shall have received counterparts hereof
     which, when taken together, bear the signatures of each of the other
     parties hereto, and thereafter shall be binding upon and inure to the
     benefit of the parties hereto and their respective successors and assigns.
     Delivery of an executed counterpart of a signature page of this Agreement
     by telecopy shall be effective as delivery of a manually executed
     counterpart of this Agreement.

          (d) Each Person constituting the Borrower shall be bound jointly and
     severally with one another to make, keep, observe and perform the
     representations, warranties, covenants, agreements, obligations and
     liabilities imposed by this Agreement and the other Loan Documents upon the
     "Borrower."

          (e) Each Borrower agrees that it shall never be entitled to be
     subrogated to any of the Administrative Agent's or any Lender's rights
     against any Credit Party or other Person or any collateral or offset rights
     held by the Administrative Agent or the Lenders for payment of the Loans
     until the full and final payment of the Loans and all other obligations
     incurred under the Loan Documents and final termination of the Lenders'


                                      -75-

<PAGE>

     obligations, if any, to make further advances under this Agreement or to
     provide any other financial accommodations to any Credit Party. The value
     of the consideration received and to be received by each Borrower is
     reasonably worth at least as much as the liability and obligation of each
     Borrower incurred or arising under the Loan Documents. Each Borrower has
     determined that such liability and obligation may reasonably be expected to
     substantially benefit each Borrower directly or indirectly. Each Borrower
     has had full and complete access to the underlying papers relating to the
     Loans and all of the Loan Documents, has reviewed them and is fully aware
     of the meaning and effect of their contents. Each Borrower is fully
     informed of all circumstances which bear upon the risks of executing the
     Loan Documents and which a diligent inquiry would reveal. Each Borrower has
     adequate means to obtain from each other Borrower on a continuing basis
     information concerning such other Borrower's financial condition, and is
     not depending on the Administrative Agent or the Lenders to provide such
     information, now or in the future. Each Borrower agrees that neither the
     Administrative Agent nor any of the Lenders shall have any obligation to
     advise or notify any Borrower or to provide any Borrower with any data or
     information regarding any other Borrower.

     SECTION 9.07 Severability.

     Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 9.08 Right of Setoff.

     If an Event of Default shall have occurred and be continuing, each Lender
and each of its Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time
held and other obligations at any time owing by such Lender or Affiliate to or
for the credit or the account of the Borrower against any of and all the
obligations of the Borrower now or hereafter existing under this Agreement held
by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement and although such obligations may be unmatured. Each
Lender agrees promptly to notify the Borrower after any such setoff and
application made by such Lender, provided that the failure to give such notice
shall not affect the validity of such setoff and application. The rights of each
Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

     SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process.

          (a) This Agreement shall be governed by, and construed in accordance
     with, the laws of the State of New York.


                                      -76-

<PAGE>

          (b) The Borrower hereby irrevocably and unconditionally submits, for
     itself and its property, to the nonexclusive jurisdiction of the state and
     federal courts in Boston, Massachusetts and in New York, New York, and any
     appellate court from any thereof, in any action or proceeding arising out
     of or relating to this Agreement or any other Loan Document, or for
     recognition or enforcement of any judgment, and each of the parties hereto
     hereby irrevocably and unconditionally agrees that all claims in respect of
     any such action or proceeding may be heard and determined in such State or,
     to the extent permitted by law, in such Federal court. Each of the parties
     hereto agrees that a final judgment in any such action or proceeding shall
     be conclusive and may be enforced in other jurisdictions by suit on the
     judgment or in any other manner provided by law. Nothing in this Agreement
     shall affect any right that the Administrative Agent, the Issuing Bank or
     any Lender may otherwise have to bring any action or proceeding relating to
     this Agreement or any other Loan Document against the Borrower or its
     properties in the courts of any jurisdiction.

          (c) The Borrower hereby irrevocably and unconditionally waives, to the
     fullest extent it may legally and effectively do so, any objection which it
     may now or hereafter have to the laying of venue of any suit, action or
     proceeding arising out of or relating to this Agreement or any other Loan
     Document in any court referred to in paragraph (b) of this Section. Each of
     the parties hereto hereby irrevocably waives, to the fullest extent
     permitted by law, the defense of an inconvenient forum to the maintenance
     of such action or proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of
     process in the manner provided for notices in Section 9.01. Nothing in this
     Agreement will affect the right of any party to this Agreement to serve
     process in any other manner permitted by law.

     SECTION 9.10 WAIVER OF JURY TRIAL.

     EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     SECTION 9.11 Headings.


                                      -77-

<PAGE>

     Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not
affect the construction of, or be taken into consideration in interpreting, this
Agreement.

     SECTION 9.12 Confidentiality.

     Each of the Administrative Agent, the Issuing Bank and the Lenders agrees
to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates' directors,
officers, employees and agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b) to the extent requested by any
regulatory authority, (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party
to this Agreement, (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement, (g) with the consent of the Borrower
or (h) to the extent such Information (i) becomes publicly available other than
as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis
from a source other than the Borrower. For the purposes of this Section,
"Information" means all information received from any Credit Party relating to
the Credit Party or its business, other than any such information that is
available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by any Credit Party; provided that, in
the case of information received from any Credit Party after the date hereof,
such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do
so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information.

     SECTION 9.13 Interest Rate Limitation.

     If at any time there exists a maximum rate of interest which may be
contracted for, charged, taken, received or reserved by the Lenders in
accordance with applicable law (the "Maximum Rate"), then notwithstanding
anything herein to the contrary, at any time the interest applicable to any
Loan, together with all fees, charges and other amounts which are treated as
interest on such Loan under applicable law (collectively, the "Charges"), shall
exceed such Maximum Rate, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been paid in respect of such Loan but were not payable as result
of the operation of this Section shall be cumulated and the interest and Charges
payable to the Lenders in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by the Lenders. If, for any reason
whatsoever, the Charges paid or received on the Loans produces a rate which


                                      -78-

<PAGE>

exceeds the Maximum Rate, the Lenders shall credit against the principal of the
Loans (or, if such indebtedness shall have been paid in full, shall refund to
the payor of such Charges) such portion of said Charges as shall be necessary to
cause the interest paid on the Loans to produce a rate equal to the Maximum
Rate. All sums paid or agreed to be paid to the holders of the Loans for the
use, forbearance or detention of the Loans shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread in equal parts
throughout the full term of this Agreement, so that the interest rate is uniform
throughout the full term of this Agreement. The provisions of this Section shall
control all agreements, whether now or hereafter existing and whether written or
oral, between the parties hereto. Without notice to the Borrower or any other
person or entity, the Maximum Rate, if any, shall automatically fluctuate upward
and downward as and in the amount by which such maximum nonusurious rate of
interest permitted by applicable law fluctuates.

     SECTION 9.14 USA PATRIOT Act.

     Each Lender hereby notifies the Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the "Act"), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the
Borrower in accordance with the Act.

     SECTION 9.15 RELEASE.

     In accordance with the terms of the Original Credit Agreement, JPMorgan
Chase Bank, N.A. is discharged from its duties and obligations as Administrative
Agent under the Original Credit Agreement and the other Loan Documents (as
defined in the Original Credit Agreement).


