<PAGE>
                                                                    EXHIBIT 10.1
--------------------------------------------------------------------------------


                          SYNDICATED CREDIT AGREEMENT

                                 BY AND AMONG

                              WEEKS REALTY, L.P.,
                                 AS BORROWER,

                                      AND

 
                  WEEKS CORPORATION, WEEKS GP HOLDINGS, INC.
                         AND WEEKS LP HOLDINGS, INC.,
                                AS GUARANTORS,

                                      AND

               EACH BANK THAT IS OR BECOMES A SIGNATORY HERETO,
                                   AS BANKS,

                                      AND

                             WACHOVIA BANK, N.A.,
                                   AS AGENT,

 
                      IN THE MAXIMUM PRINCIPAL AMOUNT OF
                                 $225,000,000



                                 July 1, 1998
                                        


-------------------------------------------------------------------------------
<PAGE>
 
<TABLE>
<CAPTION>
 
 
                               TABLE OF CONTENTS
                               -----------------  
 
                                                          PAGE
<S>                                                       <C> 
 
ARTICLE IDEFINITIONS AND CONSTRUCTION....................   1
          1.01 DEFINED TERMS.............................   1
               "ADVANCE REQUEST".........................   2
               "AFFECTED BANK"...........................   2
               "AFFILIATE"...............................   2
               "AGENT"...................................   2
               "AGREEMENT"...............................   2
               "ANNUALIZED NOI"..........................   2
               "APPLICABLE MARGIN".......................   2
               "ASSIGNEE"................................   2
               "ASSIGNMENT AND ACCEPTANCE"...............   3
               "AUTHORIZED SIGNATORY"....................   3
               "AVAILABLE CREDIT"........................   3
               "BANKS"...................................   3
               "BASE RATE"...............................   3
               "BASE RATE LOAN"..........................   3
               "BBA".....................................   3
               "BREAKAGE COSTS"..........................   3
               "BREAKAGE PERIOD".........................   3
               "CAPITALIZED LEASE OBLIGATION"............   3
               "CHANGE IN CONTROL,"......................   4
               "CODE"....................................   4
               "COMMITMENT"..............................   4
               "COMMITMENT SHARE"........................   4
               "CONSOLIDATED ENTITY".....................   5
               "CONTROL".................................   5
               "DEBT"....................................   5
               "DEBT RATING".............................   5
               "DEBT RATING TABLE".......................   6
               "DEFAULT".................................   6
               "DEVELOPMENT IN PROGRESS".................   6
               "DEVELOPMENT IN PROGRESS VALUE"...........   6
               "DIRECT FINANCING LEASE"..................   6
               "DIRECT FINANCING LEASE VALUE"............   6
               "DOLLARS" or $............................   6
               "DOMESTIC BUSINESS DAY"...................   6
               "EMPLOYEE BENEFIT PLAN"...................   7
               "ENVIRONMENTAL LAWS"......................   7
               "ERISA"...................................   7
               "EURO-DOLLAR BUSINESS DAY"................   7
               "EXPIRATION DATE".........................   7
               "EXTENSION DATE"..........................   7
               "FACILITY AMOUNT".........................   7
               "FEDERAL FUNDS RATE"......................   7
               "FIXED CHARGES"...........................   7
               "FIXED CHARGE COVERAGE RATIO".............   7
               "FLOATING RATE"...........................   8
               "FULL RECOURSE COVENANTS".................   8
               "FUNDS FROM OPERATIONS"...................   8
<PAGE>
 
               "GAAP"....................................   8
               "GUARANTY" or AGUARANTEE,"................   8
               "INCOME"..................................   9
               "INCOME PROPERTY".........................   9
               "INCOME PROPERTY VALUE"...................   9
               "INDEBTEDNESS FOR MONEY BORROWED".........   9
               "INITIAL DATE"............................   9
               "INITIAL PERMITTED MORTGAGE DEBT".........   9
               "INTERCOMPANY DEBT".......................   9
               "INTEREST COVERAGE RATIO".................   9
               "INTEREST EXPENSE"........................   10
               "INTEREST PERIOD".........................   10
               "KEY EXECUTIVES"..........................   10
               "LAND HELD FOR FUTURE DEVELOPMENT"........   11
               "LAND VALUE"..............................   11
               "LENDING OFFICE"..........................   11
               "LEVERAGE RATIO"..........................   11
               "LIBOR RATE"..............................   11
               "LIBOR RATE LOAN".........................   11
               "LIEN"....................................   11
               "LOAN DOCUMENTS"..........................   11
               "LOANS"...................................   11
               "MANDATE LETTER"..........................   12
               "MARGIN STOCK"............................   12
               "MATERIAL VENTURE"........................   12
               "MEASUREMENT DATE"........................   12
               "MEASUREMENT PERIOD"......................   12
               "MINORITY INTERESTS"......................   12
               "MOODY'S".................................   12
               "MORTGAGE"................................   12
               "MORTGAGE DEBT"...........................   12
               "MPPAA"...................................   12
               "MULTIEMPLOYER PLAN"......................   12
               "1996 CREDIT AGREEMENT"...................   12
               "NON-CONSOLIDATED SUBSIDIARY".............   13
               "NON-CONSOLIDATED SUBSIDIARY VALUE".......   13
               "NON-CONSOLIDATED VENTURE"................   13
               "NON-CONSOLIDATED VENTURE VALUE"..........   13
               "NOTE"....................................   13
               "NOTES RECEIVABLE VALUE"..................   13
               "OBLIGATIONS".............................   14
               "OPERATING EXPENSES"......................   14
               "PARTICIPANT".............................   14
               "PBGC"....................................   14
               "PERFORMANCE PRICING DETERMINATION DATE"..   14
               "PERMITTED BORROWING".....................   15
               "PERMITTED ENCUMBRANCES"..................   15
               "PERMITTED GUARANTIES"....................   16
               "PERMITTED MORTGAGE DEBT".................   17
               "PERMITTED TAX-EXEMPT FINANCING"..........   17
               "PERSON"..................................   17
               "PREFERRED DIVIDENDS".....................   17
<PAGE>
 
               "PRIME RATE"..............................   18
               "PROPERTY"................................   18
               "PROPERTY INTEREST(S)"....................   18
               "REFUNDING LOAN"..........................   18
               "RELATED PARTIES".........................   18
               "REPORTABLE EVENT"........................   18
               "REQUIRED BANKS"..........................   18
               "RESTRICTED INVESTMENT"...................   18
               "REVOLVING CREDIT FACILITY"...............   19
               "SEC".....................................   19
               "STANDARD AND POOR'S".....................   19
               "SUBSIDIARY"..............................   19
               "SUBSTANCES"..............................   20
               "SYNDICATED LOAN GUARANTIES"..............   20
               "SWING BANK"..............................   20
               "SWING CREDIT AGREEMENT"..................   20
               "TAXES"...................................   20
               "TERMINATING BANK"........................   20
               "TOTAL ANNUALIZED NOI"....................   20
               "TOTAL ASSET VALUE".......................   20
               "TOTAL DEBT"..............................   20
               "TOTAL INTEREST BEARING DEBT".............   21
               "TOTAL SECURED DEBT"......................   21
               "TOTAL UNSECURED DEBT"....................   21
               "UNENCUMBERED PROPERTY VALUE".............   21
          1.02 ACCOUNTING ATERMS AND DETERMINATIONS......   21
          1.03 REFERENCES................................   21
          1.04 USE OF DEFINED TERMS......................   22
          1.05 TERMINOLOGY...............................   22
                
ARTICLE II REVOLVING CREDIT FACILITY......................  22
          2.01 SYNDICATED LOANS...........................  22
          2.02 EXPIRATION; EXTENSION......................  22
          2.03 RATE OF INTEREST ON LOANS..................  24
          2.04 NOTICE AND MANNER OF BORROWING.............  24
          2.05 AUTOMATIC CONVERSION.......................  26
          2.06 INTEREST PAYMENTS ON LOANS.................  26
          2.07 MATURITY...................................  26
          2.08 NOTES......................................  26
          2.09 USE OF LOAN PROCEEDS.......................  26
          2.10 PREPAYMENT OF LOANS........................  27
          2.11 GENERAL PROVISIONS AS TO PAYMENTS..........  28
          2.12 DEFAULT RATE OF INTEREST...................  31
          2.13 FEES.......................................  31
                    (a)    ORIGINATION FEE................  31
                    (b)    EXTENSION FEES.................  31
                    (c)    FACILITY FEE...................  31
          2.14 INCREASED COSTS; ILLEGALITY; CAPITAL 
               ADEQUACY...................................  32
          2.15 CALCULATION OF COMPENSATION TO BANKS;
               REQUIRED TRANSFER BY BANKS.................  33
          2.16 FACILITY AMOUNT REDUCTION OR TERMINATION...  34
<PAGE>
 
ARTICLE III THE AGENT.....................................  34

 
          3.01 APPOINTMENT; POWERS AND IMMUNITIES.........  34
          3.02 RELIANCE BY AGENT..........................  35
          3.03 DEFAULTS...................................  35
          3.04 RIGHTS OF AGENT AS A BANK..................  36
          3.05 INDEMNIFICATION............................  36
          3.06 CONSEQUENTIAL DAMAGES......................  36
          3.07 PAYEE OF NOTE TREATED AS OWNER.............  36
          3.08 NONRELIANCE ON AGENT AND OTHER BANKS.......  37
          3.09 FAILURE TO ACT.............................  37
          3.10 RESIGNATION OR REMOVAL OF AGENT............  37
          3.11 DIRECTIONS TO AGENT........................  38
 
ARTICLE IV CONDITIONS TO REVOLVING CREDIT FACILITY........  38
          4.01 BORROWER'S AUTHORITY.......................  38
          4.02 GUARANTORS' AUTHORITY......................  39
          4.03 SATISFACTORY FINANCIAL CONDITION...........  39
          4.04 REPRESENTATIONS AND WARRANTIES.............  39
          4.05 PAYMENT OF FEES............................  39
          4.06 EXTENSION OF 1996 CREDIT AGREEMENT.........  39 
          4.07 NOTES......................................  40
          4.08 SYNDICATED LOAN GUARANTIES.................  40
          4.09 CERTIFICATES OF INCUMBENCY.................  40
          4.10 OTHER DOCUMENTATION........................  40
          4.11 REIT STATUS................................  40
          4.12 OPINION OF COUNSEL.........................  40
          4.13 KEY EXECUTIVES.............................  40
          4.14 REPAYMENT OF DEBT..........................  40
          4.15 GENERAL CONDITIONS.........................  40
 
ARTICLE V CONDITIONS TO LOANS.............................  40
          5.01 REPRESENTATIONS AND WARRANTIES.............  40
          5.02 AVAILABLE CREDIT...........................  41
          5.03 NO MATERIAL ADVERSE CHANGE.................  41
          5.04 FULL COMPLIANCE............................  41
          5.05 NO DEFAULT; NO CLAIMS......................  41
          5.06 INCUMBENCY.................................  41
          5.07 ADVANCE REQUEST............................  41
                                                             
ARTICLE VI ENVIRONMENTAL MATTERS..........................  41
          6.01 REPRESENTATIONS, WARRANTIES................  41
          6.02 CONTINUED COMPLIANCE.......................  42
                                                             
ARTICLE VII REPRESENTATIONS AND WARRANTIES................  43
          7.01 RELATED PARTIES............................  43
          7.02 CORPORATE ORGANIZATION.....................  43
          7.03 LIMITED PARTNERSHIP ORGANIZATION...........  43
          7.04 GENERAL PARTNERSHIP ORGANIZATION...........  43
          7.05 LIMITED LIABILITY COMPANY ORGANIZATION.....  44
          7.06 POWER AND AUTHORITY........................  44
          7.07 ENFORCEABILITY.............................  44
          7.08 VIOLATION OF ORGANIZATIONAL DOCUMENTS......  44
          7.09 CONFLICTS..................................  44
          7.10 TITLE......................................  44

<PAGE>
 
          7.11 EXISTENCE OF LIENS.........................  45
          7.12 FINANCIAL CONDITION........................  45
          7.13 LITIGATION.................................  45
          7.14 FOREIGN QUALIFICATIONS.....................  45
          7.15 TAX OBLIGATIONS............................  45
          7.16 CAPITAL STOCK..............................  46
          7.17 INSOLVENCY.................................  46
          7.18 MARGIN STOCK...............................  46
          7.19 FRANCHISES, LICENSES, ETC..................  46
          7.20 ERISA......................................  46
          7.21 FINANCIAL STATEMENTS.......................  47 
          7.22 MISREPRESENTATIONS.........................  48
 
ARTICLE VIII AFFIRMATIVE COVENANTS........................  48
          8.01 LOCATION OF RECORDS........................  48
          8.02 INSPECTION.................................  48
          8.03 FINANCIAL AND OTHER INFORMATION............  48
          8.04 GOVERNMENTAL OBLIGATIONS...................  50
          8.05 INSURANCE..................................  50
          8.06 OPERATION OF PROPERTIES, INSPECTION........  51
          8.07 PRESERVATION OF BUSINESS...................  51
          8.08 MAINTENANCE OF RECORDS.....................  52
          8.09 NOTICE OF ADVERSE CHANGES..................  52
          8.10 NOTICE OF LITIGATION.......................  52
          8.11 PAYMENT OF OBLIGATIONS.....................  52
          8.12 REIT STATUS................................  53
          8.13 COMPLIANCE WITH LAWS.......................  53
          8.14 NOTICE OF EXERCISE OF REMEDIES UNDER       
               MORTGAGES..................................  53
          8.15 MANAGEMENT.................................  53
          8.16 DEPOSIT ACCOUNTS...........................  53
          8.17 INTERCOMPANY TRANSACTIONS..................  53
          8.18 DEBT RATING................................  53
                                                            
ARTICLE IX NEGATIVE COVENANTS.............................  54
          9.01 GUARANTIES.................................  54
          9.02 MERGER, CONSOLIDATION, ETC.................  54
          9.03 DISPOSITION OF ASSETS......................  54
          9.04 JUDGMENTS..................................  55
          9.05 INDEBTEDNESS OF WEEKS CORPORATION AND      
               BORROWER...................................  55
          9.06 INDEBTEDNESS OF SUBSIDIARIES...............  55
          9.07 SECURED INDEBTEDNESS.......................  55
          9.08 INDEBTEDNESS AND ACTIVITIES OF GP HOLDINGS 
               AND LP HOLDINGS............................  56
          9.09 DIVIDENDS AND DISTRIBUTIONS................  56
          9.10 ENVIRONMENTAL MATTERS......................  56
          9.11 CHANGE IN CONTROL..........................  56
          9.12 ADVANCES, LOANS AND OTHER RESTRICTED       
               INVESTMENTS................................  56
          9.13 LIENS......................................  57

ARTICLE X FINANCIAL COVENANTS.............................  57
<PAGE>
 

         10.01 MINIMUM INTEREST COVERAGE RATIO............  57
         10.02 MINIMUM FIXED CHARGE COVERAGE RATIO........  57
         10.03 MAXIMUM LEVERAGE...........................  57
         10.04 MAXIMUM UNSECURED DEBT.....................  57
         10.05 MAXIMUM SECURED DEBT.......................  57
         10.06 MINIMUM DEBT YIELD.........................  57
                                                          
ARTICLE XI DEFAULT........................................  58
         11.01 NONPAYMENT OF OBLIGATIONS..................  58
         11.02 OTHER MONETARY DEFAULTS....................  58
         11.03 DEFAULTS OF MATERIAL VENTURES..............  58
         11.04 BREACH OF WARRANTY OR REPRESENTATION.......  58
         11.05 BREACH OF COVENANTS........................  59
         11.06 WEEKS REALTY PARTNERSHIP AGREEMENT        
               DEFAULTS...................................  59
         11.07 PERMITTED MORTGAGE DEBT DEFAULTS...........  59
         11.08 VOLUNTARY INSOLVENCY PROCEEDINGS...........  59
         11.09 INVOLUNTARY INSOLVENCY PROCEEDINGS.........  59
         11.10 VOLUNTARY RECEIVERSHIP.....................  59
         11.11 INVOLUNTARY RECEIVERSHIP...................  59
         11.12 ASSIGNMENT FOR THE BENEFIT OF CREDITORS....  60
         11.13 INSOLVENCY.................................  60
         11.14 INTEREST RATE AGREEMENTS...................  60
         11.15 SYNDICATED LOAN GUARANTIES.................  60
         11.16 SWING CREDIT AGREEMENT.....................  60
                                                          
ARTICLE XII RIGHTS AND REMEDIES...........................  60
         12.01 PRIOR TO DEFAULT...........................  60
         12.02 UPON DEFAULT...............................  60
         12.03 CURE OF DEFAULTS...........................  61
         12.04 COSTS OF COLLECTION........................  61
         12.05 SETOFF.....................................  62
         12.06 SHARING OF COLLECTIONS.....................  62
                                                          
ARTICLE XIII FEES AND EXPENSES; INDEMNIFICATION...........  63
         13.01 FEES AND EXPENSES..........................  63
         13.02 AGENT'S ADMINISTRATION FEE.................  63
         13.03 AMENDMENT, WAIVER AND PREPAYMENT FEES......  63
         13.04 INDEMNIFICATION............................  64
                                                          
ARTICLE XIV MISCELLANEOUS.................................  64
         14.01 CUMULATIVE RIGHTS; NON-WAIVER..............  64
         14.02 NO OBLIGATION TO THIRD PARTIES.............  65
         14.03 SUCCESSORS AND ASSIGNS.....................  65
         14.04 GOVERNING LAW..............................  67
         14.05 SURVIVAL OF OBLIGATIONS....................  67
         14.06 ENTIRE AGREEMENT...........................  67
         14.07 INVALIDITY.................................  67
         14.08 HEADINGS...................................  68
         14.09 CHANGES IN FORMS...........................  68
         14.10 NOTICES....................................  68
         14.11 AMENDMENTS AND WAIVERS.....................  69
         14.12 TIME OF THE ESSENCE........................  70
         14.13 EXECUTION IN COUNTERPARTS..................  70
         14.14 ATTORNEYS' FEES............................  71
         14.15 CONFIDENTIALITY............................  71

<PAGE>
 
         14.16 REPRESENTATIONS BY BANKS...................  71
         14.17 MISCELLANEOUS..............................  71

<PAGE>
 
                        TABLE OF EXHIBITS AND SCHEDULES
                        -------------------------------



EXHIBIT   DESCRIPTION
-------   -----------

   A      Form of Advance Request

   B      Form of Assignment and Acceptance

   C      Form of Syndicated Master Note

   D      Form of Syndicated Loan Guaranty

   E      Form of Certificate of Chief Financial Officer



SCHEDULE   DESCRIPTION
--------   -----------

   1       Initial Permitted Mortgage Debt

   7.01    Related Parties

   9.06    Indebtedness for Money Borrowed
 
<PAGE>
 
                          SYNDICATED CREDIT AGREEMENT
                          ---------------------------


     THIS SYNDICATED CREDIT AGREEMENT (the "AGREEMENT") is made and entered into
                                            ---------                           
as of July 1, 1998, by and among WEEKS REALTY, L.P., a Georgia limited
partnership ("BORROWER"), WEEKS CORPORATION, a Georgia  corporation ("WEEKS
              --------                                                -----
CORPORATION"), WEEKS GP HOLDINGS, INC., a Georgia corporation ("GP HOLDINGS"),
-----------                                                     -- --------   
WEEKS LP HOLDINGS, INC., a Georgia  corporation ("LP HOLDINGS") (Weeks
                                                  -----------         
Corporation, GP Holdings and LP Holdings, collectively, "GUARANTORS," and each,
                                                         ----------            
individually, a "GUARANTOR"), each Bank that is or becomes a signatory hereto
                 ---------                                                   
(collectively, "BANKS," and each, individually, a "BANK"), and  WACHOVIA BANK,
                -----                              ----                       
N.A., a national banking association ("WACHOVIA"), in its capacity as Banks'
                                       --------                             
Agent hereunder (including any successor, "AGENT").
                                           -----   

                             W I T N E S S E T H:
                             - - - - - - - - - - 

     WHEREAS, Borrower desires to borrow, repay and reborrow money from Banks,
on the terms and conditions set forth herein; and

     WHEREAS, Banks are willing to make loans to Borrower, in amounts which do
not exceed at any one time the principal sum outstanding of $225,000,000.00, on
the terms and conditions set forth herein; and

     WHEREAS, Weeks Corporation is the owner of 100% of the issued and
outstanding capital stock of GP Holdings and 100% of the issued and outstanding
capital stock of LP Holdings; and

     WHEREAS, GP Holdings constitutes the sole general partner of Borrower, and
LP Holdings holds a majority interest in Borrower as  a limited partnership
interest; and

     WHEREAS, the loans will be to the direct financial interest and advantage
of Guarantors, and in order to induce Banks to enter into this Agreement and to
make loans to Borrower pursuant to its terms, Guarantors have agreed to guaranty
the full and prompt payment and performance when due of the Obligations (as
defined herein), to become parties to this Agreement and to become bound by the
terms and conditions hereof;

     NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants contained herein, and for other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto agree as follows:
<PAGE>
 
                                   ARTICLE I
                                   ---------

                         DEFINITIONS AND CONSTRUCTION
                         ----------------------------

     1.01  DEFINED TERMS.  In addition to those terms defined elsewhere in this
          -------------                                                         
Agreement, as used in this Agreement, the following terms shall have the
following meanings, unless the context otherwise requires:

     "ADVANCE REQUEST" shall mean a request for a Loan in the form of Exhibit A,
      ---------------                                                 --------- 
which is attached hereto and incorporated herein by reference.

     "AFFECTED BANK" shall have the meaning ascribed to such term in Section
      -------------                                                         
2.15(c).

     "AFFILIATE" of a Person shall mean any other Person which, directly and/or
      ---------                                                                
indirectly, owns or Controls, on an aggregate basis, including all beneficial
ownership and ownership or Control as a trustee, guardian or other fiduciary, in
excess of twenty percent (20%) of the outstanding capital stock having ordinary
voting power to elect a majority of the board of directors (irrespective of
whether, at the time, stock of any other class or classes of such Person shall
have or might have voting power by reason of the happening of any contingency)
of such Person.

     "AGENT" shall mean Wachovia, in its capacity as the agent for Banks in
      -----                                                                
accordance with the agency established pursuant to the provisions of Article
III.

     "AGREEMENT" shall mean this Syndicated Credit Agreement, together with any
      ---------                                                                
amendments or supplements hereto and schedules or exhibits hereto.

     "ANNUALIZED NOI" shall mean, with respect to an Income Property or a
      --------------                                                     
Property subject to a Direct Financing Lease, as of any given date, the annual
net operating income from the collection of rents and reimbursements according
to leases in good standing, including income from property accounted for as
Direct Financing Leases, after deducting all Operating Expenses, calculated by
annualizing the income received and Operating Expenses incurred during the
quarterly period ending most recently prior to such date, reported in accordance
with GAAP.  "ANNUALIZED NOI" for properties acquired by the owner thereof during
             --------------                                                     
any Measurement Period may be adjusted to reflect the actual performance of such
property for the entire quarterly period irrespective of the date such property
was acquired.

     "APPLICABLE MARGIN" shall mean, as of any given day, the percentage rate
      -----------------                                                      
per annum determined by reference to the Debt Rating Table and based on the Debt
Rating, if any, as determined by Agent, or lack of a Debt Rating, in effect as
of such day, if such day is a Performance Pricing Determination Date, or
otherwise as of the Performance Pricing Determination Date immediately preceding
such day.

                                      -2-
<PAGE>
 
     "ASSIGNEE" shall have the meaning ascribed to said term in Section
      --------                                                         
14.03(c).

     "ASSIGNMENT AND ACCEPTANCE" shall mean an Assignment and Acceptance
      -------------------------                                         
executed in accordance with the provisions of Section 14.03(c) and in the form
of Exhibit B, which is attached hereto and incorporated herein by reference.
   ---------                                                                

     "AUTHORIZED SIGNATORY" shall mean, with respect to a Person, such senior
      --------------------                                                   
personnel of such Person as may be duly authorized and designated in writing by
such Person to execute documents, agreements and instruments, including the Loan
Documents, on behalf of such Person.

     "AVAILABLE CREDIT" shall mean the amount, if any, by which the Facility
      ----------------                                                      
Amount exceeds the aggregate principal amount of the Loans.

     "BANKS" shall mean all Banks that are or become signatories to this
      -----                                                             
Agreement.  "BANK" means any one of such Banks.
             ----                              

     "BASE RATE" shall mean the higher of (a) the Prime Rate or (b) .50% per
      ---------                                                             
annum (50 basis points) plus the Federal Funds Rate.

     "BASE RATE LOAN" shall mean a Loan for which Borrower shall have elected
      --------------                                                         
the Floating Rate option in accordance with the provisions of Section 2.04 or
for which the interest rate shall have been automatically converted to the
Floating Rate in accordance with the provisions of Section 2.05.

