Document:

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                                                                   EXHIBIT 10.34

                          COMPLETION GUARANTY AGREEMENT

      THIS COMPLETION GUARANTY AGREEMENT (this "Agreement") is made as of
November 3, 2005, to MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking
corporation (the "Bank"), by OLD LINE BANCSHARES, INC., a Maryland corporation
(the "Guarantor"), witnesseth:

                                    RECITALS

      The Bank has agreed to make a construction loan that may convert to a term
loan (collectively, the "Credit Facility") available to Pointer Ridge Office
Investment, LLC, a Maryland limited liability company (the "Borrower"), subject
to and in accordance with that certain Loan Agreement dated November 3, 2005
(which Loan Agreement, as the same may from time to time be amended, restated,
supplemented or otherwise modified is herein called the "Loan Agreement"), by
and between the Borrower and the Bank. The Guarantor has requested the Bank to
make the Credit Facility available to the Borrower, and the Bank has agreed to
do so, provided that, among other things, the Guarantor guarantees the
completion of the Project (hereinafter defined) as set forth herein.

      NOW, THEREFORE, in order to induce the Bank to make the Credit Facility
available to the Borrower, the Guarantor agrees and covenants with the Bank as
follows:

      1. RECITALS AND CERTAIN DEFINITIONS. The Guarantor acknowledges that the
above recitals are true and correct, and hereby incorporates the same by this
reference into the body of this Agreement. The term "Financing Documents" as
used herein means collectively and includes this Agreement, the Loan Agreement,
the Note (as such term is defined in the Loan Agreement), the Deed of Trust (as
such term is defined in the Loan Agreement) and any other instrument, document
or agreement both now and hereafter executed, delivered or furnished by the
Borrower or any other person evidencing, guaranteeing, securing or in connection
with, the Credit Facility. The term "Project" as used herein means the
construction of the Improvements (as such term is defined in the Loan Agreement)
on the Land (as such term is defined in the Loan Agreement) in accordance with
the Plans and Specifications (as such term is defined in the Loan Agreement).
The term "Borrower's Obligations" means all present and future debts,
obligations and liabilities of the Borrower to the Bank arising pursuant to,
and/or on account of, the provisions of the Loan Agreement, the Note and any of
the other Financing Documents, including, without limitation, the obligation (a)
to pay all principal, interest, late charges and prepayment premiums (if any)
due at any time under the Note; (b) to pay all expenses, indemnification
payments and other sums due at any time under the Deed of Trust, together with
interest thereon as provided in the Note; and (c) to perform, observe and comply
with all of the terms, covenants and conditions, expressed or implied, which the
Borrower is required to perform, observe or comply with pursuant to the terms of
the Loan Agreement, the Deed of Trust or any of the other Financing Documents.

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      2. GUARANTY. If the Borrower:

        (a) fails to complete the Improvements on the Land free of liens except
those permitted by any of the Financing Documents and by the Completion Date (as
such term is defined in the Loan Agreement) in accordance with the Plans and
Specifications with only such amendments thereto as shall be approved by the
Bank, and in accordance in all material respects with all material laws, rules,
regulations and requirements of all governmental authorities having
jurisdiction, or

        (b) fails to keep the Property (as such term is defined in the Loan
Agreement) free from all liens and claims which may be filed or made for
performing work and labor thereon or furnishing materials therefor in connection
with the construction thereof, or both, except to the extent any of the same are
permitted by any of the Financing Documents, then the Guarantor hereby
unconditionally, irrevocably, jointly and severally guarantees to the Bank that
the Guarantor shall, provided that sums under the Loan Agreement are thereafter
advanced by the Bank in the manner therein provided:

          (1) cause the Improvements to be completed free and clear of liens
except those permitted by any of the Financing Documents in the manner and
within the period of time required by the Loan Agreement, in accordance with the
Plans and Specifications, amended only as aforesaid, and in accordance in all
material respects with all material laws, rules, regulations and requirements of
all governmental authorities having jurisdiction,

          (2) cause any such liens to be removed and thereafter keep the
Property free from all such liens,

          (3) make payment in full to all laborers, subcontractors and
materialmen on or before the Completion Date for the costs of the Improvements,
and

          (4) pay all costs and expenses incurred in completing the activities
set forth in above subparts (1), (2) and (3) when due, and/or pay to or
reimburse the Bank for all reasonable out of pocket expenses incurred or to be
incurred by the Bank in completing the activities set forth above in subparts
(1), (2) and (3) in accordance with the terms of the Loan Agreement (such costs
and expenses and other sums being herein collectively called the "Guarantor's
Monetary Obligations"), provided that, notwithstanding anything herein to the
contrary, the Guarantor's liability for the Guarantor's Monetary Obligation
hereunder shall be limited to an amount not to exceed fifty percent (50%) of the
aggregate Guarantor's Monetary Obligations (Guarantor's Limited Obligations).

      The Guarantor's obligations to comply with subparts (1), and (2) and (3)
are herein collectively called the "Guarantor's Non-Monetary Obligations, and
collectively, the Guarantor's Non-Monetary Obligations," and the Guarantor's
Monetary Obligations are herein collectively called the "Guarantor's
Obligations."

      3. ABSOLUTE GUARANTY, ETC. The guaranty of the Guarantor's Limited
Obligations under this Agreement is a guaranty of payment and not of collection.
The Guarantor's

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Obligations shall remain in full force and effect until all of the Guarantor's
Non-Monetary Obligations are fully completed, and the Guarantor's Limited
Obligations are indefeasibly paid in full. Once all of Guarantor's Limited
Obligations have been indefeasibly paid in full, and Guarantor's Non-Monetary
Obligations are fully completed, then Guarantor's Obligations shall be deemed to
be fully satisfied, and this Agreement, without any further action by the Bank,
shall be deemed terminated, and Guarantor shall have no further liability
hereunder. The obligations and liabilities of the Guarantor under this Agreement
are the primary, direct and immediate obligations of the Guarantor and shall in
no way be affected, limited, impaired, modified or released by, subject to or
conditioned upon, and may be enforced against the Guarantor irrespective of (a)
any attempt, pursuit, enforcement or exhaustion of any rights and remedies the
Bank may at any time have to collect any or all of the Borrower's Obligations,
whether pursuant to any of the Financing Documents or otherwise, from the
Borrower, from any other maker, endorser, surety or guarantor of, or pledgor of
collateral and security for, all or any part of the Borrower's Obligations (each
such other maker, endorser, surety, guarantor or pledgor an "Obligor" and
collectively, the "Obligors"), and/or by any resort or recourse to or against
any collateral and security for all or any part of the Borrower's Obligations,
(b) the invalidity, irregularity, lack of priority or unenforceability in whole
or in part of any or all of the Financing Documents, (c) any counter-claim,
recoupment, setoff, reduction or defense based on any claim the Guarantor may
now or hereafter have against the Bank, the Borrower or any Obligor, (d) the
voluntary or involuntary liquidation, dissolution, termination, merger, sale or
other disposition of the Borrower or any of the Borrower's assets and
properties, (e) any bankruptcy, reorganization, insolvency or similar
proceedings for the relief of debtors under any federal or state law by or
against the Borrower or any Obligor, or, any discharge, limitation, modification
or release of liability of the Borrower or any Obligor by virtue of any such
proceedings, (f) any event, circumstance or matter to which the Guarantor has
consented pursuant to the provisions of paragraph 4 hereof, and (g) any other
event or circumstance which might otherwise constitute a legal or equitable
discharge, release or defense of a guarantor or surety, whether similar or
dissimilar to the foregoing.

      4. CONSENTS, ETC. Without notice to, or further consent of, the Guarantor,
except as otherwise provided in any of the Financing Documents, the Guarantor
hereby consents that the Bank may at any time and from time to time on one or
more occasions (a) renew, extend, accelerate, subordinate, change the time or
manner of payment or performance of, or otherwise deal with in any manner
satisfactory to the Bank any of the terms and provisions of, all or any part of
the Borrower's Obligations, (b) waive, excuse, release, change, amend, modify or
otherwise deal with in any manner satisfactory to the Bank any of the provisions
of any of the Financing Documents, (c) release the Borrower or any or all of the
Obligors, (d) waive, omit or delay the exercise of any of its powers, rights and
remedies against the Borrower or all or any of the Obligors or any collateral
and security for all or any part of the Borrower's Obligations, (e) release,
substitute, subordinate, add, fail to maintain, preserve or perfect any of its
liens on, security interests in or rights to, or otherwise deal with in any
manner satisfactory to the Bank, any collateral and security for all or any part
of the Borrower's Obligations, (f) apply any payments of all or any of the
Borrower's Obligations received from the Borrower, the Guarantor, any Obligor or
any other party or source whatsoever to the Borrower's Obligations in such order
and manner as the Bank in its sole and absolute discretion may determine, or (g)
take or omit to take any other action, whether similar or dissimilar to the
foregoing which may or might in any

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manner or to any extent vary the risk of the Guarantor or otherwise operate as a
legal or equitable discharge, release or defense of the Guarantor under
applicable laws.