                                      -79-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                        EDUCATION REALTY OPERATING PARTNERSHIP,
                                        LP, a Delaware limited partnership

                                        By: EDUCATION REALTY OP GP, INC., a
                                            Delaware corporation, its General
                                            Partner


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                        EDR TALLAHASSEE LIMITED PARTNERSHIP, a
                                        Delaware limited partnership

                                        By: EDR Tallahassee, LLC, a Delaware
                                            limited liability company, its
                                            general partner

                                        By: EDR Tallahassee, Inc., a Delaware
                                            corporation, its managing member


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                      -80-

<PAGE>

                                        EDR THARPE LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: EDR Tharpe, LLC, a Delaware limited
                                            liability company, its general
                                            partner

                                        By: EDR Tharpe, Inc., a Delaware
                                            corporation, its managing member


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                        EDR LAWRENCE LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: EDR Lawrence, LLC, a Delaware
                                            limited liability company, its
                                            general partner

                                        By: EDR Lawrence, Inc., a Delaware
                                            corporation, its managing member


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                      -81-

<PAGE>

                                        EDR C STATION, LLC,
                                        a Delaware limited liability company

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware limited
                                            partnership, its managing member

                                        By: Education Realty OP GP, Inc., a
                                            Delaware corporation, its general
                                            partner


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                        EDR ATHENS I, LLC,
                                        a Delaware limited liability company

                                        By: Education Realty Trust, LLC, a
                                            Delaware limited liability company,
                                            its managing member

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware limited
                                            partnership,
                                            its managing member

                                        By: Education Realty OP GP, Inc.,
                                            a Delaware corporation,
                                            its general partner


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                      -82-

<PAGE>

                                        EDR TALLAHASSEE I, LLC, a Delaware
                                        limited liability company

                                        By: Education Realty Trust, LLC, a
                                            Delaware limited liability company,
                                            its managing member

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware limited
                                            partnership,
                                            its managing member

                                        By: Education Realty OP GP, Inc. a
                                            Delaware corporation,
                                            its general partner


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary
                                               ---------------------------------


                                      -83-

<PAGE>

     The Parent joins in the execution of this Agreement to evidence its
agreement to the provisions of Sections 5.01, 5.15, 6.06 and 6.08 of this
Agreement.

                                        EDUCATION REALTY TRUST, INC.


                                        By: /s/ Randall H. Brown
                                            ------------------------------------
                                        Name: Randall H. Brown
                                              ----------------------------------
                                        Title: Secretary and Treasurer
                                               ---------------------------------


                                      -84-

<PAGE>

Signature page to Credit Agreement with Education Realty Operating Partnership,
LP

                                        KEYBANK, NATIONAL ASSOCIATION,
                                        individually and as Administrative
                                        Agent,


                                        By: /s/ Gregory W. Lane
                                            ------------------------------------
                                            Gregory W. Lane
                                            Vice President


                                      -85-

<PAGE>

Signature page to Credit Agreement with Education Realty Operating Partnership,
LP

                                        UBS LOAN FINANCE LLC


                                        By: /s/ Joselin Fernandes
                                            ------------------------------------
                                        Name: Joselin Fernandes
                                              ----------------------------------
                                        Title: Associate Director
                                               ---------------------------------


                                        By: /s/ Salloz Sikka
                                            ------------------------------------
                                        Name: Salloz Sikka
                                              ----------------------------------
                                        Title: Associate Director
                                               ---------------------------------

                                        Address:
                                        677 Washington Boulevard Stamford,
                                        Connecticut 06901
                                        Attention: Carmen Melendez
                                        Telephone No.: (203) 719-3233
                                        Telecopy No.: (203) 719-3888


                                      -86-

<PAGE>

Signature page to Credit Agreement with Education Realty Operating Partnership,
LP

                                        REGIONS BANK


                                        By: /s/ Joelle Rogin
                                            ------------------------------------
                                        Name: Joelle Rogin
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        Address:
                                        6200 Poplar Avenue
                                        Memphis, Tennessee 38119
                                        Attention: Joelle L. Rogin,
                                        Vice President
                                        Telephone No.: (901) 580-5321
                                        Telecopy No.: (901) 580-5582


                                      -87-

<PAGE>

Signature page to Credit Agreement with Education Realty Operating Partnership,
LP

                                        ALLIED IRISH BANKS, P.L.C.


                                        By: /s/ Douglas S. Marron
                                            ------------------------------------
                                        Name: Douglas S. Marron
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------


                                        By: /s/ Laura B. Baker
                                            ------------------------------------
                                        Name: Laura B. Baker
                                              ----------------------------------
                                        Title: Assistant Vice President
                                               ---------------------------------

                                        Address:
                                        405 Park Avenue, 10th Floor
                                        New York, New York 10022
                                        Attention: Douglas S. Marron
                                        Telephone No.: (212) 515-6762
                                        Telecopy No.: (212) 339-9150


                                      -88-

<PAGE>

Signature page to Credit Agreement with Education Realty Operating Partnership,
LP

                                        COMMERZBANK AG NEW YORK BRANCH


                                        By: /s/ Christian Berry
                                            ------------------------------------
                                        Name: Christian Berry
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------


                                        By: /s/ Kerstin Micke
                                            ------------------------------------
                                        Name: Kerstin Micke
                                              ----------------------------------
                                        Title: Assistant Vice President
                                               ---------------------------------

                                        Address:
                                        2 World Financial Center
                                        New York, New York 10281-1050
                                        Attention: David Goldman, Vice President
                                        Telephone No.: (212) 266-7761
                                        Telecopy No.: (212) 266-7565


                                      -89-
<PAGE>

                                  SCHEDULE 2.01

<TABLE>
<CAPTION>
LENDER                           REVOLVING LOAN COMMITMENT
------                           -------------------------
                                        (Percentage)
<S>                              <C>
KeyBank, National Association          $25,000,000.00
                                           (25%)

UBS Loan Finance LLC                   $20,000,000.00
                                           (20%)

Regions Bank                           $15,000,000.00
                                           (15%)

Allied Irish Bank                      $20,000,000.00
                                           (20%)

Commerzbank AG New York Branch         $20,000,000.00
                                           (20%)
</TABLE>


                                       1

<PAGE>

                                SCHEDULE 3.05(F)

     1.   Earthquake or Seismic Area - None

     2.   Special Flood Hazard - Jefferson Commons in Lawrence, Kansas is in
          Special Flood Hazard Area AE.


                                       2

<PAGE>

                                  SCHEDULE 3.07

     In June 2001, the United State Department of Justice, or DOJ, notified JPI
of an on-going investigation regarding possible violations of the ADA and the
FHAA at various residential properties developed by JPI, mostly multi-family
apartment communities. Of the 14 student housing communities the Borrower is
acquiring from JPI in the acquisition, one property is included in those
reviewed by the DOJ to date. The DOJ has reviewed the property plans for this
property but has not issued a report regarding its review. In October 2002, the
DOJ indicated that the investigations were being delayed for an undetermined
period of time. This investigation has not been resolved and, at this point, no
conclusion can be reached regarding what will be required to conclude it or
whether it will result in a dispute or legal proceedings with the DOJ.
Noncompliance with the ADA and the FHAA could result in the imposition of
injunctive relief, fines, awards of damages to private litigants or additional
capital expenditures to remedy such noncompliance. The Borrower is unable to
predict the outcome of the DOJ's investigation related to the JPI portfolio.