     "BBA" shall mean the British Bankers Association.
      ---                                             

     "BREAKAGE COSTS" shall mean, with respect to any outstanding principal
      --------------                                                       
amount of any LIBOR Rate Loan being paid before the last day of the Interest
Period therefor, such amount or amounts as shall compensate Banks for any actual
loss, cost or expense incurred by Banks (but excluding lost profits) as a result
of such payment being made before the last day of the Interest Period,
including, without limitation, an amount equal to the excess, if any, of (a) the
amount of interest which would have accrued on the amount so paid for the period
from the date of such payment to the last day of the Interest Period (such
period herein referred to as the "BREAKAGE PERIOD") at the applicable LIBOR
                                  ---------------                          
Rate, less the Applicable Margin, over (b) the amount of interest (as reasonably
determined by Agent) Banks would have paid on deposits in Dollars of comparable
amounts for a term comparable to the Breakage Period placed with Banks by
leading banks in the London interbank market.

     "CAPITALIZED LEASE OBLIGATION" shall mean that portion of any obligation of
      ----------------------------                                              
a Person, as a lessee under a lease, which at the time would be required to be
capitalized on the balance sheet 

                                      -3-
<PAGE>
 
of such Person in accordance with GAAP.

     "CHANGE IN CONTROL," in the case of any entity which is a partnership,
      -----------------                                                    
shall mean:  (a) a change in the identity of any general partner thereof,(b) the
sale of all or substantially all of its assets, or (c) its liquidation or
dissolution or its adoption of any plan of liquidation or dissolution or its
public announcement of its intention to liquidate or dissolve; and in the case
of any entity which is a corporation, shall mean (a) any transaction, whether by
merger, consolidation, asset sale, tender offer, reverse stock split or
otherwise, which results in the acquisition of beneficial ownership (as such
term is defined under rules and regulations promulgated under the Securities
Exchange Act of 1934, as amended) by any Person of 25% or more of the
outstanding shares of all classes of equity securities of any such corporation
having ordinary voting rights, other than A.R. Weeks, Jr., or any of his
siblings, or any of their respective estates, or any trusts or family
partnerships pursuant to which voting control of such equity securities may be
exercised by A.R. Weeks, Jr. or any of his siblings, individually or as a
trustee or pursuant to contractual rights, (b) the sale of all or substantially
all of the assets of such entity, or (c) its liquidation or dissolution or its
adoption of any plan of liquidation or dissolution or its public announcement of
its intention to liquidate or dissolve.  In determining the acquisition or
beneficial ownership of the outstanding shares of equity securities by any
individual for purposes of the definition of "CHANGE IN CONTROL" hereunder, the
                                              -----------------                
term "individual" shall have the meaning ascribed to such term in Section
542(a)(2) of the Code, and an individual shall be deemed to have acquired or to
have beneficial ownership of all shares that would be attributed to or treated
as held by such individual for purposes of determining whether the corporation
is closely held in accordance with Sections 856(a)(6) and 856(h) of the Code.

     "CODE" shall mean the Internal Revenue Code of 1986, as amended, together
      ----                                                                    
with the Treasury Regulations promulgated pursuant thereto.

     "COMMITMENT" shall mean, with respect to each Bank, as of any given date,
      ----------                                                              
an amount equal to the product obtained by multiplying such Bank's Commitment
Share by the Facility Amount on such date.

     "COMMITMENT SHARE" shall mean, with respect to each Bank, the Commitment
      ----------------                                                       
Share set forth opposite such Bank's name on the signature pages hereof or on
any amendment to this Agreement, or, in the case of any Bank which has made an
assignment of a percentage interest in its rights and obligations under this
Agreement or accepted an assignment of a percentage interest in another Bank's
rights and obligations under this Agreement, in either case pursuant to an
Assignment and Acceptance, such Bank's 

                                      -4-
<PAGE>
 
Commitment Share immediately prior to its making or accepting such assignment,
plus the percentage interest purchased or minus the percentage interest sold, as
the case may be, pursuant to the Assignment and Acceptance.

     "CONSOLIDATED ENTITY" shall mean Borrower or any other entity which is
      -------------------                                                  
under the Control of either Weeks Corporation or Borrower and whose accounts are
consolidated under GAAP in the financial statements of Weeks Corporation.

     "CONTROL" shall mean, with respect to any entity, the power to direct the
      -------                                                                 
management and policies of such entity, directly or indirectly, whether through
the ownership of voting securities or otherwise.

     "DEBT" of any Person means, at any date, without duplication, (a) all
      ----                                                                
Indebtedness for Money Borrowed owing by such Person, (b) all Capitalized Lease
Obligations of such Person, (c) all obligations of such Person to reimburse any
bank or other Person in respect of amounts paid or to be paid under a letter of
credit or similar instrument, to the extent such obligations would be required,
in accordance with GAAP, to be included as a liability on such Person's balance
sheet, and (d) all Debt of others secured by a Lien on any asset of such Person,
whether or not such Debt is assumed by such Person, which Debt at the time would
be required to be capitalized on the balance sheet of such Person in accordance
with GAAP; provided, however, that the term Debt shall not include any such
           --------  -------                                               
obligations to the extent such obligations have been the subject of a "legal"
defeasance, a "covenant" defeasance or an "in substance" defeasance in
accordance with GAAP.

     "DEBT RATING" shall mean, as of any given day, whichever is the higher of
      -----------                                                             
(a) the higher of the rating, if any, of Borrower's senior unsecured, unenhanced
debt (or, if no such rating exists, its issuer credit rating, if any, for debt
of such type) given by Moody's or Standard and Poor's (as such rating may change
from time to time) (provided that in the event of a double or greater split
                    --------                                               
rating, the rating immediately below the highest rating shall apply), or, if
only one of them rates Borrower's senior unsecured, unenhanced debt, such
rating, or (b) the higher of the rating, if any, of Weeks Corporation's senior
unsecured, unenhanced debt (or, if no such rating exists, its issuer credit
rating, if any, for debt of such type) given by Moody's or Standard and Poor's
(as such rating may change from time to time) (provided that in the event of a
                                               --------                       
double or greater split rating, the rating immediately below the highest rating
shall apply), or, if only one of them rates Weeks Corporation's senior
unsecured, unenhanced debt, such rating; or, if Moody's or Standard and Poor's
rates such debt of only Borrower or only Weeks Corporation but not both, the
higher of such ratings of such one entity.

                                      -5-
<PAGE>
 
     "DEBT RATING TABLE" shall mean the following:
      -----------------                           


</TABLE>
<TABLE>
<CAPTION>
                  SENIOR
 PERFORMANCE     UNSECURED
   PRICING      DEBT RATING         APPLICABLE         FACILITY 
    LEVEL       S&P/MOODY'S           MARGIN              FEE
-----------------------------------------------------------------------
<S>             <C>                 <C>                <C>
I                    Above            0.675%              0.125%
                BBB+/Baal
----------------------------------------------------------------------- 
II              BBB+/Baa1             0.675%              0.150%
-----------------------------------------------------------------------
III             BBB/Baa2               .800%              0.150%
-----------------------------------------------------------------------
IV              BBB-/Baa3              .950%              0.150%
-----------------------------------------------------------------------
                     Below          
V               BBB-/Baa3             1.150%              0.150%
-----------------------------------------------------------------------
</TABLE>


     "DEFAULT" shall mean any of the events or conditions described in Article
      -------                                                                 
XI.

     "DEVELOPMENT IN PROGRESS" shall mean a Property that will or is intended to
      -----------------------                                                   
be income producing upon completion and that is being improved with a building
which is under construction.

     "DEVELOPMENT IN PROGRESS VALUE" shall mean, with respect to a Development
      -----------------------------                                           
in Progress, the book value of such property, including the improvements upon
such property and the underlying land, all determined in accordance with GAAP.

     "DIRECT FINANCING LEASE" shall mean a lease of Property under which Weeks
      ----------------------                                                  
Corporation or a Consolidated Entity is the lessor and which is required, in
accordance with GAAP, to be capitalized on the balance sheet of the lessee
thereunder and classified as a long term receivable on the balance sheet of the
lessor thereunder.

     "DIRECT FINANCING LEASE VALUE" shall mean, with respect to a Direct
      ----------------------------                                      
Financing Lease, the book value of such Direct Financing Lease, determined in
accordance with GAAP.

     "DOLLARS" or "$" means dollars in lawful currency of the United States of
      -------      -                                                          
America.

     "DOMESTIC BUSINESS DAY" means any day except a Saturday, Sunday or other
      ---------------------                                                  
day on which commercial banks in Georgia are authorized by law to close
(including, without limitation, any day which is a federal banking holiday in
the United States of America).

     "EMPLOYEE BENEFIT PLAN" shall mean any employee welfare benefit plan or any
      ---------------------                                                     
employee pension benefit plan, as those terms are defined in Section 3(1) and
3(2) of ERISA, for the benefit of 

                                      -6-
<PAGE>
 
the employees of Weeks Corporation or any Consolidated Entity which is a member
of a controlled group or under common control with any such Person, as such
terms are defined in Section 4001(a)(14) of ERISA.

     "ENVIRONMENTAL LAWS" shall mean all state, federal or local environmental
      ------------------                                                      
laws and regulations.

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

     "EURO-DOLLAR BUSINESS DAY" means any Domestic Business Day on which
      ------------------------                                          
dealings in Dollar deposits are carried out in the London interbank market.

     "EXPIRATION DATE" shall mean December 31, 2000, or such later December 31
      ---------------                                                         
to which the expiration of the Revolving Credit Facility may be extended from
time to time pursuant to the provisions of Section 2.02.

     "EXTENSION DATE" shall have the meaning ascribed to such term in Section
      --------------                                                         
2.02.

     "FACILITY AMOUNT" shall mean $225,000,000.
      ---------------                          

     "FEDERAL FUNDS RATE" shall mean, for any day, the rate per annum (rounded
      ------------------                                                      
upward, if necessary, to the next higher 1/100 of 1%) equal to the weighted
average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers on such day, as
published by the Federal Reserve Bank of New York, on the Domestic Business Day
next succeeding such day, provided that(a) if the day for which such rate is to
                          --------                                             
be determined is not a Domestic Business Day, the "FEDERAL FUNDS RATE" for such
                                                   ------------------          
day shall be such rate on such transactions on the next preceding Domestic
Business Day as so published on the next succeeding Domestic Business Day, and
(b) if such rate is not so published for any day, the "FEDERAL FUNDS RATE" for
                                                       ------------------     
such day shall be the average rate charged to Agent on such day on such
transactions, as determined by Agent.

     "FIXED CHARGES" shall mean the sum of (a) Interest Expense, and (b)
      -------------                                                     
Preferred Dividends.

     "FIXED CHARGE COVERAGE RATIO" shall mean, as of any Measurement Date, the
      ---------------------------                                             
ratio of Income for the Measurement Period ending on such Measurement Date to
Fixed Charges for such Measurement Period.

     "FLOATING RATE" shall mean the Base Rate minus .25% per annum (25 basis
      -------------                                                         
points).

                                      -7-
<PAGE>
 
     "FULL RECOURSE COVENANTS" shall mean those full recourse covenants,
      -----------------------                                           
warranties and representations typically found in secured, non-recourse real
property financing documents, including covenants and indemnities with respect
to environmental matters, liability for payment of taxes, payment of rents after
an event of default, fraud and similar matters.

     "FUNDS FROM OPERATIONS" shall mean net income (loss) of Weeks Corporation,
      ---------------------                                                    
determined on a consolidated basis in accordance with GAAP, before deducting the
                                                            ------              
portion of such net income (loss) allocable to Minority Interests, gains (or
losses) from debt restructuring and sales of income producing Property,
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures.  Adjustments for unconsolidated partnerships
and joint ventures will be calculated to reflect "FUNDS FROM OPERATIONS" on the
                                                  ---------------------        
same basis.  It is acknowledged that the computation of "FUNDS FROM OPERATIONS"
                                                         --------------------- 
may be adjusted from time to time to be consistent with the conventions adopted
by the National Association of Real Estate Investment Trusts.

     "GAAP" means generally accepted accounting principles applied on a basis
      ----                                                                   
consistent with those which, in accordance with Section 1.02, are to be used in
making the calculations for purposes of determining compliance with the terms of
this Agreement.

     "GUARANTY" or "GUARANTEE," as applied to an obligation (each a "primary
      --------      ---------                                               
obligation"), shall mean and include: (a) any guaranty, direct or indirect, in
any manner, of any part or all of such primary obligation; (b) any agreement,
direct or indirect, contingent or otherwise, the intended or practical effect of
which is to assure in any way the payment or performance (or payment of damages
in the event of non-performance) of any part or all of such primary obligation,
including, without limiting the foregoing, any reimbursement obligations as to
amounts drawn by beneficiaries under letters of credit; and (c) any obligation,
whether or not contingent, (i) to purchase any such primary obligation or any
property or asset constituting direct or indirect security therefor, (ii) to
advance or supply funds (A) for the purchase or payment of such primary
obligation or (B) to maintain working capital, equity capital or the net worth,
cash flow, solvency or other balance sheet or income statement condition of any
other person, (iii) to purchase property, assets, securities or services
primarily for the purpose of assuring the owner or holder of any primary
obligation of the ability of the primary obligor with respect to such primary
obligation to make payment thereof, or (iv) otherwise to assure or hold harmless
the owner or holder of such primary obligation against loss in respect thereof.

     "INCOME" shall mean the net income of Weeks Corporation, 
     -------

                                      -8-
<PAGE>
 
determined on a consolidated basis in accordance with GAAP, before deducting (a)
                                                            ------
dividends on preferred stock, (b) the portion of such net income allocable to
Minority Interests, (c) losses on the sale of income producing Property, (d)
federal, state and local income tax, (e) depreciation and amortization, and (f)
losses owing to debt restructuring, and before adding (g) gains on the sale of
                                        ------
income producing Property, and (h) gains owing to debt restructuring.

     "INCOME PROPERTY" shall mean an income producing Property which is wholly-
      ---------------                                                         
owned by Weeks Corporation or a Consolidated Entity and improved with a
completed building, but which is not leased under a Direct Financing Lease.

      "INCOME PROPERTY VALUE" shall mean, with respect to any Income Property,
      ---------------------                                                  
the quotient obtained by dividing the Annualized NOI for such property by a
capitalization rate of 9.50%.

     "INDEBTEDNESS FOR MONEY BORROWED" of any Person means, at any date, without
      -------------------------------                                           
duplication, all indebtedness for money borrowed by such Person, all
indebtedness evidenced by notes, bonds, debentures or similar instruments
payable by such Person (secured or unsecured, full recourse or non-recourse),
all obligations of such Person to reimburse any bank or other Person in respect
of amounts paid or to be paid under a banker's acceptance, all indebtedness of
such Person issued or assumed as full or partial payment for property or
services (excluding unsecured accounts payable and other unsecured obligations
incurred in the ordinary and regular course of the business of such Person), all
obligations of such Person for reimbursement with respect to letters of credit
procured for the account of such Person as a credit enhancement for any of the
foregoing, and including interest which is accrued on any such indebtedness but
not paid on the original due date therefor or within any applicable cure or
grace period as provided by the underlying contract for such interest.

     "INITIAL DATE" shall have the meaning ascribed to such term in Section
      ------------                                                         
2.11(c).

     "INITIAL PERMITTED MORTGAGE DEBT" shall mean those loans identified on
      -------------------------------                                      
Schedule 1, together with all extensions, renewals, modifications and
----------                                                           
refinancings thereof.

     "INTERCOMPANY DEBT" shall mean Debt owing by Weeks Corporation or any
      -----------------                                                   
Subsidiary, on the one hand, to Weeks Corporation or another Subsidiary, on the
other hand.

     "INTEREST COVERAGE RATIO" shall mean, as of any Measurement Date, the ratio
      -----------------------                                                   
of Income for the Measurement Period ending on such Measurement Date to Interest
Expense for such Measurement Period.

                                      -9-
<PAGE>
 
     "INTEREST EXPENSE" shall mean, with respect to any period, an amount equal
      ----------------                                                         
to the sum of (a) the interest payable during such period with respect to
Indebtedness for Money Borrowed of Weeks Corporation and the Consolidated
Entities and reported as an expense in accordance with GAAP and not as a
capitalized item, and (b) the interest component of Capitalized Lease
Obligations of Weeks Corporation and the Consolidated Entities payable during
such period.

     "INTEREST PERIOD" shall mean:
      ---------------             

          (a) With respect to each LIBOR Rate Loan, the period commencing on the
date of such Loan and ending on the numerically corresponding day in the first,
second, third or sixth month thereafter, as Borrower may elect in the applicable
Advance Request; provided that:
                 --------      

               (i) any Interest Period (subject to subparagraph (iii) below)
          which would otherwise end on a day which is not a Euro-Dollar Business
          Day shall be extended to the next succeeding Euro-Dollar Business Day
          unless such Euro-Dollar Business Day falls in another calendar month,
          in which case such Interest Period shall end on the next preceding
          Euro-Dollar Business Day;

               (ii) any Interest Period which begins on the last Euro-Dollar
          Business Day of a calendar month (or on a day for which there is no
          numerically corresponding day in the appropriate subsequent calendar
          month) shall, subject to subparagraph (iii) below, end on the last
          Euro-Dollar Business Day of the appropriate subsequent calendar month;
          and

               (iii)  no Interest Period may be selected which would end after
          the Expiration Date; and

          (b) With respect to each Base Rate Loan, the period commencing on the
date of such Loan and ending on the earlier of 30 days thereafter or the
Expiration Date; provided that:
                 --------      

               (i) any Interest Period (subject to subparagraph (ii) below)
          which would otherwise end on a day which is not a Domestic Business
          Day shall be extended to the next succeeding Domestic Business Day;
          and

               (ii) no Interest Period may be selected which  would end after
          the Expiration Date.

     "KEY EXECUTIVES" shall mean the principal officers of Weeks Corporation.
      --------------                                                         

                                      -10-
<PAGE>
 
     "LAND HELD FOR FUTURE DEVELOPMENT" shall mean a Property which is neither
      --------------------------------                                        
an Income Property, nor a Development in Progress, nor a Property subject to a
Direct Financing Lease.

     "LAND VALUE" shall mean the book value of Land Held for Future Development,
      ----------                                                                
determined in accordance with GAAP.

     "LENDING OFFICE" shall mean, as to each Bank, its office located at its
      --------------                                                        
address set forth on the signature pages hereof (or identified on the signatures
pages hereof as its Lending Office) or such other office as such Bank may
hereafter designate as its Lending Office by notice to Borrower, Agent and each
other Bank.

     "LEVERAGE RATIO" shall mean the ratio of Total Debt (but excluding Minority
      --------------                                                            
Interests and liabilities consisting of accruals and valuation reserves) to
Total Asset Value.

     "LIBOR RATE" shall mean the prevailing London Interbank Offered Rate
      ----------                                                         
(LIBOR) for any Interest Period, as published by the BBA and reported by
Telerate (Screen 3750) (or, in the absence or unavailability of Telerate (Screen
3750), as such rate is determined by any other comparable interest rate
reporting service available to Agent) for the second Euro-Dollar Business Day
immediately preceding the first day of the Interest Period, plus the Applicable
Margin, as said rate may be adjusted by Agent from time to time as necessary to
compensate Banks for any loss of yield to Banks on LIBOR Rate Loans which would
otherwise result from any change in applicable law, rules, regulations,
treaties, or governmental or judicial directives, in the interpretation or
administration thereof, or in Banks' compliance therewith.

     "LIBOR RATE LOAN" shall mean a Loan for which Borrower shall have elected
      ---------------                                                         
the LIBOR Rate option in accordance with the provisions of Section 2.04.

     "LIEN" shall mean, with respect to any Property Interest, any Mortgage and
      ----                                                                     
any other claim of lien, pledge, assignment, charge, security interest, title
retention agreement, levy, execution, attachment, garnishment, encumbrance or
servitude of any kind, whether by consensual agreement or by operation of
statute or other law, and whether voluntary or involuntary, and whether or not
choate, vested or perfected.

     "LOAN DOCUMENTS" shall mean this Agreement, the Notes, the  Syndicated Loan
      --------------                                                            
Guaranties, and all other documents, agreements, certificates, and reports
called for herein or executed in connection herewith or contemplated hereby, as
the same may be amended from time to time.

     "LOANS" shall mean all advances made by Banks ratably in 
     ------

                                      -11-
<PAGE>
 
accordance with their respective Commitments under the Revolving Credit
Facility. A "LOAN" shall mean an individual advance made by Banks ratably in
            ----- 
accordance with their Commitments under the Revolving Credit Facility.

     "MANDATE LETTER" shall mean that certain Mandate Letter dated December 17,
      --------------                                                           
1997, from Wachovia to Weeks Corporation and Borrower, outlining the proposed
terms and conditions of the financing evidenced by this Agreement.

     "MARGIN STOCK" shall mean margin stock, as defined in Section 221.2(h) (or
      ------------                                                             
any successor provision) of the Regulations of the Board of Governors of the
Federal Reserve System.

     "MATERIAL VENTURE" shall mean a Non-Consolidated Venture having a Non-
      ----------------                                                    
Consolidated Venture Value in excess of $10,000,000 and with respect to which
Weeks Corporation or a Subsidiary, either alone or together with each other or
one or more other Subsidiaries, has Control.

     "MEASUREMENT DATE" shall mean March 31, 1998, and each June 30, September
      ----------------                                                        
30, December 31 and March 31 thereafter.

     "MEASUREMENT PERIOD" shall mean the three (3) month period ending on a
      ------------------                                                   
Measurement Date.

     "MINORITY INTERESTS" shall mean the partnership interests in Borrower held
      ------------------                                                       
by limited partners other than LP Holdings.

     "MOODY'S" shall mean Moody's Investor Services, Inc. and its successors and
      -------                                                                   
assigns succeeding to its rating agency business.

     "MORTGAGE" shall mean any mortgage, deed of trust, deed to secure debt or
      --------                                                                
other security instrument pursuant to which, under applicable law, an interest
in real estate is voluntarily conveyed as security for a debt.

     "MORTGAGE DEBT" shall mean all Indebtedness for Money Borrowed which is
      -------------                                                         
secured by a Mortgage.

     "MPPAA" shall mean the Multiemployer Pension Plan Amendments Act of 1980,
      -----                                                                   
amending Title IV of ERISA.

     "MULTIEMPLOYER PLAN" shall have the meaning set forth in Section 4001(a)(3)
      ------------------                                                        
of ERISA.

     "1996 CREDIT AGREEMENT" shall mean that certain Credit Agreement, dated
      ---------------------                                                 
September 25, 1996, by and among Borrower, Weeks Construction Services, Inc.
                                                                            
("Construction"), Weeks Realty Services, Inc. ("Realty"), Weeks Development
--------------                                  ------                     
Partnership ("Development") and Weeks Financing Limited Partnership
              -----------                                          
("Financing"), as borrowers, Weeks Realty, L.P., as Borrowers' 
------------

                                      -12-
<PAGE>
 
Agent, Borrower and Weeks Corporation, as guarantors, each Bank that was or
became a signatory thereto, as lenders, and Wachovia, as Swing Lender and as
Banks' Agent, as amended to, among other things, add GP Holdings and LP Holdings
as guarantors thereunder.

     "NON-CONSOLIDATED SUBSIDIARY" shall mean a Subsidiary which is not a
      ---------------------------                                        
Consolidated Entity.  "NON-CONSOLIDATED SUBSIDIARIES" shall mean, collectively,
                       -----------------------------                           
all such Non-Consolidated Subsidiaries.

     "NON-CONSOLIDATED SUBSIDIARY VALUE" shall mean the aggregate  book value,
      ---------------------------------                                       
before accumulated depreciation, of the assets of all Non-Consolidated
Subsidiaries (excluding all Intercompany Debt owing to any Non-Consolidated
Subsidiary and excluding goodwill and other intangible assets to the extent the
aggregate book value of such good will and other intangible assets exceeds 33
1/3% of the aggregate book value of all the assets), determined in accordance
with GAAP, as reflected on the most recent consolidated financial statements of
Weeks Corporation (whether quarterly or annual) delivered pursuant to Section
8.03 or, prior to the initial delivery of financial statements pursuant to
Section 8.03, the consolidated financial statements of Weeks Corporation for its
fiscal quarter ending March 31, 1998.

     "NON-CONSOLIDATED VENTURE" shall mean any enterprise of any nature
      ------------------------                                         
whatsoever (including, without limitation, a joint venture, general partnership,
limited partnership, limited liability company, corporation or trust) formed by
Weeks Corporation and/or any Consolidated Entity, as parties to the enterprise,
and any other Persons, as other parties to the enterprise, which enterprise is
not a Subsidiary.

     "NON-CONSOLIDATED VENTURE VALUE" shall mean the net book value, before
      ------------------------------                                       
accumulated depreciation, of all interests of Weeks Corporation and all
Consolidated Entities in Non-Consolidated Ventures (excluding goodwill and other
intangible assets), determined in accordance with GAAP, as reflected on the most
recent consolidated financial statements of Weeks Corporation (whether quarterly
or annual) delivered pursuant to Section 8.03 or, prior to the initial delivery
of financial statements pursuant to Section 8.03, the consolidated financial
statements of Weeks Corporation for its fiscal quarter ending March 31, 1998.

     "NOTE" shall mean a Syndicated Master Note, made by Borrower payable to the
      ----                                                                      
order of a Bank and in the form of Exhibit C, evidencing the Loans made by such
                                   ---------                                   
Bank to Borrower, and any extension, renewal, modification or restatement
thereby made by Borrower to the order of such Bank.  "NOTES" shall mean all such
                                                      -----                     
Syndicated Master Notes.

     "NOTES RECEIVABLE VALUE" shall mean the book value, determined in
      ----------------------                                          
accordance with GAAP, of those promissory notes 

                                      -13-
<PAGE>
 
which are from third parties to Weeks Corporation or any Consolidated Entity and
are secured by Mortgages.

