##### 



EXECUTION VERSION
    $750,000,000
CREDIT AGREEMENT
(PARENT BORROWER I-B)
 among
 TISHMAN SPEYER ARCHSTONE-SMITH MULTIFAMILY HOLDING I
(PARENT BORROWER-B), 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
    
    
    21SECTION 2 AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENT
    
    
    212.1
    
    [Intentionally Omitted]
    
    
    212.2
    
    [Intentionally Omitted]
    
    
    212.3
    
    [Intentionally Omitted]
    
    
    212.4
    
    Revolving Credit Commitment
    
    
    212.5
    
    Procedure for Revolving Credit Borrowing
    
    
    222.6
    
    [Intentionally Omitted]
    
    
    222.7
    
    [Intentionally Omitted]
    
    
    222.8
    
    Repayment of Loans; Evidence of Debt
    
    
    222.9
    
    Commitment Fees, etc
    
    
    232.10
    
    Termination or Reduction of Revolving Credit Commitment
    
    
    232.11
    
    Optional Prepayments
    
    
    232.12
    
    [Intentionally Omitted]
    
    
    232.13
    
    Conversion and Continuation Options
    
    
    232.14
    
    Minimum Amounts and Maximum Number of Eurodollar Tranches
    
    
    242.15
    
    Interest Rates and Interest Payment Dates
    
    
    242.16
    
    Computation of Interest and Fees
    
    
    252.17
    
    Inability to Determine Interest Rate
    
    
    252.18
    
    Payments
    
    
    252.19
    
    Requirements of Law
    
    
    262.20
    
    Taxes
    
    
    272.21
    
    Indemnity
    
    
    282.22
    
    Illegality
    
    
    292.23
    
    [Intentionally Omitted]
    
    
    292.24
    
    [Intentionally Omitted]
    
    
    292.25
    
    [Intentionally Omitted]
    
    
    292.26
    
    [Intentionally Omitted]
    
    
    292.27
    
    Exculpation
    
    
    29SECTION 3 LETTERS OF CREDIT
    
    
    323.1
    
    L/C Commitment
    
    
    323.2
    
    Procedure for Issuance of Letter of Credit
    
    
    323.3
    
    Fees and Other Charges
    
    
    323.4
    
    [Intentionally Omitted]
    
    
    333.5
    
    Reimbursement Obligation of the Borrower
    
    
    333.6
    
    [Intentionally Omitted]
    
    
    333.7
    
    Obligations Absolute
    
    
    33
 -i-




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##### 



Page3.8
    
    Letter of Credit Payments
    
    
    343.9
    
    Applications
    
    
    34SECTION 4 REPRESENTATIONS AND WARRANTIES
    
    
    344.1
    
    [Intentionally Omitted]
    
    
    344.2
    
    No Change
    
    
    344.3
    
    Corporate Existence; Compliance with Law
    
    
    344.4
    
    Corporate Power; Authorization; Enforceable Obligations
    
    
    354.5
    
    No Legal Bar
    
    
    354.6
    
    No Material Litigation
    
    
    354.7
    
    No Default
    
    
    354.8
    
    Ownership of Property; Liens
    
    
    354.9
    
    Intellectual Property
    
    
    364.10
    
    Taxes
    
    
    364.11
    
    Federal Regulations
    
    
    364.12
    
    Labor Matters
    
    
    364.13
    
    ERISA
    
    
    364.14
    
    Investment Company Act; Other Regulations
    
    
    374.15
    
    Subsidiaries
    
    
    374.16
    
    Use of Proceeds
    
    
    374.17
    
    Environmental Matters
    
    
    374.18
    
    Accuracy of Information, etc
    
    
    384.19
    
    Security Documents
    
    
    394.20
    
    Solvency
    
    
    394.21
    
    Regulation H
    
    
    39SECTION 5 CONDITIONS PRECEDENT
    
    
    395.1
    
    Conditions to Initial Extension of Credit
    
    
    395.2
    
    Conditions to Each Extension of Credit
    
    
    41SECTION 6 AFFIRMATIVE COVENANTS
    
    
    426.1
    
    [Intentionally Omitted]
    