                                       3

<PAGE>

                                  SCHEDULE 3.15
                              LIST OF SUBSIDIARIES

1.  Education Realty OP Limited Partnership Trust
2.  Education Realty OP GP, Inc.
3.  Education Realty Operating Partnership, LP
4.  Allen & O'Hara Education Services, Inc.
5.  Allen & O'Hara Development Company, LLC
6.  Education Realty Trust, LLC
7.  EDR C Station, LLC
8.  EDR BG GP, LLC
9.  EDR BG, LP
10. EDR Clemson I GP, Inc.
11. EDR Clemson I Limited Partnership
12. EDR Tucson I, LLC
13. EDR Tallahassee I, LLC
14. EDR Athens I, LLC
15. EDR Lubbock, Inc.
16. EDR Lubbock, LLC
17. EDR Lubbock Limited Partnership
18. EDR Tallahassee, Inc.
19. EDR Tallahassee, LLC
20. EDR Tallahassee Limited Partnership
21. EDR Lawrence, Inc.
22. EDR Lawrence, LLC
23. EDR Lawrence Limited Partnership
24. EDR Columbus, Inc.
25. EDR Columbus, LLC
26. EDR Columbus Limited Partnership
27. EDR Columbia, Inc.
28. EDR Columbia, LLC
29. EDR Columbia Limited Partnership
30. EDR Western Michigan, Inc.
31. EDR Western Michigan, LLC
32. EDR Western Michigan Limited Partnership
33. EDR Wabash, Inc.
34. EDR Wabash, LLC
35. EDR Wabash Limited Partnership
36. EDR State College, Inc.
37. EDR State College, LLC
38. EDR Limpar, LLC
39. EDR State College Limited Partnership
40. EDR Stillwater, Inc.
41. EDR Stillwater, LLC
42. EDR Stillwater Limited Partnership
43. EDR Knoxville, Inc.
44. EDR Knoxville, LLC
45. EDR Knoxville Limited Partnership
46. EDR Tucson, Inc.
47. EDR Tucson, LLC
48. EDR Tucson Phase II Limited Partnership
49. EDR Tharpe, Inc.
50. EDR Tharpe, LLC
51. EDR Tharpe Limited Partnership
52. EDR Tampa, Inc.
53. EDR Tampa, LLC
54. EDR Tampa Limited Partnership
55. EDR Orlando, Inc.
56. EDR Orlando, LLC
57. EDR Orlando Limited Partnership
58. University Towers OP GP, LLC
59. University Towers Operating Partnership, LP
60. AOD/Raleigh Residence Hall, LLC
61. University Towers Building, LLC
62. University Towers Raleigh, LLC
63. University Towers Raleigh Services, LLC
64. EDR Oxford, LLC
65. EDR Cayce Manager, Inc.
66. EDR Cayce, LLC
67. EDR Murfreesboro, LLC
68. EDR Gainesville Limited Partnership
69. EDR Gainesville GP, LLC
70. EDR Auburn, LLC
71. EDR Clemson Place Limited Partnership
72. EDR Clemson Place GP, LLC
73. EDR Berkeley Place Limited Partnership
74. EDR Berkeley Place GP, LLC
75. Cape Place (DE), LLC
76. Clayton Place (DE), LLC
77. Jacksonville Place (DE), LLC
78. Macon Place (DE), LLC
79. Martin Place (DE), LLC
80. Murray Place (DE), LLC
81. River Place (DE), LLC
82. Troy Place (DE), LLC
83. Carrolton Place, LLC
84. Southern Place, LLC
85. Western Place, LLC
86. EDR Lease Holdings, LLC


                                       4

<PAGE>

                                  SCHEDULE 5.12
                                      POOL

1. Jefferson Commons - Tallahassee, Florida (Leon County)
2. Players Club Apartments - Tallahassee, Florida (Leon County)
3. Jefferson Pointe - Tallahassee, Florida (Leon County)
4. The Reserve At Athens - Athens, Georgia (Clarke County)
5. College Station - Augusta, Georgia (Richmond County)
6. Jefferson Commons - Lawrence, Kansas (Douglas County)
7. Campus Creek - Oxford, Mississippi (Lafayette County)


                                       5

<PAGE>

                                  SCHEDULE 6.02
                                 EXISTING LIENS

                                      None


                                       6
<PAGE>

                                CREDIT AGREEMENT

                                    EXHIBIT A

                            ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (the "Assignment and Assumption") is dated
as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the "Assignor") and [Insert name of Assignee] (the
"Assignee"). Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (as amended, 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
are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably purchases and
assumes from the Assignor, 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 rights
and obligations in its capacity as a Lender 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 under the respective
facilities identified below (including any letters of credit, guarantees, and
swingline loans 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) 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 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 pursuant to clauses (i) and (ii) above being
referred to herein collectively as the "Assigned Interest"). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by the
Assignor.

1. Assignor:             _______________________________________________________

2. Assignee:             _______________________________________________________
                         [and is an Affiliate/Approved Fund of [identify
                         Lender](1)]

3. Borrower:             Education Realty Operating Partnership, LP and certain
                         of its Subsidiaries

----------
(1)  Select as applicable.


                                       A-1

<PAGE>

4. Administrative Agent: KeyBank, National Association, as the administrative
                         agent under the Credit Agreement

5. Credit Agreement:     The Amended and Restated Credit Agreement dated as of
                         ________________, 2006, among Education Realty
                         Operating Partnership, LP, certain of its Subsidiaries,
                         the Lenders parties thereto, KeyBank, National
                         Association, as Administrative Agent, and the other
                         agents parties thereto

6. Assigned Interest:

<TABLE>
<CAPTION>
   Aggregate Amount of         Amount of           Percentage
Commitment/Loans for all   Commitment/Loans       Assigned of
         Lenders               Assigned       Commitment/Loans(2)
------------------------   ----------------   -------------------
<S>                        <C>                <C>
         $_____                 $_____               _____%
         $_____                 $_____               _____%
         $_____                 $_____               _____%
</TABLE>

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 Assumption are hereby agreed to:

                                        ASSIGNOR

                                        ----------------------------------------
                                        [NAME OF ASSIGNOR]


                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

----------
(2)  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans
     of all Lenders thereunder.


                                       A-2

<PAGE>

                                        ASSIGNEE

                                        ----------------------------------------
                                        [NAME OF ASSIGNEE]


                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------


[Consented to and](3) Accepted:

[KeyBank, National Association], as
Administrative Agent


By:
    ---------------------------------
Title:
       ------------------------------


[Consented to:](4)

-------------------------------------
[NAME OF RELEVANT PARTY]


By:
    ---------------------------------
Title:
       ------------------------------

----------
(3)  To be added only if the consent of the Administrative Agent is required by
     the terms of the Credit Agreement.

(4)  To be added only if the consent of the Borrower and/or other parties (e.g.
     Swingline Lender, Issuing Bank) is required by the terms of the Credit
     Agreement.


                                       A-3

<PAGE>

                                                                         ANNEX 1

                        STANDARD TERMS AND CONDITIONS FOR
                            ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of the Assigned Interest, (ii) the 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 Assumption 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 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 Assumption and to consummate the transactions
contemplated hereby and to become a Lender under the Credit Agreement, (ii) it
satisfies the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to acquire the Assigned Interest and
become a Lender, (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 Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it has received a copy of the Credit Agreement, together with copies of the
most recent financial statements delivered pursuant to Section 5.01 thereof, as
applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the Assigned Interest on the basis of
which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any other Lender, and (v) if it is a Foreign
Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the 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.

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


                                       A-4

<PAGE>

Effective Date and to the Assignee for amounts which have accrued from and after
the Effective Date.

     3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption 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 Assumption
by telecopy shall be effective as delivery of a manually executed counterpart of
this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.