     "OBLIGATIONS" shall mean the aggregate amount of all indebtedness,
      -----------                                                      
liabilities and obligations of Borrower to Banks under, pursuant to or arising
out of this Agreement, including, without limiting the generality of the
foregoing: any and all indebtedness, liabilities and obligations of Borrower to
Banks evidenced by the Notes; all principal and interest owing thereunder; all
Agent's and Banks' fees authorized under the terms of this Agreement; all
charges and expenses of or incidental to the preparation, renewal, modification
or enforcement of any of the foregoing and any and all extensions or renewals
thereof in whole or in part; whether or not any of the foregoing is absolute,
contingent, mature, unmatured, or otherwise; and all Agent's and Banks' charges,
expenses, and costs of collection of any or all of the foregoing, including
reasonable attorneys' fees (if collected by or through an attorney).

     "OPERATING EXPENSES" shall mean, with respect to a Property, all expenses
      ------------------                                                      
incurred to operate the Property, including, without limitation, expenses for
                                  ---------                                  
administration, utilities, insurance, property taxes, repairs and maintenance,
hypothetical management fees of three percent (3%) of rent, and an accrued
structural reserve of $0.0125 per square foot for each square foot of the
building area of such Property in existence at the end of the period (the
equivalent of $0.05 per square foot per annum), but excluding interest expense
                                                    ---------                 
or debt service payments under any indebtedness secured by a Lien on the
Property.

     "PARTICIPANT" shall have the meaning ascribed to said term in Section
      -----------                                                         
14.03(b).

     "PBGC" shall mean the Pension Benefit Guaranty Corporation.
      ----                                                      

     "PERFORMANCE PRICING DETERMINATION DATE" shall mean (a) the date of this
      --------------------------------------                                 
Agreement, and (b) any of the following dates:  July 1, 1998, and the first day
of each calendar quarter (October 1, January 1, April 1 and July 1) thereafter
as of which day the Debt Rating, as determined by Agent, shall be either (i)
lower than the Debt Rating, as determined by Agent, in effect on the immediately
preceding Performance Pricing Determination Date, or (ii) higher than the Debt
Rating, as determined by Agent, in effect on the immediately preceding
Performance Pricing Determination Date, if Borrower shall have given Agent
written notice on or before such day of Borrower's determination that the Debt
Rating as of such day is or shall be higher than the Debt Rating in effect on
such immediately preceding Performance Pricing Determination Date.  For purposes
of this definition, if there is no Debt Rating in effect on a Performance
Pricing Determination Date there shall nevertheless be deemed to be a Debt
Rating in effect on such date which is below Standard and 

                                      -14-
<PAGE>
 
Poor's BBB- rating and below Moody's Investor Service Baa3 rating.

     "PERMITTED BORROWING" shall mean non-revolving Indebtedness for Money
      -------------------                                                 
Borrowed incurred by Weeks Corporation or Borrower (a) which is neither secured
by a Lien on any Property Interest of Borrower or any Consolidated Entity nor
subject to an agreement that it shall be secured, upon the lapse of time, the
occurrence of any event, the failure to satisfy any condition, or otherwise, by
a Lien on any Property Interest of Borrower or any Consolidated Entity, (b)
which matures not less than one year after the date it shall have been made, (c)
which, if evidenced by a security (within the meaning of applicable federal
securities laws and state Blue Sky laws), is evidenced by a security issued in a
private placement, public offering or otherwise made in compliance with all
applicable federal securities laws and state Blue Sky laws, and (d) which has a
payment seniority no higher than that of the Loans.

     "PERMITTED ENCUMBRANCES" shall mean any or all of the following:
      ----------------------                                         

          (a) inchoate Liens arising in the ordinary course of business and
incident to construction or maintenance of real property, or Liens arising in
the ordinary course of business and incident to construction or maintenance of
real property now or hereafter filed of record which are being contested in good
faith by appropriate proceedings and have not proceeded to a judgment which has
remained outstanding for more than ten (10) days after the entering thereof,
                                                                            
provided that, by reason of such proceedings no such real property is subject to
--------                                                                        
a material risk of loss or forfeiture;

          (b) Liens arising in the ordinary course of business for taxes,
assessments and brokerage commission on real property which are not yet past
due, or are being contested in good faith by appropriate proceedings and have
not proceeded to a judgment which has remained outstanding for more than ten
(10) days after the entering thereof, provided that, by reason of nonpayment, no
                                      --------                                  
such real property is subject to a material risk of loss or forfeiture;

          (c) minor defects and irregularities in title to any real property
which in the aggregate do not materially impair the value or use of the real
property for the purposes for which it is or may reasonably be expected to be
held;

          (d) easements, exceptions, reservations, or other agreements for the
purpose of pipelines, conduits, cables, wire communication lines, power lines
and substations, streets, trails, walkways, drainage, irrigation, water, and
sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or
other minerals, and other like purposes affecting real 

                                      -15-
<PAGE>
 
property, facilities, or equipment which in the aggregate do not materially
burden or impair the value or use of such property for the purposes for which it
is or may reasonably be expected to be held;

          (e) easements, exceptions, reservations, or other agreements for the
purpose of facilitating the joint or common use of property in an industrial
park or similar real property project affecting real property which in the
aggregate do not materially burden or impair the value or use of such property
for the purposes for which it is or may reasonably be expected to be held;

          (f) rights reserved to or vested in any governmental agency to control
or regulate the use of any real property;

          (g) any obligations or duties affecting any real property to any
governmental agency with respect to any right, power, franchise, grant, license,
or permit;

          (h) present or future zoning laws and ordinances or other laws and
ordinances restricting the occupancy, use, or enjoyment of real property;

          (i) statutory Liens, other than those described in clauses (a) or (b)
above, arising in the ordinary course of business with respect to obligations
which are not delinquent or are being contested in good faith, provided, that
                                                               --------      
adequate reserves have been set aside with respect thereto and, by reason of
nonpayment, no property is subject to a material risk of loss or forfeiture;

          (j) covenants, conditions, and restrictions affecting the use of real
property which (i) do not, and will not, interfere in any material respect with
the intended use of the property by any tenant under any lease in effect with
respect to such property, which use is consistent with such tenant's rights
under its lease; (ii) do not contain any restrictions upon Borrower's
transferability of title to such property or the ability of Borrower to encumber
said property; and (iii) which in the aggregate do not materially impair the
value or use of the real property for the purposes for which it is or may
reasonably be expected to be operated and held, including the present or
intended use by all tenants under leases currently in effect with respect to the
property; and

          (k) rights of tenants under space leases covering real property
entered into in the ordinary course of business of the owner thereof.

     "PERMITTED GUARANTIES" shall mean: (a) the Syndicated Loan Guaranties, (b)
      --------------------                                                     
any Guaranty of the indebtedness of Borrower, not

                                      -16-
<PAGE>
 
to exceed the principal amount of $30,000,000 at any one time outstanding, now
or hereafter owing to Swing Bank under the Swing Credit Agreement, (c)
Guaranties of the obligations of Weeks Corporation or any Subsidiary, (d)
Guaranties of loans secured by real property owned by a Non-Consolidated
Subsidiary or a Non-Consolidated Venture, provided that the aggregate amount of
all indebtedness guaranteed by such Guaranties shall not exceed, at any one
time, five percent (5%) of Total Asset Value, (e) Guaranties of the payment or
performance of obligations of a Subsidiary with respect to obligations
undertaken in the normal course of the business operations of such Subsidiary,
other than Indebtedness for Money Borrowed of such Subsidiary, and (f)
Guaranties of the payment and performance of Weeks Construction Services, Inc.
or any of its wholly-owned subsidiaries engaged in construction contracting with
respect to such Person's construction contracts and surety bonds, provided the
                                                                  --------
sum of the uncompleted contract values guaranteed by such Guaranties shall not
exceed $50,000,000 at any one time.

     "PERMITTED MORTGAGE DEBT" shall mean any debt financing which is secured by
      -----------------------                                                   
a first priority Mortgage granted by Weeks Corporation or any Subsidiary on real
property and which is (a) Initial Permitted Mortgage Debt; or (b) a debt
financing which meets the following conditions: (i) the holder of the Mortgage
has recourse only to the collateral securing the debt financing and not to the
general assets of Weeks Corporation or any Consolidated Entity or Non-
Consolidated Subsidiary, except for liability for Full Recourse Covenants, (ii)
the debt financing has an original term of five (5) years or more, and (iii) the
debt financing would not result in a violation of the restriction set forth in
Section 10.04; (c) a Permitted Tax Exempt Financing, or (d) a debt financing
which is not described in clause (a), clause (b) or clause (c) and which has a
principal amount which, when aggregated with the principal amount of all other
such debt financings described in this clause (d), does not exceed $20,000,000
at any one time.

     "PERMITTED TAX-EXEMPT FINANCING" shall mean a Debt owing by Weeks
      ------------------------------                                  
Corporation or any Subsidiary arising out of the issuance of tax-exempt
industrial revenue bonds issued by a public or quasi-public authority.

     "PERSON" shall mean an individual, a corporation, a partnership, an
      ------                                                            
unincorporated association, a trust or any other entity or organization,
including, but not limited to, a government or political subdivision or an
agency or instrumentality thereof.

     "PREFERRED DIVIDENDS" shall mean, for any period, without duplication of
      -------------------                                                    
such amounts as constitute intercompany debts or distributions, the sum of (a)
dividends or distributions due and payable or accrued during such period on
preferred stock issued 

                                      -17-
<PAGE>
 
by Weeks Corporation or a Subsidiary, and (b) distributions which are the
functional equivalent of preferred dividends (i.e., which the issuer is required
to make prior to distributions on another class or other classes of partnership
interests) and which are due and payable or accrued during such period on
preferred partnership interests issued by Borrower or any other Subsidiary.

     "PRIME RATE" shall mean the interest rate denominated as Wachovia's "prime
      ----------                                                               
rate" and set by Wachovia in its sole discretion from time to time as an
interest rate basis for borrowings, which is one of several interest rate bases
used by Wachovia, and which rate is not the lowest interest rate available from
Wachovia.  Loans are made by Wachovia from time to time at interest rates equal
to, above or below its "prime rate."  In the event Wachovia shall abolish or
abandon the practice of establishing its "prime rate," Agent shall designate a
comparable reference rate which shall be deemed to be the "PRIME RATE"
                                                           ---------- 
hereunder.

     "PROPERTY" shall mean real property owned from time to time by Weeks
      --------                                                           
Corporation or any Consolidated Entity.

     "PROPERTY INTEREST(S)" shall mean any interest in any property or asset of
      --------------------                                                     
any kind, whether real, personal or mixed, or tangible or intangible.

     "REFUNDING LOAN" means a new Loan made on the day on which an outstanding
      --------------                                                          
Loan is maturing or a Floating Rate Loan is being converted to a LIBOR Rate
Loan, if and to the extent that the proceeds thereof are used entirely for the
purpose of paying such maturing Loan or Loan being converted, excluding any
difference between the amount of such maturing Loan or Loan being converted and
any greater amount being borrowed on such day and actually either being made
available to Borrower pursuant to Section 2.04(d) or remitted to Agent as
provided in Section 2.11, in each case as contemplated in Section 2.04(d).

     "RELATED PARTIES" shall mean, collectively, (a) Weeks Corporation, (b) all
      ---------------                                                          
Subsidiaries (except Borrower), (c) all Non-Consolidated Ventures in which Weeks
Corporation and/or any Consolidated Entities own at least 20% of the equity
interests and  over which Weeks Corporation and/or any Consolidated Entities
have Control, and (d) all Non-Consolidated Ventures in which Weeks Corporation
and/or any Consolidated Entities own at least 50% of the equity interests.
"RELATED PARTY" shall mean any one such Person.
--------------                                 

     "REPORTABLE EVENT" shall mean any of the events described in Section
      ----------------                                                   
4043(b) of ERISA.

     "REQUIRED BANKS" shall mean, at any time prior to the maturity of the Notes
      --------------                                                            
(whether by acceleration or otherwise), any Bank or Banks whose Commitment or
Commitments constitute at least 

                                      -18-
<PAGE>
 
66-2/3% of the Facility Amount or, at and after the maturity of the Notes
(whether by acceleration or otherwise), any Bank or Banks holding at least 66-
2/3% of the aggregate outstanding principal amount of the Obligations.

     "RESTRICTED INVESTMENT" shall mean any acquisition of Property Interests by
      ---------------------                                                     
Weeks Corporation, Borrower or any other Subsidiary in exchange for cash or
other Property Interests, whether in the form of an acquisition of stock, debt
security, or other indebtedness or obligation, or the purchase or acquisition of
any other Property Interests, or by loan, advance, capital contribution, or
subscription, except the following:  (a) tangible and intangible assets
              ------                                                   
including real property to be used in the business of Borrower or a Related
Party so long as the acquisition costs thereof constitute capital expenditures
not otherwise prohibited hereunder; (b) goods held for sale or lease or to be
used in the provision of services by Borrower or a Related Party in the ordinary
course of business; (c) current assets purchased for use, or arising from the
sale or lease of goods or the rendering of services, in the ordinary course of
business of Borrower or a Related Party; (d) direct obligations of the United
States of America, or any agency thereof, or obligations guaranteed by the
United States of America, provided that such obligations mature within one year
                          --------                                             
from the date of acquisition thereof; (e) certificates of deposit maturing
within one year from the date of acquisition, bankers acceptances, Eurodollar
bank deposits, or overnight bank deposits, in each case issued by, created by,
or with a bank or trust company organized under the laws of the United States or
any state thereof having capital and surplus aggregating at least $100,000,000;
(f) commercial paper given the highest rating by a national credit rating
agency, including, without limitation, Standard and Poor's or Moody's, and
maturing not more than 270 days from the date of creation thereof; (g) tender
bonds the payment of the principal of and interest on which is fully supported
by a letter of credit issued by a bank organized or licensed under the laws of
the United States or any state thereof whose long-term certificates of deposit
are rated at least AA or the equivalent thereof by Standard and Poor's, or Aa or
the equivalent thereof by Moody's; and (h) investments in debt or equity
securities rated at least BBB+ or the equivalent thereof by Standard and Poor's,
or at least Baa1 or the equivalent thereof by Moody's not exceeding an aggregate
amount outstanding at any one time of $5,000,000.

     "REVOLVING CREDIT FACILITY" shall mean the revolving credit facility
      -------------------------                                          
established by Banks for the benefit of Borrower pursuant to Article II.

     "SEC" shall mean the Securities and Exchange Commission.
      ---                                                    

     "STANDARD AND POOR'S" shall mean Standard and Poor's Ratings 
     --------------------

                                      -19-
<PAGE>
 
Services and its successors and assigns succeeding to its rating agency
business.

     "SUBSIDIARY" means (a) any Consolidated Entity, and (b) any other
      ----------                                                      
corporation or entity the majority of the shares of the non-voting capital stock
or other equivalent ownership interests of which (except directors' qualifying
shares) are at the time directly or indirectly owned by Weeks Corporation and/or
Borrower, and the majority of the shares of the voting capital stock or other
equivalent ownership interests of which (except directors' qualifying shares)
are at the time directly or indirectly owned by Weeks Corporation or any
Consolidated Entity, and/or any officer of Weeks Corporation.

     "SUBSTANCES" shall mean all hazardous or toxic substances or wastes,
      ----------                                                         
including, but not limited to, asbestos, PCBs, petroleum products, fertilizers
and pesticides.

     "SYNDICATED LOAN GUARANTIES" shall mean, collectively, an unconditional
      --------------------------                                            
guaranty of payment and performance, in the form of Exhibit D, which is attached
                                                    ---------                   
hereto and incorporated herein by reference, executed by each Guarantor, in
favor of Banks, whereby such Guarantor unconditionally guaranties the payment
and performance when due of all Obligations of Borrower to Banks, and a
                                                                       
"SYNDICATED LOAN GUARANTY" shall mean any such unconditional guaranty.
-------------------------                                             

     "SWING BANK" shall mean Wachovia, as lender under the Swing Credit
      ----------                                                       
Agreement dated the date hereof, or Wachovia or any other institutional lender,
as lender under any other Swing Credit Agreement.

     "SWING CREDIT AGREEMENT" shall mean that certain Swing Credit Agreement,
      ----------------------                                                 
dated the date hereof, by and among Borrower, as borrower, Guarantors, as
guarantors, and Swing Bank, as lender, or any extension, renewal, modification
or replacement thereof.

     "TAXES" shall have the meaning ascribed to such term in Section 2.11(c).
      -----                                                                  

     "TERMINATING BANK" shall have the meaning ascribed to such term in Section
      ----------------                                                         
2.02.

     "TOTAL ANNUALIZED NOI" shall mean the aggregate Annualized NOI with respect
      --------------------                                                      
to all Income Property and all Property subject to a Direct Financing Lease.

     "TOTAL ASSET VALUE" shall mean, at any Measurement Date, the sum, without
      -----------------                                                       
duplication, of (a) the Income Property Value of all Income Property, (b) the
Direct Financing Lease Value of all Direct Financing Leases, (c) the Development
in Progress Value of 

                                      -20-
<PAGE>
 
all Developments in Progress, (d) the Land Value of all Land Held for Future
Development, (e) the Notes Receivable Value, (f) the Non-Consolidated Subsidiary
Value, and (g) the Non-Consolidated Venture Value.

     "TOTAL DEBT" shall mean, without duplication, all Debt (other than
      ----------                                                       
Intercompany Debt) owing by Weeks Corporation or any Subsidiary.

     "TOTAL INTEREST BEARING DEBT" shall mean, without duplication, all Debt
      ---------------------------                                           
(other than Intercompany Debt) of Weeks Corporation or any Subsidiary consisting
of Capitalized Lease Obligations or Indebtedness for Money Borrowed.

     "TOTAL SECURED DEBT" shall mean, without duplication, all Debt (other than
      ------------------                                                       
Intercompany Debt) of Weeks Corporation or any Subsidiary consisting of:  (a)
Capitalized Lease Obligations; or (b) Indebtedness for Money Borrowed, which in
either case is secured by a Mortgage on any real property.

     "TOTAL UNSECURED DEBT" means, without duplication, all Debt (other than
      --------------------                                                  
Intercompany Debt) of Weeks Corporation or any Subsidiary which is not secured
by a Mortgage on any real property.

     "UNENCUMBERED PROPERTY VALUE" shall mean the Income Property Value of all
      ---------------------------                                             
Income Property, plus the Direct Financing Lease Value of each Direct Financing
Lease, in each case that is free and clear of Mortgage Debt.  The factors in the
foregoing calculation shall be determined with respect to Weeks Corporation and
the Subsidiaries, without duplication, or, where the context requires that such
calculation shall be determined with respect solely to Borrower, solely to
Borrower.

     1.02  ACCOUNTING TERMS AND DETERMINATIONS.  Unless otherwise specified
          -----------------------------------                               
herein, all terms of an accounting character used herein shall be interpreted,
all accounting determinations hereunder shall be made, and all financial
statements required to be delivered hereunder shall be prepared, in accordance
with GAAP, applied on a basis consistent (except for changes concurred in by
Borrower's independent public accountants or otherwise required by a change in
GAAP) with the most recent audited consolidated financial statements of Weeks
Corporation delivered to Banks, unless with respect to any such change concurred
in by the Borrower's independent public accountants or required by GAAP, in
determining compliance with any of the provisions of this Agreement or any of
the other Loan Documents:  (a) Weeks Corporation or Borrower shall have objected
to determining such compliance on such basis at the time of delivery of such
financial statements, or (b) the Required Banks shall so object in writing
within thirty (30) days after the delivery of such financial statements, in
either of which events such calculations shall be made on a basis consistent
with those used in the 

                                      -21-
<PAGE>
 
preparation of the latest financial statements as to which such objection shall
not have been made (which, if objection is made in respect to the first
financial statements delivered under Section 8.03, shall mean the financial
statements referred to in Section 7.12).

     1.03  REFERENCES.  Unless otherwise indicated, references in this
          ----------                                                   
Agreement to "Articles," "Exhibits," "Schedules," "Sections" and  other
subdivisions or paragraphs are references to articles, exhibits, schedules,
sections and other subdivisions or paragraphs hereof.

     1.04  USE OF DEFINED TERMS.  All terms defined in this Agreement shall
          --------------------                                              
have the same defined meanings when used in any of the other Loan Documents,
unless otherwise defined therein or unless the context shall require otherwise.

     1.05  TERMINOLOGY.  All personal pronouns used in this Agreement, whether
          -----------                                                          
used in the masculine, feminine or neuter gender, shall include all other
genders; the singular shall include the plural, and the plural shall include the
singular.  Titles of Articles and Sections in this Agreement are for convenience
only and neither limit nor amplify the provisions of this Agreement.  When
anything is described or referred to in the Loan Documents in general terms and
one or more examples or components of what has been described or referred to
generally is associated with that description (whether or not following the word
"including"), the examples or components shall be deemed illustrative only and
shall not be construed as limiting the generality of the description or
reference in any way.

                                  ARTICLE II
                                  ----------

                           REVOLVING CREDIT FACILITY
                           -------------------------

     2.01  SYNDICATED LOANS. Upon the satisfaction of each of the conditions
           ---------------- 
of Article V, Banks shall extend a line of credit to Borrower under which Banks
will, ratably in accordance with their respective Commitments, subject to the
conditions of Article VI  and all other terms and conditions of this Agreement,
from time to time at Borrower's request, make Loans to Borrower in amounts not
to exceed the Available Credit, which may be borrowed, repaid (subject to the
provisions of Section 2.10) and reborrowed, from time to time, in minimum
principal amounts as set forth herein, in one or more borrowings prior to the
Expiration Date. Each Base Rate Loan shall be in the principal amount of
$1,000,000 or a larger integral multiple of $500,000. Each LIBOR Rate Loan shall
be in the principal amount of $5,000,000 or a larger integral multiple of
$1,000,000.

     2.02  EXPIRATION; EXTENSION.  The Revolving Credit Facility shall have a
           ---------------------                                               
term expiring on the Expiration Date, at which time 

                                      -22-
<PAGE>
 
the principal amount of all Loans then outstanding (regardless of whether the
Interest Period of any such Loan may extend beyond said date) and all accrued
but unpaid interest thereon shall be due and payable in full. Upon the written
request of Borrower, which request shall be delivered to Agent at least sixty
(60) days prior to each Extension Date (as such term is hereinafter defined),
Banks shall have the option (without any obligation whatsoever to do so) of
extending the then current Expiration Date for additional one-year periods from
the then current Expiration Date, such extension to be effective on but not
before each of December 31, 2000 and December 31, 2001 (each an "EXTENSION
                                                                ---------- 
DATE"), but in no event shall the Commitment of any Bank or any
----
Loan made hereunder, after December 31, 2000, be outstanding for a remaining
period greater than two (2) years. Notwithstanding any request by Borrower as
described in the foregoing sentence, in the event that a Bank chooses, in its
sole and absolute discretion, not to extend the Expiration Date for such an
additional one-year period, such Bank (a "TERMINATING BANK") shall give notice
                                         -----------------
to Borrower and Agent not more than sixty (60) days but not less than forty-five
(45) days prior to the relevant Extension Date; provided that upon failure by
                                                --------
any Bank to respond to a request of Borrower to extend the Expiration Date
within the period provided for such notice, such Bank shall be deemed to have
exercised its discretion not to extend the Expiration Date; provided further
                                                            -------- -------
that the Expiration Date shall not be extended with respect to any Banks unless
the Required Banks are willing to extend the Expiration Date and one or more of
the actions described in the following clauses (a), (b) and (c) shall be taken:

          (a) the remaining Banks shall elect to purchase ratable assignments
(without any obligation to do so) from all Terminating Banks (in the form of an
Assignment and Acceptance) in accordance with their respective percentages of
the remaining aggregate Commitments; provided further that such Banks shall be
                                     -------- -------                         
provided such opportunity (which opportunity shall allow such Banks at least
five (5) Domestic Business Days in which to make a decision) prior to Borrower's
finding another lender or lenders pursuant to the immediately succeeding clause
(b); and, provided further that should any of the remaining Banks elect not to
          -------- -------                                                    
purchase such an assignment, then such other remaining Banks shall be entitled
to purchase an assignment from any Terminating Bank which includes the ratable
interest that was otherwise available to such non-purchasing remaining Bank or
Banks, as the case may be;

          (b) Borrower shall find another lender or lenders, approved by Agent
(such approval not to be unreasonably withheld or delayed), willing to accept an
assignment from such Terminating Banks (in the form of an Assignment and
Acceptance);  and/or

                                      -23-
<PAGE>
 
          (c) Borrower shall reduce the Facility Amount in accordance with the
provisions of Section 2.16 in an amount equal to the aggregate Commitments of
any such Terminating Banks.  If Borrower elects to reduce the Facility Amount
pursuant to this clause (c), notwithstanding any other provision of this
Agreement to the contrary, upon compliance by Borrower with the provisions of
Section 2.16, all Banks that are not Terminating Banks shall purchase ratable
assignments from each Terminating Bank of its interest in its Loans, Note and
this Agreement (in the form of an Assignment and Acceptance) in accordance with
their respective percentages of the remaining aggregate Commitments.