      5. WAIVERS. The Guarantor hereby waives (a) notice of the execution and
delivery of any of the Financing Documents, (b) notice of the creation of any of
the Borrower's Obligations, (c) notice of the Bank's acceptance of and reliance
on this Agreement, (d) presentment and demand for payment of the Borrower's
Obligations and notice of non-payment and protest of non-payment of the
Borrower's Obligations, (e) any notice from the Bank of the financial condition
of the Borrower regardless of the Bank's knowledge thereof, (f) demand for
observance, performance or enforcement of, or notice of default under, any of
the provisions of this Agreement or any of the Financing Documents, and all
other demands and notices otherwise required by law which the Guarantor may
lawfully waive, except for any notice expressly provided for herein or in any of
the Financing Documents, (g) any right or claim to cause a marshalling of the
assets of the Borrower or any Obligor, (h) any defense at law or in equity based
on the adequacy or value of the consideration for this Agreement, (i) any right
or claim the Guarantor may now or hereafter have against the Borrower or any
Obligor arising by way of subrogation, reimbursement, indemnity, contribution,
exoneration or otherwise arising from or in connection with any payment the
Guarantor may ever make to or for the benefit of the Bank pursuant to this
Agreement and (j) all defenses and discharges based on suretyship.

      6. CHANGES. The Guarantor hereby agrees that the Plans and Specifications,
the schedule of advances, and any other terms, covenants and conditions
contained in the Loan Agreement, the construction contract with any contractor
or any of the Financing Documents may be altered, extended, changed, modified or
released by the Borrower, with the approval of the Bank, and without notice to
or the consent of the Guarantor, without in any manner affecting the obligations
of the Guarantor under this Agreement or releasing the Guarantor therefrom. The
Guarantor specifically acknowledges and agrees that change orders approved by
the Borrower shall in no manner release the Guarantor from the obligations
evidenced by this Agreement.

      7. REPRESENTATIONS AND WARRANTIES. The Guarantor represents and warrants
to the Bank that (a) the Guarantor is duly organized, existing and in good
standing; (b) the Guarantor has the full power and authority to execute, deliver
and perform this Agreement and the other Financing Documents to which the
Guarantor is a party; (c) neither such execution, delivery and performance, nor
compliance by the Guarantor with the provisions of this Agreement and of the
other Financing Documents to which the Guarantor is a party will conflict in any
material respect with or result in a material breach or violation of the
Guarantor's articles of incorporation or by-laws, or any judgment, order,
regulation, ruling or law to which the Guarantor is subject or any contract or
agreement to which the Guarantor is a party or to which any of the Guarantor's
assets and properties are subject, or constitute a material default thereunder;
(d) the execution, delivery and performance of this Agreement and all other
Financing Documents to which the Guarantor is a party constitute the legal,
valid and binding obligations of the Guarantor enforceable in accordance with
their terms except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors' rights generally except to
the extent that the enforcement of remedies hereunder may be limited under
applicable bankruptcy and insolvency laws, and the equitable discretion of any
court of competent jurisdiction; (e) there is no statute, law, or regulation
applicable or binding on the Guarantor which would prohibit, conflict in any

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material respect or prevent the execution, delivery and performance of this
Agreement by the Guarantor; (f) the Guarantor has or has had an opportunity to
examine the Financing Documents existing on the date hereof; (g) the Bank's
action in making the Credit Facility available to the Borrower will directly or
indirectly result in financial benefits to the Guarantor; (h) the financial
statements of the Guarantor heretofore delivered to the Bank fairly present the
financial position of the Guarantor as of such date, and no adverse change has
occurred in the financial position of the Guarantor since such date; (i) the
Guarantor is solvent, and following payment of the Guarantor's Limited
Obligations, by the Guarantor, the Guarantor would remain solvent; and (j) no
information, exhibit, report, statement, certificate or document furnished by
the Guarantor or (to the knowledge of the Guarantor) any other person to the
Bank in connection with the Credit Facility, this Agreement or the other
Financing Documents or the negotiation thereof contains any material
misstatement of fact or omitted to state a material fact or any fact necessary
to make the statements contained herein or therein not misleading.

      8. COVENANTS. The Guarantor covenants and agrees with the Bank that so
long as (1) any of the Guarantor's Obligations shall be outstanding, and/or (2)
all commitments of the Bank to make loans to the Borrower is terminated or
expired under the terms of the Loan Agreement: (a) the Guarantor shall maintain
at all times a system of accounting established and administered in accordance
with sound business practices, and will deliver, or cause to be delivered, to
the Bank (i) as soon as available but in no event more than ninety (90) days
after the end of each fiscal year of the Guarantor, the consolidated balance
sheet of the Guarantor as of the end of such period and the related statements
of income, retained earnings and cash flows for such period audited by an
independent certified public accountant and in form and content satisfactory to
the Bank, and (ii) as soon as available, but in no event more than forty-five
(45) days after the end of each fiscal quarter of the Guarantor, the
consolidated balance sheet of the Guarantor as of the end of such period and the
related statements of income, and retained earnings for such period certified by
the chief financial officer of the Guarantor; (b) the Guarantor shall not,
directly or indirectly without the prior written consent of the Bank, sell,
lease or otherwise dispose of, in one transaction or a series of transactions,
all or any substantial part of its business, assets or properties, outside of
the ordinary course of business or take any action to liquidate, dissolve or
wind up itself or its business; (c) all past, present and future indebtedness of
the Borrower to the Guarantor of any nature whatsoever is hereby made
subordinate and subject in right of payment to the prior payment in full of the
Guarantor's Limited Obligations, and the Guarantor will not accept any payment
of such indebtedness without the prior written consent of the Bank; provided,
however, that for so long as there is no Default hereunder, Guarantor may
receive, and Borrower may pay, but not prepay, principal and/or interest or
other scheduled installment payments of such indebtedness; (d) the Guarantor
shall do and cause to be done all things necessary to maintain and keep in full
force and effect (i) its corporate existence in good standing in each
jurisdiction in which it conducts business, and (ii) any and all licenses and
permits, which are necessary to the conduct of the business of the Guarantor; in
each case, the failure of which would have a material adverse effect on the
business, operations or financial condition of the Guarantor; (e) comply with
all laws, rules, regulations and decrees to which the Guarantor may be subject,
a violation of which would have a material adverse effect on the business,
operations or financial condition of the Guarantor; and (f) promptly give
written notice to the Bank of the occurrence of any Default (hereinafter
defined) or any event, development or circumstance which likely to cause
materially adversely

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effect the business, operations, properties or financial condition of the
Guarantor and/or the Borrower.

      9. DEFAULT. The occurrence of any one or more of the following events
shall constitute a default under the provisions of this Agreement, and the term
"Default" as used in this Agreement shall mean the occurrence of any one or more
of the following events: (a) the failure of the Guarantor to promptly pay or
perform all or any part of the obligations to be paid or performed by the
Guarantor under the provisions of paragraph 2 of this Agreement within ten (10)
days after written notice thereof from the Bank; (b) any representation or
warranty made herein or any financial statement or other information furnished
by the Guarantor pursuant hereto shall prove to be false or misleading in any
material respect on the date as of which made or furnished; (c) the failure of
the Guarantor to observe, perform and comply with any of the covenants set forth
herein within thirty (30) days after written notice thereof from the Bank; (d)
the occurrence of a an Event of Default (as defined in the Deed of Trust) or a
Default (as defined in the Loan Agreement); (e) the default in any payment of
any indebtedness owing by the Guarantor to the Bank (other than the Guarantor's
Limited Obligations) or to any other person having an aggregate amount greater
than $500,000, beyond the period of grace, if any, provided in the instrument or
agreement under which such indebtedness was created and which results in
acceleration, or default in the observance or performance of any other agreement
or condition relating to any such indebtedness, or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event shall
occur, the effect of which default or other event is to cause or to permit the
holder or holders of such indebtedness or beneficiary or beneficiaries of such
indebtedness (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice, if required,
such indebtedness to become due prior to its stated maturity; (f) the
commencement or filing of any proceedings by or against the Guarantor or any of
the Guarantor's assets or properties under the provisions of any bankruptcy,
reorganization, arrangement, insolvency, receivership, liquidation or similar
law for the relief of debtors, and, except with respect to any such proceedings
instituted by the Guarantor, are not discharged within sixty (60) days of their
commencement; or (g) if the Guarantor shall liquidate, dissolve or terminate its
existence; or (h) the occurrence of any change in the financial condition of the
Guarantor which in the good faith judgment of the Bank is materially adverse.