    
    426.2
    
    Certificates; Other Information
    
    
    426.3
    
    Payment of Obligations
    
    
    436.4
    
    Conduct of Business and Maintenance of Existence; Compliance
    
    
    436.5
    
    Maintenance of Property; Insurance
    
    
    436.6
    
    Inspection of Property; Books and Records; Discussions
    
    
    436.7
    
    Notices
    
    
    436.8
    
    Environmental Laws
    
    
    446.9
    
    [Intentionally Omitted]
    
    
    456.10
    
    Additional Collateral, etc
    
    
    456.11
    
    Further Assurances
    
    
    466.12
    
    Post-Closing Covenants
    
    
    47
 -ii-




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##### 



PageSECTION 7 NEGATIVE COVENANTS
    
    
    477.1
    
    [Intentionally Omitted]
    
    
    477.2
    
    Limitation on Indebtedness
    
    
    477.3
    
    Limitation on Liens
    
    
    507.4
    
    Limitation on Fundamental Changes
    
    
    537.5
    
    Limitation on Disposition of Property
    
    
    547.6
    
    Limitation on Restricted Payments
    
    
    557.7
    
    Limitation on Maintenance Capital Expenditures and Renovation Capital Expenditures
    
    
    567.8
    
    Limitation on Investments
    
    
    577.9
    
    [Intentionally Omitted]
    
    
    597.10
    
    Limitation on Transactions with Affiliates
    
    
    597.11
    
    Limitation on Sales and Leasebacks
    
    
    597.12
    
    Limitation on Changes in Fiscal Periods
    
    
    607.13
    
    Limitation on Negative Pledge Clauses
    
    
    607.14
    
    Limitation on Restrictions on Subsidiary Distributions
    
    
    607.15
    
    Limitation on Lines of Business
    
    
    607.16
    
    [Intentionally Omitted]
    
    
    617.17
    
    Limitation on Amendments to Other Documents
    
    
    617.18
    
    [Intentionally Omitted]
    
    
    617.19
    
    [Intentionally Omitted]
    
    
    617.20
    
    Limitation on Hedge Agreements
    
    
    61SECTION 8 EVENTS OF DEFAULT
    
    
    61SECTION 9 [INTENTIONALLY OMITTED]
    
    
    64SECTION 10 MISCELLANEOUS
    
    
    6410.1
    
    Amendments and Waivers
    
    
    6410.2
    
    Notices
    
    
    6510.3
    
    No Waiver; Cumulative Remedies
    
    
    6610.4
    
    Survival of Representations and Warranties
    
    
    6610.5
    
    Payment of Expenses
    
    
    6610.6
    
    Successors and Assigns; Participations and Assignments
    
    
    6810.7
    
    [Intentionally Omitted]
    
    
    6810.8
    
    Counterparts
    
    
    6810.9
    
    Severability
    
    
    6810.10
    
    Integration
    
    
    6810.11
    
    Governing Law
    
    
    6810.12
    
    Submission to Jurisdiction; Waivers
    
    
    6810.13
    
    Acknowledgments
    
    
    6910.14
    
    Confidentiality
    
    
    6910.15
    
    Release of Collateral and Guarantee Obligations
    
    
    7010.16
    
    [Intentionally Omitted]
    
    
    7010.17
    
    [Intentionally Omitted]
    
    
    7010.18
    
    Waivers of Jury Trial
    
    
    7010.19
    
    Exculpation
    
    
    70
 -iii-




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##### 



SCHEDULES: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 LiensEXHIBITS: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:
     Defined Terms
 Additional Fund
 Administration Fee
 Administration Fee Agreement
 Affiliate
 Affiliate Borrower I-A