Each Terminating Bank shall be obligated to sell its interest in its Commitment,
Loans, Note and this Agreement by an Assignment and Acceptance in accordance
with Section 14.03(c) to any such Assignee or Assignees pursuant to this Section
2.02 for an amount equal to the sum of the outstanding unpaid principal of and
accrued interest on such Loans and Note, plus all other fees and amounts due
such Terminating Bank hereunder, calculated in each case to the date such
interest is purchased.  Upon such assignment and assumption by the Assignee or
Assignees of the Terminating Bank's interest in the Loans, Note and this
Agreement, the Terminating Bank shall have no further Commitment or other
obligation to Borrower hereunder, except as provided in Section 2.11.

Notwithstanding the foregoing, if the Expiration Date is not extended for an
additional one year period on each Extension Date, there shall be no further
Extension Dates or extensions of the Expiration Date.  Only one such request for
an extension may be made in any one calendar year, and IN NO EVENT SHALL THE
EXPIRATION DATE BE EXTENDED BEYOND DECEMBER 31, 2002.

     2.03  RATE OF INTEREST ON LOANS.  Interest shall accrue on the unpaid
           -------------------------                                        
principal amount of each Loan, at the election of Borrower as set forth in
notices given in accordance with Section 2.04, at the Floating Rate or the LIBOR
Rate, provided that no more than ten (10) LIBOR Rate Loans shall be outstanding
      --------                                                                 
at any one time.

     2.04  NOTICE AND MANNER OF BORROWING.
           ------------------------------   

          (a) Borrower shall give Agent an Advance Request prior to 10:00 a.m.
(Atlanta, Georgia time) on the same Domestic Business Day for each Base Rate
Loan and at least three (3) Euro-Dollar Business Days before each LIBOR Rate
Loan.

          (b) Upon receipt of an Advance Request, Agent shall promptly notify
each Bank of the contents thereof and of such Bank's ratable share of the Loan.
Such Advance Request, once received by Agent, shall not thereafter be revocable.

                                      -24-
<PAGE>
 
          (c) Not later than 2:00 p.m. (Atlanta, Georgia time) on the date of
each Loan (or, if the notice required to be given by Agent pursuant to paragraph
(b) of this Section 2.04 shall be given later than 12:00 noon (Atlanta, Georgia
time) on the date of any Loan, not later than two (2) hours following the time
such notice is given on the date of the Loan), each Bank shall (except as
provided in paragraph (d) of this Section 2.04) make available its ratable share
of such Loan, in federal or other funds immediately available in Atlanta,
Georgia, to Agent at its address determined pursuant to Section 14.10.  Unless
Agent determines that any applicable condition specified in Article V has not
been satisfied, Agent will make the funds so received from Banks available to
Borrower by crediting a checking account maintained by Borrower with Agent.
Unless Agent receives notice from a Bank at Agent's address specified pursuant
to Section 14.10, no later than 4:00 p.m. (Atlanta, Georgia time) on the
Domestic Business Day of a Loan stating that such Bank will not make available
its ratable share of a Loan, Agent shall be entitled to assume that such Bank
will make available its ratable share of the Loan and, in reliance on such
assumption, Agent may (but shall not be obligated to) make such Bank's ratable
share of the Loan available to Borrower for the account of such Bank.  If Agent
makes such Bank's ratable share of the Loan available to Borrower as provided
above, and if such Bank  does not in fact make its ratable share of such Loan
available on such day, Agent shall be entitled to recover such Bank's ratable
share of the Loan from such Bank or Borrower (and for such purpose shall be
entitled to charge such amount to any account of any Borrower maintained with
Agent), together with interest thereon for each day during the period from the
date of such Loan until such sum shall be paid in full at a rate per annum equal
to the rate at which Agent determines that it obtained (or could have obtained)
overnight federal funds to cover such amount for each such day during such
period, provided that (i) any such payment by Borrower of such Bank's ratable
        --------                                                             
share of a Loan and interest thereon shall be without prejudice to any rights
that Borrower may have against such Bank, and (ii) until such Bank has paid its
ratable share of such Loan, together with interest pursuant to the foregoing, it
will have no interest in or rights with respect to such Loan for any purpose
hereunder.  If Agent determines not to exercise its option to advance funds for
the account of such Bank, it shall forthwith notify Borrower of such
determination.

          (d) If any Bank makes a new Loan hereunder on a day on which Borrower
is to repay all or any part of an outstanding Loan from such Bank, such Bank
shall apply the proceeds of its new Loan to make such repayment as a Refunding
Loan, and only an amount equal to the difference (if any) between the amount
being borrowed and the amount of such Refunding Loan shall be made available by
such Bank to Agent as provided in paragraph (c) of this Section 2.04, or
remitted by Borrower to Agent as provided in Section 2.11, as the case may be.

                                      -25-
<PAGE>
 
          (e) All Advance Requests shall specify (i) the date, (ii) the
amount,(iii) the interest rate election, (iv) such other information called for
in the form of the Advance Request, and (v) in the case of the election of a
LIBOR Rate Loan, the Interest Period for such Loan.  Any such notice which Agent
believes in good faith to have been given by a duly authorized agent of Borrower
shall be deemed given by Borrower.  Notwithstanding any provision of this
Agreement to the contrary, if, after Agent's receipt of Borrower's Advance
Request for a LIBOR Rate Loan, Agent determines in good faith that it is not
possible to determine the applicable LIBOR Rate or the LIBOR Rate shall not
cover the actual cost to Banks of obtaining United States dollar deposits in the
Interbank Eurodollar Market plus the Applicable Margin, then Agent shall
promptly notify Borrower and Banks of such determination, and the Loan subject
to the notice shall be a Base Rate Loan.

     2.05  AUTOMATIC CONVERSION.  All LIBOR Rate Loans not paid in full on or
           --------------------                                                
before the last day of the Interest Period therefor shall automatically convert
to Base Rate Loans upon the expiration of the Interest Period.

     2.06  INTEREST PAYMENTS ON LOANS.  Accrued and unpaid interest on the
           --------------------------                                       
unpaid principal amount of each Loan shall be due and payable on the last day of
the Interest Period applicable thereto and, if earlier, on the date three (3)
months after the date the Loan was made.  Interest payable on the Loans shall be
computed on the basis of a hypothetical year of 360 days for the actual number
of days elapsed.

     2.07  MATURITY.  The entire unpaid principal amount of the Loans,
           --------                                                     
together with all accrued and unpaid interest thereon, shall be due and payable
on the Expiration Date.

     2.08  NOTES.  (a)  The Loans made by each Bank shall be evidenced by a
           -----                                                             
Note made by Borrower payable to the order of such Bank in an amount equal to
the original principal amount of such Bank's Commitment.

          (b) Upon receipt of each Bank's Note pursuant to Section 4.07, Agent
shall deliver such Note to such Bank.  Each Bank shall record, and prior to any
transfer of its Note shall endorse, on the schedules forming a part thereof,
appropriate notations to evidence the date, amount and maturity of, and
effective interest rate for, each Loan made by the Bank with respect thereto,
and such schedules of each such Bank's Note shall constitute rebuttable
presumptive evidence of the respective principal amounts owing and unpaid on
such Bank's Note; provided that the failure of any Bank to make, or any error in
                  --------                                                      
making, any such recordation or endorsement shall not affect the obligation of
Borrower hereunder or under the Notes or the 

                                      -26-
<PAGE>
 
ability of any Bank to assign its Note. Each Bank is hereby irrevocably
authorized by Borrower so to endorse its Note and to attach to and make a part
of any Note a continuation of any such schedule as and when required.

          (c) In the event of loss, theft, destruction, total or partial
obliteration, mutilation or inappropriate cancellation of a Note, Borrower will
execute and deliver, in lieu thereof, a replacement Note identical in form and
substance to such Note and dated as of the date of such Note.

     2.09  USE OF LOAN PROCEEDS.  The proceeds of the Loans will be used by
           --------------------                                              
Borrower and, through advances made by Borrower to or investments made by
Borrower in (to the extent permitted in accordance with Section 9.12) any other
Subsidiary or Non-Consolidated Venture, by any such Subsidiary or Non-
Consolidated Venture, to satisfy Borrower's obligations to Banks' Agent (as
defined in the 1996 Credit Agreement) under the 1996 Credit Agreement and
otherwise solely to finance their general business needs, including, without
limitation, their operating and administrative expenses, interest and principal
payments on loans, the acquisition, development and maintenance of their
properties, the payment of taxes, insurance and commissions relating to their
properties and business operations, the payment of distributions by Borrower to
its partners and of dividends by Weeks Corporation to its shareholders, and to
make loans to unrelated entities for the purpose of constructing buildings and
related improvements upon real property owned by such unrelated entities,
provided that the Person making such loan shall have obtained a recorded first
--------                                                                      
mortgage security interest in the real property under development and, further,
that the Person shall manage the construction of the building and related
improvements and that Weeks Corporation or any such Consolidated Entity or Non-
Consolidated Subsidiary shall have a contractual right to acquire the improved
real property prior to the making of the loan.

     2.10  PREPAYMENT OF LOANS.  (a)  Borrower may, upon at least five (5)
            -------------------                                              
Euro-Dollar Business Days' notice to Agent, prepay any LIBOR Rate Loan in whole
at any time, or from time to time in part in amounts aggregating at least
$5,000,000 or any larger integral multiple of $1,000,000, by paying the
principal amount to be prepaid together with accrued interest thereon to the
date of prepayment, plus, if such prepayment is not made on the last day of the
applicable Interest Period, the amount of compensation, if any, determined to be
due pursuant to paragraph (e) of this Section 2.10, and the fee due pursuant to
Section 13.03.  Each such optional prepayment shall be applied to prepay ratably
the LIBOR Rate Loans made by Banks.

          (b) Borrower may, upon at least one (1) Domestic Business Day's notice
to Agent, prepay any Base Rate Loan in 

                                      -27-
<PAGE>
 
whole at any time, or from time to time in part in amounts aggregating at least
$1,000,000 or any larger integral multiple of $500,000, by paying the principal
amount to be prepaid together with accrued interest thereon to the date of
prepayment. Each such optional prepayment shall be applied to prepay ratably the
Base Rate Loans made by Banks.

          (c) On each date on which the Facility Amount is reduced by Borrower
pursuant to Section 2.16, Borrower shall prepay such principal amount of the
Loans (either pursuant to the foregoing clause (a) or clause (b) of this Section
2.10 or both), if any (together with interest thereon and such compensation as
may be due in accordance with clause (e) of this Section 2.10), as may be
necessary so that, after such prepayment, the aggregate principal amount of the
Loans do not exceed the Facility Amount, calculated as of such date after the
Facility Amount has been so reduced.

          (d) Upon receipt of a notice of prepayment pursuant to this Section
2.10, Agent shall promptly notify each Bank of the contents thereof and of such
Bank's ratable share of such prepayment.  Such notice, once received by Agent,
shall not thereafter be revocable by Borrower.

          (e) Upon prepayment of all or part of the outstanding principal amount
of any LIBOR Rate Loan prior to the last day of the Interest Period therefor,
including any such prepayment made as a result of an acceleration of the
maturity of the Loans upon a Default, Borrower shall pay to Agent, to be applied
ratably to each Bank's pro rata portion of such LIBOR Rate Loan, compensation
with respect to such prepayment equal to Banks' Breakage Costs with respect
thereto.

     2.11  GENERAL PROVISIONS AS TO PAYMENTS.  (a)  Borrower shall make each
            ---------------------------------                                  
payment of principal of, and interest on, the Loans and of fees hereunder, not
later than 1:00 p.m. (Atlanta, Georgia time) on the day when due, in federal or
other funds immediately available in Atlanta, Georgia, to Agent at its address
referred to in Section 14.10.  All such payments of principal of, and interest
on, the Loans and of fees hereunder shall be credited to the account of Borrower
on the day so received by Agent, if received before 1:00 p.m. (Atlanta, Georgia
time), or on the next Domestic Business Day, if so received after 1:00 p.m.
(Atlanta, Georgia time).  Agent will promptly distribute to each Bank its
ratable share of each such payment received by Agent for the account of Banks.
If Agent fails to distribute to any Bank its ratable share of any such payment
on the day received, if received not later than 1:00 p.m. (Atlanta, Georgia
time) on such day, or on the next Domestic Business Day, if received after 1:00
p.m.  (Atlanta, Georgia time) on such day, such Bank shall be entitled to
recover such Bank's ratable share of such payment from Agent, together with
interest thereon for each day during 

                                      -28-
<PAGE>
 
the period from the date of distribution of such Bank's ratable share of such
payment shall have become due until such distribution shall be made, at a rate
per annum equal to the rate at which Agent determines that it obtained (or could
have obtained) overnight federal funds in such amount for each such day during
such period.

          (b) Whenever any payment of principal of, or interest on, Base Rate
Loans or fees hereunder shall be due on a day which is not a Domestic Business
Day, the date for payment thereof shall be extended to the next succeeding
Domestic Business Day.  Whenever any payment of principal of or interest on,
LIBOR Rate Loans shall be due on a day which is not a Euro-Dollar Business Day,
the date for payment thereof shall be extended to the next succeeding Euro-
Dollar Business Day, unless such Euro-Dollar Business Day falls in another
calendar month, in which case the date for payment thereof shall be the next
preceding Euro-Dollar Business Day.

          (c) All payments of principal, interest and fees and all other amounts
to be made by Borrower pursuant to this Agreement with respect to any Loan or
fee relating thereto shall be paid without deduction for, and free from, any
taxes, imposts, levies, deductions, or withholdings now or hereafter imposed by
any governmental authority or by any taxing authority thereof or therein,
excluding in the case of each Bank or Agent (i) any taxes imposed by the United
States or any political subdivision thereof on the effectively connected net
income of it or its Lending Office or any franchise taxes imposed by such
jurisdiction, (ii) taxes imposed on the net income of, or franchise taxes
imposed upon, it by the jurisdiction under the laws of which it is organized or
by any political subdivision thereof, (iii) taxes imposed on the net income of
its Lending Office, and franchise taxes imposed on it, by the jurisdiction of
its Lending Office, or any political subdivision thereof, (iv) any taxes imposed
on it by Section 884(a) of the Internal Revenue Code of 1986, as amended (and
any successor statute to Section 884(a)), and (v) any United States withholding
tax payable with respect to any payments to it under the laws (including,
without limitation, any treaty, ruling, judicial or administrative determination
or regulation) in effect on the Initial Date (as hereinafter defined), but not
                                                                       -------
excluding any United States withholding tax payable or increased as a result of
---------                                                                      
any change in any law, treaty, ruling, judicial or administrative determination
or regulation, or interpretation thereof occurring after said Initial Date (all
such non-excluded taxes, levies, imposts, deductions and withholdings
hereinafter referred to as "TAXES").  For purposes hereof, the term "INITIAL
                            -----                                    -------
DATE" shall mean, in the case of each Bank or Agent party hereto on the date
----                                                                        
hereof, the date of this Agreement, and in the case of each other Bank or Agent,
the effective date of the Assignment and Acceptance, or other instrument
pursuant to which it became a Bank or other party hereunder.

                                      -29-
<PAGE>
 
     In the event that Borrower is required by applicable law to make any such
withholding or deduction of Taxes with respect to any Loan or fee or other
amount, Borrower shall pay such deduction or withholding to the applicable
taxing authority, shall promptly furnish to the Affected Bank in respect of
which such deduction or withholding is made all receipts and other documents
evidencing such payment, and shall pay to the Affected Bank additional amounts
as may be necessary in order that the amount received by the Affected Bank after
the required withholding or other payment shall equal the amount it would have
received had no such withholding or other payment been made.  If in such event
no withholding or deduction of Taxes are payable in respect to any Loan or fee
relating thereto, Borrower shall furnish the Affected Bank, at its written
request, a certificate from each applicable taxing authority or an opinion of
counsel reasonably acceptable to it, in either case stating that such payments
are exempt from or not subject to withholding or deduction of Taxes.  If
Borrower fails to provide such original or certified copy of a receipt
evidencing payment of Taxes or certificate(s) or opinion of counsel described in
the preceding sentence, Borrower hereby agrees to compensate the Affected Bank
for, and indemnify it with respect to, the tax consequences of Borrower's
failure to provide evidence of tax payments or tax exemption; provided, however,
                                                              --------  ------- 
that Borrower shall not be obligated to indemnify any party for penalties,
additions to tax, interest or expenses associated with the payment of Taxes if
the Affected Bank's liability for such Taxes has arisen as a result of the
violation by it of the terms of this Agreement.  Such compensation or
indemnification payment shall be made within 30 days from the date such Affected
Bank makes written request therefor.  Any such request shall be made within 90
days after the date on which such payment of Taxes was made.  Each such request
shall be accompanied by a copy of the statement from the taxing authority
demanding payment by the Affected Bank of such Taxes or by a certificate from
the Affected Bank which certificate shall set forth in reasonable detail the
basis for any additional amount payable to such party under this Section 2.11(c)
(together with reasonable evidence of payment of such Taxes).

     Each Bank or Agent which is not organized under the laws of the United
States or any state thereof agrees, as soon as practicable after receipt by it
of a request by Borrower to do so, to file all appropriate forms and take other
appropriate action to obtain a certificate or other appropriate document from
the appropriate governmental authority in the jurisdiction imposing the relevant
Taxes, establishing that it is entitled to receive payments of principal and
interest under this Agreement and the Notes without deduction and free from
withholding of any Taxes imposed by such jurisdiction; provided that if it is
                                                       --------              

                                      -30-
<PAGE>
 
unable, for any reason, to establish such exemption, or to file such forms and,
in any event, during such period of time as such request for exemption is
pending, Borrower shall nonetheless remain obligated under the terms of the
immediately preceding paragraph.

     In the event any Affected Bank receives a refund of any Taxes paid by
Borrower pursuant to this Section 2.11(c), it will pay to Borrower the amount of
such refund promptly upon receipt thereof; provided that if at any time
                                           --------                    
thereafter it is required to return such refund, Borrower shall promptly repay
to it the amount of such refund.

     Without prejudice to the survival of any other agreement of Borrower
hereunder, the agreements and obligations of Borrower, Banks and Agent contained
in this Section 2.11(c) shall be applicable with respect to any Transferee, and
any calculations required by such provisions (i) shall be made based upon the
circumstances of such Transferee, and (ii) constitute a continuing agreement and
shall survive the termination of this Agreement and the payment in full or
cancellation of the Notes.

     2.12  DEFAULT RATE OF INTEREST.  If a Default shall occur under this
           ------------------------                                        
Agreement, interest shall accrue on the unpaid principal amount of the Loans
from and after the date of such occurrence through and including the date on
which such Default shall have been cured at a rate of interest equal to the
highest rate otherwise applicable to any such Loan plus an additional two
percent (2.00%) per annum (200 basis points).

     2.13  FEES.  In consideration of Banks' establishing the Revolving
           ----                                                          
Credit Facility, Borrower shall pay Agent, for the ratable benefit of Banks, the
following fees:

          (a)  ORIGINATION FEE.  An Origination Fee, which shall be due and
               ---------------                                               
payable on the effective date of this Agreement, equal to 0.20% of the amount by
which the initial Facility Amount under this Agreement ($225,000,000) exceeds
the initial Facility Amount (as defined in the 1996 Credit Agreement) under the
1996 Credit Agreement ($175,000,000), which shall be pro rated among Banks on
the basis of the dollar amount, if any, by which each Bank's Commitment under
this Agreement exceeds such Bank's Commitment (as defined in the 1996 Credit
Agreement), if any, under the 1996 Credit Agreement, provided that the
                                                     --------         
Commitment (as defined in the 1996 Credit Agreement) of any Bank which had no
Commitment under the 1996 Credit Agreement shall be deemed to be $0 for the
purposes of such pro ration.

          (b)  EXTENSION FEES.  An Extension Fee, which shall be computed as
               --------------                                                 
set forth below, for each extension of the Expiration Date after December 31,
2000, which shall be due and payable on each Extension Date, and which shall be
deemed fully earned 

                                      -31-
<PAGE>
 
and nonrefundable when paid. The Extension Fee shall be computed by (a)
multiplying .10% by the Facility Amount in effect on the due date thereof, (b)
dividing the product so obtained by 360, and (c) multiplying the quotient so
obtained by the actual number of days in the year of the extension.

          (c)  FACILITY FEE.  A Facility Fee, which shall be computed as set
               ------------                                                   
forth below, for each calendar year during which this Agreement is in effect,
which shall be due and payable in advance on the effective date of this
Agreement and on the first (1st) Business Day of each calendar year thereafter
commencing 1999, and which shall be deemed fully earned and nonrefundable when
paid.  The Facility Fee shall be computed by  (a) multiplying the percentage
determined as set forth below by the Facility Amount in effect on the due date
thereof, (b) dividing the product so obtained by 360, and (c) multiplying the
quotient so obtained, in the case of the Facility Fee due and payable on the
effective date of this Agreement, by the actual number of days in the period
commencing on such effective date and ending on December 31, 1998, and in the
case of each subsequent Facility Fee, the actual number of days in the calendar
year for which the Facility Fee is due.  For purposes of the foregoing, the
percentage shall be determined by reference to the Debt Rating Table and shall
be based on the Debt Rating, if any, as determined by Agent, in effect as of
such day if such day is a Performance Pricing Determination Date, or otherwise
as of the Performance Pricing Determination Date immediately preceding such day;
provided that if there is no Debt Rating in effect on such day, the percentage
--------                                                                      
shall be the same as that set forth in the applicable Performance Pricing Level
V of the Debt Rating Table.

     2.14  INCREASED COSTS; ILLEGALITY; CAPITAL ADEQUACY. (a) If any Bank
           ---------------------------------------------                   
should suffer any increased cost in connection with any Loan, as a result of any
change subsequent to the date hereof causing the imposition or increase of any
reserve, insurance, tax or assessment requirement (other than a tax assessable
on the Bank's overall net income or gross receipts) or the compliance with any
guidelines or requests from any governmental authority issued subsequent to the
date hereof (whether or not having the force of law), such Bank shall, upon
becoming aware of such increased costs, certify to Borrower the amount thereof
(and such certification shall be deemed prima facie correct), whereupon Borrower
                                        ----- -----                             
shall have the option either to:  (i) repay in full the Notes and request Banks
to terminate this Agreement; or (ii) continue to borrow from Banks under the
terms of this Agreement and pay such Bank on subsequent interest payment dates
such additional amounts as will compensate such Bank from the date of receipt of
certification, for such increased costs.

          (b) In the event that the introduction of or any change subsequent to
the date hereof in any applicable law, rule or regulation or in the
interpretation or administration thereof 

                                      -32-
<PAGE>
 
or compliance by any Bank with any request or directive (whether or not having
the force of law) of any governmental authority shall, in the determination of
such Bank (which determination shall be made in good faith and shall be deemed
prima facie correct) make it unlawful or impractical for such Bank to make, fund
----- -----
or maintain any Loan, such Bank shall promptly, upon becoming aware of such
event, notify Borrower thereof, whereupon Borrower shall, upon receipt of such
notice, pay in full such amounts as will compensate such Bank for any losses
(not including lost profits) or expenses which such Bank shall have sustained or
incurred as a result of such event (and the determination of which by such Bank
shall be deemed prima facie correct, as certified by such Bank).
                ----- -----

          (c) If, after the date hereof, the adoption of any applicable law,
rule or regulation regarding capital adequacy, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the administration thereof, or compliance
by any Bank with any request or directive regarding capital adequacy (whether or
not having the force of law) of any such authority, central bank or comparable
agency, affects the amount of capital required or expected to be maintained by
such Bank or any person or entity in Control of such Bank and such Bank
determines that the amount of said capital is increased by or based upon such
Bank's obligations hereunder, then such Bank will promptly notify Borrower
thereof, and from time to time, upon demand by such Bank, Borrower shall pay to
such Bank such additional amount or amounts as will compensate such Bank in
light of such circumstances, to the extent that such Bank reasonably determines
such increase in capital is allocable to its obligations hereunder.

     2.15  CALCULATION OF COMPENSATION TO BANKS; REQUIRED TRANSFER BY BANKS.
           ----------------------------------------------------------------   

          (a) Any Bank or Agent requiring compensation pursuant to Section
2.11(c) or subparagraphs (a), (b) and (c) of  Section 2.14 shall deliver to
Borrower a certificate setting forth in reasonable detail the calculations of
any additional amounts required in order to compensate such Bank or Agent under
Section 2.11(c) or subparagraphs (a), (b) and (c) of  Section 2.14.  In
determining any such amounts, the Affected Bank may use any reasonable averaging
and attribution method, provided such Affected Bank shall use such methods in
                        --------                                             
good faith, and such methods shall be in accordance with those generally used by
such Bank for this purpose for other comparable credit facilities.

          (b) Any Bank or other Person entitled to claim any additional amounts
payable pursuant to Section 2.11 or Section 2.14 shall endeavor in good faith
(consistent with its internal policy  and legal and regulatory restrictions) to
retain the 

                                      -33-
<PAGE>
 
jurisdiction of its Lending Office or change the jurisdiction of its Lending
Office, as the case may be, if such retention or change would avoid the need
for, or reduce the amount of, any such additional amounts which may thereafter
accrue and such retention or change would not, in its reasonable judgment, be
otherwise materially disadvantageous to it, provided that nothing contained in
                                            --------
this Section 2.15(b) shall be deemed to require any Bank or other Person to
retain, maintain or establish an office in any jurisdiction for the sole purpose
of avoiding the need for, or reducing the amount of, any such additional amounts
which may thereafter accrue.