     10. RIGHTS AND REMEDIES. Upon the occurrence of a Default under the
provisions of this Agreement, an amount equal to the total of the Guarantor's
Limited Obligations then outstanding (whether matured or unmatured and
regardless of whether any portion of Borrower's Obligations are then due and
payable by the Borrower or any Obligor) shall immediately and automatically be
due and payable by the Guarantor to the Bank without further action by, or
notice of any kind from, the Bank unless expressly provided for herein, and the
Bank may at any time and from time to time thereafter exercise any powers,
rights and remedies available to the Bank under the provisions of this
Agreement, and applicable laws to enforce and collect the obligations and
liabilities of the Guarantor hereunder, all such powers, rights and remedies
being cumulative and enforceable alternatively, successively or concurrently.
The Guarantor shall pay to the Bank on demand the amount of any and all costs
and expenses, including, without limitation, court costs and attorneys' fees and
expenses, paid or incurred by or on behalf of the Bank in exercising any such
powers, rights and remedies, together with interest thereon from the

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date due until paid in full. Each and every Default hereunder shall give rise to
a separate cause of action hereunder, and separate actions may be brought
hereunder as each cause of action arises. No failure or delay by the Bank in one
or more instances to require strict performance by the Guarantor of any of the
provisions hereof or to exercise any powers, rights or remedies available to it
under the provisions of this Agreement, or pursuant to applicable laws shall
operate as a waiver thereof or preclude the Bank at any later time or times from
demanding strict performance thereof or exercising any such powers, rights or
remedies. In connection therewith, the Guarantor hereby releases, to the extent
permitted by applicable laws, all errors and all rights of exemption, appeal,
stay of execution, inquisition, and other rights to which the Guarantor may
otherwise be entitled under the applicable laws now in force and which may
hereafter be enacted, including, without limitation, those of the United States
of America. The authority and power to appear for and enter judgment against the
Guarantor shall not be exhausted by one or more exercises thereof or by any
imperfect exercise thereof and shall not be extinguished by any judgment entered
pursuant thereto. Such authority may be exercised on one or more occasions or
from time to time in the same or different jurisdictions as often as the Bank
shall deem necessary and desirable, for all of which this Agreement shall be a
sufficient warrant. Upon the occurrence of a Default hereunder, the Bank may at
any time and from time to time thereafter, without notice to the Guarantor,
set-off, hold, segregate, appropriate and apply at any time and from time to
time thereafter all such indebtedness, deposits, credits, balances (whether
provisional or final and whether or not collected or available), monies,
securities and other property toward the payment of all or any part of the
Guarantor's Limited Obligations in such order and manner as the Bank in its sole
discretion may determine and whether or not the Guarantor's Limited Obligations
or any part thereof shall then be due or demand for payment thereof made by the
Bank.

      11. CONTINUING AGREEMENT. This Agreement shall be a continuing one and
shall be binding upon the Guarantor regardless of how long before or after the
date hereof any of the Borrower's Obligations were or are incurred, and all
representations, warranties, covenants, undertakings, obligations, consents,
waivers and agreements of the Guarantor herein shall survive the date of this
Agreement and shall continue in full force and effect until all Guarantor's
Limited Obligations have been indefeasibly paid in full and no commitment of the
Bank to make loans to the Borrower under the Loan Agreement shall remain
outstanding. This Agreement shall continue to be effective, or be reinstated, as
the case may be, if at any time any payment, or any part thereof, of any of the
Borrower's Obligations or of any of the obligations and liabilities of the
Guarantor hereunder is rescinded or must otherwise be restored or returned by
the Bank upon the insolvency, bankruptcy, receivership, dissolution, liquidation
or reorganization of the Borrower or the Guarantor or any Obligor, or upon or as
a result of the appointment of a receiver, intervenor or conservator of, or
trustee or similar officer for, the Borrower or the Guarantor or any Obligor or
any substantial part of the property of the Borrower or the Guarantor or any
Obligor, or otherwise, all as though such payment had not been made and
irrespective of whether such payment is returned to the party who originally
made it or to some other party.

      12. NOTICES. Any notice, request, demand or other communication with
respect to this Agreement shall be deemed sufficient if in writing and
dispatched by courier to the address for each respective party hereto set forth
on Exhibit A, attached hereto and made part hereof by this reference.

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      13. MISCELLANEOUS. The Guarantor agrees that this Agreement may be
enforced by the Bank without the necessity at any time of resorting to or
exhausting any other security or collateral and without the necessity at any
time of having recourse to the Note or the Property through foreclosure
proceedings or otherwise. The Guarantors further agree that nothing herein
contained shall prevent the Bank from suing on the Note or foreclosing the Deed
of Trust or from exercising any other right available to it under any of the
Financing Documents, and the exercise of any of the aforementioned rights shall
not constitute a legal or equitable discharge of the Guarantor, it being the
purpose and intent of the Guarantor that its obligations under this Agreement be
released therefrom upon payment of all sums due hereunder and completion of the
Improvements in accordance with the Loan Agreement, this Agreement and the other
Financing Agreement. Upon the Borrower's satisfaction of the conditions
precedent to conversion to the Permanent Loan under Section 2.14. of the Loan
Agreement, the Guarantor shall be released from its obligations under this
Agreement. No conduct, custom or course of dealing shall be effective to waive,
amend, modify or release this Agreement. No amendment, modification or waiver of
any of the provisions of this Agreement shall be effective unless it is in
writing and signed by the Bank, and any such waiver shall be effective only in
the specific instance and for the specific purpose for which it is given. All
amounts payable by the Guarantor hereunder to the Bank shall be paid in lawful
money of the United States of America in good funds at the Bank's address set
forth herein for the purpose of giving notice or to such other place as the Bank
may from time to time designate. The Bank may, without notice to or consent of
the Guarantor, assign or transfer all or any part of the Bank's rights
hereunder, and this Agreement will inure to the benefit of the Bank's assignee
or transferee; provided, that the Bank shall continue to have the unimpaired
right to enforce this Agreement as to that part of the Bank's rights the Bank
has not assigned or transferred. The invalidity, illegality or unenforceability
of any provision of this Agreement shall not affect the validity, legality or
enforceability of any other provisions of this Agreement which shall remain
effective. This Agreement and the rights and obligations of the parties
hereunder shall be construed and interpreted in accordance with the laws of the
State of Maryland, both in interpretation and performance. Time is of the
essence in connection with all obligations of the Guarantor hereunder. This
Agreement shall be binding upon the Guarantor and the Guarantor's successors and
assigns and shall inure to the benefit of and be binding upon the Bank and its
successors and assigns. THE GUARANTOR BY THE EXECUTION AND DELIVERY OF THIS
AGREEMENT AND THE BANK BY ITS ACCEPTANCE OF THIS AGREEMENT, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY ACTIONS,
PROCEEDING OR LITIGATION DIRECTLY OR INDIRECTLY ARISING UNDER, OR IN CONNECTION
WITH THE GUARANTOR'S OBLIGATIONS, THIS AGREEMENT OR ANY OF THE OTHER FINANCING
DOCUMENTS.

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                      SIGNATURE PAGE FOR GUARANTY AGREEMENT

      IN WITNESS WHEREOF, the Guarantor has executed and delivered this
Agreement under the Guarantor's seal as of the date first written above.

WITNESS\ATTEST:                       OLD LINE BANCSHARES, INC.

/s/ Richard J. Ham                    By: /s/ James W. Cornelsen          (Seal)
-------------------                       --------------------------------

Richard J. Ham                            James W. Cornelsen, President
--------------                            ----------------------------
Name                                      Name                Title

State of Maryland
County of Prince George's

      On this 3 day of November, 2005, before me, the undersigned officer
personally appeared James W. Cornelsen, and he, as President of Old Line
Bancshares, Inc., being authorized so to do, executed the foregoing instrument
for the purposes therein contained, by signing the name of the corporation by
himself as President.

In witness whereof I hereunto set my hand and official seal.