                                       A-5
<PAGE>

                                CREDIT AGREEMENT

                                    EXHIBIT B

                         FORM OF COMPLIANCE CERTIFICATE

                                     [Date]

KeyBank, National Association
as Administrative Agent
225 Franklin Street
Boston, Massachusetts 02110

Attn: Mr. Gregory W. Lane

Re: Education Realty Operating Partnership. LP
    Compliance Certificate for _______ through __________

Dear Ladies and Gentlemen:

     This Compliance Certificate is made with reference to that certain Amended
and Restated Credit Agreement dated as of ________________, 2006 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Education Realty Operating Partnership, LP and certain of its Subsidiaries
(collectively, the "Borrower"), the financial institutions party thereto, as
lenders, and KeyBank, National Association., as Administrative Agent. All
capitalized terms used in this Compliance Certificate (including any attachments
hereto) and not otherwise defined in this Compliance Certificate shall have the
meanings set forth for such terms in the Credit Agreement. All Section
references herein shall refer to the Credit Agreement.

     I hereby certify that I am the [chief financial officer] [chief accounting
officer] of Education Realty Operating Partnership, LP, and that I make this
Certificate on behalf of each Borrower. I further represent and certify on
behalf of the Borrower as follows as of the date of this Compliance Certificate:

     I have reviewed the terms of the Loan Documents and have made, or have
     caused to be made under my supervision, a review in reasonable detail of
     the transactions and consolidated and consolidating financial condition of
     the Borrower and its Subsidiaries, during the accounting period (the
     "Reporting Period") covered by the financial reports delivered simultaneous
     herewith pursuant to Section 5.01[(a)][(b)], and that such review has not
     disclosed the existence during or at the end of such Reporting Period (and
     that I do not have knowledge of


                                      B-1

<PAGE>

     the existence as at the date hereof) of any condition or event which
     constitutes a Default or Event of Default.(1)

     Attached hereto as (x) Schedule A-1 is a list of the Real Property that
     comprises the Pool and the Pool Value, and (y) Schedule A-2 is a list of
     the Real Property assets that were identified as being in the Pool in the
     last Compliance Certificate and that are no longer qualified to be in the
     Pool as of the last day of the Reporting Period.

     Attached hereto as (x) Schedule B-1 is a detailed calculation of Interest
     Expense for the Reporting Period, which amount was $__________, and (y)
     Schedule B-2 is a detailed calculation of Interest Expense, principal paid
     and due and payable on Indebtedness, and cash dividends payable on the
     Parent's preferred stock for the Reporting Period, which aggregated
     $__________.

     Attached hereto as Schedule C is a detailed calculation of EBITDA for the
     Reporting Period, which amount was $__________.

          As of the last day of the Reporting Period:

1.   Interest Coverage Ratio

     (a)  EBITDA                                                 $______________
     (b)  Interest Expense                                       $______________
     (c)  Interest Coverage Ratio(2)                              _______ : 1.00

2.   Fixed Charge Coverage Ratio Calculation:

     (a)  EBITDA                                                 $______________
     (b)  Capital Expenditure Reserve                            $______________
          (attach quarterly average calculation)
     (c)  (a) - (b)                                              $______________
     (d)  Principal paid and due and payable plus Interest       $______________
          Expense plus cash dividends on preferred stock
     (e)  Fixed Charge Coverage Ratio ((c) to (d))(3)             _______ : 1.00

3.       Tangible Net Worth(4):                                  $______________

----------
(1)  Alternatively, if a Default or Event of Default existed or exists, specify
     the nature and period of existence thereof and what action the Borrower or
     any of its Subsidiaries has taken, is taking and proposes to take with
     respect thereto.

(2)  Pursuant to Section 5.02(b), must not be less than 1.85 to 1.00.

(3)  Pursuant to Section 5.02(c), must not be less than 1.50 to 1.00.

(4)  Pursuant to Section 5.02(d), must not be less than $____________, plus 75%
     of the net proceeds of equity offerings after the date of the Credit
     Agreement.


                                      B-2

<PAGE>

4.   Total Leverage Ratio Calculation:

     (a)  Indebtedness                                           $______________
     (b)  Total Asset Value                                      $______________
     (c)  Total Leverage Ratio(5)                                 _____________%

5.   Varying Interest Rate Calculation:

     (a)  Indebtedness with a varying interest rate              $______________
     (b)  Indebtedness                                           $______________
     (c)  (a) to (b)(6)                                           _____________%

6.   Asset Maintenance Calculation

     (a)  Value of Pool(7)
          (attach list of each Property)                         $______________

7.   Investment Limitations

     (a)  (i)   Investments in Unconsolidated Affiliates         $______________
          (ii)  Total Asset Value                                $______________
          (iii) (i) / (ii), expressed as a percentage(8)          _____________%

     (b)  (i)   Investments in undeveloped land                  $______________
          (ii)  Total Asset Value                                $______________
          (iii) (i) / (ii), expressed as a percentage(9)          _____________%

     (c)  (i)   Investment in Assets Under Development           $______________
          (ii)  Total Asset Value                                $______________
          (iii) (i) / (ii), expressed as a percentage(10)         _____________%

     (d)  (i)   Investments in Real Property not constituting
                student housing communities                      $______________
          (ii)  Total Asset Value                                $______________
          (iii) (i) / (ii), expressed as a percentage(11)         _____________%

     (g)  (i)   Investments in undeveloped land, Unconsolidated

----------
(5)  Pursuant to Section 5.02(a), cannot exceed seventy percent (70%).

(6)  Pursuant to Section 5.02(e), must not exceed thirty percent (30%).

(7)  Pursuant to Section 5.12(a), must not be less than $50,000,000.

(8)  Pursuant to Section 6.04(c), cannot exceed twenty percent (20%) of the
     Total Asset Value.

(9)  Pursuant to Section 6.04(d), cannot exceed ten percent (10%) of Total Asset
     Value.

(10) Pursuant to section 6.04(f), cannot exceed twenty percent (20%) of Total
     Asset Value.

(11) Pursuant to Section 6.04(e), cannot exceed ten percent (10%) of Total Asset
     Value.


                                      B-3

<PAGE>

                Affiliates, Assets Under Development and
                non-student housing communities                  $______________
          (ii)  Total Asset Value                                $______________
          (iii) (i) / (ii), expressed as a percentage(12)         _____________%

8.   Restricted Payments

     (a)   Restricted Payments made on or after January
           1, 2006 for Reporting Period and preceding 3
           quarters                                              $______________

9.   Maximum Outstandings

     (a)  Aggregate Commitment                                   $100,000,000.00
     (b)  Aggregate Borrowing Base Availability
          (attach list reflecting amount for each Mortgaged
          Property)                                              $______________
     (c)  Maximum Loan Available Amount (lesser of (a) or (b))   $______________
     (d)  Amount outstanding under Revolving Loans and
          Swingline Loans                                        $______________
     (e)  LC Exposure                                            $______________
     (f)  Revolving Credit Exposure (d)+(e); cannot exceed (c)   $______________

     This Compliance Certificate has been executed and delivered as of the date
set forth above.

                                        EDUCATION REALTY OPERATING PARTNERSHIP,
                                        LP

                                        By: EDUCATION REALTY OP GP, INC.,
                                            General Partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

----------
(12) Pursuant to Section 6.04, cannot exceed thirty percent (30%) of Total Asset
     Value.


