##### 



EXECUTION VERSION
   $750,000,000
CREDIT AGREEMENT
(AFFILIATE BORROWER I-A)
 among
 TISHMAN SPEYER ARCHSTONE-SMITH MULTIFAMILY HOLDINGS I (BORROWER-A), L.P.,
as Borrower,
 and
 ARCHSTONE-SMITH OPERATING TRUST,
as Lender
 Dated as of October 5, 2007




---



##### 



PageSECTION 1 DEFINITIONS
    
    
    11.1
    
    
    Defined Terms
    
    
    11.2
    
    
    Other Definitional Provisions
    
    
    22SECTION 2 AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENT
    
    
    222.1
    
    
    [Intentionally Omitted]
    
    
    222.2
    
    
    [Intentionally Omitted]
    
    
    222.3
    
    
    [Intentionally Omitted]
    
    
    222.4
    
    
    Revolving Credit Commitment
    
    
    222.5
    
    
    Procedure for Revolving Credit Borrowing
    
    
    222.6
    
    
    [Intentionally Omitted]
    
    
    232.7
    
    
    [Intentionally Omitted]
    
    
    232.8
    
    
    Repayment of Loans; Evidence of Debt
    
    
    232.9
    
    
    Commitment Fees, etc
    
    
    232.10
    
    
    Termination or Reduction of Revolving Credit Commitment
    
    
    232.11
    
    
    Optional Prepayments
    
    
    242.12
    
    
    [Intentionally Omitted]
    
    
    242.13
    
    
    Conversion and Continuation Options
    
    
    242.14
    
    
    Minimum Amounts and Maximum Number of Eurodollar Tranches
    
    
    242.15
    
    
    Interest Rates and Interest Payment Dates
    
    
    252.16
    
    
    Computation of Interest and Fees
    
    
    252.17
    
    
    Inability to Determine Interest Rate
    
    
    262.18
    
    
    Payments
    
    
    262.19
    
    
    Requirements of Law
    
    
    272.20
    
    
    Taxes
    
    
    282.21
    
    
    Indemnity
    
    
    292.22
    
    
    Illegality
    
    
    302.23
    
    
    [Intentionally Omitted]
    
    
    302.24
    
    
    [Intentionally Omitted]
    
    
    302.25
    
    
    [Intentionally Omitted]
    
    
    302.26
    
    
    [Intentionally Omitted]
    
    
    302.27
    
    
    Exculpation
    
    
    30SECTION 3 LETTERS OF CREDIT
    
    
    323.1
    
    
    L/C Commitment
    
    
    323.2
    
    
    Procedure for Issuance of Letter of Credit
    
    
    333.3
    
    
    Fees and Other Charges
    
    
    333.4
    
    
    [Intentionally Omitted]
    
    
    333.5
    
    
    Reimbursement Obligation of the Borrower
    
    
    343.6
    
    
    [Intentionally Omitted]
    
    
    343.7
    
    
    Obligations Absolute
    
    
    34
 -i-




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##### 



Page3.8
    
    
    Letter of Credit Payments
    
    
    343.9
    
    
    Applications
    
    
    35SECTION 4 REPRESENTATIONS AND WARRANTIES
    
    
    354.1
    
    
    [Intentionally Omitted]
    