Seal                          /s/ Richard J. Ham, Notary Public
                              -------------------
                              Name: Richard J. Ham

                              My commission expiresexv10w36

 

Exhibit 10.36

	 	 	 	 	 
	 	 	 
	March 3, 2006 	 	 
	 	 	 
	 	 	 
	 

			
	Mr. Mark R. Keller

Chief Executive Officer

Republic Property Trust

1280 Maryland Avenue

Suite 280

Washington, DC 20024
	 	Mr. Gary Siegel

Chief Operating Officer and General Counsel

Republic Property Trust

1280 Maryland Avenue

Suite 280

Washington, DC 20024

			
	Re:	 	$150,000,000 Secured Revolving Credit
Facility (the “Facility”), for Republic
Property Limited Partnership (the
“Borrower”).

Gentlemen:

This letter (the “Mandate Letter”) will confirm the understanding of the Borrower and KeyBank
National Association (“KeyBank”), in its capacity as administrative agent (the “Administrative
Agent”), and KeyBanc Capital Markets (“KeyBanc”) in its capacity as sole lead arranger (“Lead
Arranger”), in connection with a Secured Revolving Credit Facility in an amount of up to
$150,000,000, (the “Facility”), as set forth in the Summary of Terms and Conditions dated February
28, 2006 attached hereto (the “Term Sheet”).

The Administrative Agent and Lead Arranger are pleased to arrange the Facility and move forward on
a good faith basis to form a syndicate of financial institutions (the “Lenders”) reasonably
acceptable to you for the Facility. The undertakings of the Administrative Agent and Lead Arranger
hereunder are subject to the satisfaction of each of the following conditions in a manner
acceptable to the Administrative Agent and Lead Arranger in their sole discretion:

	 	(a)	 	each of the terms and conditions set forth herein and to be set forth in the
definitive loan documentation for the Facility;
	 
	 	(b)	 	each of the terms and conditions set forth in the Term Sheet and Fee Letter;
	 
	 	(c)	 	the negotiation, execution and delivery of definitive documentation with
respect to the Facility consistent with the Term Sheet and otherwise satisfactory to
Agent.

This Mandate Letter combined with the Term Sheet and Fee Letter (collectively, the “Commitment
Documents”) represent an outline of the basis under which the Administrative Agent and Lead
Arranger are prepared to act. The terms and conditions of the Facility, while substantially
defined in the Commitment Documents, are not necessarily limited to those set forth in the
Commitment Documents.

Borrower agrees to actively assist the Administrative Agent and Lead Arranger in achieving a
syndication of the Facility that is satisfactory to the Administrative Agent, Lead Arranger and
Borrower. Syndication of the Facility will be accomplished by a variety of means, including direct
contact during the syndication between representatives of the Borrower and the proposed Lenders. 

 

 

To assist the Administrative Agent and Lead Arranger in the syndication effort, you hereby agree to
(a) provide and cause your advisors to provide the Administrative Agent and Lead Arranger and the
other Lenders upon request with all information reasonably deemed necessary by the Administrative
Agent and Lead Arranger to complete syndication, (b) assist the Administrative Agent and Lead
Arranger upon their reasonable request in the preparation of an Offering Memorandum to be used in
connection with the syndication of the Facility (the
Offering Memorandum shall be subject to your prior reasonable approval) and (c) otherwise assist
the Administrative Agent and Lead Arranger in their syndication efforts, including making available
officers and advisors of the Borrower from time to time to attend and make presentations regarding
the business and prospects of the Borrower, as appropriate, at a meeting or meetings of prospective
Lenders. You further agree to refrain from engaging in any additional debt financings for the
Borrower and its subsidiaries until the earlier of a successful syndication and a date 120 days
after the closing date of the Facility, unless otherwise agreed to by the Administrative Agent and
Lead Arranger. It is understood that the foregoing shall not be construed as limiting the Borrower
from causing its subsidiaries to incur, assume or maintain debt secured by properties of the
subsidiaries to the extent the same would be permitted under the terms contemplated for the
Facility.

It is understood and agreed that the Administrative Agent and Lead Arranger, after consultation
with you, will manage and control all aspects of the syndication, including decisions as to the
selection of proposed Lenders and any titles offered to proposed Lenders, when commitments will be
accepted and the final allocations of the commitments among the Lenders. It is understood that no
Lender participating in the Facility will receive compensation from you outside the terms contained
herein and in the Term Sheet in order to obtain its commitment. It is also understood and agreed
that the amount and distribution of the fees among the Lenders will be at the sole discretion of
the Administrative Agent and Lead Arranger and that any syndication in excess of the total Facility
amount will reduce the commitment of the Administrative Agent. No additional Administrative Agent
will be appointed without the prior approval of the Administrative Agent and Lead Arranger.

In the event the Facility cannot be successfully syndicated under the terms outlined in the Term
Sheet, the Borrower agrees that the Administrative Agent and Lead Arranger shall be entitled with
the consent of the Borrower (which shall not be unreasonably withheld, conditioned or delayed), to
change the structure or terms of the Facility, if the Administrative Agent and Lead Arranger
determine that such changes are advisable in order to ensure a successful syndication. The Term
Sheet shall be deemed to be amended to reflect such changes and the syndication process shall
continue. For purposes hereof, a successful syndication is one in which commitments (in compliance
with the terms of the Term Sheet) totaling in an amount equal to the Facility (including a
reduction of KeyBank’s commitment to its desired hold level of not greater than $50,000,000) have
been received and closed from financial institutions acceptable to the Lead Arranger and Borrower.

KeyBank’s commitment hereunder and in the Commitment Documents is not subject to the syndication of
the Facility. Until the closing date of the Facility, however, KeyBank’s commitment hereunder and
in the Commitment Documents is subject to the following conditions precedent: (a) each of the
terms and conditions set forth herein and in the Term Sheet and Fee Letter and to be set forth in
the definitive loan documentation for the Facility; (b) satisfactory completion of all due
diligence; (c) no material misstatements or omissions from the Information or Projections; (d)
KeyBank’s continuing satisfaction that there has not occurred any material adverse change in the
financial condition, business, operations, assets, or prospects of Borrower; (e) there not having
occurred and being continuing since the date hereof a material adverse change in the market for
syndicated loans of the types contemplated by the Term Sheet, or a material disruption of, or
material adverse change in, financial, banking, or capital market conditions which materially and
adversely affect the market for syndication of facilities of the types contemplated by the Term
Sheet, in each case as determined by the Administrative Agent and Lead Arranger in their sole
discretion;

 

 

and (f) the negotiation, execution, and delivery of definitive documentation with
respect to the Facility (“Loan Documents”) in form and substance satisfactory to Borrower, the
Administrative Agent, and their respective counsel, which Loan Documents will include, without
limitation, the terms and conditions set forth in the Commitment Documents and other provisions
customary for this type of financing transaction (in compliance with the terms of the Term Sheet).
If, on or before the closing date of the Facility, the Administrative Agent’s continuing review of
the Borrower discloses material adverse information relating to conditions or events not previously
disclosed to the Administrative Agent or additional developments in the condition (financial or
otherwise), assets, properties, business, operations, or prospects of Borrower and its
subsidiaries, taken as a whole, then the Administrative Agent may, in its sole discretion, require
reasonable changes in the Term Sheets (subject
to the provisions of the previous paragraph) to reflect alternative financing amounts or structures
that are satisfactory to the Administrative Agent or may withdraw its commitment.

The Borrower hereby represents, warrants and covenants that (i) all information, other than the
Projections (as defined below), which has been or is hereafter made available to the Administrative
Agent and Lead Arranger by you or any of your representatives in connection with the transactions
contemplated hereby (“Information”) is and will be complete and correct in all material respects
and does not and will not (to your knowledge) contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements contained therein not misleading and
(ii) all financial projections concerning the Borrower and its subsidiaries that have been or are
hereafter made available to the Administrative Agent and Lead Arranger by you or any of your
representatives (the “Projections”) have been or will be prepared in good faith based upon
reasonable assumptions. You agree to furnish us with such Information and Projections as we may
reasonably request and to supplement the Information and the Projections as we may reasonably
request and to supplement the Information and the Projections from time to time until the closing
date for the Facility so that the representation and warranty in the preceding sentence is correct
on such date. In arranging and syndicating the Facility, the Administrative Agent and Lead
Arranger will be using and relying on the Information and the Projections without independent
verification thereof.

By acceptance of this offer, the Borrower agrees (subject, however, to the terms and conditions of
the Fee Letter and Term Sheet) to reimburse the Administrative Agent and Lead Arranger for
reasonable out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses and
expenses of due diligence) incurred by third parties on behalf of the Administrative Agent and Lead
Arranger arising in connection with the negotiation, preparation, execution, and delivery of the
Commitment Documents or the Loan Documents, and out-of-pocket expenses in connection with the
closing of the financing and syndication of the Facility contemplated hereby, whether or not the
Facility closes.