                                      B-4
<PAGE>

                                CREDIT AGREEMENT

                                    EXHIBIT C

                                FORM OF GUARANTY

     THIS GUARANTY dated as of _______________, 2006, executed and delivered by
each of the undersigned, whether one or more, (all each a "Guarantor" and,
collectively, the "Guarantors"), in favor of (a) KEYBANK, NATIONAL ASSOCIATION,
in its capacity as Administrative Agent (the "Agent") for the Lenders under that
certain Amended and Restated Credit Agreement dated as of _______________, 2006,
by and among EDUCATION REALTY OPERATING PARTNERSHIP, LP, EDR ATHENS I, LLC, EDR
TALLAHASSEE I, LLC, EDR C STATION, LLC, EDR TALLAHASSEE LIMITED PARTNERSHIP, EDR
THARPE LIMITED PARTNERSHIP and EDR LAWRENCE LIMITED PARTNERSHIP (collectively,
the "Borrower"), the financial institutions party thereto and their assignees in
accordance therewith (the "Lenders"), and the Agent (as the same may be amended,
restated, supplemented or otherwise modified from time to time in accordance
with its terms, the "Credit Agreement") and (b) the Lenders.

     WHEREAS, pursuant to the Credit Agreement, the Lenders have made available
to the Borrower certain financial accommodations on the terms and conditions set
forth in the Credit Agreement;

     WHEREAS, the Borrower and each Guarantor, though separate legal entities,
are mutually dependent on each other in the conduct of their respective
businesses as an integrated operation and have determined it to be in their
mutual best interests to obtain financing from the Agent and the Lenders through
their collective efforts;

     WHEREAS, each Guarantor acknowledges that it will receive direct and
indirect benefits from the Agent and the Lenders making such financial
accommodations available to the Borrower under the Credit Agreement and,
accordingly, each Guarantor is willing to guarantee the Borrower's obligations
to the Agent and the Lenders on the terms and conditions contained herein; and

     WHEREAS, each Guarantor's execution and delivery of this Guaranty is one of
the conditions precedent to the Agent and the Lenders making, or continuing to
make, such financial accommodations to the Borrower.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor
agrees as follows:

     Section 1. Guaranty. Each Guarantor hereby absolutely and unconditionally
guaranties the due and punctual payment and performance of all of the following
when due (collectively referred to as the "Obligations"): (a) all indebtedness
and obligations owing by the Borrower to any of the Lenders or the Agent under
or in connection with the Credit Agreement and any other Loan Document,
including without limitation, the repayment of all principal of the Loans made


                                       C-1

<PAGE>

by the Lenders to the Borrower under the Credit Agreement and the payment of all
interest, fees, charges, reasonable attorneys fees and other amounts payable to
any Lender or the Agent thereunder or in connection therewith (including any
Hedging Agreement); (b) any and all extensions, renewals, modifications,
amendments or substitutions of the foregoing; and (c) all expenses, including,
without limitation, reasonable attorneys' fees and disbursements, that are
incurred by the Lenders or the Agent in the enforcement of any of the foregoing
or any obligation of such Guarantor hereunder.

     Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a
guaranty of payment, and not of collection, and a debt of each Guarantor for its
own account. Accordingly, the Lenders and the Agent shall not be obligated or
required before enforcing this Guaranty against any Guarantor: (a) to pursue any
right or remedy the Lenders or the Agent may have against the Borrower, any
other Guarantor or any other Person or commence any suit or other proceeding
against the Borrower, any other Guarantor or any other Person in any court or
other tribunal; (b) to make any claim in a liquidation or bankruptcy of the
Borrower, any other Guarantor or any other Person; or (c) to make demand of the
Borrower, any other Guarantor or any other Person or to enforce or seek to
enforce or realize upon any collateral security held by the Lenders or the Agent
which may secure any of the Obligations. In this connection, each Guarantor
hereby waives the right of such Guarantor to require any holder of the
Obligations to take action against the Borrower as provided by any legal
requirement of any Governmental Authority.

     Section 3. Guaranty Absolute. Each Guarantor guarantees that the
Obligations will be paid strictly in accordance with the terms of the documents
evidencing the same, regardless of any legal requirement now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the
Agent or the Lenders with respect thereto. The liability of each Guarantor under
this Guaranty shall be absolute and unconditional in accordance with its terms
and shall remain in full force and effect without regard to, and shall not be
released, suspended, discharged, terminated or otherwise affected by, any
circumstance or occurrence whatsoever (other than the full and final payment and
performance of the Obligations), including, without limitation, the following
(whether or not such Guarantor consents thereto or has notice thereof):

     (a) (i) any change in the amount, interest rate or due date or other term
of any of the Obligations; (ii) any change in the time, place or manner of
payment of all or any portion of the Obligations; (iii) any amendment or waiver
of, or consent to the departure from or other indulgence with respect to, the
Credit Agreement, any other Loan Document, or any other document or instrument
evidencing or relating to any Obligations; or (iv) any waiver, renewal,
extension, addition, or supplement to, or deletion from, or any other action or
inaction under or in respect of, the Credit Agreement, any of the other Loan
Documents, or any other documents, instruments or agreements relating to the
Obligations or any other instrument or agreement referred to therein or
evidencing any Obligations or any assignment or transfer of any of the
foregoing;

     (b) any lack of validity or enforceability of the Credit Agreement, any of
the other Loan Documents, or any other document, instrument or agreement
referred to therein or evidencing any Obligations or any assignment or transfer
of any of the foregoing;


                                      C-2

<PAGE>

     (c) any furnishing to the Agent or the Lenders of any security for the
Obligations, or any sale, exchange, release or surrender of, or realization on,
any collateral security for the Obligations;

     (d) any settlement or compromise of any of the Obligations, any security
therefor, or any liability of any other party with respect to the Obligations,
or any subordination of the payment of the Obligations to the payment of any
other liability of the Borrower;

     (e) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to any other
Guarantor, the Borrower or any other Person, or any action taken with respect to
this Guaranty by any trustee or receiver, or by any court, in any such
proceeding;

     (f) any nonperfection of any security interest or other Lien on any of the
collateral securing any of the Obligations;

     (g) any act or failure to act by the Borrower or any other Person which may
adversely affect such Guarantor's subrogation rights, if any, against the
Borrower to recover payments made under this Guaranty;

     (h) any application of sums paid by the Borrower or any other Person with
respect to the liabilities of the Borrower to the Agent or the Lenders,
regardless of what liabilities of the Borrower remain unpaid;

     (i) any defect, limitation or insufficiency in the borrowing powers of the
Borrower or in the exercise thereof; or

     (j) any other circumstance which might otherwise constitute a defense
available to, or a discharge of, any Guarantor hereunder.

     Section 4. Action with Respect to Obligations. The Lenders and the Agent
may in accordance with the Credit Agreement, at any time and from time to time,
without the consent of, or notice to, any Guarantor, and without discharging any
Guarantor from its obligations hereunder take any and all actions described in
Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of
any of the Obligations, including, but not limited to, extending or shortening
the time of payment of any of the Obligations or the interest rate that may
accrue on any of the Obligations; (b) amend, modify, alter or supplement the
Credit Agreement or any other Loan Document; (c) sell, exchange, release or
otherwise deal with all, or any part, of any collateral securing any of the
Obligations; (d) release any Person liable in any manner for the payment or
collection of the Obligations; (e) exercise, or refrain from exercising, any
rights against the Borrower or any other Person (including, without limitation,
any other Guarantor); and (f) apply any sum, by whomsoever paid or however
realized, to the Obligations in such order as the Lenders or the Agent shall
elect in accordance with the Credit Agreement.