    
    354.2
    
    
    No Change
    
    
    354.3
    
    
    Corporate Existence; Compliance with Law
    
    
    354.4
    
    
    Corporate Power; Authorization; Enforceable Obligations
    
    
    354.5
    
    
    No Legal Bar
    
    
    364.6
    
    
    No Material Litigation
    
    
    364.7
    
    
    No Default
    
    
    364.8
    
    
    Ownership of Property; Liens
    
    
    364.9
    
    
    Intellectual Property
    
    
    364.10
    
    
    Taxes
    
    
    364.11
    
    
    Federal Regulations
    
    
    374.12
    
    
    Labor Matters
    
    
    374.13
    
    
    ERISA
    
    
    374.14
    
    
    Investment Company Act; Other Regulations
    
    
    374.15
    
    
    Subsidiaries
    
    
    384.16
    
    
    Use of Proceeds
    
    
    384.17
    
    
    Environmental Matters
    
    
    384.18
    
    
    Accuracy of Information, etc
    
    
    394.19
    
    
    Security Documents
    
    
    394.20
    
    
    Solvency
    
    
    404.21
    
    
    Regulation H
    
    
    40SECTION 5 CONDITIONS PRECEDENT
    
    
    405.1
    
    
    Conditions to Initial Extension of Credit
    
    
    405.2
    
    
    Conditions to Each Extension of Credit
    
    
    42SECTION 6 AFFIRMATIVE COVENANTS
    
    
    436.1
    
    
    [Intentionally Omitted]
    
    
    436.2
    
    
    Certificates; Other Information
    
    
    436.3
    
    
    Payment of Obligations
    
    
    446.4
    
    
    Conduct of Business and Maintenance of Existence; Compliance
    
    
    446.5
    
    
    Maintenance of Property; Insurance
    
    
    446.6
    
    
    Inspection of Property; Books and Records; Discussions
    
    
    446.7
    
    
    Notices
    
    
    446.8
    
    
    Environmental Laws
    
    
    456.9
    
    
    [Intentionally Omitted]
    
    
    466.10
    
    
    Additional Collateral, etc
    
    
    466.11
    
    
    Further Assurances
    
    
    476.12
    
    
    Post-Closing Covenants
    
    
    486.13
    
    
    [Intentionally Omitted]
    
    
    486.14
    
    
    [Intentionally Omitted]
    
    
    486.15
    
    
    [Intentionally Omitted]
    
    
    48
 -ii-




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##### 



Page6.16
    
    
    [Intentionally Omitted]
    
    
    486.17
    
    
    Additional Development Properties
    
    
    48SECTION 7 NEGATIVE COVENANTS
    
    
    487.1
    
    
    [Intentionally Omitted]
    
    
    487.2
    
    
    Limitation on Indebtedness
    
    
    487.3
    
    
    Limitation on Liens
    
    
    527.4
    
    
    Limitation on Fundamental Changes
    
    
    547.5
    
    
    Limitation on Disposition of Property
    
    
    557.6
    
    
    Limitation on Restricted Payments
    
    
    567.7
    
    
    Limitation on Maintenance Capital Expenditures and Renovation Capital Expenditures
    
    
    587.8
    
    
    Limitation on Investments
    
    
    597.9
    
    
    [Intentionally Omitted]
    
    
    617.10
    
    
    Limitation on Transactions with Affiliates
    
    
    617.11
    
    
    Limitation on Sales and Leasebacks
    
    
    617.12
    
    
    Limitation on Changes in Fiscal Periods
    
    
    617.13
    
    
    Limitation on Negative Pledge Clauses
    
    
    617.14
    
    
    Limitation on Restrictions on Subsidiary Distributions
    
    
    627.15
    
    
    Limitation on Lines of Business
    
    
    627.16
    
    
    [Intentionally Omitted]
    
    
    627.17
    
    
    Limitation on Amendments to Other Documents
    
    
    627.18
    
    
    [Intentionally Omitted]
    
    
    627.19
    
    
    [Intentionally Omitted]
    
    
    627.20
    
    
    Limitation on Hedge Agreements
    
    
    62SECTION 8 EVENTS OF DEFAULT
    
    
    62SECTION 9 [INTENTIONALLY OMITTED]
    
    
    66SECTION 10 MISCELLANEOUS
    
    
    6610.1
    
    
    Amendments and Waivers
    
    
    6610.2
    
    
    Notices
    
    
    6610.3
    
    
    No Waiver; Cumulative Remedies
    
    
    6710.4
    
    
    Survival of Representations and Warranties
    
    
    6810.5
    
    
    Payment of Expenses
    
    
    6810.6
    
    
    Successors and Assigns; Participations and Assignments
    
    
    6910.7
    
    
    [Intentionally Omitted]
    