In the event that KeyBank, the Administrative Agent, Lead Arranger, any other lenders, their
respective affiliates and their respective officers, directors, employees, agents, attorneys and
controlling persons (each, an “Indemnified Party”) become involved in any capacity in any action,
proceeding or investigation in connection with any matter contemplated by this letter, the Borrower
will reimburse the Indemnified Party for their legal and other expenses (including the cost of any
investigation and preparation) as they are incurred by the Indemnified Party, unless and only to
the extent that it shall be finally judicially determined that such involvement resulted from the
gross negligence or willful misconduct of the Indemnified Party or from the breach by the
Indemnified Party of their respective obligations under the Commitment Documents. The Borrower
also is to indemnify and hold harmless each Indemnified Party from and against any and all losses,
claims, damages and liabilities, joint or several, related to or arising out of any matters
contemplated by this letter, unless and only to the extent that it shall be finally judicially
determined that such losses, claims, damages or liabilities resulted from the gross negligence or
willful misconduct of the

 

 

Indemnified Party or from the breach by the Indemnified Party of their
respective obligations under the Commitment Documents.

The provisions of the immediately preceding two paragraphs shall remain in full force and effect
regardless of whether definitive financing documentation for the Facility shall be executed and
delivered and notwithstanding the termination of this letter or the commitments of the
Administrative Agent and Lead Arranger hereunder.

Neither this offer nor the undertaking and commitment contained herein may be disclosed to or
relied upon by any other person or entity other than your accountants, attorneys and other
advisors, without the prior written consent of the Administrative Agent and Lead Arranger, except
that following your acceptance hereof you may make public your disclosure hereof as required by law
or court order. Any public disclosure of the terms and conditions of this commitment must be
pre-approved by the Administrative Agent and Lead Arranger.

As described herein, KeyBanc will act as Lead Arranger for the Facility. The Administrative Agent
reserve the right to allocate, in whole or in part, to Lead Arranger certain fees payable to the
Administrative Agent
in such manner as the Administrative Agent and Lead Arranger agree in their sole discretion. You
acknowledge and agree that the Administrative Agent may share with any of its affiliates any
information relating to the Facility, the Borrower and its subsidiaries and affiliates.

This letter shall be governed by the laws of the State of New York without regard to its principles
of conflicts of laws. This letter may be modified or amended only in writing. This letter is not
assignable by the Borrower without the prior written consent of the Administrative Agent and Lead
Arranger. This letter supersedes and replaces any and all proposals or Term Sheet (other than the
Commitment Documents attached hereto) previously delivered by the Administrative Agent and Lead
Arranger to the Borrower relating to the Facility.

Neither KeyBank, Administrative Agent nor Lead Arranger shall be required to pay any brokerage fees
or commissions arising from the issuance of this letter or the Facility and Borrower agrees to
defend, indemnify and hold KeyBank, Administrative Agent and Lead Arranger harmless from and
against any and all cost, claim, liability, damage or expense (including but not limited to
reasonable attorneys’ fees) in connection therewith.

In no event shall KeyBank, Administrative Agent or Lead Arranger be liable to Borrower for any
damages caused or alleged to be caused by the failure of any lender other than KeyBank to fund its
proportionate share of the Facility. Furthermore, in no event shall KeyBank, Administrative Agent
or Lead Arranger be liable to Borrower for punitive damages, exemplary damages or consequential
damages, including, without limitation lost profits, as a result of or in connection with KeyBank
failing or refusing to fund the Facility, or for a breach of any nature by KeyBank or Lead Arranger
of its obligations under or in connection with this letter or the Facility prior to or simultaneous
with the funding of the Facility, and Borrower waives all claims for punitive damages, exemplary
damages and consequential damages in connection with KeyBank failing or refusing to fund the
Facility or any portion thereof or KeyBank or Lead Arranger breaching any of their respective
obligations, and in connection with any and all breaches on the part of KeyBank or Lead Arranger
that may occur prior to or simultaneous with the funding of the Facility.

This letter is made and entered into for the sole protection and legal benefit of the Borrower and
KeyBank and Lead Arranger and no other person shall be a direct or indirect legal beneficiary of,
or have any direct or indirect cause of action or claim in connection with, this Letter.

This commitment will expire 5:00 p.m. Eastern Time on March 7, 2006 unless Borrower executes and
delivers this letter to the Administrative Agent prior to that time, whereupon this letter shall

 

 

become a binding agreement. Within five business days of the execution of this letter by the
Borrower, a deposit of $250,000 shall be delivered to KeyBank. Thereafter, the above undertaking
and commitment will expire at 5:00 Eastern Time on May 8, 2006, unless definitive documentation for
the Facility is executed and delivered prior to that time.

Very truly yours,

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION 

 	 
	 	By:  	/s/
Michael P. Szuba	 
	 	 	Name:  	Michael P. Szuba 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	KEYBANC CAPITAL MARKETS 

 	 
	 	By:  	Douglas P. Harmon
	 
	 	 	Name:  	Douglas P. Harmon 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	Acknowledged and agreed to this
third day of March, 2006.
	 	 	 
	 	 	 
	 	 	 
	 

REPUBLIC
PROPERTY LIMITED PARTNERSHIP

     By Republic Property Trust, as general partner

	 	 	 	 	 
	 	By:  	/s/
Gary R. Siegel	 
	 
	 	Name:	Gary R. Siegel	 
	 
	 	Title:  	Chief
Operating Officer	 

 

 

Summary of Terms and Conditions

REPUBLIC PROPERTY TRUST

$150 Million Secured Revolving Credit Facility

March 2006

 

	 	 	 
	BORROWER:

	 	Republic Property Limited Partnership (the “Operating Partnership”), the operating partnership of
Republic Property Trust.
	 
	 	 
	GUARANTOR:

	 	Republic Property Trust (“RPB”) and each Subsidiary of the Operating Partnership that directly owns a
Collateral Pool Property.
	 
	 	 
	LEAD ARRANGER:

	 	KeyBanc Capital Markets (“KeyBanc”).
	 
	 	 
	ADMINISTRATIVE
	 	 
	AGENT:

	 	KeyBank National Association (“KeyBank” or “Administrative Agent”).
	 
	 	 
	LENDERS:

	 	Syndicate of Lenders acceptable to KeyBanc and the Borrower.
	 
	 	 
	FACILITY:

	 	A $150 million (the “Aggregate Revolving Commitment”) secured revolving credit facility (the
“Facility”). Documentation will enable the Aggregate Revolving Commitment to be increased to $250
million upon Borrower’s request and approval of the Administrative Agent. The increased commitment may
be provided by any existing Lender or new Lenders but no Lender will be required to assume any
increase. Subject to the terms of the Facility documents, the Borrower may borrow, repay and re-borrow
amounts under the Facility.
	 
	 	 
	PURPOSE:

	 	Proceeds of the Facility are to be used for general corporate purposes.
	 
	 	 
	SWINGLINE:

	 	A Swingline of $30 million shall be made available by the Administrative Agent for same
day borrowings at the Base Rate plus the Applicable Base Rate Margin.
Advances under

 

 

	 	 	 
	 

	 	the Swingline, when aggregated with other borrowings and all letters of credit under the Facility,
may not exceed the Available Amount. Each Lender shall be unconditionally obligated to
purchase its pro rata share of any Swingline advance made by the Administrative
Agent. Swingline advances shall be payable on demand but in no event
shall any Swingline advance be outstanding for more than five days.
	 
	 	 
	A.        LETTERS OF
	 
	 
	 	 
	CREDIT:

	 	          Up to $30 million of the Aggregate Revolving
Commitment shall be available for the issuance of letters
of credit, with the Administrative Agent being the issuing
bank. Each Lender shall purchase a risk participation
interest in each letter of credit equal to its pro rata
portion of the Aggregate Revolving Commitment. There shall
be an issuance fee of the greater of (a) $1,500 or (b)
0.125% of the face amount of each letter of credit paid to
the Administrative Agent only at the time of issuance of
such letter of credit, and a per annum letter of credit fee
(based on the face amount of each outstanding letter of
credit) equal to the Applicable Margin for LIBOR Rate
loans, payable to the Lenders quarterly in arrears.
Unreimbursed drawings under a Letter of Credit shall be
deemed to be advances under the Facility and shall bear
interest at the Base Rate plus the Applicable Base Rate
Margin.
	 
	 	 
	INITIAL TERM:

	 	     Three years from closing.
	 
	 	 
	AMORTIZATION:

	 	     Interest only.
	 