     Section 5. Representations and Warranties. Each Guarantor hereby makes to
the Agent and the Lenders all of the representations and warranties made by the
Borrower with respect to or


                                      C-3

<PAGE>

in any way relating to such Guarantor in the Credit Agreement and the other Loan
Documents, as if the same were set forth herein in full.

     Section 6. Covenants. Each Guarantor will comply with all covenants which
the Borrower is to cause such Guarantor to comply with under the terms of the
Credit Agreement or any other Loan Documents.

     Section 7. Waiver. Each Guarantor, to the fullest extent permitted by
applicable law, hereby waives notice of acceptance hereof or any presentment,
demand, protest or notice of any kind, and any other act or thing, or omission
or delay to do any other act or thing, which in any manner or to any extent
might vary the risk of such Guarantor or which otherwise might operate to
discharge such Guarantor from its obligations hereunder.

     Section 8. Inability to Accelerate Loan. If the Agent and/or the Lenders
are prevented from demanding or accelerating payment thereof by reason of any
automatic stay or otherwise, the Agent and/or the Lenders shall be entitled to
receive from each Guarantor, upon demand therefor, the sums which otherwise
would have been due had such demand or acceleration occurred.

     Section 9. Reinstatement of Obligations. Each Guarantor agrees that this
Guaranty shall continue to be effective or be reinstated, as the case may be,
with respect to any Obligations if at any time payment of any such Obligations
is rescinded or otherwise must be restored by the Agent and/or the Lenders upon
the bankruptcy or reorganization of the Borrower or any Guarantor or otherwise.

     Section 10. Subrogation. Until all of the Obligations shall have been
indefeasibly paid in full, any right of subrogation a Guarantor may have shall
be subordinate to the rights of Agent and the Lenders and each Guarantor hereby
waives any right to enforce any remedy which the Agent and/or the Lenders now
have or may hereafter have against the Borrower, and each Guarantor hereby
waives any benefit of, and any right to participate in, any security or
collateral given to the Agent and the Lenders to secure payment or performance
of any of the Obligations.

     Section 11. Payments Free and Clear. All sums payable by each Guarantor
hereunder shall be made free and clear of and without deduction for any
Indemnified Taxes (as defined in the Credit Agreement) or Other Taxes (as
defined in the Credit Agreement); provided that if any Guarantor shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable
under this Section), the Agent, Lender or Issuing Bank (as defined in the Credit
Agreement) (as the case may be) receives an amount equal to the sum it would
have received had no such deductions been made; (ii) such Guarantor shall make
such deductions; and (iii) such Guarantor shall pay the full amount deducted to
the relevant Governmental Authority (as defined in the Credit Agreement) in
accordance with applicable law.

     Section 12. Set-off. In addition to any rights now or hereafter granted
under applicable law and not by way of limitation of any such rights, each
Lender is hereby authorized at any time


                                      C-4

<PAGE>

and from time to time, to the fullest extent permitted by law, to set off and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other obligations at any time owing by such Lender
to or for the credit or the account of any Guarantor against any of and all the
obligations of such Guarantor now or hereafter existing under this Guaranty held
by such Lender then due and payable. Each Guarantor agrees, to the fullest
extent it may effectively do so under applicable law, that any holder of a
participation in a Note, whether or not acquired pursuant to the applicable
provisions of the Credit Agreement, may exercise rights of setoff or
counterclaim and other rights with respect to such participation as fully as if
such holder of a participation were a direct creditor of such Guarantor in the
amount of such participation.

     Section 13. Subordination. Each Guarantor hereby expressly covenants and
agrees for the benefit of the Agent and the Lenders that all obligations and
liabilities of the Borrower or any other Guarantor to such Guarantor of whatever
description, including without limitation, all intercompany receivables of such
Guarantor from the Borrower or any other Guarantor (collectively, the "Junior
Claims") shall be subordinate and junior in right of payment to all Obligations;
provided, however, that payment thereof may be made so long as no Event of
Default shall have occurred and be continuing. If an Event of Default shall have
occurred and be continuing, then no Guarantor shall accept any direct or
indirect payment (in cash, property, securities by setoff or otherwise) from the
Borrower or any other Guarantor on account of or in any manner in respect of any
Junior Claim until all of the Obligations have been indefeasibly paid in full.

     Section 14. Avoidance Provisions. It is the intent of each Guarantor, the
Agent and the Lenders that in any Proceeding, such Guarantor's maximum
obligation hereunder shall equal, but not exceed, the maximum amount which would
not otherwise cause the obligations of such Guarantor hereunder (or any other
obligations of such Guarantor to the Agent and the Lenders) to be avoidable or
unenforceable against such Guarantor in such Proceeding as a result of
applicable law, including without limitation, (a) Section 548 of the Bankruptcy
Code of 1978, as amended (the "Bankruptcy Code") and (b) any state fraudulent
transfer or fraudulent conveyance act or statute applied in such Proceeding,
whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The
applicable laws under which the possible avoidance or unenforceability of the
obligations of such Guarantor hereunder (or any other obligations of such
Guarantor to the Agent and the Lenders) shall be determined in any such
Proceeding are referred to as the "Avoidance Provisions." Accordingly, to the
extent that the obligations of any Guarantor hereunder would otherwise be
subject to avoidance under the Avoidance Provisions, the maximum Obligations for
which such Guarantor shall be liable hereunder shall be reduced to that amount
which, as of the time any of the Obligations are deemed to have been incurred
under the Avoidance Provisions, would not cause the obligations of any Guarantor
hereunder (or any other obligations of such Guarantor to the Agent and the
Lenders), to be subject to avoidance under the Avoidance Provisions. This
Section is intended solely to preserve the rights of the Agent and the Lenders
hereunder to the maximum extent that would not cause the obligations of any
Guarantor hereunder to be subject to avoidance under the Avoidance Provisions,
and no Guarantor nor any other Person shall have any right or claim under this
Section as against the Agent and the Lenders that would not otherwise be
available to such Person under the Avoidance Provisions.


                                      C-5

<PAGE>

     Section 15. Information. Each Guarantor assumes all responsibility for
being and keeping itself informed of the financial condition of the Borrower, of
the other Guarantors and of all other circumstances bearing upon the risk of
nonpayment of any of the Obligations and the nature, scope and extent of the
risks that such Guarantor assumes and incurs hereunder, and agrees that none of
the Agent or any Lender shall have any duty whatsoever to advise any Guarantor
of information regarding such circumstances or risks.

     Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 17. Jurisdiction; Venue; JURY WAIVER.

     (a) Each Guarantor hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the state and
federal courts in Boston, Massachusetts and in New York, New York, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Guaranty or any other Loan Document, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such State or, to the extent permitted
by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Guaranty shall affect any right that the Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or
proceeding relating to this Guaranty or any other Loan Document against the
Guarantor or its properties in the courts of any jurisdiction.

          (b) Each Guarantor hereby irrevocably and unconditionally waives, to
     the fullest extent it may legally and effectively do so, any objection
     which it may now or hereafter have to the laying of venue of any suit,
     action or proceeding arising out of or relating to this Guaranty or any
     other Loan Document in any court referred to in paragraph (a) of this
     Section. Each of the parties hereto hereby irrevocably waives, to the
     fullest extent permitted by law, the defense of an inconvenient forum to
     the maintenance of such action or proceeding in any such court.