    
    6910.8
    
    
    Counterparts
    
    
    6910.9
    
    
    Severability
    
    
    6910.10
    
    
    Integration
    
    
    6910.11
    
    
    Governing Law
    
    
    7010.12
    
    
    Submission to Jurisdiction; Waivers
    
    
    7010.13
    
    
    Acknowledgments
    
    
    7010.14
    
    
    Confidentiality
    
    
    7110.15
    
    
    Release of Collateral and Guarantee Obligations
    
    
    7110.16
    
    
    [Intentionally Omitted]
    
    
    7110.17
    
    
    [Intentionally Omitted]
    
    
    7110.18
    
    
    Waivers of Jury Trial
    
    
    7210.19
    
    
    Exculpation
    
    
    72
 -iii-




---



##### 



1.1A
    
    [Intentionally Omitted]1.1B
    
    Real Property1.1C
    
    [Intentionally Omitted]1.1D
    
    Property Owners4.15
    
    Subsidiaries4.19
    
    Uniform Commercial Code Filing Jurisdictions7.2(d)
    
    Existing Indebtedness7.3(f)
    
    Existing Liens
  A
    
    Form of Guarantee and Collateral AgreementB
    
    Form of Compliance CertificateC
    
    Form of Closing CertificateD
    
    [Intentionally Omitted]E
    
    [Intentionally Omitted]F
    
    [Intentionally Omitted]G
    
    [Intentionally Omitted]H
    
    [Intentionally Omitted]I
    
    [Intentionally Omitted]J
    
    Form of Borrowing Notice
 -iv-




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##### 



Borrower Lender
 WITNESSETH:
 Development
Subsidiary-A Company Development Asset Acquisition Development Asset Purchase Agreement
     Defined Terms
 Additional Fund
 Administration Fee
 Administration Fee Agreement




---



##### 



2
  Affiliate
 Affiliate Borrower I-B
 Affiliate Borrower I-B Credit Agreement
 Affiliate Borrower I-B GP
 Affiliate Borrower I-B Loan Documents
 Affiliate Borrower I-B Parent
 Affiliate Borrower I-B Parent Credit Agreement
 Affiliate Borrower I-B Parent Loan Documents
 Affiliate Borrower II
 Affiliate Borrower II Credit Agreement
 Affiliate Borrower II Loan Documents




---



##### 



3 Affiliate Borrower Credit Agreements
 Affiliate Borrower Group Members
 Affiliate Borrower Loan Documents
 Affiliate Borrowers
 Affiliate Revolving Notes
 Agreement
 Applicable JV Investment Percentage
 Applicable Margin
 Application
 ASOT Additional Parent Guarantors
 ASOT Administrative Agent
 ASOT Available Revolving Credit Commitment
 ASOT Borrower
 ASOT Credit Agreement




---



##### 



4 ASOT Guarantee and Collateral Agreement
 ASOT L/C Commitment
 ASOT L/C Obligations
 ASOT Lender
 ASOT Loan Default
 ASOT Loan Event of Default
 ASOT Loan Documents
 ASOT Majority Facility Lenders
 ASOT Parent/Affiliate Guarantors
 ASOT Required Lenders
 ASOT Revolving Credit Commitment
 ASOT Revolving Credit Commitment Period
 ASOT Revolving Credit Lenders
 ASOT Secured Parties
 ASOT Term Loans
 ASOT Tranche A Term Loans
 ASTM




---



##### 



5 Available Revolving Credit Commitment
 Base Rate plus 1 2 Prime Rate
 Base Rate Loans
 Board
 Borrower
 Borrowing Date
 Borrowing Notice
 Business Day
 CapEx Controlled
 Capital Expenditures




---



##### 



6  Capital Lease Obligations
 Capital Stock
 Cash Equivalents




---



##### 



7 Change of Control
 Closing Date
 Code
 Collateral
 Combined Group Members
 Commonly Controlled Entity
 Company
 Completed Property
 Compliance Certificate
 Construction-in-Process