          (c) Notwithstanding the foregoing, in the event Borrower is required
to pay any Bank or Agent amounts pursuant to Section 2.11 or Section 2.14 and
the designation of a different Lending Office pursuant to Section 2.15(b) will
not avoid the need for compensation to such Bank or Agent, as the case may be
(an "AFFECTED BANK"), Borrower may give notice to such Affected Bank (with
     -------------                                                        
copies to Agent) that it wishes to seek one or more assignees (which may be one
or more of the Banks) to assume the Commitment of such Affected Bank and to
purchase its outstanding Loans and Note; provided, that if there is more than
                                         --------                            
one Affected Bank that has requested substantially and proportionally equal
compensation hereunder, Borrower shall elect to seek an assignee to assume the
Commitments of all such Affected Banks.  Each Affected Bank agrees to sell its
Commitment, Loans, Note and interest in this Agreement in accordance with
Section 14.03(c) to any such assignee for an amount equal to the sum of the
outstanding unpaid principal of and accrued interest on such Loans and Note,
plus all other fees and amounts (including, without limitation, any compensation
due to such Affected Banks under Section 2.11 or Section 2.14 calculated, in
each case, to the date such Loans, Note and interest are purchased.  Upon such
sale or prepayment, each such Affected Bank shall have no further commitment or
other obligation to Borrower hereunder or under any Note, except as provided in
Section 2.11(c).

     2.16  FACILITY AMOUNT REDUCTION OR TERMINATION.  Borrower shall have the
           ----------------------------------------                            
option, from time to time, to reduce the Facility Amount by $10,000,000 or any
greater integral multiple of $5,000,000, by (a) giving written notice of its
election to exercise such option to Agent no later than three (3) Domestic
Business Days before the date the reduction is to be effective, and (b) giving
such notice of, and making such, prepayment, if any, as is required by the
provisions of Section 2.10 on account of such reduction of the Facility Amount.
In no event shall Borrower, as a result of any such election, be entitled to a
refund of any fees paid to Agent or any Bank hereunder or be entitled
thereafter, without the written consent of Agent and all Banks, to a restoration
of the amount, or any part thereof, by which the Facility Amount shall have been
reduced.  Upon receipt of any such written notice, Agent shall deliver a copy of
the same to each Bank.

                                      -34-
<PAGE>
 
                                  ARTICLE III
                                  -----------

                                   THE AGENT
                                   ---------

     3.01  APPOINTMENT; POWERS AND IMMUNITIES.  Each Bank hereby irrevocably
           ----------------------------------                                 
appoints and authorizes Agent to act as its agent hereunder and under the other
Loan Documents with such powers as are specifically delegated to Agent by the
terms hereof and thereof, together with such other powers as are reasonably
incidental thereto.  Agent: (a) shall have no duties or responsibilities except
as expressly set forth in this Agreement and the other Loan Documents, and shall
not by reason of this Agreement or any other Loan Document be a trustee for any
Bank; (b) shall not be responsible to Banks for any recitals, statements,
representations or warranties contained in this Agreement or any other Loan
Document, or in any certificate or other document referred to or provided for
in, or received by any Bank under, this Agreement or any other Loan Document, or
for the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document or any other document referred to or
provided for herein or therein or for any failure by Borrower to perform any of
its obligations hereunder or thereunder; (c) shall not be required to initiate
or conduct any litigation or collection proceedings hereunder or under any other
Loan Document except to the extent requested by the Required Banks, and then
only on terms and conditions satisfactory to Agent, and (d) shall not be
responsible for any action taken or omitted to be taken by it hereunder or under
any other Loan Document or any other document or instrument referred to or
provided for herein or therein or in connection herewith or therewith, except
for its own gross negligence or wilful misconduct.  Agent may employ agents and
attorneys-in-fact and shall not be responsible for the negligence or misconduct
of any such agents or attorneys-in-fact selected by it with reasonable care.
The provisions of this Article III are solely for the benefit of Agent and
Banks, and Borrower shall not have any rights as a third party beneficiary of
any of the provisions hereof.  In performing its functions and duties under this
Agreement and under the other Loan Documents, Agent shall act solely as agent of
Banks and does not assume and shall not be deemed to have assumed any obligation
towards or relationship of agency or trust with or for Borrower.  The duties of
Agent shall be ministerial and administrative in nature, and Agent shall not
have by reason of this Agreement or any other Loan Document a fiduciary
relationship in respect of any Bank.  Agent shall administer the Loans and the
Loan Documents with the same degree of care as that customarily employed by
Agent in the administration of similar credit facilities for its own account.

     3.02  RELIANCE BY AGENT.  Agent shall be entitled to rely 
           -----------------                                             

                                      -35-
<PAGE>
 
upon any certification, notice or other communication (including any thereof by
telephone, telecopier, telegram or cable) believed by it to be genuine and
correct and to have been signed or sent by or on behalf of the proper person or
persons, and upon advice and statements of legal counsel, independent
accountants or other experts selected by Agent. As to any matters not expressly
provided for by this Agreement or any other Loan Document, Agent shall in all
cases be fully protected in acting, or in refraining from acting, hereunder and
thereunder in accordance with instructions signed by the Required Banks, and
such instructions of the Required Banks in any action taken or failure to act
pursuant thereto shall be binding on all Banks.

     3.03  DEFAULTS.  Agent shall not be deemed to have knowledge of the
           --------                                                       
occurrence of a Default (other than the nonpayment of principal of or interest
on the Loans) unless Agent has received notice from a Bank or Borrower
specifying such Default and stating that such notice is a "Notice of Default."
In the event that Agent receives such a notice of the occurrence of a Default,
Agent shall give prompt notice thereof to Banks.  Agent shall give each Bank
prompt notice of each nonpayment of principal of or interest on the Loans
whether or not it has received any notice of the occurrence of such nonpayment.
Agent shall (subject to Article XII) take such action hereunder with respect to
such Default as shall be directed by the Required Banks, provided that, unless
                                                         --------             
and until Agent shall have received such directions, Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect
to such Default as it shall deem advisable in the best interests of the Banks.

     3.04  RIGHTS OF AGENT AS A BANK.  With respect to the Loans made by
           -------------------------                                      
Wachovia in its capacity as a Bank hereunder, Wachovia in its capacity as a Bank
hereunder shall have the same rights and powers hereunder as any other Bank and
may exercise the same as though Wachovia were not acting as Agent, and the term
"BANK" or "BANKS" shall, unless the context otherwise indicates, include
 ----      -----                                                        
Wachovia in its individual capacity.  Wachovia may (without having to account
therefor to any Bank) accept deposits from, lend money to, and generally engage
in any kind of banking, trust or other business with Borrower (and any of
Borrower's Affiliates) as if Wachovia were not acting as Agent, and Wachovia and
any Affiliate of Wachovia may accept fees and other consideration from Borrower
(in addition to any agency fees and arrangement fees heretofore agreed to
between Borrower and Agent) for services in connection with this Agreement or
any other Loan Document or otherwise without having to account for the same to
Banks.

     3.05  INDEMNIFICATION.  Each Bank severally agrees to indemnify Agent,
           ---------------                                                   
to the extent Agent shall not have been reimbursed by Borrower, ratably in
accordance with its 

                                      -36-
<PAGE>
 
Commitment, for any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses (including, without
limitation, counsel fees and disbursements) or disbursements of any kind and
nature whatsoever which may be imposed on, incurred by or asserted against Agent
in any way relating to or arising out of this Agreement or any other Loan
Document or any other documents contemplated by or referred to herein or therein
or the transactions contemplated hereby or thereby (excluding, unless a Default
has occurred and is continuing, the normal administrative costs and expenses
incident to the performance of its agency duties hereunder) or the enforcement
of any of the terms hereof or thereof or any such other documents; provided that
                                                                   --------
no Bank shall be liable for any of the foregoing to the extent they arise from
the gross negligence or wilful misconduct of Agent. If any indemnity furnished
to Agent for any purpose shall, in the opinion of Agent, be insufficient or
become impaired, Agent may call for additional indemnity and cease, or not
commence, to do the acts indemnified against until such additional indemnity is
furnished.

     3.06  CONSEQUENTIAL DAMAGES.  AGENT SHALL NOT BE RESPONSIBLE OR LIABLE
           ---------------------                                             
TO ANY BANK, BORROWER OR ANY OTHER PERSON OR ENTITY FOR ANY PUNITIVE, EXEMPLARY
OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF THIS AGREEMENT, THE
OTHER LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

     3.07  PAYEE OF NOTE TREATED AS OWNER.  Agent may deem and treat the
           ------------------------------                                 
payee of any Note as the owner thereof for all purposes hereof unless and until
a written notice of the assignment or transfer thereof shall have been filed
with Agent and the provisions of Section 14.03(c) have been satisfied.  Any
requests, authority or consent of any person who at the time of making such
request or giving such authority or consent is the holder of any Note shall be
conclusive and binding on any subsequent holder, Transferee or Assignee of that
or of any Note or Notes issued in exchange therefor or replacement thereof.

     3.08  NONRELIANCE ON AGENT AND OTHER BANKS.  Each Bank agrees that it
           ------------------------------------                             
has, independently and without reliance on Agent or any other Bank, and based on
such documents and information as it has deemed appropriate, made its own credit
analysis of Borrower and decision to enter into this Agreement and that it will,
independently and without reliance upon Agent or any other Bank, and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own analysis and decisions in taking or not taking action
under this Agreement or any of the other Loan Documents.  Agent shall not be
required to keep itself (or any Bank) informed as to the performance or
observance by Borrower of this Agreement or any of the other Loan Documents or
any other document referred to or provided for herein or therein or to inspect
the properties or books of Borrower or any other Person.  Except for notices,
reports and 

                                      -37-
<PAGE>
 
other documents and information expressly required to be furnished to Banks by
Agent hereunder or under the other Loan Documents, Agent shall not have any duty
or responsibility to provide any Bank with any credit or other information
concerning the affairs, financial condition or business of Borrower or any other
Person (or any of their Affiliates) which may come into the possession of Agent;
provided that Agent shall make available to any Bank, upon such Bank's request,
--------
(a) copies of Agent's records with respect to all sums received or expended by
Agent in connection with the Loans and the Loan Documents, and (b) information
as to the amount of the then outstanding Loans.

     3.09  FAILURE TO ACT.  Except for action expressly required of Agent
           --------------                                                  
hereunder or under the other Loan Documents, Agent shall in all cases be fully
justified in failing or refusing to act hereunder and thereunder unless it shall
receive further assurances to its satisfaction by Banks of their indemnification
obligations under Section 3.05  against any and all liability and expense which
may be incurred by Agent by reason of taking, continuing to take, or failing to
take any such action.

     3.10  RESIGNATION OR REMOVAL OF AGENT.  Subject to the appointment and
           -------------------------------                                   
acceptance of a successor Agent as provided below, Agent may resign at any time
by giving notice thereof to Banks and Borrower, and Agent may be removed at any
time with or without cause by the Required Banks.  Upon any such resignation or
removal, Required Banks shall have the right to appoint a successor Agent,
subject to the approval of Borrower, which approval shall not be unreasonably
withheld or delayed; provided, however, that no such approval of Borrower shall
                     --------                                                  
be required if a Default is in existence.  If no successor Agent shall have been
so appointed by the Required Banks and shall have accepted such appointment
within thirty (30) days after the retiring Agent's notice of resignation or the
Required Banks' removal of the retiring Agent, then the retiring Agent may, on
behalf of Banks, appoint a successor Agent, subject to the approval of Borrower,
which approval shall not be unreasonably withheld or delayed; provided, however,
                                                              --------          
that no such approval of Borrower shall be required if a Default is in
existence.  Any successor Agent shall be a bank which has a combined capital and
surplus of at least $500,000,000.  Upon the acceptance of any appointment as
Agent hereunder by a successor Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations hereunder.  After any retiring Agent's resignation or
removal hereunder as Agent, the provisions of this Article III shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Agent hereunder.

     3.11  DIRECTIONS TO AGENT.  Whenever a provision of this 
           -------------------                                           

                                      -38-
<PAGE>
 
Agreement provides that the giving, making or taking, as the case may be, of a
consent, approval, instruction, direction, acceptance, request or other action
by the Required Banks is required as a condition to the right or duty of Weeks
Corporation or Borrower or Agent to take or refrain from taking any action or to
the existence of any status or condition, and Agent shall have notified all
Banks of the action, status or condition for which such consent, approval,
instruction, direction, acceptance, request or other action is required, such
consent, approval, instruction, direction, acceptance, request or other action
may be, at the option of Agent, deemed given, made or taken, as the case may be,
by each Bank, unless such Bank shall have given Agent contrary instructions
within seven (7) Domestic Business Days after its receipt of such notice from
Agent. Notwithstanding the foregoing, Agent reserves the right to refrain from
acting on any matter which requires the consent, approval, direction,
instruction, acceptance, request or other action of one or more Banks unless and
until Agent shall have actually received the same from such party or parties as
provided for herein.

                                  ARTICLE IV
                                  ----------

                    CONDITIONS TO REVOLVING CREDIT FACILITY
                    ---------------------------------------

     The obligation of Banks to extend the Revolving Credit Facility and to make
the initial Loan thereunder is subject to the satisfaction of the following
conditions:

     4.01  BORROWER'S AUTHORITY.  Agent shall have received a Certificate of
           --------------------                                               
General Partner of Borrower, in form and substance acceptable to Agent,
authorizing the execution, delivery and performance of this Agreement and the
borrowing by it hereunder, together with such other papers, certifications or
other documents as Agent may require to evidence that Borrower has the legal
power and authority to enter into this Agreement, and the other Loan Documents,
and the transactions contemplated hereby.

     4.02  GUARANTORS' AUTHORITY.  Agent shall have received certified copies
           ---------------------                                               
of resolutions of Weeks Corporation's, GP Holdings' and LP Holdings' respective
Boards of Directors authorizing the execution, delivery and performance of this
Agreement and the Syndicated Loan Guaranty executed by it, together with such
other papers, certifications or documents of Guarantors as Agent may require to
evidence that each such Guarantor has the power and authority to enter into this
Agreement, the Syndicated Loan Guaranty executed by it, and the transactions
contemplated hereby.

     4.03  SATISFACTORY FINANCIAL CONDITION. There shall not have occurred any
           --------------------------------                                     
material adverse change in the financial condition, properties, or operations of
Borrower and the Related Parties (all of the foregoing taken as a whole) or
Borrower (standing 

                                      -39-
<PAGE>
 
alone) since September 30, 1997.

     4.04  REPRESENTATIONS AND WARRANTIES.  The representations and warranties
           ------------------------------                                       
of Borrower and Weeks Corporation set forth in Article VII, and in all
agreements, documents and instruments executed and delivered pursuant hereto
shall be true and correct in all material respects when made or deemed made
hereunder or thereunder.

     4.05  PAYMENT OF FEES.  Agent shall have received payment in full of all
           ---------------                                                     
fees, charges, and expenses as required by or otherwise due in connection with
the Mandate Letter and this Agreement, including attorneys' fees and expenses of
Agent's counsel, the Origination Fee due pursuant to Section 2.13(a), and the
Facility Fee due pursuant to Section 2.13(c).

     4.06  EXTENSION OF 1996 CREDIT AGREEMENT.  Borrowers' Agent (as defined
           ----------------------------------                                 
in the 1996 Credit Agreement) shall have given notice, pursuant to the terms of
the 1996 Credit Agreement, of the extension of the Expiration Date (as defined
in the 1996 Credit Agreement) to December 31, 2000, and Borrowers (as defined in
the 1996 Credit Agreement) shall have paid to Banks' Agent (as defined in the
1996 Credit Agreement), for the ratable benefit of Banks (as defined in the 1996
Credit Agreement), based on the amount of each such Bank's Commitment (as
defined in the 1996 Credit Agreement) in effect immediately prior to the First
Amendment, dated as of September 1, 1997, to the 1996 Credit Agreement, the
extension fee due in connection therewith equal to .125% of the original
Facility Amount (as defined in the 1996 Credit Agreement).

     4.07  NOTES.  Agent shall have received the original Notes, duly executed
           -----                                                                
and delivered by Borrower.

     4.08  SYNDICATED LOAN GUARANTIES.  Agent shall have received the original
           --------------------------                                           
Syndicated Loan Guaranties, duly executed and delivered by Guarantors.

     4.09  CERTIFICATES OF INCUMBENCY.  Agent shall have received an original
           --------------------------                                          
Certificate of Incumbency from Borrower and each Guarantor with respect to the
Authorized Signatory of each such party.

     4.10  OTHER DOCUMENTATION.  Agent shall have received such other loan
           -------------------                                              
documentation as deemed reasonably necessary or desirable by Agent or its
counsel, satisfactory in form and substance to Agent, providing for the Loans to
be made.

     4.11  REIT STATUS.  Weeks Corporation shall be qualified as a real
           -----------                                                   
estate investment trust under the Code.

     4.12  OPINION OF COUNSEL.  Agent shall have received a 
           ------------------                                                  

                                      -40-
<PAGE>
 
favorable opinion letter from King & Spalding, counsel to Borrower and
Guarantors, in form and substance satisfactory to Agent and its counsel.

     4.13  KEY EXECUTIVES.  The Key Executives shall be A. R. Weeks, Jr.,
           --------------                                                  
Thomas D. Senkbeil and Forrest W. Robinson.

     4.14  REPAYMENT OF DEBT.  The initial Loan shall be sufficient to pay
           -----------------                                                
the principal amount of all indebtedness of Borrower under the 1996 Credit
Agreement in full, together with all interest accrued and unpaid thereon, and
Borrower shall have made arrangements satisfactory to Banks' Agent (as defined
in the 1996 Credit Agreement) for the proceeds of such Loan to be applied, to
the extent required, to pay the principal amount of such indebtedness to Banks'
Agent (as defined in the 1996 Credit Agreement), together with all interest
accrued and unpaid thereon.

     4.15  GENERAL CONDITIONS.  Each of the conditions set forth in Article V
           ------------------                                                  
shall have been satisfied.

                                   ARTICLE V
                                   ---------

                              CONDITIONS TO LOANS
                              -------------------

     The obligation of Banks to make any Loan is subject to the satisfaction of
the following conditions at the time of the request for the Loan:

     5.01  REPRESENTATIONS AND WARRANTIES.  The representations and warranties
           ------------------------------                                       
contained in this Agreement shall have been true and correct in all material
respects when made, and such representations and warranties and those made by or
on behalf of Borrower in connection with the Loan shall remain true and correct
in all material respects, except as otherwise disclosed  in writing pursuant to
this Agreement to each Bank.

     5.02  AVAILABLE CREDIT.  The amount of the Loan does not exceed the
           ----------------                                               
Available Credit.

     5.03  NO MATERIAL ADVERSE CHANGE.  No change shall have occurred in the
           --------------------------                                         
financial condition of Borrower and the Related Parties (all of the foregoing
taken as a whole) or of Borrower (standing alone) which (a) shall have
materially adversely affected the rights or remedies of Agent or any Bank under
any of the Loan Documents, or (b) which the Required Banks have in good faith
determined has caused, or is likely to cause, as of the end of the then current
fiscal quarter of Borrower, a default by Borrower in the payment of amounts
owing hereunder or a default by Borrower in respect of the financial covenants
set forth in Article X hereof.

                                      -41-
<PAGE>
 
     5.04  FULL COMPLIANCE.  Borrower and Weeks Corporation shall be in full
           ---------------                                                    
compliance with all the terms and conditions of this Agreement.

     5.05  NO DEFAULT; NO CLAIMS.  No Default or an event that upon notice or
           ---------------------                                               
lapse of time or both, would constitute a Default shall have occurred, and there
will be no claim, action, suit or proceeding pending or threatened against
Borrower or any Related Party that would result in a material adverse change in
the financial condition, assets, or operations of Borrower and the Related
Parties (all of the foregoing taken as a whole) or of Borrower (standing alone).

     5.06  INCUMBENCY.  The Authorized Signatories of each party executing and
           ----------                                                           
delivering any document to Agent in connection with the Loan shall be as set
forth in the applicable certificate of incumbency delivered to Agent pursuant to
Section 4.09 or as subsequently modified and reflected in an updated certificate
of incumbency delivered to Agent.

     5.07  ADVANCE REQUEST.  Agent shall have received an Advance Request,
           ---------------                                                  
executed by an Authorized Signatory of Borrower, in accordance with the
provisions of Section 2.04.

                                  ARTICLE VI
                                  ----------
                             ENVIRONMENTAL MATTERS
                             ---------------------

     6.01  REPRESENTATIONS, WARRANTIES.  Weeks Corporation and Borrower
           ---------------------------                                   
represent and warrant to Agent and Banks that, except as otherwise disclosed in
writing by Borrower to Agent, (a) no real property of Borrower or any Related
Parties is now being used in violation of any Environmental Laws, except such
use as would not have a material adverse effect on the financial condition,
operations, or properties of Borrower and the Related Parties (all of the
foregoing taken as a whole) or Borrower (standing alone) or would constitute a
breach of the provisions of Section 9.10; (b) that no proceedings have been
commenced against Borrower or any Related Party concerning any alleged material
violations of any Environmental Laws on or related to any of their respective
real properties; (c) neither Weeks Corporation nor Borrower has any reason to
know of any such alleged violations, except such alleged violations as would not
have a material adverse effect on the financial condition, operations, or
properties of Borrower and the Related Parties (all of the foregoing taken as a
whole) or Borrower (standing alone) or would constitute a breach of the
provisions of Section 9.10; (d) the real properties of Borrower and the Related
Parties are free of any Substances and are not being used for the storage,
treatment or disposal of any Substances, or if there are any Substances on any
such real properties, Weeks Corporation or a Related Party, as the case may be,
is maintaining them in accordance with all 

                                      -42-
<PAGE>
 
applicable laws, except to the extent such failure so to maintain such
Substances would not have a material adverse effect on the financial condition,
operations, or properties of Weeks Corporation and the Related Parties (all of
the foregoing taken as a whole) or Borrower (standing alone) or would constitute
a breach of the provisions of Section 9.10; (e) if Borrower or any Related
Party, as the case may be, is transporting any Substances, such transportation
is being conducted in compliance with all applicable laws, except to the extent
such failure so to conduct such transportation would not have a material adverse
effect on the financial condition, operations, or properties of Borrower and the
Related Parties (all of the foregoing taken as a whole) or Borrower (standing
alone) or would constitute a breach of the provisions of Section 9.10; (f) Weeks
Corporation and the Related Parties, as the case may be, have all required
permits for the use and discharge of any Substances on their respective real
properties and all uses and discharges on such properties are being made in
compliance with such permits, except to the extent that the failure to have a
required permit or failure to make such uses and discharges in compliance with
such permits would not have a material adverse effect on the financial
condition, operations, or properties of Borrower and the Related Parties (all of
the foregoing taken as a whole) or Borrower (standing alone) or would constitute
a breach of the provisions of Section 9.10; and (g) Weeks Corporation and
Borrower have made a complete disclosure to Agent and Banks of all facts which
might indicate a material environmental risk or the material violation of any
Environmental Laws on or related to the real properties of Borrower and the
Related Parties.

     6.02  CONTINUED COMPLIANCE.  Weeks Corporation and Borrower covenant that
           --------------------                                                 
Borrower will promptly inform Agent in writing of any material environmental
risk or material violation of any Environmental Laws on or related to any real
properties of Borrower or any Related Party or the commencement of any
proceedings against Borrower or any Related Party or receipt of any notices by
any such Person concerning any alleged material violation of Environmental Laws
on or related to any such real property. Should Agent or any Bank be reasonably
concerned that any such real property may be at risk of suffering a material
impairment in value owing to environmental contamination or other environmental
matters, at such Person's request, Borrower shall obtain and deliver to Agent
and such Person (if not Agent) an environmental audit covering such real
property from experts reasonably acceptable to Agent or such Bank, as the case
may be, at Borrower's sole expense.

                                  ARTICLE VII
                                  -----------

                        REPRESENTATIONS AND WARRANTIES
                        ------------------------------

     In order to induce Agent and Banks to enter into the Loan 

                                      -43-
<PAGE>
 
Documents and to make Loans as contemplated hereby, Borrower and Weeks
Corporation represent and warrant to Agent and Banks, each of which
representations and warranties is deemed to be material, that:

     7.01  RELATED PARTIES.  Schedule 7.01 sets forth the identity of each of
           ---------------                                                     
the Related Parties in existence as of the date of this Agreement.

     7.02  CORPORATE ORGANIZATION.  Weeks Corporation, Construction,  Realty,
           ----------------------                                              
GP Holdings and LP Holdings each is a corporation duly organized, validly
existing and in good standing under the laws of the State of Georgia and has
full right, power and authority to conduct its business as currently conducted;
each maintains its principal place of business and its chief executive office at
4497 Park Drive, Norcross, Georgia  30093.

     7.03  LIMITED PARTNERSHIP ORGANIZATION.  Borrower, Weeks Financing
           --------------------------------                              
Limited Partnership, Weeks NC Financing Limited Partnership, Codina/Tradewind,
Ltd., Codina/Tradewind No. 4, Ltd., and Raha Associates, Ltd. each is a limited
partnership duly organized and validly existing and in good standing under the
laws of the State of Georgia and has full right, power and authority to conduct
its business as currently conducted; each maintains its principal place of
business and its chief executive office at 4497 Park Drive, Norcross, Georgia
30093.