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##### 



2 Affiliate Borrower I-A Credit Agreement
 Affiliate Borrower I-A GP
 Affiliate Borrower I-A Loan Documents
 Affiliate Borrower I-B
 Affiliate Borrower I-B Credit Agreement
 Affiliate Borrower I-B Intercreditor Agreement
 Affiliate Borrower I-B Loan
 Affiliate Borrower II
 Affiliate Borrower II Credit Agreement
 Affiliate Borrower II Loan Documents
 Affiliate Borrower Credit Agreements
 Affiliate Borrower Group Members




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##### 



3 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
 ASOT Guarantee and Collateral Agreement
 ASOT L/C Commitment
 ASOT L/C Obligations




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##### 



4 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
 Available Revolving Credit Commitment
 Base Rate plus 1 2 Prime Rate




---



##### 



5  Base Rate Loans
 Board
 Borrower
 Borrowing Date
 Borrowing Notice Exhibit J
 Business Day
 CapEx Controlled
 Capital Expenditures




---



##### 



6 Capital Lease Obligations
 Capital Stock
 Cash Equivalents
 Change of Control




---



##### 



7  Closing Date
 Code
 Collateral
 Combined Group Members
 Commonly Controlled Entity
 Company
 Completed Property
 Compliance Certificate Exhibit B
 Construction-in-Process
 Construction Related Indebtedness
 Continuing Directors




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##### 



8  Contractual Obligation
 Cure Period
 Default
 Derivatives Counterparty
 Disposition Dispose Disposed of
 Distributable Affiliate Proceeds
 Dollars $
 Domestic Subsidiary
 Eligible Land
 Environmental Laws
 Environmental Permits
 ERISA
 ESA




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##### 



9 Eurocurrency Reserve Requirements
 Eurodollar Base Rate Eurodollar Base Rate
 Eurodollar Loans
 Eurodollar Rate th
 Eurodollar Base Rate1.00  Eurocurrency ReserveRequirements
 Eurodollar Tranche
 Event of Default provided
 Excluded Foreign Subsidiary
 Federal Funds Effective Rate
 Financial Reporting Parties
 Foreign Subsidiary




---



##### 



10 Fund Agreements
 Funds
 GAAP
 Governmental Authority
 Gross Asset Value
 Group Members
 Guarantee and Collateral Agreement Exhibit A
 Guarantee Obligation guaranteeing person primary obligations primary obligor provided however




---



##### 



11  Guarantor 1
 Guarantor 1 GP
 Guarantor 2
 Guarantor 2 GP
 Hedge Agreements
 Holdings I
 Holdings I Corp
 Holdings I LP Asset Acquisition
 Holdings I LP Purchase Agreement
 Holdings Merger
 Improvements




---



##### 



12 Indebtedness
 Indemnified Liabilities
 Indemnitee
 Insolvency
 Insolvent




---



##### 



13 Intellectual Property
 Interest Payment Date
 Interest Period provided
    Investments
 Issuing Lender
 Joint Venture




---



##### 



14 Joint Venture Property
 L/C Commitment
 L/C Fee Payment Date
 L/C Obligations
 L/C Participants
 Lender
 Letters of Credit
 Lien
 Limited Guaranty
 Loan Documents
 Loan Parties
 Loans
 Maintenance Capital Expenditures




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##### 



15  Material Adverse Effect provided Material Adverse Effect
 Material Environmental Amount
 Materials of Environmental Concern
 Merger Agreement
 Moodys
 Mortgaged Properties
 Mortgages
 Multiemployer Plan
 Non-Excluded Taxes
 Non-Recourse Subsidiary Borrower




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##### 



16 Obligations
 OC/SD JV Holdings LLC
 Operating Properties
 Other Taxes
 Owned Properties
 Ownership Percentage
 Payment Amount
 Payment Office
 PBGC
 Permitted Investors
 Permitted Leases




---



##### 



17 Person
 personal property
 Plan
 Pledged Stock
 Property
 Property Owners Schedule 1.1D
 Real Estate Under Construction
 Real Property Premises
 Recourse Indebtedness