---



##### 



8 Construction Related Indebtedness
 Continuing Directors
 Contractual Obligation
 Cure Period
 Default
 Derivatives Counterparty
 Development Asset Acquisition
 Development Asset Purchase Agreement
 Development Loan Administrative Agent
 Development Loan Borrower
 Development Loan Credit Agreement
 Development Loan Intercreditor Agreement




---



##### 



9 Development Subsidiary-A
 Development Term Loans
 Disposition Dispose Disposed of
 Distributable Affiliate Proceeds
 Dollars $
 Domestic Subsidiary
 Eligible Land
 Environmental Laws
 Environmental Permits
 ERISA
 ESA
 Eurocurrency Reserve Requirements
 Eurodollar Base Rate Eurodollar Base Rate




---



##### 



10 Eurodollar Loans
 Eurodollar Rate th
 
  Eurodollar Tranche
 Event of Default provided
 Excluded Foreign Subsidiary
 Federal Funds Effective Rate
 Financial Reporting Parties :
 Foreign Subsidiary
 Fund Agreements
 Funds




---



##### 



11 GAAP
 Governmental Authority
 Gross Asset Value
 Group Members
 Guarantee and Collateral Agreement
 Guarantee Obligation guaranteeing person primary obligations primary obligor provided however
 Guarantor 1




---



##### 



12 Guarantor 1 GP
 Guarantor 2
 Guarantor 2 GP
 Hedge Agreements
 Holdings I
 Holdings I Corp
 Holdings Merger
 Improvements
 Indebtedness




---



##### 



13  Indemnified Liabilities
 Indemnitee
 Insolvency
 Insolvent
 Intellectual Property
 Interest Payment Date




---



##### 



14 Interest Period provided
    Investments
 Issuing Lender
 Joint Venture
 Joint Venture Property
 L/C Commitment
 L/C Fee Payment Date
 L/C Obligations
 L/C Participants




---



##### 



15 Lender
 Letters of Credit
 Lien
 Limited Guaranty
 Loan Documents
 Loan Parties
 Loans
 Maintenance Capital Expenditures
 Material Adverse Effect provided Material Adverse Effect
 Material Environmental Amount




---



##### 



16 Materials of Environmental Concern
 Merger Agreement
 Moodys
 Mortgaged Properties
 Mortgages
 Multiemployer Plan
 Non-Excluded Taxes
 Non-Recourse Subsidiary Borrower
 Obligations




---



##### 



17 OC/SD JV Holdings LLC
 Operating Properties
 Other Taxes
 Owned Properties
 Ownership Percentage
 Payment Amount
 Payment Office
 PBGC
 Permitted Investors
 Permitted Leases
 Person
 personal property
 Plan




---



##### 



18 Pledged Stock
 Property
 Property Owners Schedule 1.1D
 Real Estate Under Construction
 Real Property Premises
 Recourse Indebtedness provided
 Register
 Regulation H
 Regulation U




---



##### 



19 Regulation X
 Reimbursement Obligation
 Renovation Capital Expenditures Renovation Capital Expenditures
 Reorganization
 Reportable Event
 Required Ratios
 Requirements of Law
 Responsible Officer
 Restricted Payments
 Revolving Credit Commitment
 Revolving Credit Commitment Period




---



##### 



20 Revolving Credit Termination Date
 Revolving Extensions of Credit
 S&P
 SEC
 Secured Guarantor Notes
 Secured Note LLC
 Security Documents
 Single Employer Plan
 Solvent




---



##### 



21 Subordination of Limited Guaranty
 Subsidiary provided
 Subsidiary Guarantor Subsidiary Guarantors
 Successor Borrower
 Targets
 Test Date
 TSREV
 Type
 Unsecured Affiliate Borrower
 Unsecured Affiliate Lender
 Unsecured Employee Cost Loans
 Wholly Owned Subsidiary
 Wholly Owned Subsidiary Guarantor