          (c) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
     FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
     TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
     OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
     CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
     OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
     AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
     OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
     SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
     OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT


                                      C-6

<PAGE>

     BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
     SECTION.

     Section 18. Loan Accounts. The Agent may maintain books and accounts
setting forth the amounts of principal, interest and other sums paid and payable
with respect to the Obligations, and in the case of any dispute relating to any
of the outstanding amount, payment or receipt of Obligation or otherwise, the
entries in such account shall be binding upon each Guarantor as to the
outstanding amount of such Obligations and the amounts paid and payable with
respect thereto absent manifest error. The failure of the Agent to maintain such
books and accounts shall not in any way relieve or discharge any Guarantor of
any of its obligations hereunder.

     Section 19. Waiver of Remedies. No delay or failure on the part of the
Agent or the Lenders in the exercise of any right or remedy it may have against
any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no
single or partial exercise by the Agent or the Lenders of any such right or
remedy shall preclude other or further exercise thereof or the exercise of any
other such right or remedy.

     Section 20. Successors and Assigns. Each reference herein to the Agent or
the Lenders shall be deemed to include such Person's respective successors and
assigns (including, but not limited to, any holder of the Obligations) in whose
favor the provisions of this Guaranty also shall inure, and each reference
herein to any Guarantor shall be deemed to include the Guarantor's successors
and assigns, upon whom this Guaranty also shall be binding. The Lenders and the
Agent may, in accordance with the applicable provisions of the Credit Agreement,
assign, transfer or sell any Obligation, or grant or sell participation in any
Obligations, to any Person or entity without the consent of, or notice to, any
Guarantor and without releasing, discharging or modifying such Guarantor's
obligations hereunder. Each Guarantor hereby consents to the delivery by the
Agent or any Lender to any assignee, transferee or participant of any financial
or other information regarding the Borrower or any Guarantor. Each Guarantor may
not assign or transfer its obligations hereunder to any Person.

     Section 21. Amendments. This Guaranty may not be amended except as provided
in the Credit Agreement.

     Section 22. Payments. All payments made by any Guarantor pursuant to this
Guaranty shall be made in Dollars, in immediately available funds to the Agent
at the place and time provided for in the Credit Agreement on the date one (1)
Business Day after written demand therefor to such Guarantor by the Agent.

     SECTION 23. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE
GUARANTORS HEREUNDER AND UNDER OTHER LOAN DOCUMENTS SHALL BE JOINT AND SEVERAL,
AND ACCORDINGLY, EACH GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR
MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR
MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE OBLIGATIONS AND ALL OF THE
OBLIGATIONS AND


                                      C-7

<PAGE>

LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER AND UNDER OTHER LOAN
DOCUMENTS.

     Section 24. Notices. All notices, requests and other communications
hereunder shall be in writing and shall be given as provided in the Loan
Agreement. Each Guarantor's address for notice is set forth below its signature
hereto.

     Section 25. Severability. In case any provision of this Guaranty shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     Section 26. Headings. Section headings used in this Guaranty are for
convenience only and shall not affect the construction of this Guaranty.

     Section 27. Definitions. (a) For the purposes of this Guaranty:

     "Proceeding" means any of the following: (i) a voluntary or involuntary
case concerning any Guarantor shall be commenced under the Bankruptcy Code or
any other applicable bankruptcy laws; (ii) a custodian (as defined in the
Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or
takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any applicable law, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding-up or composition
for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or
bankrupt; (v) any order of relief or other order approving any such case or
proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor
makes a general assignment for the benefit of creditors; (vii) any Guarantor
shall fail to pay, or shall state that it is unable to pay, or shall be unable
to pay, its debts generally as they become due; (viii) any Guarantor shall call
a meeting of its creditors with a view to arranging a composition or adjustment
of its debts; (ix) any Guarantor shall by any act or failure to act indicate its
consent to, approval of or acquiescence in any of the foregoing; or (x) any
corporate action shall be taken by any Guarantor for the purpose of effecting
any of the foregoing.

     (b) Terms not otherwise defined herein are used herein with the respective
meanings given them in the Credit Agreement.

     IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this
Guaranty as of the date and year first written above.

                                        (GUARANTOR)


                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address for Notices:


                                      C-8

<PAGE>

                                        c/o EDUCATION REALTY OPERATING
                                        PARTNERSHIP, LP
                                        530 Oak Court Drive, Suite 300
                                        Memphis, Tennessee 38117
                                        Attention: Randall H. Brown


                                      C-9
<PAGE>

                                CREDIT AGREEMENT

                                    EXHIBIT D

                                  FORM OF NOTE

$_________________                                              __________, 2005

     FOR VALUE RECEIVED, EDUCATION REALTY OPERATING PARTNERSHIP, LP, EDR ATHENS
I, LLC, EDR TALLAHASSEE I, LLC, EDR C STATION, LLC, EDR TALLAHASSEE LIMITED
PARTNERSHIP, EDR THARPE LIMITED PARTNERSHIP AND EDR LAWRENCE LIMITED PARTNERSHIP
(collectively, the "Maker") jointly and severally promise to pay without offset
or counterclaim to the order of [insert name of Lender], ("Payee"), the
principal amount equal to the lesser of (x) __________________________
($_____________) or (y) the outstanding amount advanced by Payee as a Loan under
the Credit Agreement (as hereinafter defined), payable in accordance with the
terms of the Credit Agreement.

     Maker also promises to pay interest on the unpaid principal amount of this
Note (this "Note") at the rates and at the times which shall be determined in
accordance with the provisions of that certain Amended and Restated Credit
Agreement dated of even date herewith, among Maker, the Lenders named therein,
and KeyBank, National Association, as Administrative Agent for itself and the
Lenders (as hereafter amended, supplemented or otherwise modified from time to
time, the "Credit Agreement"). Capitalized terms used herein without definition
shall have the meanings set forth in the Credit Agreement.

     Amounts borrowed may be repaid and reborrowed at any time prior to the
termination of the Availability Period. Except as otherwise provided in the
Credit Agreement, no Lender shall have any obligation to make a Loan to the
extent such Loan would cause the sum of the total Revolving Credit Exposures to
exceed the total Maximum Loan Available Amount.

     This Note is subject to mandatory prepayment and prepayment at the option
of the Maker, as provided in the Credit Agreement.

     This Note is issued pursuant to the Credit Agreement and is entitled to the
benefits of the Credit Agreement, reference to which is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced
hereby is made and is to be repaid.

     THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. MAKER AGREES THAT JURISDICTION AND VENUE FOR ANY
ACTION REGARDING THIS NOTE SHALL BE AS SET FORTH IN THE CREDIT AGREEMENT.


                                      D-1

<PAGE>

     Upon the occurrence of an Event of Default, the unpaid balance of the
principal amount of this Note may become, or may be declared to be, due and
payable in the manner, upon the conditions and with the effect provided in the
Credit Agreement.

     Maker promises to pay all fees, costs and expenses incurred in the
collection and enforcement of this Note in accordance with the terms of the
Credit Agreement. Maker and any endorser of this Note hereby consents to
renewals and extensions of time at or after the maturity hereof, without notice,
and hereby waive diligence, presentment, protest, demand and notice of every
kind (except such notices as may be expressly required under the Credit
Agreement or the other Loan Documents) and, to the full extent permitted by law,
the right to plead any statute of limitations as a defense to any demand
hereunder.

     Whenever possible, each provision of this Note shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision
of this Note shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Note.

     IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered
by its duly authorized officer, as of the day and year first written above.