---



##### 



18 provided
 Register
 Regulation H
 Regulation U
 Regulation X
 Reimbursement Obligation
 Renovation Capital Expenditures Renovation
Capital Expenditures
 Reorganization
 Reportable Event
 Required Ratios
 Requirements of Law




---



##### 



19 Responsible Officer
 Restricted Payments
 Revolving Credit Commitment
 Revolving Credit Commitment Period
 Revolving Credit Termination Date
 Revolving Extensions of Credit
 S&P
 SEC
 Secured Guarantor Notes
 Secured Note LLC
 Security Documents
 Single Employer Plan
 Solvent




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##### 



20  Subordination of Limited Guaranty
 Subsidiary provided Subsidiaries
 Subsidiary Guarantor Subsidiary Guarantors
 Successor Borrower
 Targets
 Test Date
 TSREV
 Type
 Unsecured Affiliate Borrower




---



##### 



21 Unsecured Affiliate Lender
 Unsecured Employee Cost Loans
 Wholly Owned Subsidiary
 Wholly Owned Subsidiary Guarantor
 Other Definitional Provisions
     Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Revolving Credit Commitment Loans provided




---



##### 



22 provided
  Procedure for Revolving Credit Borrowing provided
 Intentionally Omitted
 Intentionally Omitted
 Repayment of Loans; Evidence of Debt
 Intentionally Omitted
 Register
 prima facie provided however




---



##### 



23 Commitment Fees, etc.
 Termination or Reduction of Revolving Credit Commitment provided
 Optional Prepayments provided
 Intentionally Omitted
 Conversion and Continuation Options provided provided
 Interest Period provided




---



##### 



24 provided further
 Minimum Amounts and Maximum Number of Eurodollar Tranches
 Interest Rates and Interest Payment Dates plus
 plus
 plus plus plus
 provided




---



##### 



25 Computation of Interest and Fees
  Inability to Determine Interest Rate
    Payments
 Intentionally Omitted
 Intentionally Omitted




---



##### 



26  first second
  Requirements of Law




---



##### 



27  prima facie
 Taxes Non-Excluded Taxes provided however




---



##### 



28    provided
 Indemnity




---



##### 



29 over
 Illegality
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Exculpation provided however




---



##### 



30




---



##### 



31   Bankruptcy Code




---



##### 



32  L/C Commitment Letters
of Credit provided provided
  Procedure for Issuance of Letter of Credit
 Fees and Other Charges




---



##### 



33   Intentionally Omitted
 Reimbursement Obligation of the Borrower Payment Amount
 Intentionally Omitted
 Obligations Absolute provided




---



##### 



34  Letter of Credit Payments
 Applications
   Intentionally Omitted
 No Change
 Corporate Existence; Compliance with Law




---



##### 



35 Corporate Power; Authorization; Enforceable Obligations
 No Legal Bar
 No Material Litigation
 No Default
 Ownership of Property; Liens




---



##### 



36 Intellectual Property
 Taxes
 Federal Regulations
 Labor Matters
 ERISA




---



##### 



37  Investment Company Act; Other Regulations
 Subsidiaries. Schedule 4.15 Schedule 4.15
  Use of Proceeds
 Environmental Matters




---



##### 



38      Accuracy of Information, etc. pro forma




---



##### 



39 Security Documents Schedule 4.19
 Schedule 1.1B
 Solvency
 Regulation H
  Conditions to Initial Extension of Credit
 Loan Documents
 ASOT Credit Agreement.




---



##### 



40  Intentionally Omitted
 Approvals
  Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Intentionally Omitted
 Solvency Analysis
 Lien Searches
 Environmental Matters ASTM ESA
 Closing Certificate Exhibit C




---



##### 



41 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




---



##### 



42 No Default
    Intentionally Omitted
 Certificates; Other Information
      provided




---



##### 



43 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




---



##### 



44        Environmental Laws
  REC




---



##### 



45  Intentionally Omitted
 Additional Collateral, etc.
 provided




---



##### 



46  provided
 Further Assurances




---



##### 



47 Post-Closing Covenants.
     Intentionally Omitted
 Limitation on Indebtedness
   minus
 Schedule 7.2(d)




---



##### 



48   provided provided further pro forma pro forma
 minus
  provided




---



##### 



49    provided further pro forma




---



##### 



50 minus
     provided minus
 Unsecured Employee Cost Loans Unsecured Affiliate
Borrower Unsecured Affiliate Lender
 Limitation on Liens
 provided