---



##### 



22 Other Definitional Provisions
        Revolving Credit Commitment Loans provided provided
  Procedure for Revolving Credit Borrowing provided




---



##### 



23  Intentionally Omitted
 Intentionally Omitted
 Repayment of Loans; Evidence of Debt
  Register
 prima facie provided however
 Commitment Fees, etc.
 Termination or Reduction of Revolving Credit Commitment provided




---



##### 



24  Optional Prepayments provided
 Intentionally Omitted
 Conversion and Continuation Options provided provided
 Interest Period provided provided further
 Minimum Amounts and Maximum Number of Eurodollar Tranches




---



##### 



25 Interest Rates and Interest Payment Dates plus
 plus
 plus plus plus
 provided
  Computation of Interest and Fees




---



##### 



Inability to Determine Interest Rate
    Payments
    first second




---



##### 



27  Requirements of Law




---



##### 



28 prima facie
 Taxes Non-Excluded Taxes provided however




---



##### 



29   provided
 Indemnity over




---



##### 



30  Illegality
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Exculpation provided however




---



##### 



31




---



##### 



32  Bankruptcy Code
  L/C Commitment Letters
of Credit provided




---



##### 



33 provided
  Procedure for Issuance of Letter of Credit
 Fees and Other Charges
  Intentionally Omitted




---



##### 



34 Reimbursement Obligation of the Borrower Payment Amount
 Intentionally Omitted
 Obligations Absolute provided
 Letter of Credit Payments




---



##### 



35  Applications
   Intentionally Omitted
 No Change
 Corporate Existence; Compliance with Law
 Corporate Power; Authorization; Enforceable Obligations




---



##### 



36  No Legal Bar
 No Material Litigation
 No Default
 Ownership of Property; Liens
 Intellectual Property
 Taxes




---



##### 



37  Federal Regulations
 Labor Matters
 ERISA
 Investment Company Act; Other Regulations




---



##### 



38 Subsidiaries. Schedule 4.15 Schedule 4.15
  Use of Proceeds
 Environmental Matters




---



##### 



39     Accuracy of Information, etc. pro forma
 Security Documents Schedule 4.19




---



##### 



40  Schedule 1.1B
 Solvency
 Regulation H
  Conditions to Initial Extension of Credit
 Loan Documents
 ASOT Credit Agreement.
 Development Asset Acquisition




---



##### 



41  Approvals
  [Intentionally Omitted]
 [Intentionally Omitted]
 [Intentionally Omitted]
 [Intentionally Omitted]
 [Intentionally Omitted]
 [Intentionally Omitted]
 Solvency Analysis
 Lien Searches
 Environmental Matters ASTM ESA




---



##### 



42 Closing Certificate
 [Intentionally Omitted]
 Pledged Stock; Stock Powers; Acknowledgment and Consent; Pledged Notes
 Filings, Registrations and Recordings
 [Intentionally Omitted]
 [Intentionally Omitted]
 Insurance
 Conditions to Each Extension of Credit
 Representations and Warranties provided




---



##### 



43  No Default
    [Intentionally Omitted]
 Certificates; Other Information
      provided




---



##### 



44  Payment of Obligations
 Conduct of Business and Maintenance of Existence; Compliance
 Maintenance of Property; Insurance
 Inspection of Property; Books and Records; Discussions provided however
 Notices




---



##### 



45        Environmental Laws




---



##### 



46 REC
 Intentionally Omitted
 Additional Collateral, etc
 provided




---



##### 



47  provided
 Further Assurances




---



##### 



48  Post-Closing Covenants.
   Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Additional Development Properties Additional
Development Property Schedule 1.1B
   Intentionally Omitted
 Limitation on Indebtedness




---



##### 



49 minus
 Schedule 7.2(d)
     provided provided further pro forma pro forma




---



##### 



50 minus
  provided




---



##### 



51 provided further pro forma pro forma
   minus
     provided minus
 Unsecured Employee Cost Loans