     7.04  GENERAL PARTNERSHIP ORGANIZATION.  Weeks Development Partnership,
           --------------------------------                                   
New World Partners Joint Venture, New World Partners Joint Venture Number Two,
New World Partners Joint Venture Number Three and New World Partners Joint
Venture Number Four each is a general partnership duly organized and validly
existing under the laws of the State of Georgia and has full right, power and
authority to conduct its business as currently conducted; each maintains its
principal place of business and its chief executive office at 4497 Park Drive,
Norcross, Georgia  30093.

     7.05   LIMITED LIABILITY COMPANY ORGANIZATION.  Weeks Special Purpose,
            --------------------------------------                           
LLC, Weeks SPV Financing, LLC, and Weeks Beacon Centre LLC each is a limited
liability company duly organized and validly existing and in good standing under
the laws of the State of Georgia and has full right, power and authority to
conduct its business as currently conducted;  each maintains its principal place
of business and its chief executive office at 4497 Park Drive, Norcross, Georgia
30093.

     7.06  POWER AND AUTHORITY.  Borrower and Guarantors each has full right,
           -------------------                                                 
power and authority to enter into the Loan Documents and to consummate the
transactions contemplated hereby and has taken all necessary action to authorize
the execution, delivery and performance of this Agreement and the documents
contemplated to be executed and delivered hereby.

                                      -44-
<PAGE>
 
     7.07  ENFORCEABILITY.  The Loan Documents constitute valid obligations
           --------------                                                    
of the parties executing the same, legally binding upon Borrower and each
Guarantor, as the case may be, and enforceable in accordance with their terms,
except as enforcement may be affected by bankruptcy, insolvency and other laws
and equitable principals affecting the rights and remedies of creditors
generally and except as may be limited by general principals of equity.  No
consent, license, or approval of any governmental authority, bureau or agency is
required in connection with the execution, delivery, performance, validity or
enforceability of the Loan Documents.

     7.08  VIOLATION OF ORGANIZATIONAL DOCUMENTS.  The execution, delivery
           -------------------------------------                            
and performance of the Loan Documents will not violate the provisions of the
Articles of Incorporation or By-Laws of Weeks Corporation, GP Holdings or LP
Holdings, or the partnership agreement or certificate of Borrower.

     7.09  CONFLICTS.  The execution, delivery and performance of the Loan
           ---------                                                        
Documents will not violate the provisions of any Mortgage, indenture, security
agreement, contract, undertaking or other agreement to which Borrower or any
Guarantor, or any combination thereof is a party, or which purports to be
binding upon Borrower or any Guarantor or any combination thereof, or any of
their respective properties or assets.  No consent, approval, authorization,
waiver or notice to any other person or entity is required for the execution,
delivery and performance of the Loan Documents by Borrower and Guarantors,
except for such consents, approvals, authorizations, and waivers which have been
obtained, are unconditional and are in full force and effect, and such notices
which have been given.

     7.10  TITLE.  Borrower and the Related Parties each has good and
           -----                                                       
marketable title to all of its respective properties, subject to the Permitted
Encumbrances and the Liens permitted pursuant to Section 9.13.

     7.11  EXISTENCE OF LIENS.  No Mortgage, financing statement, notice of
           ------------------                                                
lien, security agreement, or any other agreement or instrument creating or
giving notice of a security interest in or an encumbrance, Lien, or charge
against any property of Borrower or any Related Party is in existence or on file
in any public office, except as permitted by Section 9.13.

     7.12  FINANCIAL CONDITION.  All financial statements and all other
           -------------------                                           
financial information of Borrower and Weeks Corporation furnished to Agent or
any Bank are complete and correct in all material respects and accurately
reflect their respective financial conditions and the results of operations for
the respective periods to which such statements relate.  There are no material
liabilities, direct or indirect, fixed or contingent, of Borrower or Weeks
Corporation required to be reflected or 

                                      -45-
<PAGE>
 
disclosed therein that are not so reflected or disclosed therein or in the Notes
thereto.

     7.13  LITIGATION.  There is no litigation, proceeding, or investigation
           ----------                                                         
pending or, to the knowledge of Borrower or Weeks Corporation, threatened, that
is reasonably expected to result in any materially adverse change in the
operations, properties or financial conditions of Borrower and the Related
Parties (all of the foregoing taken as a whole) or Borrower (standing alone) or
that question the validity of any action taken or to be taken by Borrower or
Weeks Corporation pursuant to or in connection with the transactions
contemplated by the Loan Documents, nor does Borrower or Weeks Corporation know
or have any reasonable grounds to know the basis for the institution of any such
litigation, proceeding or investigation.

     7.14  FOREIGN QUALIFICATIONS.  Borrower, Construction, Realty,
           ----------------------                                    
Financing, Weeks Corporation, GP Holdings and LP Holdings are qualified to do
business in all states where required by applicable law, except where the
failure to be so qualified would not have a material adverse effect on Borrower
and the Related Parties (all of the foregoing taken as a whole) or Borrower
(standing alone).

     7.15  TAX OBLIGATIONS.  Neither Borrower nor Weeks Corporation has
           ---------------                                               
knowledge of any tax return required to be filed by them that has not been filed
with the appropriate governmental agency or for which they have not received an
extension beyond the date hereof; neither Borrower nor Weeks Corporation will
be, as of the date of this Agreement, in default with respect to such filings.
Borrower and Weeks Corporation have paid or will have paid as of the date of
this Agreement all taxes now or then claimed to be due by any federal, state or
local taxing authority.  Except as otherwise disclosed to Agent pursuant to this
Agreement, neither the Internal Revenue Service nor any other taxing authority
is now asserting, or to the knowledge of Borrower or Weeks Corporation, has
threatened to assert, any deficiency claim for additional taxes against them in
any material amount, and no waivers of the Statute of Limitations have been
granted to the Commissioner of Internal Revenue or any other taxing authority by
Borrower or Weeks Corporation.

     7.16  CAPITAL STOCK.  All capital stock, debentures, bonds, Notes and
           -------------                                                    
all other securities of Borrower and each Related Party presently issued and
outstanding are validly and properly issued in accordance with all applicable
laws, including, but not limited to, the "Blue Sky" laws of all applicable
states and the federal securities laws.

     7.17  INSOLVENCY.  After giving effect to the execution and delivery of
           ----------                                                         
the Loan Documents and the making of any Loans under the Revolving Credit
Facility and any Swing Loans (as defined in the Swing Credit Agreement) under
the Swing Credit Facility (as defined in 

                                      -46-
<PAGE>
 
the Swing Credit Agreement), neither Borrower nor any Guarantor will be
"insolvent," within the meaning of such term as used in O.C.G.A. (S) 18-2-22 or
as defined in Section 101 of the United States Bankruptcy Code, as amended, or
will be unable to pay its debts generally as such debts become due, or have an
unreasonably small capital.

     7.18  MARGIN STOCK.  Neither Borrower nor Weeks Corporation is engaged
           ------------                                                      
principally or as one of its important activities, in the business of purchasing
or carrying Margin Stock, and no part of the proceeds of any Loan made pursuant
to this Agreement will be used to purchase or carry any Margin Stock or to
extend credit to others for the purpose of purchasing or carrying any Margin
Stock, or be used for any purpose which violates, or which is inconsistent with,
the provisions of Regulation X of the Board of Governors of the Federal Reserve
System.

     7.19  FRANCHISES, LICENSES, ETC.  Borrower and each Related Party each
           -------------------------                                         
possesses all franchises, certificates, licenses, permits and other
authorizations from governmental or political authorities or subdivisions or
regulatory authorities, and all patents, trademarks, service marks, trade names,
copyrights, licenses and other rights, free from burdensome restrictions, that
are necessary for the ownership, maintenance and operation of any of its
property and assets, and the absence of which would have a material adverse
effect on the financial condition, operations, or properties of Borrower and the
Related Parties (all of the foregoing taken as a whole) or Borrower (standing
alone).  Neither Borrower nor any Related Party is in violation of any thereof
which is reasonably expected to have a material adverse effect on the financial
condition, operations, or properties of Borrower and the Related Parties (all of
the foregoing taken as a whole) or Borrower (standing alone).

     7.20  ERISA.  If Borrower or any Related Party is subject to any
           -----                                                       
provision of ERISA as of the date hereof or at any time during the term of this
Agreement, then (a) each such member is in compliance with the requirements of
ERISA with respect to each Employee Benefit Plan, where the failure so to comply
would have a material adverse effect on the financial condition, operations, or
properties of Borrower and the Related Parties (all of the foregoing taken as a
whole) or Borrower (standing alone), (b) no fact, including, but not limited to,
any Reportable Event exists in connection with any Employee Benefit Plan which,
more likely than not, would constitute grounds for the termination of any such
Plan by the PBGC or for the appointment by the appropriate United States
District Court of a Trustee to administer any such Plan, where such termination
would result in a material adverse change in the financial condition,
operations, or properties of Borrower and the Related Parties (all of the
foregoing taken as a whole) or Borrower (standing alone), (c) no such member
either 

                                      -47-
<PAGE>
 
maintains or contributes to any Employee Benefit Plan that has an "accumulated
funding deficiency" (as defined in Section 412 of the Code) in an amount greater
than $500,000, (d) no such member either maintains or contributes to any
Employee Benefit Plan which has incurred any material liability to the PBGC
(other than for premium payments due in the ordinary course of business, which
premiums will be paid when due and payable), (e) no such member either maintains
or contributes to any Employee Benefit Plan which has insufficient assets to
qualify for a standard termination pursuant to Section 4041 of ERISA, (f) except
as otherwise disclosed to Agent in writing, no such member is required pursuant
to the terms of any applicable collective bargaining agreement to pay or accrue
any contributions with respect to any Employee Benefit Plan that is a
Multiemployer Plan and there has been no complete or partial withdrawal by any
such member from any such Multiemployer Plan within the contemplation of MPPAA,
(g) except as otherwise disclosed to Agent in writing, no such member either
maintains or contributes to any Employee Benefit Plan that provides medical
benefits, life insurance benefits or other welfare benefits as defined in
Section 3(1) of ERISA (excluding health continuation coverage required under
Section 601 of ERISA) for former employees of such member, (h) except as
otherwise disclosed to Agent in writing, no such member either maintains or
contributes to any non-qualified, unfunded deferred compensation plan, and (i)
no such member or any fiduciary with respect to any Employee Benefit Plan has
engaged in a "prohibited transaction" within the meaning of Section 4975 of the
Code or Section 406 of ERISA with respect to any Employee Benefit Plan which is
reasonably expected to have a material adverse effect on the financial
condition, operations or properties of Borrower and the Related Parties (all of
the foregoing taken as a whole) or Borrower (standing alone).

     7.21  FINANCIAL STATEMENTS.  None of the financial statements delivered
           --------------------                                               
by Borrower or Weeks Corporation to Agent or any Bank pursuant to this Agreement
contains, as of the date of delivery thereof, any untrue statement of material
fact nor do such financial statements and such written statements, taken as a
whole, omit to state a material fact or any fact necessary to make the
statements contained therein not misleading.

     7.22  MISREPRESENTATIONS.  No representation or warranty by Borrower or
           ------------------                                                 
Weeks Corporation made herein and no statement or certificate to be furnished to
Agent or any Bank pursuant hereto in connection with the transactions
contemplated hereby contains or will contain any untrue statement of a material
fact or omits or will omit to state a material fact necessary to make the
statements contained therein not misleading.

                                 ARTICLE VIII
                                 ------------

                             AFFIRMATIVE COVENANTS
                             ---------------------

                                      -48-
<PAGE>
 
     In order to induce Agent and Banks to enter into the Loan Documents and to
make Loans as contemplated hereby, Borrower and Weeks Corporation covenant and
agree with Agent and Banks that from and after the date hereof, and so long as
any Obligations remain outstanding or this Agreement remains in effect, that:

     8.01  LOCATION OF RECORDS.  Borrower and Weeks Corporation shall
           -------------------                                         
maintain all their books and records at Borrower's chief executive office as set
forth in this Agreement or at such other location in the State of Georgia
disclosed in a written notice given by Borrower to Agent prior to moving said
books and records to such other location.

     8.02  INSPECTION.  Borrower and Weeks Corporation shall permit each of
           ----------                                                        
Agent and any Bank, or any persons duly designated by it to call at their
respective places of business at any reasonable time, and without hindrance or
delay, to inspect, audit, check and make extracts from their respective books,
records, journals, orders, receipts and any correspondence or other data
relating to its business or any other transactions between or among the parties
hereto.

     8.03  FINANCIAL AND OTHER INFORMATION.  Borrower and Weeks Corporation
           -------------------------------                                   
shall furnish to Agent and each Bank the following financial information:

          (a) Quarterly, not later than forty-five (45) days after the end of
each of the first three (3) fiscal quarters of each fiscal year of Weeks
Corporation, unaudited financial statements of Weeks Corporation, including the
accounts of Weeks Corporation and all Consolidated Entities reported on a
consolidated basis in accordance with GAAP (subject to customary adjustments and
the absence of notes thereto), as of the end of such quarter, including a
balance sheet and detailed statement of profit and loss, in the form included by
Weeks Corporation in its Quarterly Report on Form 10-Q filed in respect of such
quarterly period with the SEC or otherwise in form reasonably acceptable to
Agent and the Required Banks, all certified by Weeks Corporation's chief
financial officer.  Weeks Corporation's chief financial officer shall certify
with respect to all such financial statements that the financial statements
submitted (i) are in accordance with Borrower's and the Related Parties' books
and records; (ii) present fairly in all material respects the financial position
and results of operations as of and for the periods specified; (iii) set forth
all material claims and liabilities, contingent or otherwise, required by GAAP
to be disclosed therein; and (iv) fully disclose the existence of any Default
hereunder, including the nature and period of existence thereof.

          (b) Not later than the date on which quarterly or 

                                      -49-
<PAGE>
 
annual financial statements are required to be delivered pursuant to Section
8.03(a) or 8.03(c), a certificate of Weeks Corporation's chief financial
officer, in the form of Exhibit E, which is attached hereto and incorporated
                        ---------
herein by reference, certifying compliance by Borrower and Weeks Corporation
with this Agreement, including the financial covenants set forth in Article X as
of the end of such quarter or year, as the case may be, and containing a
computation evidencing compliance with such financial covenants as of such
period and in accordance with GAAP. Said certificates shall also include a
statement by such officer as to the outstanding principal balance of all Loans.

          (c) Annually, not later than one hundred twenty (120) days after the
end of Weeks Corporation's fiscal year end, financial statements of Weeks
Corporation, including the accounts of Weeks Corporation and all Consolidated
Entities reported on a consolidated basis in accordance with GAAP, as of and for
the period ending at such fiscal year end, including a balance sheet and
detailed statement of profit and loss, in the form included by Weeks Corporation
in its Annual Report on Form 10-K filed in respect of such annual period with
the SEC or otherwise in form reasonably acceptable to Agent and the Required
Banks, audited by an independent practicing certified public accountant of
recognized national standing or otherwise reasonably acceptable to Agent and the
Required Banks, together with an auditor's opinion of such accountant without
material qualification.

          (d) On the due date therefor (taking into account any extensions
granted by the SEC), or upon the filing thereof with the SEC, if sooner, all
notices and reports filed by Borrower or any Related Party with the SEC.

          (e) From time to time (but not more frequently than quarterly) at
Agent's or any Bank's request, summary reports on the net operating income of
Income Properties, rent rolls and property level reports supporting the
calculation of Annualized NOI, in form and content reasonably satisfactory to
Agent or such Bank, as the case may be.

          (f) If requested by Agent or any Bank, quarterly, not later than
forty-five (45) days after the end of each fiscal quarter of each Non-
Consolidated Subsidiary, to the extent not disclosed in the consolidated
financial statements of Weeks Corporation or the notes thereto, unaudited
financial statements of each such Non-Consolidated Subsidiary, reported in
accordance with GAAP (subject to customary adjustments and the absence of notes
thereto), as of the end of such quarter, including a balance sheet and detailed
statement of profit and loss, in form reasonably acceptable to Agent or such
Bank, as the case may be, each certified by the chief financial officer of such
Non-Consolidated Subsidiary.  Such chief financial officer shall certify with
respect to such financial statements that the 

                                      -50-
<PAGE>
 
financial statements submitted (i) are in accordance with such Non-Consolidated
Subsidiary's books and records; (ii) present fairly in all material respects the
financial position and results of operations as of and for the periods
specified; and (iii) set forth all material claims and liabilities, contingent
or otherwise, required by GAAP to be disclosed therein.

          (g) Such other or more frequent data, information, and reports with
respect to Borrower or any Related Party as Agent or any Bank may reasonably
request from time to time.

     8.04  GOVERNMENTAL OBLIGATIONS.  Borrower and Weeks Corporation will
           ------------------------                                        
pay and discharge promptly or cause to be paid and discharged promptly all
taxes, assessments, and governmental charges or levies imposed upon them or upon
their income or property, real, personal, or mixed, or upon any part thereof, as
well as all claims of any kind (including claims for labor, materials and
supplies), which, if unpaid, might by law become a lien or charge against said
property; provided, however, that neither Borrower nor Weeks Corporation shall
be required to pay any such tax, assessment, charge, levy, or claim if (a) the
amount, applicability or validity thereof shall currently be contested in good
faith by appropriate proceedings, and if they shall have set aside on their
books reserves (segregated to the extent required by sound accounting practice)
deemed by Agent or Banks adequate with respect thereto, and by reason of such
nonpayment no material property of Borrower or Weeks Corporation is subject to a
material risk of loss or forfeiture, or (b) the amount of such unpaid taxes,
assessments, governmental charges or levies, or other such claims not so paid or
discharged does not exceed $250,000 in the aggregate and with respect to which
they shall not have set aside reserves pursuant to the foregoing clause (a).

     8.05  INSURANCE. Borrower and the Related Parties each shall maintain
           ---------                                                        
or cause to be maintained adequate and customary insurance with respect to its
or their general operations and their real properties, including coverage for
public liability, director's liability, casualty, business interruption, loss of
rents and workers' compensation with financially sound and reputable insurers in
such amounts as are customary in the case of firms of established reputations
engaged in the same or a similar business and similarly situated.

     8.06  OPERATION OF PROPERTIES, INSPECTION.  Borrower and Weeks
           -----------------------------------                       
Corporation shall operate and maintain their material properties in good
condition and repair (normal wear and tear, casualty and obsolescence excepted),
shall not commit or suffer any waste to any of such properties or do or suffer
to be done anything which would increase the risk of casualty to any of such
properties or any part thereof or which would result in the cancellation of any
insurance policy carried with respect to any 

                                      -51-
<PAGE>
 
of such properties. Borrower and Weeks Corporation shall comply promptly with
all applicable laws, rules, ordinances, regulations, judgments, governmental
determinations, restrictive covenants and easements affecting any of such
properties or any part thereof (the "REQUIREMENTS") and shall cause such
                                     ------------
properties to comply at all times and in all respects with all Requirements, and
shall at all times operate such properties, and perform any construction of any
portion thereof, in all respects in accordance with all Requirements, except in
each case where failure to do so would not have a material adverse effect on the
financial condition, operations or properties of Borrower and the Related
Parties (all of the foregoing taken as a whole) or Borrower (standing alone).
Borrower and Weeks Corporation shall promptly repair, restore or replace any
part of such properties which may be damaged by fire or other casualty or which
may be affected by any condemnation proceeding, except where such repair,
restoration, or replacement is not, in the judgment of the Key Executives of
Weeks Corporation, required for the operation of the business of Borrower or
Weeks Corporation, as the case may be. Agent, Banks and any persons authorized
by Agent and Banks shall have the right at all reasonable times and upon
reasonable prior notice to inspect such properties, any improvements existing or
being constructed thereon and all materials used or to be used in such
improvements; provided, however, that nothing contained herein shall be deemed
to impose upon Agent or Banks any obligation to undertake such inspections or
any liability for the failure to detect or failure to act with respect to any
defect which was or might have been disclosed by such inspections.

     8.07  PRESERVATION OF BUSINESS.  Borrower and Weeks Corporation shall
           ------------------------                                         
take all appropriate action necessary to protect their businesses and assets
consistent with normal practices and  conduct their respective businesses in a
sound and businesslike manner; Weeks Corporation, GP Holdings and LP Holdings
each shall do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence and all its material rights; and
Borrower, Development and Financing each shall do or cause to be done all things
necessary to preserve and keep in full force and effect its partnership
existence and its material rights.

     8.08  MAINTENANCE OF RECORDS.  Borrower and Weeks Corporation shall
           ----------------------                                         
keep adequate records and books of accounts, in which complete entries will be
made, reflecting all their respective financial transactions.

     8.09  NOTICE OF ADVERSE CHANGES.  Borrower and Weeks Corporation shall,
           -------------------------                                          
as soon as possible, and in any event within five (5) Domestic Business Days
after they become aware of the occurrence of a material adverse change in their
businesses, properties, operations, or conditions (financial or other),

                                      -52-
<PAGE>
 
including notice of (a) any default occurring with respect to any of their
obligations owed to any other creditor where the total liability of Borrower or
Weeks Corporation with respect thereto is in excess of $500,000, (b)
acceleration of any part or demand for payment in full of any of their
respective outstanding obligations in an amount in excess of $500,000 earlier
than the scheduled date, or (c) Borrower's or Weeks Corporation's receiving
notice of intent by any person, firm, corporation or any other entity to whom
Borrower or Weeks Corporation is indebted in an amount in excess of $500,000 to
declare any debt due, or determine that any provision of any agreement between
such party and Borrower or Weeks Corporation has been violated, furnish to Agent
and Banks a statement setting forth details of such material adverse change and
the action that it proposes to take with respect thereto.

     8.10  NOTICE OF LITIGATION.  Borrower and Weeks Corporation shall
           --------------------                                         
promptly notify Agent and Banks in the event of any legal action filed against
Borrower or any Related Party which, if adversely determined, would have a
material adverse effect on the financial condition or operations of Borrower and
the Related Parties (all of the foregoing taken as a whole) or Borrower
(standing alone).

     8.11  PAYMENT OF OBLIGATIONS.  Borrower and Weeks Corporation shall
           ----------------------                                         
pay or cause to be paid the principal of, and, if any, the interest and premium
on all indebtedness heretofore or hereafter incurred or assumed by them when and
as the same shall become due and payable, unless such indebtedness be renewed or
extended; and faithfully observe, perform and discharge all the covenants,
conditions and obligations that are imposed upon them by any and all indentures
and other agreements securing or evidencing such indebtedness or pursuant to
which such indebtedness is issued, and not permit the continuance of any act or
omission that is, or the provisions thereof may be declared to be, a default in
the payment of principal and interest, unless waived, pursuant to the provisions
thereof; provided, however, that Borrower and Weeks Corporation shall not be
         --------                                                           
required to make any payment or to take any other action pursuant to this
Section 8.11 at any time while they shall be currently contesting in good faith
by appropriate proceedings their obligations to make such a payment or to take
such action, if they shall have set aside on their books, reserves (segregated
to the extent required by sound accounting practices) deemed adequate with
respect thereto; and provided further that this Section 8.11 shall not be
                     ----------------                                    
applicable to (a) real property mortgage debt (held by parties other than Banks)
on properties owned by entities which neither Weeks Corporation nor Borrower
Control and in which Borrower and Weeks Corporation, in the aggregate, own less
than a 50% beneficial interest, or (b) indebtedness outstanding in principal
amounts aggregating less than $500,000.

                                      -53-
<PAGE>
 
     8.12  REIT STATUS.  Weeks Corporation shall at all times be and remain
           -----------                                                       
qualified as a real estate investment trust under the Code.

     8.13  COMPLIANCE WITH LAWS.  Borrower and Weeks Corporation shall
           --------------------                                         
conduct and maintain their respective businesses in a regular manner and in
compliance with all laws, regulations and ordinances, including but not limited
to any applicable securities laws, zoning laws, ordinances and regulations
affecting Borrower's and Weeks Corporation's operations, including but not
limited to all Environmental Laws and ecological laws, ordinances and
regulations, except where the failure to do so would not have a material adverse
effect on the financial condition, operations or properties of Borrower and the
Related Parties (all of the foregoing taken as a whole) or Borrower (standing
alone).

     8.14  NOTICE OF EXERCISE OF REMEDIES UNDER MORTGAGES.  Borrower and
           ----------------------------------------------                 
Weeks Corporation shall give prompt written notice to Agent and Banks of the
giving of a notice of any event of default under any Mortgage to which Weeks
Corporation is or Borrower is a party by the holder thereof, or upon the holder
of any such Mortgage taking any action to enforce its rights and remedies
thereunder, including, without limitation, any self-help or judicial remedies
with respect to collateral or any legal action to collect any indebtedness.

     8.15  MANAGEMENT.  Weeks Corporation and Borrower shall have
           ----------                                              
management reasonably satisfactory to Agent and the Required Banks.

     8.16  DEPOSIT ACCOUNTS.  Weeks Corporation and Borrower shall maintain
           ----------------                                                  
their principal depository accounts with one or more Banks.
 
     8.17  INTERCOMPANY TRANSACTIONS.  Any and all transactions, agreements or
           -------------------------
undertakings of any nature whatsoever between Borrower or any Related Party, on
the one hand, and any Affiliate of such Person, on the other hand, shall be 
arms-length and upon terms and conditions at least as favorable to Borrower or
such Related Party, as the case may be, as could reasonably be obtained in a
similar transaction with a party that is not an Affiliate of such Person.