---



##### 



Schedule 7.3(f) provided
 provided




---



##### 



52 provided
 provided
 provided
   provided




---



##### 



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




---



##### 



54 provided further
  Limitation on Disposition of Property
     provided pro forma




---



##### 



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




---



##### 



56 pro forma
   provided provided
  Limitation on Maintenance Capital Expenditures and Renovation Capital
Expenditures
 multiplied by provided




---



##### 



57 first second
 minus provided minus
 provided
 Limitation on Investments Investments




---



##### 



58  provided
   provided multiplied by




---



##### 



59 provided further
 less provided
    Intentionally Omitted
 Limitation on Transactions with Affiliates
 Limitation on Sales and Leasebacks




---



##### 



60  Limitation on Changes in Fiscal Periods
 Limitation on Negative Pledge Clauses provided provided provided
 Limitation on Restrictions on Subsidiary Distributions
 Limitation on Lines of Business




---



##### 



61 Intentionally Omitted
 Limitation on Amendments to Other Documents
 Intentionally Omitted
 Intentionally Omitted




---



##### 



62  provided




---



##### 



63




---



##### 



64    Amendments and Waivers




---



##### 



65 provided
 Notices
 The Borrower:
    
    c/o Tishman Speyer45 Rockefeller PlazaNew York, New York 10111Attention: Chief Financial OfficerTelecopy: (212) 319-1745Telephone: (212) 715-0300with copies to:
    
    Tishman Speyer45 Rockefeller PlazaNew York, New York 10111Attention: General CounselTelecopy: (212) 319-1745Telephone: (212) 715-0300and
    
    Wachtell, Lipton, Rosen & Katz51 West 52nd StreetNew York, New York 10019Attention: Philip MindlinTelecopy: (212) 403-2217Telephone: (212) 403-1217The Lender:
    
    c/o Tishman Speyer45 Rockefeller PlazaNew York, New York 10111Attention: Chief Financial OfficerTelecopy: (212) 319-1745Telephone: (212) 715-0300with copies to:
    
    Tishman Speyer45 Rockefeller Plaza




---



##### 



66 New York, New York 10111Attention: General CounselTelecopy: (212) 319-1745Telephone: (212) 715-0300and
    
    Wachtell, Lipton, Rosen & Katz51 West 52nd StreetNew York, New York 10019Attention: Philip MindlinTelecopy: (212) 403-2217Telephone: (212) 403-1217
 provided
 provided provided
 No Waiver; Cumulative Remedies
 Survival of Representations and Warranties
 Payment of Expenses




---



##### 



67 Indemnitee Indemnified Liabilities provided




---



##### 



68 Successors and Assigns; Participations and Assignments provided however
 Intentionally Omitted
 Counterparts
 Severability
 Integration
 GOVERNING LAW
 Submission to Jurisdiction; Waivers




---



##### 



69    Acknowledgments
    Confidentiality provided




---



##### 



70 Release of Collateral and Guarantee Obligations
  Intentionally Omitted
 Intentionally Omitted
 WAIVERS OF JURY TRIAL
 Exculpation provided




---



##### 



TISHMAN SPEYER ARCHSTONE-SMITH
MULTIFAMILY HOLDING
I (PARENT BORROWER-B), L.P.By:
    Tishman Speyer Archstone-Smith MultifamilyHolding I (Parent Borrower-B) GP, L.L.C., itsgeneral partnerBy:
    /s/ Bradley TurkName:
    Bradley TurkTitle:
    Authorized SignatoryARCHSTONE-SMITH OPERATING TRUST,
as LenderBy:
    /s/ George HatzmannName:
    George HatzmannTitle:
    Authorized Signatory