	 	 
	EXTENSION
	 	 
	OPTION:

	 	The Borrower shall have the option to extend the Facility
for one additional year provided that (i) at least 90 days
prior to the maturity date, the Borrower provides written
notice of its intent to exercise the Extension Option, (ii)
no Defaults or Events of Default shall then be in
existence, (iii) all representations and warranties are
true and accurate in all material respects at the time of
such extension and (iv) the Extension Fee is paid.
	 
	 	 
	EXTENSION FEE:

	 	15 basis points of the Aggregate Revolving Commitment
payable to the Administrative Agent for the benefit of the
Lenders.

 

 

	 	 	 
	INTEREST RATE:

	 	The Interest Rate will be determined based on the Operating
Partnership’s Corporate Leverage ratio as outlined below:

	 	 	 	 	 
	 	 	APPLICABLE LIBOR	 	APPLICABLE BASE RATE
	 	 	MARGIN (BASIS POINTS)	 	MARGIN (BASIS POINTS)
	 
	£ 50%
	 	115
	 	0
	 
	>50% and £ 55%
	 	125
	 	0
	 
	>55% and £ 60%
	 	140
	 	0
	 
	>60% and £ 65%
	 	155
	 	25
	 
	>65%
	 	190
	 	50

	 	 	 
	 

	 	LIBOR Rate interest periods shall be one, two, three or six
months. Interest on Base Rate loans shall be payable, in arrears, on
the first day of each month, upon any prepayment and at final
maturity. Interest on LIBOR Rate loans shall be payable in arrears
on a monthly basis, upon any prepayment and at final maturity.
Interest on all loans and fees shall be calculated for actual days
elapsed on the basis of a 360-day year for LIBOR Rate loan and 365-
or 366-day year, as applicable, otherwise.
	 
	 	 
	 

	 	In no event may the Borrower elect an interest period for a LIBOR
Rate loan which would extend beyond the maturity date of the Facility
and, unless all of the Lenders otherwise agree, in no event may there
be more than six different interest periods for LIBOR Rate loans
outstanding under the Facility at any one time. LIBOR Rate loans
shall be in the

 

 

	 	 	 
	 

	 	minimum
aggregate amount of $1,000,000 (and integral
multiples of $250,000 in excess thereof).
	 
	 	 
	 

	 	Facility documentation will include customary provisions (a)
protecting the Lenders against increased costs or loss of yield
resulting from changes in reserve, tax, capital adequacy and other
requirements of law (under the US banking system) and (b)
indemnifying the Lenders for breakage costs incurred in connection
with among other things, any failure to borrow, and any prepayment of
a LIBOR Rate loan on a day other than the last day of an interest
period with respect thereto. After default, the interest rate will
be equal to the Base Rate plus the Applicable Base Rate
Margin plus 3% per annum.
	 
	 	 
	UNUSED FEE:

	 	The Borrower shall pay a per annum fee (“Unused Fee”) to
the Lenders equal to a percentage (“Unused Fee Rate”) of
the unused Aggregate Revolving Commitment. The Unused
Fee shall be based on the average daily “unused” amount
for the quarter and will be paid quarterly in arrears.
The Unused Fee, in basis points, shall be set based on
the amount of usage of the Aggregate Revolving
Commitment as follows:

	 	 	 
	Usage
	 	Unused Fee
	< 50%
	 	20.0
	> 50%
	 	12.5

	 	 	 
	AVAILABLE AMOUNT:

	 	The lesser of (i) the Aggregate Revolving Commitment or
(ii) the Collateral Pool Availability.
	 
	 	 
	ELIGIBLE REAL

ESTATE PROPERTY:

	 	Property which satisfies all of the requirements under
the Credit Agreement, including the following:

	 	 	 
	(i)

	 	Is an office property that is
either owned in fee or subject to a ground lease (acceptable to
Administrative Agent and limited to 15% of the Collateral Pool
Value) by the Borrower or any wholly-owned Subsidiary of the
Borrower and the owner of such property has been added as a
Guarantor;
	 
	 	 
	(ii)

	 	For which the Administrative
Agent has received the following: i) historic operating
statements, if available; ii) rent rolls; iii) projected
operating budgets; iv) budget for any near term capital
expenditures; and v) and such other due diligence information as
the Administrative Agent may request;
	 
	 	 
	(iii)

	 	Is free of all material
structural defects or major architectural deficiencies, title
defects, environmental conditions or other adverse matters;

 

 

	 	 	 
	ADDITIONS/SUBSTITUTIONS
	 	 
	TO COLLATERAL POOL:
	 	 
	 

	 	After the initial closing of the Facility, additional Eligible Real
Estate Property may be added to and/or substituted within the
Collateral Pool Properties subject to Requisite Lender approval.
Requisite Lenders will provide such approval within 10 business days.
Any Property that does not qualify as an Eligible Real Estate
Property may be added subject to receipt of Collateral Documents and
approval of all Lenders. Any Lender not responding within that time
frame will be deemed to have approved the addition.
	 
	 	 
	REMOVAL FROM
	 	 
	COLLATERAL POOL:

	 	Any Collateral Pool Property may be removed, so long as
there is no default, subject to receipt by the
Administrative Agent of a pro forma covenant compliance
certificate demonstrating continued
compliance with all financial covenants and continued satisfaction of
the Collateral Pool Availability requirements.
	 
	 	 
	 

	 	Notwithstanding, there must be at least two Collateral Pool
Properties at all times and the Collateral Pool Value must at all
times be equal to or greater than $150,000,000.
	 
	 	 
	COLLATERAL
	 	 
	DOCUMENTS:

	 	Acceptance of Eligible Real Estate as a Collateral Pool Property is subject to
delivery of the following: i) an Appraisal; ii) a current survey; iii) a Phase
I environmental audit; iv) a mortgage and other security documents requested
by the Administrative Agent; v) title insurance; vi) copies of major leases;
and vii) tenant estoppels and SNDA as requested by the Administrative Agent.
All of the foregoing shall be satisfactory to the Administrative Agent, and in
the case of the Appraisal and the environmental audit, satisfactory to the
Requisite Lenders.
	 
	 	 
	MANDATORY
	 	 
	PREPAYMENT:

	 	If at any time the aggregate principal amount outstanding under the Facility
(including letters of credit) exceeds the then applicable Available Amount,
after taking into account any substitution or release of Collateral Pool
Properties, Borrower shall be required to make a mandatory principal payment
under the Facility in an amount at least equal to such excess. Such repayment
must be made within five business days.

 

 

	 	 	 	 	 	 	 	 	 	 	 
	FINANCIAL
	 	 	 	 	 	 	 	 	 	 
	COVENANTS:	 	 	 	 	 	Financial Covenants will be met by Operating Partnership at all times on a
consolidated basis but only reported quarterly or more often as required.
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	1.	 	 	Maximum Corporate Leverage:
	 	 	70.0	%
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	The ratio of Total Indebtedness to Gross Asset Value.	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	2.	 	 	Minimum Corporate Fixed Charge Coverage Ratio:
	 	1.45 to 1.00

	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	The ratio of Adjusted EBITDA to Fixed Charges.	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.	 	 	Minimum Tangible Net Worth:
	 	TBD

	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Minimum Tangible Net Worth will at no time be less than (i) TBD (85%
of level at closing) plus (ii) 75% of the net cash
proceeds of issuances of Equity Interests.	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.	 	 	Dividend Payout/Distributions:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	RPB, the Borrower and its Subsidiaries will not declare or make any
distributions or other Restricted Payments except that they may do
the following so long as no Default or Event of Default
exists or would result. RPB and the Borrower may declare or make cash
distributions to its shareholders or unitholders during any four
quarter period not to exceed the greater of (i) 95% of the Funds From
Operations for such period (commencing 6/30/07) or (ii) the amount
required for RPB to remain a REIT.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Regardless of the above, during the continuance of an Event of
Default, RPB shall only make cash distributions sufficient to remain
a REIT. If an Event of Default resulting from nonpayment or
bankruptcy exists, or if the Borrower’s obligations under the
Facility have been accelerated, RPB, the Borrower and its
Subsidiaries may not make any Restricted Payments.
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	5.	 	 	Recourse Debt:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	RPB, Borrower and its Subsidiaries may have recourse debt, excluding
the subject Facility, up to 30% of Gross Asset Value.

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	6.	 	 	Minimum Collateral Pool Debt Service
Ratio: 1.40 to 1.00
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The ratio of aggregate annualized NOI of the Collateral Pool
Properties for the preceding two fiscal quarters divided by the
Implied Debt Service.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	7.	 	 	Minimum Aggregate
Collateral Pool Leasing Level: 80%
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The aggregate weighted average of the Leased Space of the Collateral
Pool Properties must be equal to or greater than 80.0% based on
square footage as of the end of each fiscal quarter. Presidents Park
II will be excluded from the calculation of this covenant until the
period ended 3/31/07.
	 