     8.18  DEBT RATING.  Borrower shall give written notice to Agent
           -----------                                                
promptly of any change in the Debt Rating.

                                  ARTICLE IX
                                  ----------

                              NEGATIVE COVENANTS
                              ------------------

     In order to induce Agent and Banks to enter into this Agreement and to make
Loans as contemplated hereby, Borrower and Weeks Corporation covenant and agree
with Agent and Banks that 

                                      -54-
<PAGE>
 
from and after the date hereof, and so long as any Obligations remain
outstanding or this Agreement remains in effect, without the prior written
consent of the Required Banks:

     9.01  GUARANTIES.  Neither Weeks Corporation nor Borrower nor any other
           ----------                                                         
Subsidiary shall guarantee, endorse, become surety with respect to, become
obligated under any partnership or joint venture, or otherwise become directly
or contingently liable for, or in connection with, the obligations of any other
person, firm, corporation, or any other entity pursuant to any Guaranties,
except for the Permitted Guaranties.

     9.02  MERGER, CONSOLIDATION, ETC.  Neither Weeks Corporation nor Borrower
           --------------------------                                           
nor any other Subsidiary shall enter into any merger, reorganization or
consolidation, except with each other, or acquire in a single transaction a
portfolio of properties (whether through the payment of cash, exchange of
property, assumption of debt or the issuance or exchange of equity or debt
securities) that, upon completion thereof, (a) shall, in the case of a merger,
reorganization or consolidation, not result in Weeks Corporation or Borrower
being the surviving entity; or (b) shall  increase Total Asset Value by more
than twenty percent (20%) of Total Asset Value prior to such transaction.

     9.03  DISPOSITION OF ASSETS.  Weeks Corporation, Borrower and the other
           ---------------------                                              
Subsidiaries shall not in the aggregate sell or dispose of, during any twelve
(12) month period, Income Property having an aggregate book value in excess of
five percent (5%) of Total Asset Value (except for sales occurring pursuant to
the exercise of purchase options under lease agreements), nor shall Weeks
Corporation and Borrower, on an aggregate basis, sell all or substantially all
of their assets or take any action that would make it impossible for them to
carry out their business as now conducted, nor shall Weeks Corporation or
Borrower sell, transfer, or otherwise dispose of any assets other than (a)
assets sold or otherwise disposed of in the ordinary course of business; (b)
assets that are not in the judgment of the Board of Directors of Weeks
Corporation required in the operation of the business of Borrower and that do
not comprise a significant portion of Borrower's and Weeks Corporation's
consolidated assets; and (c) assets sold or otherwise disposed of as permitted
in this Agreement, provided that nothing in this Section 9.03 shall prohibit the
                   --------                                                     
sale of real property to a tenant pursuant to a purchase option granted to such
tenant.

     9.04  JUDGMENTS.  Weeks Corporation and Borrower shall not allow any
           ---------                                                       
number of judgments for the payment of money in excess of the aggregate sum of
$1,000,000, excluding such judgments to the extent payment thereof is covered by
insurance, to remain unsatisfied against Borrower or any Related Party for a
period of thirty (30) consecutive days, unless execution thereof is stayed.

                                      -55-
<PAGE>
 
     9.05  INDEBTEDNESS OF WEEKS CORPORATION AND BORROWER.  Neither Weeks
           ----------------------------------------------                  
Corporation nor Borrower shall incur, assume or otherwise become liable for any
Indebtedness for Money Borrowed, except for Indebtedness for Money Borrowed that
                                 ------                                         
constitutes (a) Indebtedness for Money Borrowed from Banks under this Agreement
or from Swing Bank under the Swing Credit Agreement, (b) unsecured Intercompany
Debt, (c) Permitted Borrowings, (d) unsecured, non-revolving Indebtedness for
Money Borrowed incurred by Weeks Corporation or Borrower in connection with the
acquisition of Properties or an interest in a business enterprise,  (e) other
unsecured Indebtedness for Money Borrowed in an aggregate principal amount not
to exceed $20,000,000 having a payment seniority no higher than that of the
Loans, (f) secured Indebtedness for Money Borrowed not prohibited in accordance
with Section 9.07, or (g) Indebtedness for Money Borrowed for which such Person
shall have become obligated solely pursuant to a Permitted Guaranty.

     9.06  INDEBTEDNESS OF SUBSIDIARIES.  No Subsidiary (other than Borrower,
           ----------------------------                                        
GP Holdings and LP Holdings) shall incur, assume or otherwise become obligated
for any Indebtedness for Money Borrowed, except for Indebtedness for Money
                                         ------                           
Borrowed that constitutes (a) Indebtedness outstanding on the date of this
Agreement and described on Schedule 9.06, or any extension, renewal,
modification or refinancing thereof, (b) Intercompany Debt, (c) secured
Indebtedness for Money Borrowed not prohibited in accordance with Section 9.07,
or (d) Indebtedness for Money Borrowed for which such Person shall have become
obligated solely pursuant to a Permitted Guaranty.

     9.07  SECURED INDEBTEDNESS.  Neither Weeks Corporation nor Borrower nor
           --------------------                                               
any other Subsidiary (other than GP Holdings and LP Holdings) shall incur,
assume or otherwise become obligated for secured Indebtedness for Money
Borrowed, except for secured Indebtedness for Money Borrowed that constitutes
          ------                                                             
(a) Permitted Mortgage Debt, (b) Permitted Tax Exempt Financings, (c) other
secured Indebtedness for Money Borrowed (including purchase or non-purchase
money debt secured by any real or personal property) that does not exceed, when
aggregated with all other secured Indebtedness for Money Borrowed permitted
under this Agreement solely by virtue of this subsection (c) of this Section
9.07, $20,000,000, or (d) secured Indebtedness for Money Borrowed for which such
Person shall have become obligated solely pursuant to a Permitted Guaranty.

     9.08  INDEBTEDNESS AND ACTIVITIES OF GP HOLDINGS AND LP HOLDINGS.
           ----------------------------------------------------------    
Neither GP Holdings nor LP Holdings shall (a) incur, assume or otherwise become
obligated for any Indebtedness for Money Borrowed, except for such Indebtedness
                                                   ------                      
for Money Borrowed as may be incurred or assumed by GP Holdings solely by virtue
of its status as the general partner of Borrower and the incurrence or
assumption by Borrower of Indebtedness for Money Borrowed not 

                                      -56-
<PAGE>
 
prohibited by the terms and conditions of this Agreement, (b) hold any assets,
except for its partnership interests in Borrower, (c) conduct any business
activities, except activities related or incidental to its ownership of
partnership interests in Borrower, or (d) derive any revenue, except from its
ownership of partnership interests in Borrower.

     9.09  DIVIDENDS AND DISTRIBUTIONS.  The aggregate sum (but without
           ---------------------------                                   
duplication) of all dividends paid by Weeks Corporation and all distributions
made by Borrower to its limited partners (excluding any special dividends and
                                          ---------                          
distributions representing the gain from the sale or disposition of Properties)
shall not exceed 95% of Funds from Operations for any fiscal year of Weeks
Corporation, unless such dividends or distributions are necessary in order to
maintain the status of Weeks Corporation as a real estate investment trust under
the Code or are necessary to allow Weeks Corporation or Borrower to make
distributions so that Weeks Corporation will not incur federal income or excise
tax.

     9.10  ENVIRONMENTAL MATTERS.  Neither Weeks Corporation nor Borrower nor
           ---------------------                                               
any other Subsidiary shall suffer an impairment of its assets which exceeds,
when aggregated with all other such impairments of Weeks Corporation's or
Borrower's assets, the sum of $20,000,000 in book value owing to environmental
contamination or other environmental matters, including, without limitation, the
violation of Environmental Laws or permits and the storage, treatment,
transportation or disposal of Substances.

     9.11  CHANGE IN CONTROL.  No Change in Control of Borrower or Weeks
           -----------------                                              
Corporation shall occur, there shall be no transfer by Weeks Corporation of its
ownership of any of the capital stock of GP Holdings, GP Holdings shall issue no
capital stock to any Person other than Weeks Corporation, there shall be no
transfer of any right, title or interest of GP Holdings in its general partner
interest in Borrower, and no general partner shall be admitted to Borrower other
than GP Holdings.

     9.12  ADVANCES, LOANS AND OTHER RESTRICTED INVESTMENTS.  Neither Weeks
           ------------------------------------------------                  
Corporation nor Borrower nor any other Subsidiary shall make any Restricted
Investments, except (a) investments in and advances to Non-Consolidated
Subsidiaries in an aggregate amount outstanding at any one time not to exceed
ten percent (10%) of Total Asset Value, (b) investments in and advances to Non-
Consolidated Ventures in an aggregate amount outstanding at any one time not to
exceed ten percent (10%) of Total Asset Value, (c) investments in and advances
to Consolidated Entities, (d) other loans, advances and extensions of credit
constituting Intercompany Debt, (e) loans, advances or extensions of credit made
under any incentive compensation plan approved by the Board of Directors of
Weeks Corporation, (f) other loans, advances or extensions of credit to any
Person, including its stockholders, partners, officers, or other executives, and
other Restricted 

                                      -57-
<PAGE>
 
Investments that do not exceed in the aggregate the sum of $10,000,000 at any
one time outstanding, and (g) deposits required by government agencies or public
utilities.

     9.13  LIENS.  Neither Weeks Corporation nor Borrower nor any  other
           -----                                                          
Subsidiary shall create, incur, assume or suffer to exist any Lien of any nature
upon or with respect to any of its respective Properties, whether now owned or
hereafter acquired, except for (a) Permitted Encumbrances, (b) Mortgages
                    ------                                              
securing Permitted Mortgage Debt or Permitted Tax Exempt Financings, and (c)
other Liens securing Indebtedness for Money Borrowed not prohibited in
accordance with Section 9.07.

                                   ARTICLE X
                                   ---------

                              FINANCIAL COVENANTS
                              -------------------

     To induce Agent and Banks to enter into this Agreement and to make Loans as
contemplated hereby, Borrower and Weeks Corporation  covenant and agree with
Agent and Banks that from and after the date hereof, and so long as any amount
remains outstanding on the Obligations or this Agreement remains in effect:
 
     10.01  MINIMUM INTEREST COVERAGE RATIO.  The Interest Coverage Ratio 
            -------------------------------
shall not be less than 2.00:1.00.
 
     10.02  MINIMUM FIXED CHARGE COVERAGE RATIO.  The Fixed Charge Coverage 
            -----------------------------------
Ratio shall not be less than 1.75: 1.00.
 
     10.03  MAXIMUM LEVERAGE.  The Leverage Ratio shall not exceed 0.50:1.00.
            ----------------

     10.04  MAXIMUM UNSECURED DEBT. The Total Unsecured Debt shall not exceed
            ----------------------                                             
either (a) 55% of the Unencumbered Property Value, or (b) 60% of the
Unencumbered Property Value calculated with respect only to Property of
Borrower.

     10.05  MAXIMUM SECURED DEBT.  The Total Secured Debt shall not exceed 35%
            --------------------                                                
of Total Asset Value.

     10.06  MINIMUM DEBT YIELD.  At any Measurement Date, Total Annualized NOI
            ------------------                                                  
shall not be less than 13% of Total Interest Bearing Debt.

     All accounting terms used but not defined herein shall be used as defined
under GAAP.  All references to financial information and results of operations
are intended to apply to Weeks Corporation and the Consolidated Entities on a
consolidated basis.

                                  ARTICLE XI
                                  ----------

                                      -58-
<PAGE>
 
                                    DEFAULT
                                    -------

     Each of the following shall constitute a Default hereunder:

     11.01  NONPAYMENT OF OBLIGATIONS.  Failure of Borrower to make any payment
            -------------------------   
of principal or interest on the Obligations when due;

     11.02  OTHER MONETARY DEFAULTS.   Failure of Weeks Corporation or Borrower
            -----------------------                                            
or any other Subsidiary to make any payment when due, including payments of
principal or interest (whether by acceleration or otherwise), or before the
expiration of any applicable cure period, on any obligation of Weeks
Corporation, Borrower or any other Subsidiary (other than the Obligations or any
Permitted Mortgage Debt), the aggregate amount of which obligation (whether or
not then due) exceeds $1,000,000, or there shall occur any event or condition
which results in the acceleration of the maturity of such obligation (including,
without limitation, any required mandatory prepayment or "put" to Weeks
Corporation, Borrower or any other Subsidiary) or enables (with any requirement
for the giving of notice or lapse of time or both having been satisfied) the
holders of such obligation or any Person acting on their behalf to accelerate
the maturity thereof (including, without limitation, any such mandatory
prepayment or "put");

     11.03  DEFAULTS OF MATERIAL VENTURES.  Failure of any Material Venture to
            -----------------------------                                       
make any payment when due, including payments of principal or interest (whether
by acceleration or otherwise), or before the expiration of any applicable cure
period, on any obligation of such Material Venture, the aggregate amount of
which obligation (whether or not then due) exceeds $2,000,000, or there shall
occur any event or condition which results in the acceleration of the maturity
of such obligation (including, without limitation, any required mandatory
prepayment or "put" to such  Material Venture) or enables (with any requirement
for the giving of notice or lapse of time or both having been satisfied) the
holders of such obligation or any Person acting on their behalf to accelerate
the maturity thereof (including, without limitation, any such mandatory
prepayment or "put") or there should occur a default by any such Material
Venture under any Mortgage securing any such obligation which default shall
continue beyond any applicable cure period;

     11.04  BREACH OF WARRANTY OR REPRESENTATION.  Any representation or
            ------------------------------------                          
warranty made by Borrower or Weeks Corporation in the Loan Documents, or any
other statement furnished at any time hereunder or in connection with the Loan
Documents, is untrue in any material respect when made or furnished;

     11.05  BREACH OF COVENANTS.  Default by Borrower or Weeks 
            -------------------                                             

                                      -59-
<PAGE>
 
Corporation under, or in the observance or performance of any of the covenants
contained in, this Agreement or the other Loan Documents;

     11.06  WEEKS REALTY PARTNERSHIP AGREEMENT DEFAULTS.  There shall occur a
            -------------------------------------------                        
material default by GP Holdings or LP Holdings in the performance of any of its
respective obligations under the Weeks Realty, L.P. Partnership Agreement and
such default shall continue beyond any applicable cure period;

     11.07  PERMITTED MORTGAGE DEBT DEFAULTS.  Default by Weeks Corporation or
            --------------------------------                                    
Borrower under any Permitted Mortgage Debt or any Mortgage securing any
Permitted Mortgage Debt which default shall continue beyond any applicable cure
period and the aggregate amount of which Permitted Mortgage Debt (whether or not
then due) exceeds $5,000,000, or there shall occur any event or condition which
results in the acceleration of the maturity of such Permitted Mortgage Debt
(including, without limitation, any required mandatory prepayment or "put" to
Weeks Corporation or Borrower) or enables (with any requirement for the giving
of notice or lapse of time or both having been satisfied) the holders of such
Permitted Mortgage Debt or any Person acting on their behalf to accelerate the
maturity thereof (including, without limitation, any such mandatory prepayment
or "put");

     11.08  VOLUNTARY INSOLVENCY PROCEEDINGS.  The filing by Weeks Corporation,
            --------------------------------   
Borrower or any other Subsidiary or any Material Venture of a petition under any
chapter of the Federal Bankruptcy Code, as amended, or of any proceeding seeking
any relief under any other insolvency or debtor relief act or law, state or
federal, now or hereafter existing;

     11.09  INVOLUNTARY INSOLVENCY PROCEEDINGS.  The filing against Weeks
            ----------------------------------                             
Corporation, Borrower or any other Subsidiary or any Material Venture of a
petition under any chapter of the Federal Bankruptcy Code, as amended, or of any
proceeding seeking any relief under any other insolvency or debtor relief act or
law, state or federal, now or hereafter existing;

     11.10  VOLUNTARY RECEIVERSHIP.  The application by Weeks Corporation,
            ----------------------                                          
Borrower or any other Subsidiary or any Material Venture for or the consent or
acquiescence of such Person in the appointment of a receiver or trustee for all
or a substantial part of any of their respective properties;

     11.11  INVOLUNTARY RECEIVERSHIP.  The involuntary appointment of a
            ------------------------                                     
receiver or trustee for all or a substantial part of any property or assets of
Weeks Corporation, Borrower or any other Subsidiary or any Material Venture, or
the issuance of a warrant, attachment, execution or similar process against a
substantial part of the property of any such Person;

                                      -60-
<PAGE>
 
     11.12  ASSIGNMENT FOR THE BENEFIT OF CREDITORS.  The making by Weeks
            ---------------------------------------                        
Corporation, Borrower or any other Subsidiary or any Material Venture of a
general assignment for the benefit of creditors;

     11.13  INSOLVENCY.  The inability of Weeks Corporation, Borrower or any
            ----------                                                        
other Subsidiary or any Material Venture, or the admission of any such Person in
writing of its inability to pay such Person's debts generally as they mature;

     11.14  INTEREST RATE AGREEMENTS.  Default by Weeks Corporation, Borrower
            ------------------------                                           
or any other Subsidiary or any Material Venture under any interest rate
agreement or similar agreement between any such Person and Agent or any Bank
relating to this Agreement shall occur, such default shall continue beyond any
applicable cure period, and such default shall render such Person liable to pay
the counterparty under such agreement a net amount in excess of $1,000,000;

     11.15  SYNDICATED LOAN GUARANTIES.  The termination or revocation of any
            --------------------------                                         
Syndicated Loan Guaranty, the denial or disaffirmation by any Guarantor of its
obligations under a Syndicated Loan Guaranty or any provision of a Syndicated
Loan Guaranty, or any Syndicated Loan Guaranty shall otherwise cease to be in
full force or effect; and

     11.16  SWING CREDIT AGREEMENT.  Any Swing Line Default (as defined in the
            ----------------------                                              
Swing Credit Agreement) shall occur under the Swing Credit Agreement and such
Swing Line Default shall not be cured within any applicable cure period.

                                  ARTICLE XII
                                  -----------

                              RIGHTS AND REMEDIES
                              -------------------

     12.01  PRIOR TO DEFAULT.  Before or after the occurrence of a Default:
            ----------------                                                  
Agent and Banks may examine, audit or inspect Borrower's or Weeks Corporation's
books and records at any reasonable time or times and may enter upon their
respective premises for such purposes.  Borrower and Weeks Corporation shall
assist Agent and Banks in whatever way reasonably necessary to make each such
examination, audit and inspection.

     12.02  UPON DEFAULT.  Upon the occurrence of any Default and the
            ------------                                               
expiration of any applicable cure period: Agent shall, at the request of the
Required Banks (a) terminate this Agreement and declare the Obligations,
notwithstanding any provisions thereof, without demand or notice of any kind,
immediately due and payable, whereupon the Obligations shall become immediately
due and payable and may be collected forthwith; (b) perform any agreement of
Borrower or Weeks Corporation hereunder or under any of the Loan Documents which
such party shall fail to perform, and 

                                      -61-
<PAGE>
 
Borrower and Weeks Corporation agree to reimburse forthwith Agent and Banks for
all expenses of Agent and Banks in connection with the foregoing, together with
interest thereon at the Floating Rate from the date incurred until reimbursed;
and (c) exercise from time to time any other rights and remedies available to it
and the Banks under the Loan Documents and applicable law.

     12.03  CURE OF DEFAULTS.  Anything herein contained to the contrary
            ----------------                                              
notwithstanding, the provisions of this Section 12.03 shall not apply to any
Default consisting of a failure to comply with any Sections of Articles IX or X,
to any Default consisting of a failure to repay the Notes on the maturity date
thereof, to any Default consisting of a failure to make any payment of principal
on the Obligations when due, to any Default under Section 11.15 or 11.16, or to
any Default that is specifically excluded from any provision for cure of
defaults pursuant to the terms of any other of the Loan Documents.  In the event
of the occurrence of a Default which consists of failure to make a payment of
interest on the Obligations when due, neither Agent nor any Bank will, on
account of said Default, accelerate the maturity of any Obligations, exercise
any other rights or remedies under the Loan Documents, or institute any court
action under this Agreement or any of the Loan Documents if, within three (3)
Domestic Business Days after the date of occurrence of said Default, Borrower
makes such payment to Agent.  In the event of the occurrence of a Default of a
type set forth in Section 11.05 pertaining to covenants set forth in this
Agreement or in the other Loan Documents, other than those covenants set forth
in Articles IX and X hereof, neither Agent nor any Bank will, on account of said
Default, accelerate the maturity of any Obligations, exercise any other rights
or remedies under the Loan Documents, or institute any court action under this
Agreement or any of the Loan Documents if (a) within thirty (30) days after the
earlier to occur of (i) the date written notice thereof has been given to
Borrower by Agent, or (ii) the date a Key Executive otherwise has actual
knowledge of any such Default, or (b) in the case of any covenants set forth in
the other Loan Documents, within any applicable grace period provided for
therein, Borrower fully cures said Default.  Except as specifically set forth in
this Section 12.03, no default notice or cure period shall be applicable with
respect to the breach by Borrower or Weeks Corporation of any of their
respective obligations under this Agreement or under any of the Loan Documents.
This Section 12.03 shall not be applicable during the pendency of any bankruptcy
proceedings affecting Borrower or any Guarantor.

     12.04  COSTS OF COLLECTION.  Borrower agrees to pay all costs of Agent
            -------------------                                              
and Banks of collection of the Obligations and enforcement or rights hereunder,
and, if collected by or through an attorney, reasonable attorneys' fees and also
other legal and court expenses.

                                      -62-
<PAGE>
 
     12.05  SETOFF.  Borrower and Guarantors hereby agree that Agent and any
            ------                                                            
Bank may, upon the occurrence of a Default and during the continuance thereof,
without notice, apply any balances, credits, deposits, accounts, monies or other
indebtedness now or hereafter owing by any Bank to Borrower or any Guarantor in
satisfaction of any Obligation then due and payable; provided, however, that
                                                     --------  -------      
nothing herein contained shall authorize or entitle Agent or any Bank to
exercise any right of setoff against any accounts, monies, government
securities, or other properties held by such Person under any escrow, trust,
special purpose account, or similar arrangement established with such Person by
Borrower or any Guarantor for the purpose of (a) implementing a "legal"
defeasance, a "covenant" defeasance or an "in substance" defeasance of Debt of
Weeks Corporation or Borrower or any Guarantor, or (b) maintaining security
deposits of tenants of any of the Properties.

     12.06  SHARING OF COLLECTIONS.  Each Bank agrees that if it shall, by
            ----------------------                                          
exercising any right of setoff or counterclaim or resort to collateral security
or otherwise, receive payment of a proportion of the aggregate amount of
principal and interest owing with respect to the Note held by it which is
greater than the proportion received by any other Bank in respect of the
aggregate amount of all principal and interest owing with respect to the Note
held by such other Bank, the Bank receiving such proportionately greater payment
shall purchase such participations in the Notes held by the other Banks owing to
such other Banks, and such other adjustments shall be made, as may be required
so that all such payments of principal and interest with respect to the Notes
held by the Banks owing to such other Banks shall be shared by the Banks pro
rata; provided that if all or any portion of such payment received by the
      --------                                                           
purchasing Bank is thereafter recovered from such purchasing Bank, such purchase
from each other Bank shall be rescinded and such other Bank shall repay to the
purchasing Bank, as the case may be, the purchase price of such participation to
the extent of such recovery, together with an amount equal to such other Bank's
ratable share (according to the proportion of (a) the amount of such other
Bank's required repayment to (b) the total amount so recovered from the
purchasing Bank) of any interest or other amount paid or payable by the
purchasing Bank in respect of the total amount so recovered.  Borrower 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
foregoing arrangements, 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 Borrower in the amount of such
participation.

                                 ARTICLE XIII
                                 ------------

                      FEES AND EXPENSES; INDEMNIFICATION
                      ----------------------------------

                                      -63-
<PAGE>
 
     13.01  FEES AND EXPENSES.  Borrower and Guarantors shall provide, at
            -----------------                                              
their expense, to Agent all documents, instruments, assurances, and certificates
as Agent may reasonably deem necessary to consummate the transactions
contemplated hereby.  Borrower and Guarantors shall be obligated, jointly and
severally, to Agent to pay all reasonable fees, expenses and costs incurred by
Agent in connection with the preparation, negotiation, and entering into of this
Agreement and the other Loan Documents and the administration of the Loans,
including any amendments or modifications thereto, whether incurred before, on
or after the date of this Agreement, including, but not limited to, reasonable
attorneys' fees and expenses.  All the foregoing costs and expenses may, at the
discretion of Agent and upon notice to Borrower, be charged to the Notes as
advances thereunder.  In the event Agent pays any of the costs or expenses under
this Section 13.01, Borrower and Weeks Corporation shall reimburse Agent
promptly upon demand, and all such sums shall bear interest at the Default Rate
set forth in Section 2.12.

     13.02  AGENT'S ADMINISTRATION FEE.  In addition to the fees and expenses
            --------------------------                                         
payable by Borrower pursuant to Section 13.01 and any other provision of this
Agreement or the other Loan Documents, Borrower agrees to pay to Agent, for its
sole account, in consideration of its structuring the transactions evidenced by
this Agreement and its performance of services hereunder, those fees provided
for and calculated as set forth in the Mandate Letter, including an annual
Agent's Administration Fee.  The Agent's Administration Fee shall be due and
payable in advance, for each year (or part thereof) during which any of the
Obligations are outstanding, on the date of this Agreement and on each
anniversary date thereof, and shall be fully earned and nonrefundable when paid.