                                        EDUCATION REALTY OPERATING PARTNERSHIP,
                                        LP, a Delaware limited partnership

                                        By: EDUCATION REALTY OP GP, INC.,
                                            a Delaware corporation,
                                            General Partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      D-2

<PAGE>

                                        EDR TALLAHASSEE LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: EDR Tallahassee, LLC,
                                            a Delaware limited liability
                                            company, its general partner

                                        By: EDR Tallahassee, Inc.,
                                            a Delaware corporation, its managing
                                            member


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        EDR THARPE LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: EDR Tharpe, LLC,
                                            a Delaware limited liability
                                            company, its general partner

                                        By: EDR Tharpe, Inc.,
                                            a Delaware corporation, its managing
                                            member


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      D-3

<PAGE>

                                        EDR LAWRENCE LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: EDR Lawrence, LLC,
                                            a Delaware limited liability
                                            company, its general partner

                                        By: EDR Lawrence, Inc.,
                                            a Delaware corporation, its managing
                                            member


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        EDR C STATION, LLC,
                                        a Delaware limited liability company

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware limited
                                            partnership, its managing member

                                        By: Education Realty OP GP, Inc.,
                                            a Delaware corporation, its general
                                            partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      D-4

<PAGE>

                                        EDR ATHENS I, LLC, a Delaware limited
                                        liability company

                                        By: Education Realty Trust, LLC,
                                            a Delaware limited partnership, its
                                            managing member

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware
                                            limited liability company, its
                                            managing member

                                        By: Education Realty OP GP,
                                            Inc., a Delaware corporation,
                                            its general partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        EDR TALLAHASSEE I, LLC, a Delaware
                                        limited liability company

                                        By: Education Realty Trust, LLC,
                                            a Delaware limited liability
                                            company, its managing member

                                        By: Education Realty Operating
                                            Partnership, LP, a Delaware
                                            limited partnership,
                                            its managing member

                                        By: Education Realty OP GP, Inc.
                                            a Delaware corporation, its general
                                            partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      D-5
<PAGE>

                                CREDIT AGREEMENT

                                    EXHIBIT E

              [FORM OF] BORROWING REQUEST/INTEREST ELECTION REQUEST

                                     [Date]

KeyBank, National Association
as Administrative Agent
225 Franklin Street, 18th floor
Boston, Massachusetts 02110

Attn: Mr. Gregory W. Lane

Re: Education Realty Operating Partnership, LP
    Borrowing Request

Dear Ladies and Gentlemen:

     This Borrowing Request is made with reference to that certain Amended and
Restated Credit Agreement dated as of ________________, 2006 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Education Realty Operating Partnership, LP and certain of its Subsidiaries
(collectively, the "Borrower"), the financial institutions party thereto, as
lenders, and KeyBank, National Association, as Administrative Agent. All
capitalized terms used in this Borrowing Request (including any attachments
hereto) and not otherwise defined in this Borrowing Request shall have the
meanings set forth for such terms in the Credit Agreement. All Section
references herein shall refer to the Credit Agreement. This request is made by
Education Realty Operating Partnership, LP on behalf of the Borrower.

     The Borrower hereby requests [check as applicable] [ ] a conversion of an
existing Loan as provided below and/or [ ] an advance under the Credit
Agreement, in the amount of $____________ [minimum of $1,000,000.00 and in
multiples of $100,000.00].

     1.   Aggregate Commitment                                  $100,000,000.00

     2.   Maximum Loan Available Amount                         $______________

     3.   The amount outstanding under the Revolving Loans and
          Swingline Loans                                       $______________

     4.   LC Exposure                                           $______________

     5.   Available amount (lesser of 1 or 2, minus 3, minus 4) $______________


                                      E-1

<PAGE>

     6.   Less amount requested                                 ($_____________)

     7.   Amount remaining to be advanced                       $______________

     8.   Account for funding:                                  ________________

     The advance or conversion is to be made as follows:

     A.   ABR Borrowing.

          1.   Amount of ABR Borrowing:                         $______________

          2.   Date of ABR Borrowing                             ______________

     B.   Eurodollar Borrowing:

          1.   Amount of Eurodollar Borrowing:                  $______________

          2.   Amount of conversion of existing Loan to
               Eurodollar Borrowing:                            $______________

          3.   Number of Eurodollar Borrowing(s) now in effect:  ______________
               [cannot exceed six (6)]

          4.   Date of Eurodollar Rate Borrowing or conversion:  ______________

          5.   Interest Period:                                  ______________

          6.   Expiration date of current Interest Period as to
               this conversion:                                  ______________

     The Borrower hereby represents and warrants that the amounts set forth
above are true and correct, that the amount above requested has actually been
incurred, that the representations and warranties contained in the Credit
Agreement are true and correct as if made as of this date (except to the extent
relating to a specific date), and that the Borrower has kept, observed,


                                      E-2

<PAGE>

performed and fulfilled each and every one of its obligations under the Credit
Agreement as of the date hereof [except as follows: _______________]

                                        Very truly yours,

                                        EDUCATION REALTY OPERATING
                                        PARTNERSHIP, LP

                                        By: EDUCATION REALTY OP GP, INC.,
                                            its General Partner


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      E-3

<PAGE>

                                    EXHIBIT F

                                JOINDER AGREEMENT

     JOINDER AGREEMENT (the "Agreement"), dated as of __________, 20__, made by
____________________________ a ____________________ (the "NEW BORROWER") in
favor of KEYBANK, NATIONAL ASSOCIATION, as administrative agent for the lenders
party to the Credit Agreement referred to below (in such capacity, together with
its successors in such capacity, the "ADMINISTRATIVE AGENT").

                                   WITNESSETH:

     WHEREAS, Education Realty Operating Partnership, LP, a Delaware limited
partnership, EDR Athens I, LLC, a Delaware limited liability company, EDR
Tallahassee I, LLC, a Delaware limited liability company, EDR C Station, LLC, a
Delaware limited liability company, EDR Tallahassee Limited Partnership, a
Delaware limited partnership, EDR Tharpe Limited Partnership, a Delaware limited
partnership and EDR Lawrence Limited Partnership, a Delaware limited partnership
(collectively, the "BORROWER"), certain lenders (the "LENDERS"), and the
Administrative Agent are parties to a Amended and Restated Credit Agreement
dated as of March 30, 2006 (as amended, modified, restated, or supplemented and
in effect from time to time, the "CREDIT AGREEMENT").

     WHEREAS, the Credit Agreement requires that the owner of any Real Property
included in the Pool must join in and assume all obligations of the "Borrower"
under the Loan Documents, and the New Borrower is the owner of Real Property to
be included in the Pool.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties herein set forth and for other good and valuable
consideration, the New Borrower hereby agrees as follows:

1. The New Borrower hereby becomes a party to the Loan Documents as a Borrower
thereunder with the same force and effect as if originally named therein as a
Borrower and, without limiting the generality of the foregoing, hereby
irrevocably, absolutely, and unconditionally assumes and agrees to timely and
faithfully pay and perform all of the obligations of the Borrower under the Loan
Documents.

2. The New Borrower hereby represents and warrants that each of the
representations and warranties contained in Article III of the Credit Agreement
are also made by it and are true and correct in all material respects on and as
the date hereof (after giving effect to this Agreement) as if made on and as of
such date.

3. All capitalized terms not defined herein shall have the meaning ascribed to
them in the Credit Agreement. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.


                                      E-4

<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly
executed and delivered as of the date first above written.


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                      E-5