	 	 	 	 	 	 	 	 	 	 
	OTHER COVENANTS:	 	 	 	 	 	The Facility documentation shall include affirmative and negative
covenants usual and customary for financings generally and for this Facility in particular,
including, but not limited to, the following: (i) preservation of existence; (ii) maintenance
of properties; (iii) compliance with laws (including environmental laws and ERISA matters) in
all material respects and contractual obligations; (iv) payment of taxes and claims subject to
customary rights to contest and requirements for reserves; (v) maintenance of insurance; (vi)
limitation on liens and negative pledges; (vii) inspections; (viii) maintenance of financial
records; (ix) transactions with affiliates; (x) limitation on mergers, consolidations and
sales of all or substantially all assets; and, (xi) maintenance of RPB’s REIT status and
listing and trading on any national securities exchange.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	b)	 	 	REPORTING
	 
	 	 	 	 	 	 	 	 	 	 
	REQUIREMENTS:	 	 	 	 	 	Not later than 15 days following the filing of RPB’s Form 10-Q with the Securities
and Exchange Commission for the first
three fiscal quarters of RPB, but in any event within 60 days after
the end of each such fiscal quarter, RPB shall provide quarterly
unaudited consolidated financial statements (including a consolidated
balance sheet and income statement) to the Lenders in form and
substance satisfactory to the Administrative Agent, such quarterly
statements to be certified by RPB’s chief financial officer or chief
accounting officer;
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Not later than 15 days following the filing of RPB’s Form 10-K
with the Securities and Exchange Commission for each fiscal year of
RPB, but in any event within 120 days after the end of each such
year, RPB shall provide annual audited consolidated financial
statements (including a consolidated balance sheet, income statement
and statement of cash flows) to the Lenders in form and substance
satisfactory to the Administrative Agent, such

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	financial statements
to be certified by (a) RPB’s chief financial officer or chief
accounting officer and (b) independent certified public accountants
of recognized national standing, whose certificate shall be
unqualified.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Together with such quarterly and annual financial statements, RPB
shall provide (a) a compliance certificate (and all back-up
calculations) from the chief financial officer or chief accounting
officer confirming that RPB and the Borrower are in compliance with
all of the covenants of the Loan Documents and that there is no other
default under any of the Loan Documents and (b) other information as
reasonably requested by the Administrative Agent.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	In addition, concurrently with the delivery of RPB’s annual and
quarterly financial statements, RPB shall also provide (i) quarterly
operating statements and (ii) a current rent roll for each Collateral
Pool Property.
	 
	 	 	 	 	 	 	 	 	 	 
	ENVIRONMENTAL
	 	 	 	 	 	 	 	 	 	 
	MATTERS:	 	 	 	 	 	Borrower and Guarantors shall indemnify the
Administrative Agent, the Lenders and their successors
and assigns with respect to environmental matters.
	 
	 	 	 	 	 	 	 	 	 	 
	REPRESENTATIONS:	 	 	 	 	 	The Borrower and Guarantors will make usual
representations and warranties as of the closing and in
connection with each loan including, without limitation,
corporate existence and standing, authorization and
validity, no conflicts, government consents, absence of
litigation and contingent obligations, taxes,
subsidiaries, compliance with laws, ownership of
properties, existing liens, existing debt, solvency,
margin stock, insurance, absence of default or unmatured
default and continued accuracy of representations with
respect to its financial statements, ERISA, REIT status,
and absence of material adverse change.
	 
	 	 	 	 	 	 	 	 	 	 
	CONDITIONS
	 	 	 	 	 	 	 	 	 	 
	PRECEDENT:	 	 	 	 	 	Customary conditions to each advance (including, without
limitation, certification of absence of default or
unmatured default, absence of material litigation,
absence of material adverse change from the Borrower’s
and Guarantor’s financial condition and operations and
accuracy of representations and warranties) shall apply.
Additional conditions precedent to the initial advance
will include, without limitation, the delivery of
customary closing documents including, without
limitation, opinions of outside legal counsel of the
Borrower and the Guarantors.

 

 

	 	 	 	 	 	 	 	 	 	 	 
	EVENTS OF
	 	 	 	 	 	 	 	 	 	 
	DEFAULT:	 	 	 	 	 	In addition to such other Events of Default as Lenders
shall deem appropriate, the occurrence of any of the
following shall constitute an Event of Default under the
Facility Agreement and Lenders shall have no obligation
to make further disbursements of the Facility, and the
outstanding balance of the Facility shall be immediately
due and payable:

	 	 	 
	a)

	 	Failure to pay principal
when due;
	 
	 	 
	b)

	 	Failure to pay interest,
fees or any other obligation under the Facility documents
within five business days after due;
	 
	 	 
	c)

	 	Violation of any
financial covenant or any negative covenant;
	 
	 	 
	d)

	 	Violation of other
covenants, subject to a customary grace period;
	 
	 	 
	e)

	 	Material
misrepresentation;
	 
	 	 
	f)

	 	Event of default by
Borrower, Guarantors or any consolidated Subsidiary on any
recourse debt obligations (including guaranties) or any
non-recourse debt obligations aggregating in excess of
$20,000,000;
	 
	 	 
	g)

	 	Liquidation,
reorganization, insolvency or bankruptcy of the Borrower,
Subsidiaries or any Guarantor;
	 
	 	 
	h)

	 	The Borrower or any
Guarantor shall disavow, revoke or terminate any Facility
document or shall otherwise challenge or contest in the
validity or enforceability of any Facility document
(including any mortgage);
	 
	 	 
	i)

	 	Judgments against the
Borrower or any Guarantor for an amount in excess of
$10,000,000 per occurrence or in aggregate in any calendar
year, or against any Subsidiary that is not a Guarantor for
an amount in excess of $20,000,000 per occurrence or in
aggregate in any calendar year, in each case, that remain
unsatisfied or unstayed for more than 60 days and which are
uninsured;
	 
	 	 
	j)

	 	Failure to remediate
within the time period permitted by law or governmental
order (or within a reasonable

 

 

	 	 	 
	 

	 	time given the nature of the
problem if no specific time period has been given) material
environmental problems related to properties whose aggregate
book values are in excess of $10,000,000 after all
administrative hearings and appeals have been concluded.
	 
	 	 
	k)

	 	Neither the Borrower nor
Guarantors, nor Consolidated subsidiaries may sell, transfer
or dispose of assets in one transaction or a series of
transaction with a Gross Asset Value of more than 20% of
Gross Asset Value in any four quarters without the approval
of Administrative Agent and Requisite Lenders (a sale of the
property at 1425 New York Avenue is excluded from this
restriction). Neither the Borrower, Guarantors or
Consolidated subsidiaries may consolidate or merge with any
other entity without the consent of Requisite Lenders and
fulfillment of the following requirements: 1) The Company is
the surviving entity, and 2) After giving effect to the
transaction, the Company remains in compliance with all
terms of the Facility.
	 
	 	 
	l)

	 	Failure to maintain REIT
status;
	 
	 	 
	m)

	 	Customary change of
control or management defaults; and
	 
	 	 
	n)

	 	Violation of ERISA
regulations.

	 	 	 
	ASSIGNMENTS/
	 	 
	PARTICIPATIONS:

	 	Each Lender will be permitted to make assignments in
minimum amounts of $5,000,000 and integral multiples of
$1,000,000 in excess thereof, subject (other than
assignments to a Lender or an affiliate of a Lender) to
the consent of the Borrower (so long as no Default or
Event of Default then exists under the Facility) and the
Administrative Agent, such approval, in each case, not to
be unreasonably withheld. Lenders will be permitted to
sell participations with voting rights limited to
significant matters such as changes in amount, rate and
maturity date and releases of any of the Guarantors. An
assignment fee of $3,500 shall be payable by any assigning
Lender to the Administrative Agent upon the effectiveness
of any such assignment (including, but not limited to, an
assignment by a Lender to another Lender). Lenders shall
have the right to disclose information to prospective
participants and assignees.

 

 

	 	 	 
	WAIVERS AND
	 	 
	AMENDMENTS:

	 	Amendments and waivers of the provisions of the definitive
Facility documentation will require the approval of
Requisite Lenders, except that the consent of all of the
Lenders shall be required with respect to (a) increases in
the commitment of Lenders or the Aggregate Revolving
Commitment (except in accordance with the ability to
increase the Facility up to $250 million as outlined in
the Facility section), (b) reductions of principal
payments, interest, or fees, (c) extensions of scheduled
maturities (other than the Extension Option) or times for
payment, and (d) releases of any Guarantor (other than as
expressly permitted under the Facility documents).
	 