     13.03  AMENDMENT, WAIVER AND PREPAYMENT FEES.  In addition to the fees
            -------------------------------------                            
and expenses payable by Borrower pursuant to Section 13.01  and any other
provision of this Agreement or the other Loan Documents, Borrower agrees to pay
to Agent, for its sole account, as compensation for administrative and other
services in connection therewith, (a) a fee in the minimum amount of $5,000 (or
such greater reasonable amount as may be charged by Agent) upon each request by
Weeks Corporation or Borrower for any amendment to, or waiver of, any term or
condition set forth in this Agreement or any of the other Loan Documents, except
for such a request, if any, which Agent shall determine in good faith shall
impose no more than an insignificant administrative, financial or other burden
on Agent, and (b) a fee in such reasonable amount as may be charged by Agent
(not to exceed $3,000) upon any prepayment of a LIBOR Rate Loan made pursuant to
the provisions of Section 2.10, which fee shall be due and payable upon the
making of any such prepayment and shall be fully earned and nonrefundable when
paid.

                                      -64-
<PAGE>
 
     13.04  INDEMNIFICATION.  At all times prior to and after the
            ---------------                                        
consummation of the transactions contemplated by this Agreement, Borrower and
Guarantors, jointly and severally, agree to hold harmless Banks, Agent, their
respective directors, officers, employees, agents, affiliates, successors and
assigns from and indemnify Banks, Agent, their respective directors, officers,
employees, agents, affiliates, successors and assigns, against all demands,
loss, damages, judgments, costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) actually incurred by any of the
foregoing, whether direct or indirect, as a result of or arising from or
relating to any claim for relief or cause of action made, brought, asserted or
threatened by any entity, asserting a claim for any legal or equitable remedy
against any person under any statute, or regulation or as a matter of law,
including, without limitation, any federal or state securities laws or under any
common law or equitable case or otherwise, arising from or in connection with
this Agreement, the other Loan Documents, any of the transactions contemplated
by this Agreement, or use of any proceeds of the Loans, except to the extent
such losses, damages, costs or expenses are due to the wilful misconduct or
gross negligence of, or breach of this Agreement by Agent, Banks, or any such
indemnitee.  At the request of Agent and any Bank, Borrower and Guarantors,
jointly and severally, will indemnify any assignee to whom any Bank transfers or
sells all or any portion of its interest in the Loans or participations therein
on terms substantially similar to the terms set forth above.  Agent and Banks
shall not be responsible or liable to any entity for consequential damages which
may be alleged as a result of this Agreement or any of the transactions
contemplated hereby.

                                  ARTICLE XIV
                                  -----------

                                 MISCELLANEOUS
                                 -------------

     14.01  CUMULATIVE RIGHTS; NON-WAIVER.  No delay or omission by Agent or
            -----------------------------
any Bank to exercise any right, power or remedy accruing upon any Default shall
exhaust or impair any such right, power or remedy or shall be construed to be a
waiver of any such Default, or acquiescence therein, and every right, power and
remedy given by this Agreement to Agent or Banks may be exercised from time to
time and as often as may be deemed expedient by Agent or any Bank.  No consent
or waiver, expressed or implied, by Agent or Banks to or of any Default shall be
deemed or construed to be a consent or waiver to or of any other Default.  No
delay, indulgence, departure, act or omission by Agent or Banks or any holder of
any of the Notes shall release, discharge, modify, change or otherwise affect
the original liability under the Notes or any other obligation of Borrower, or
any maker, surety or Guarantor, or preclude Agent or Banks from exercising any
right, privilege or power granted herein or alter 

                                      -65-
<PAGE>
 
the security title, security interest or lien hereof. Agent or Banks may at any
time, without notice to or further consent from Borrower, surrender or
substitute any property or other security of any kind or nature whatsoever
securing the Obligations or release any Guarantor, and no such action will
release Borrower's obligations hereunder or alter the effect hereof. No right,
power or remedy conferred upon or reserved to Agent or Banks hereunder is
intended to be exclusive of any other right, power or remedy, but each and every
such right, power and remedy shall be cumulative and concurrent and shall be in
addition to any other right, power and remedy given hereunder or under the other
Loan Documents or now or hereafter existing at law, in equity or by statute.

     14.02  NO OBLIGATION TO THIRD PARTIES.  The Loan Documents are made
            ------------------------------                                
solely for the benefit of Guarantors, Borrower, Agent, each Bank and their
respective successors and assigns.  No other party whatsoever shall have
standing to bring any action as the result of the Loan Documents, or to assume
that Agent or any Bank will exercise any remedies provided herein, and no party
other than Agent and each Bank, their respective successors and assigns, shall
be deemed to be a beneficiary of any right or remedy provided by the Loan
Documents in favor of such parties, any and all of which may be freely waived in
whole or in part by Agent or Banks, in accordance with the terms and conditions
of this Agreement.  Nothing contained in this Section 14.02 is intended to
deprive Borrower of the benefit of any covenant by Agent and each Bank in favor
of Borrower contained in the Loan Documents.

     14.03  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; provided that Borrower may not assign or otherwise transfer any of
         --------                                                          
their rights under this Agreement.

          (b) Any Bank may at any time sell to one or more persons (each a
                                                                          
"PARTICIPANT") participation interests in any Loan owing to such Bank any Note
------------                                                                  
held by such Bank, any Commitment hereunder or any other interest of such Bank
hereunder.  In the event of any such sale by a Bank of a participation interest
to a Participant, such Bank's obligations under this Agreement shall remain
unchanged, such Bank shall remain solely responsible for the performance
thereof, such Bank shall remain the holder of any such Note for all purposes
under this Agreement, and Borrower and Agent shall continue to deal solely and
directly with such Bank in connection with such Bank's rights and obligations
under this Agreement.  In no event shall a Bank that sells a participation be
obligated to the Participant to take or refrain from taking any action
hereunder, except that 

                                      -66-
<PAGE>
 
such Bank may agree that it will not (except as provided below), without the
consent of the Participant, agree to (i) the change of any date fixed for the
payment of principal of or interest on the related Loan or Loans, (ii) the
change of the amount of any principal, interest or fees due on any date fixed
for the payment thereof with respect to the related Loan or Loans, (iii) the
change of the principal of the related Loan or Loans, (iv) any change in the
rate at which either interest is payable thereon or (if the Participant is
entitled to any part thereof) fee is payable hereunder from the rate at which
the Participant is entitled to receive interest or fee (as the case may be) in
respect of such participation, (v) the release or substitution of all or any
substantial part of the collateral (if any) held as security for the Loans, or
(vi) the release of any Guaranty given to support payment of the Loans. Each
Bank selling a participation interest in any Loan, Note, Commitment or other
interest under this Agreement shall, within ten (10) Domestic Business Days of
such sale, provide Borrower and Agent with written notification stating that
such sale has occurred and identifying the Participant and the interest
purchased by such Participant.

          (c) Any Bank may at any time assign to one or more banks or financial
institutions (each an "ASSIGNEE") all or a proportionate part of its rights and
                       --------                                                
obligations under this Agreement, the Notes and the other Loan Documents, and
such Assignee shall assume all such rights and obligations, pursuant to an
Assignment and Acceptance, executed by such Assignee, such transferor Bank and
Agent, provided that (i) no interest may be sold by a Bank pursuant to this
       --------                                                            
paragraph (c) unless the Assignee shall agree to assume ratably equivalent
portions of the transferor Bank's Commitment, (ii) no interest may be sold by a
Bank pursuant to this paragraph (c) without the written consent of Agent, which
consent shall not be unreasonably withheld, (iii) if a Bank is assigning only a
portion of its Commitment, then the amount of the Commitment being assigned
(determined as of the effective date of the assignment) shall be in an amount
not less than $5,000,000, (iv) except during the continuance of a Default, no
interest may be sold by a Bank pursuant to this paragraph (c) to any Assignee
that is not then a Bank or an Affiliate of a Bank without the written consent of
Borrower, which consent shall not be unreasonably withheld, and (v) a Bank may
not, at any one time, have more than two (2) Assignees that are not Banks
immediately prior to such assignment.  Upon (A) execution of the Assignment and
Acceptance by such transferor Bank, such Assignee, Agent and Borrower, (B)
delivery of an executed copy of the Assignment and Acceptance to Borrower and
Agent, (C) payment by such Assignee to such transferor Bank of an amount equal
to the purchase price agreed between such transferor Bank and such Assignee, and
(D) payment by the transferor Bank of a processing and recordation fee of $2,500
to Agent, for its sole account, such Assignee shall for all purposes be a Bank
party to this Agreement and shall have all the rights and obligations of a Bank

                                      -67-
<PAGE>
 
under this Agreement to the same extent as if it were an original party hereto
with a Commitment as set forth in such instrument of assumption, and the
transferor Bank shall be released from its obligations hereunder to a
corresponding extent, and no further consent or action by Borrower, Banks or
Agent shall be required.  Upon the consummation of any transfer to an Assignee
pursuant to this paragraph (c), the transferor Bank, the Agent and Borrower
shall make appropriate arrangements so that, if required, a new Note is issued
to each of such Assignee and such transferor Bank.

          (d) Borrower authorizes Agent and each Bank to disclose to any
Participant or Assignee (each a "TRANSFEREE") and any prospective Transferee any
                                 ----------                                     
and all financial information in such Agent's or Bank's possession concerning
Borrower which has been delivered to such Agent or any Bank by Borrower or Agent
pursuant to this Agreement or which has been delivered to such Agent or any Bank
by Borrower in connection with such Agent's or such Bank's credit evaluation
prior to entering into this Agreement, provided that such Transferee or
                                       --------                        
prospective Transferee agrees to take reasonable actions to preserve the
confidentiality of any such confidential financial information disclosed.

          (e) Anything in this Section 14.03 to the contrary notwithstanding,
any Bank may assign and pledge all or any portion of the Loans and/or
obligations owing to it to any Federal Reserve Bank or the United States
Treasury as collateral security pursuant to Regulation A of the Board of
Governors of the Federal Reserve System and any Operating Circular issued by
such Federal Reserve Bank, provided that any payment in respect of such assigned
                           --------                                             
Loans and/or obligations made by Borrower to the assigning and/or pledging Bank
in accordance with the terms of this Agreement shall satisfy Borrower's
obligations hereunder in respect of such assigned Loans and/or obligations to
the extent of such payment.  No such assignment shall release the assigning
and/or pledging Bank from its obligations hereunder.

     14.04  GOVERNING LAW.  This Agreement is entered into in the State of
            -------------                                                   
Georgia, and the rights and obligations of the parties hereunder shall be
governed by, construed and interpreted in accordance with, the laws of the State
of Georgia.

     14.05  SURVIVAL OF OBLIGATIONS.  All representations, warranties and
            -----------------------                                        
covenants contained herein shall survive the Closings and the execution and
delivery of the Notes or any other documents contemplated hereby.

     14.06  ENTIRE AGREEMENT.  This Agreement (together with the provisions of
            ----------------                                                    
the Mandate Letter relating to fees payable to Agent) constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof.

                                      -68-
<PAGE>
 
     14.07  INVALIDITY.  Any provision of this Agreement that is prohibited or
            ----------                                                          
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof or affecting the validity or enforceability of such
provisions in any other jurisdiction.

     14.08  HEADINGS.  Article and Section headings used in this Agreement are
            --------                                                            
for convenience of reference only and are not part of this Agreement for any
other purpose.

     14.09  CHANGES IN FORMS.  Agent reserves the right to make reasonable
            ----------------                                                
changes in the forms of all certificates and other documents to be executed and
delivered to any Bank or Agent by Borrower or Weeks Corporation hereunder.

     14.10  NOTICES.  Any notice, payment, demand or communication required
            -------                                                          
or permitted to be given by the provisions of this Agreement shall be deemed to
have been sufficiently given or served for all purposes if delivered personally
to a party or to an officer of the party to whom the same is directed, or if
sent by facsimile transmission or by United States Mail, first class postage and
charges prepaid, addressed or transmitted to such party at the following address
or facsimile number, or to such other address or facsimile number as shall be
furnished in writing by any party to the other, pursuant to the provisions
hereof:

     If to Borrower, to:      WEEKS REALTY, L.P.
                              c/o Weeks Corporation
                              4497 Park Drive
                              Norcross, Georgia  30093
                              ATTN:  Chief Financial Officer
                              Facsimile No.:  (770) 717-2479

     with a copy to:          King & Spalding
                              191 Peachtree Street, N.E.
                              Atlanta, GA  30303-1740
                              ATTN:  William B. Fryer, Esq.
                              Facsimile No.:  (404) 572-5100

     and with a copy to:      Weeks Corporation
                              4497 Park Drive
                              Norcross, Georgia  30093
                              ATTN:  Elizabeth C. Belden, Esq.
                                     Corporate Counsel
                              Facsimile No.:  (770) 717-2479

     If to Weeks Corporation,
     to:                      Weeks Corporation
                              4497 Park Drive
                              Norcross, Georgia  30093

                                      -69-
<PAGE>
 
                              ATTN:  Chief Financial Officer
                              Facsimile No.:  (770) 717-2479


     If to Weeks GP
     Holdings, Inc., to:      Weeks GP Holdings, Inc.
                              c/o Weeks Corporation
                              4497 Park Drive
                              Norcross, Georgia  30093
                              ATTN:  Chief Financial Officer
                              Facsimile No.:  (770) 717-2479

     If to Weeks LP
     Holdings, Inc., to:      Weeks LP Holdings, Inc.
                              c/o Weeks Corporation
                              4497 Park Drive
                              Norcross, Georgia  30093
                              ATTN:  Chief Financial Officer
                              Facsimile No.:  (770) 717-2479


     If to a Bank, to:        The address or facsimile number set forth 
                              opposite its name on the signature pages hereof.

     If to Agent, to:         Wachovia Bank, N.A.
                              191 Peachtree Street, N.E.
                              Atlanta, Georgia  30303
                              ATTN: Steven B. Wood
                                    Vice President
                              Facsimile No.:  (404) 332-4066

     with a copy to:          Wachovia Corporate Services, Inc.
                              191 Peachtree Street, N.E.
                              Atlanta, Georgia  30303
                              ATTN: Corporate Finance Department
                              Facsimile No.:  (404) 332-4005

     and with a copy to:      Smith, Gambrell & Russell, LLP
                              Suite 3100, Promenade II
                              1230 Peachtree Street, N.E.
                              Atlanta, Georgia  30309
                              ATTN: Ronald E. Barab, Esq.
                              Facsimile No.:  (404) 815-3509

Any such notice shall be deemed given as of the date so delivered personally or
sent by facsimile transmission (with confirmation of completed transmission), or
five (5) days after the date on which same was deposited, first class postage
prepaid, in a regularly maintained receptacle for the deposit of United States
Mail, addressed as aforesaid.

                                      -70-
<PAGE>
 
     14.11 AMENDMENTS AND WAIVERS.  (a) Any provision of this Agreement, the
           ----------------------                                             
Notes or any other Loan Documents may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed ("signed," as used in this
Section 14.11, shall include, without limitation, signatures received by
facsimile transmission followed by a signed original)  by Borrower and the
Required Banks (and, if the rights or duties of Agent are affected thereby, by
Agent); provided that no such amendment or waiver shall, unless signed by all
        --------                                                             
Banks, (i) change the Commitment of any Bank or subject any Bank to any
additional obligation, (ii) change the principal of or rate of interest on any
Loans or any fees (other than fees payable solely to Agent) hereunder, (iii)
change the date fixed for any payment of principal of or interest on any Loan or
any fees hereunder, (iv) change the amount of principal, interest or fees due on
any date fixed for the payment thereof, (v) change the percentage of the
Commitments or of the aggregate unpaid principal amount of the Notes, or the
percentage of any Bank which shall be required for Banks or any of them to take
any action under this Section 14.11 or any other provision of this Agreement,
(vi) change the manner of application of any payments made under this Agreement
or the Notes, (vii) release any Syndicated Loan Guarantee, (viii) change the
definition of Required Banks, (ix) change the substance of the Debt Rating
Table, or (x) change this Section 14.11.

          (b) Neither Weeks Corporation nor Borrower will obtain from any Bank
its written agreement to waive or amend any of the provisions of this Agreement
except through Agent, and Agent shall be supplied by Weeks Corporation or
Borrower with sufficient information to enable Banks to make an informed
decision with respect thereto.  Executed or true and correct copies of any
waiver or consent effected pursuant to the provisions of this Agreement shall be
delivered by Borrower to Agent forthwith following the date of which the same
shall have been executed and delivered by the requisite percentage of Banks.
Borrower will not, directly or indirectly, pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or
otherwise, to any Bank (in its capacity as such) as consideration for or as an
inducement to the entering into by such Bank of any waiver or amendment of any
of the terms and provisions of this Agreement, unless such remuneration is
concurrently paid, on the same terms, ratably to all Banks, provided that the
                                                            --------         
provisions of this Section 14.11(b) shall not impair or in any way affect
Borrower's obligations to pay, and Agent's entitlement to collect, the fees
provided for in Section 13.03 upon any request by Borrower for a waiver or
amendment.

     14.12 TIME OF THE ESSENCE.  Time is of the essence of this Agreement.
           -------------------                                                 

     14.13 EXECUTION IN COUNTERPARTS.  This Agreement and any 
           -------------------------                                     

                                      -71-
<PAGE>
 
amendment hereof or waiver of any provision hereof may be executed in multiple
counterparts, each of which shall be treated as an original, but all of which
shall constitute one and the same agreement, amendment or waiver, as the case
may be.

     14.14 ATTORNEYS' FEES.  All references to attorneys' fees or reasonable
           ---------------                                                     
attorneys' fees in this Agreement or in any of the Loan Documents shall mean
actual attorneys' fees incurred by Bank or Agent without reference to any
statutory presumption as to the amount thereof.

     14.15 CONFIDENTIALITY.  Each of Banks and Agent agrees to exercise
           ---------------                                              
commercially reasonable efforts to keep any information delivered or made
available to it by Weeks Corporation or Borrower confidential from anyone other
than persons employed or retained by it who are or expected to become engaged in
evaluating, approving, structuring or administering the Loans; provided that
                                                               --------     
nothing herein shall prevent any Bank or Agent from disclosing such information
(a) to any other Bank, (b) upon the order of any court or administrative agency,
(c) upon the request or demand of any regulatory agency or authority having
jurisdiction over it, (d) which has been publicly disclosed without breach of
these or any other applicable confidentiality provisions, (e) to the extent
reasonably required in connection with any litigation to which any Bank or Banks
may be a party, (f) to the extent reasonably required in connection with the
exercise of any remedy hereunder, (g) to its legal counsel and independent
auditors (each of whom it agrees to advise as to the confidential nature of such
information) and (h) to any actual or proposed Transferee of all or a part of
its rights hereunder which has agreed in writing to be bound by the provisions
of this Section 14.15; provided that should disclosure of any such confidential
                       --------                                                
information be required by virtue of the preceding clause (b) or clause (e), the
relevant Bank or Agent shall promptly notify Borrower of same; provided,
                                                               -------- 
further, that neither any Bank nor Agent shall be required to delay compliance
-------                                                                       
with any directive to disclose any such information so as to allow Weeks
Corporation or Borrower to effect any action seeking to prevent such disclosure.

     14.16 REPRESENTATIONS BY BANKS.  Each of Banks hereby represents that
           ------------------------                                         
(a) it is a commercial lender or financial institution which makes commercial
loans in the ordinary course of its business and that it will make its Loans or
Swing Loans, as the case may be, for its own account in the ordinary course of
such business; provided that, subject to Section 14.03, the disposition of the
               --------                                                       
Note or Notes held by it shall at all times be within its exclusive control, and
(b) no part of the funds to be used by it to fund the Loans constitutes or will
constitute (i) assets allocated to any separate account maintained by it in
which any employee benefit plan (or its related trust) has any interest nor (ii)
any other assets of any employee benefit plan.  

                                      -72-
<PAGE>
 
As used in this Section, the terms "employee benefit plan" and "separate
account" shall have the respective meanings assigned to such terms in Section 3
of ERISA.

     14.17 MISCELLANEOUS.  The Loan Documents shall inure to the benefit of
           -------------                                                      
and be binding upon Borrower, Guarantors and Banks, Agent and their respective
heirs, executors, legal representatives, successors, successors-in-title and
assigns, subject to all restrictions on transfer herein or in the other Loan
Documents.  Neither the Loan Documents nor the proceeds of the Loans
contemplated by the Loan Documents may be assigned by Borrower without the prior
consent of Banks, which may be given or withheld at the discretion of Banks.
The Loan Documents may be discharged or terminated only by an instrument in
writing signed by the party against whom enforcement of such discharge or
termination is sought.  Nothing contained in the Loan Documents shall be
construed to create an agency, partnership or joint venture between Borrower and
Banks.  Wherever in the Loan Documents it is indicated that the approval,
consent or determination of Banks is to be given or made at the option or in the
discretion or judgment of Banks, then such Banks, or any of them, may grant or
withhold such approval or consent or make such determination without restriction
in its sole and absolute discretion.  The obligations of Borrower under this
Agreement and the Notes shall be subject to the limitation that payments of
interest shall not be required to the extent that receipt thereof would be
contrary to provisions of law applicable to Banks limiting rates of interest
which may be charged or collected by Banks.  In the event that any such payment
in excess of the maximum rate of interest allowed by applicable law is
inadvertently paid by Borrower or inadvertently received by the Banks, the
amount in excess of the maximum rate of interest allowed by applicable law shall
be credited as a payment of principal, unless Borrower shall notify the Banks in
writing that Borrower elects to have such excess sum returned to it forthwith.
All exhibits referred to in the Loan Documents are by such reference
incorporated into the Loan Documents as if fully set forth therein.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered in their names and on their behalf, and their seals to be affixed
and attested, all as of the day and year first above written.

                              BORROWER:
                              -------- 

                              WEEKS REALTY, L.P.

ATTEST:                       BY:   WEEKS GP HOLDINGS, INC., its sole General
                                    Partner

  /s/ Elizabeth C. Belden           By:  /s/ David P. Stockert
---------------------------             -----------------------------

                                      -73-
<PAGE>
 
                Secretary              Its:  SVP and CFO
                                           --------------------

     [CORPORATE SEAL]



                              GUARANTORS:
                              ---------- 

ATTEST:                       WEEKS CORPORATION


 /s/ Elizabeth C. Belden      By: /s/ David P. Stockert
----------------------------     --------------------------------
                Secretary        Its:  SVP and CFO
                                     ----------------------------

     [CORPORATE SEAL]


                              WEEKS GP HOLDINGS, INC.
ATTEST:

 /s/ Elizabeth C. Belden      By:  /s/ David P. Stockert
----------------------------     ---------------------------------
                Secretary           Its:  SVP and CFO
                                        --------------------------

     [CORPORATE SEAL]


                              WEEKS LP HOLDINGS, INC.
ATTEST:

 /s/ Elizabeth C. Belden      By: /s/ David P. Stockert
----------------------------     --------------------------------
                Secretary           Its:  SVP and CFO
                                        -------------------------
     [CORPORATE SEAL]

                              AGENT:
                              ----- 

                              WACHOVIA BANK, N.A.,
                              as Agent


                              By:  /s/ Steven B. Wood
                                 --------------------------------
                                 Its:  Senior Vice President
                                     ----------------------------

                                                            [BANK SEAL]
                              BANKS:
                              ----- 

                                      -74-
<PAGE>
 
Commitment Share:             WACHOVIA BANK, N.A.
44.4445%

Address:                      By: /s/ Steven B. Wood
191 Peachtree Street, N.E.       -------------------------------- 
Atlanta, Georgia  30303          
                                 Its: Senior Vice President
                                     ----------------------------
                                 Date:                             

                                                            [BANK SEAL]


Commitment Share:             FIRST UNION NATIONAL BANK
24.4444%

Address:                      By: /s/ John A. Schissel
999 Peachtree Street, N.E.       --------------------------------
Suite 610                                                          
Atlanta, Georgia  30309          Its: Director
                                     ----------------------------
                                 Date:                             

                                                            [BANK SEAL]


Commitment Share:             COMMERZBANK A.G. -
10.0000%                      ATLANTA AGENCY


Address:                      By: /s/ Douglas P. Traynor
2 World Financial Center         --------------------------------
New York, New York  10281-1050                                     
                                 Its: Vice President               
                                     ----------------------------
                                                                   
                              By: /s/ James J. Henry
                                 --------------------------------
                                                                   
                                 Its: Senior Vice President
                                     ----------------------------
                                 Date:                             


     [BANK SEAL]

Commitment Share:             MELLON BANK, N.A.
10.0000%

Address:                      By: /s/ B. H. Henderson III
1735 Market Street, 4th Floor    --------------------------------
Philadelphia, PA  19103                                            
                                 Its: Vice President               
                                     ----------------------------  
                                 Date:                             

     [BANK SEAL]


Commitment Share:             NATIONSBANK, N.A.
11.1111%

Address:                      By: /s/ Kevin M. Brown
                                 --------------------------------

                                      -75-
<PAGE>
 
600 Peachtree Street, N.E.
GA 1-006-6-25                    Its:   Vice President
Atlanta, Georgia  30308               ------------------------
                                 Date:

     [BANK SEAL]

                                      -76-