---



##### 



52 Unsecured Affiliate
Borrower Unsecured Affiliate Lender
 Limitation on Liens
 provided
     Schedule 7.3(f) provided
 provided




---



##### 



53       provided
 provided
 provided




---



##### 



54 provided
     provided
 Limitation on Fundamental Changes
 provided Successor Borrower provided pro forma




---



##### 



55 provided further
  Limitation on Disposition of Property
     provided




---



##### 



56 pro forma
       Limitation on Restricted Payments Derivatives Counterparty Restricted Payments
   provided pro forma




---



##### 



57 pro forma
 provided pro forma pro forma
   provided provided further




---



##### 



58   Limitation on Maintenance Capital Expenditures and Renovation Capital Expenditures
 multiplied by provided first second
 minus provided minus
 provided




---



##### 



59  Limitation on Investments Investments
        provided




---



##### 



60   provided multiplied by provided further
 less provided




---



##### 



61 Intentionally Omitted
 Limitation on Transactions with Affiliates
 Limitation on Sales and Leasebacks
 Limitation on Changes in Fiscal Periods
 Limitation on Negative Pledge Clauses provided provided provided




---



##### 



62  Limitation on Restrictions on Subsidiary Distributions
 Limitation on Lines of Business
 Intentionally Omitted
 Limitation on Amendments to Other Documents
 Intentionally Omitted
 Intentionally Omitted
 Limitation on Hedge Agreements




---



##### 



63     provided




---



##### 



64




---



##### 



65




---



##### 



66   Amendments and Waivers
 provided
 Notices
 The Borrower:
    
    c/o Tishman Speyer
45 Rockefeller Plaza
New York, New York 10111
Attention: Chief Financial Officer
Telecopy: (212) 319-1745
Telephone: (212) 715-0300with copies to:
    
    Tishman Speyer
45 Rockefeller Plaza
New York, New York 10111
Attention: General Counsel
Telecopy: (212) 319-1745
Telephone: (212) 715-0300




---



##### 



67 and
    
    Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
Attention: Philip Mindlin
Telecopy: (212) 403-2217
Telephone: (212) 403-1217The Lender:
    
    c/o Tishman Speyer
45 Rockefeller Plaza
New York, New York 10111
Attention: Chief Financial Officer
Telecopy: (212) 319-1745
Telephone: (212) 715-0300with copies to:
    
    Tishman Speyer
45 Rockefeller Plaza
New York, New York 10111
Attention: General Counsel
Telecopy: (212) 319-1745
Telephone: (212) 715-0300and
    
    Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
Attention: Philip Mindlin
Telecopy: (212) 403-2217
Telephone: (212) 403-1217
 provided
 provided provided
 No Waiver; Cumulative Remedies




---



##### 



68 Survival of Representations and Warranties
 Payment of Expenses Indemnitee Indemnified Liabilities provided




---



##### 



69  Successors and Assigns; Participations and Assignments provided however
 Intentionally Omitted
 Counterparts
 Severability
 Integration




---



##### 



70 GOVERNING LAW
 Submission to Jurisdiction; Waivers
      Acknowledgments




---



##### 



71 Confidentiality provided
 Release of Collateral and Guarantee Obligations
  Intentionally Omitted
 Intentionally Omitted




---



##### 



72 WAIVERS OF JURY TRIAL
 Exculpation provided




---



##### 



TISHMAN SPEYER ARCHSTONE-SMITH MULTIFAMILY HOLDINGS I (BORROWER-A), L.P.By:
    Tishman Speyer Archstone-Smith MultifamilyHoldings I (Borrower-A) GP, L.L.C.,
its general
partnerBy:

/s/ George HatzmannName:
    George HatzmannTitle:
    Authorized SignatoryARCHSTONE-SMITH OPERATING TRUST,
     as LenderBy:
    /s/ George HatzmannName:
    George HatzmannTitle:
    Authorized Signatory