	 	 
	EXPENSES:

	 	The Borrower will pay all costs and expenses associated
with the preparation, due diligence, administration,
syndication and enforcement of all documentation executed
in connection with the Facility, including, without
limitation, the legal fees of counsel to the
Administrative Agent and the Lead Arranger (which counsel
may include their respective employees), regardless of
whether or not the Facility is closed. The Borrower will
also pay the expenses of each Lender in connection with
the “workout” or enforcement of any loan documentation for
the Facility.

 

 

DEFINITIONS

Adjusted EBITDA: means, on any date of determination, EBITDA less Capital Improvement
Reserve for the period of two fiscal quarters most recently ended.

Appraisal: means, in respect of any Collateral Pool Property, an M.A.I. appraisal
commissioned by and addressed to a financial institution (acceptable to Administrative Agent as to
form, substance and appraisal date), prepared by a professional appraiser acceptable to the
Administrative Agent, having at least the minimum qualifications required under applicable law
governing the Administrative Agent and the Lenders, including FIRREA, and determining the “as is”
market value of such Property as between a willing buyer and a willing seller.

Appraised Value: means, with respect to any Collateral Pool Property, the “as is” market
value of such Property as reflected in the then most recent Appraisal of such Collateral Pool
Property as the same may have been reasonably adjusted by the Administrative Agent based upon its
internal review of such Appraisal which is based on criteria and factors then generally used and
considered by the Administrative Agent in determining the value of similar properties, which review
shall be conducted prior to acceptance of such Appraisal by the Administrative Agent.

Base Rate: means the per annum rate of interest equal to the greater of (a) the prime rate
or (b) the federal funds rate plus one-half of one percent (0.5%).

Capital Improvement Reserve: means, for any period an amount equal to (a) $0.30 per square
foot times, (b) a fraction, the numerator of which is the number of days in such period and the
denominator of which is 365. The term Capital Improvement Reserve shall be determined on an
aggregate basis with respect to all Properties of the Borrower and its Subsidiaries and a
proportionate share of all Properties of all Unconsolidated Affiliates.

Capitalization Rate: means 7.00% for Properties located in the District of Columbia, and
7.75% for other Properties.

Capitalized Lease Obligations: means obligations under a lease that are required to be
capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized
Lease Obligation is the capitalized amount of such obligation as would be required to be reflected
on the balance sheet prepared in accordance with GAAP of the applicable Person as of the applicable
date.

Collateral Pool Availability: means an amount equal to 65% of the Collateral Pool Value.

Collateral Pool Property(ies): means those properties designated as such at close and
properties that were subsequently added as permitted herein.

 

 

Collateral
Pool Value: means the sum of the value of the Collateral Property Values of
the Collateral Pool Properties.

Collateral Property Value:  means an amount equal to the “as is” Appraised
Value of such Collateral Pool Property.

Construction-in-Process (“CIP”): means, with respect to any Property, cash expenditures
for land and improvements (including indirect costs internally allocated and development costs) in
accordance with GAAP on such Property that is under development or will commence development within
twelve months.

Derivatives Contract: means any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement. Not in limitation of the foregoing, the term
“Derivatives Contract” includes any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or
liabilities under any such master agreement.

Derivatives Termination Value: means, in respect of any one or more Derivatives Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such
Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the
mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such
Derivatives Contracts (which may include the Agent or any Lender).

EBITDA: means, with respect to a Person for any period: (a) net income (or loss) of such
Person for such period determined on a consolidated basis (prior to any impact from minority
interests), in accordance with GAAP, exclusive of the following (but only to the extent
included in determination of such net income (or loss)): (i) depreciation and amortization expense;
(ii) Interest Expense; (iii) income tax expense; (iv) extraordinary or non-recurring gains and
losses; plus (b) such Person’s pro rata share of EBITDA of its Unconsolidated Affiliates. The
EBITDA will be adjusted to remove all impact of straight lining of rents and amortization of
intangibles pursuant FAS 141.

 

 

Equity Interest: means, with respect to any Person, any share of capital stock of (or
other ownership or profit interests in) such Person, any warrant, option or other right for the
purchase or other acquisition from such Person of any share of capital stock of (or other ownership
or profit interests in) such Person, any security convertible into or exchangeable for any share of
capital stock of (or other ownership or profit interests in) such Person or warrant, right or
option for the purchase or other acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interest in such Person (including, without
limitation, partnership, member or trust interests therein), whether voting or nonvoting, and
whether or not
such share, warrant, option, right or other interest is authorized or otherwise existing on any
date of determination.

Fixed Charges: means, on any date of determination, the sum of (a) Interest Expense of
RPB, the Borrower and its Subsidiaries determined on a consolidated basis for the period of two
fiscal quarters most recently ended (both expensed and capitalized), (b) all regularly scheduled
principal payments made with respect to Indebtedness of RPB, the Borrower and its Subsidiaries
during such period, other than any balloon, bullet or similar principal payment which repays such
Indebtedness in full, and (c) all Preferred Dividends paid during such period. Fixed Charges shall
include a proportionate share of the Fixed Charges of all Unconsolidated Affiliates for such
period.

Funds From Operations: means, with respect to a Person and for a given period, an amount
equal to the net income (or loss) of such Person for such period, computed in accordance with GAAP,
excluding gains (or losses) from extraordinary items (but including gains or losses on sales of
real estate in the ordinary course of business, e.g. build to suits), plus real estate depreciation
and amortization, and after adjustments for unconsolidated affiliates. Adjustments for
unconsolidated affiliates will be recalculated to reflect funds from operations on the same basis.

Gross Asset Value (“GAV”): means, on any date of determination, the sum of all of the
following of the Borrower and its Subsidiaries: (a) unrestricted cash and cash equivalents held by
Borrower and its Subsidiaries on such date, plus (b) with respect to each completed and stabilized
Property owned by the Borrower or any Subsidiary, (i)(x) the NOI attributable to such Property for
the period of two fiscal quarters most recently ended, times (y) 2, divided by (ii) the
Capitalization Rate, plus (c) Properties acquired during the initial term of the Facility at the
lesser of (i) the cost or (ii) NOI attributed to such acquired Property capped at 6.50%, plus (d)
the aggregate CIP of all Properties under development until the earlier of the (i) one year
anniversary date of project completion or (ii) the first quarter after the project achieves 85%
occupancy, plus (e) the cost of Unimproved Land on such date. Borrower’s pro rata share of
Unconsolidated Affiliates will be included in GAV calculations consistent with the above described
treatment for wholly owned assets. For purposes of determining Gross Asset Value, NOI from
Properties acquired or disposed of by the Borrower or any Subsidiary during the period of two
fiscal quarters most recently ended shall be excluded.

Guarantors: means, individually and collectively, as the context shall require: (i) RPB,
and (ii) each Subsidiary directly owning a Collateral Pool Property.

 

 

Implied Debt Service: means, as of a given date, an amount equal to the annual principal
and interest payment sufficient to amortize in full during a 30-year period the aggregate principal
balance of Loans outstanding as of such date calculated using an interest rate equal to 1.5% plus
the greater of (i) the yield on a 10 year United States Treasury Note at such time as determined by
the Agent or (ii) 5.00%.

Indebtedness: means, with respect to a Person, at the time of computation thereof, all of
the following (without duplication): (a) all obligations of such Person in respect of money
borrowed; (other than trade debt incurred in the ordinary course of business not more than 180 days
past due); (b) all obligations of such Person, whether or not for money borrowed (i) represented by
notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced
by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money
indebtedness, conditional sales contracts, title retention debt instruments or other similar
instruments, upon which interest charges are customarily paid or that are issued or assumed as full
or partial payment for property or services rendered; (c) Capitalized Lease Obligations of such
Person; (d) all reimbursement obligations of such Person under any letters of credit or acceptances
(whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of
such Person; (f) all obligations of such Person in respect of any purchase obligation, repurchase
obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding
agreement (excluding any such obligation to the extent the obligation can be satisfied by the
issuance of Equity Interests)); (g) net obligations under any Derivatives Contract not entered into
as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value
thereof; (h) all Indebtedness of other Persons which such Person has guaranteed or is otherwise
recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of
funds, environmental indemnities and other similar exceptions to recourse liability (but not
exceptions relating to bankruptcy, insolvency, receivership or other similar events)); (i) all
Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any lien on property or assets owned by
such Person, even though such Person has not assumed or become liable for the payment of such
Indebtedness or other payment obligation; and (j) such Person’s pro rata share of the Indebtedness
of any Unconsolidated Affiliate of such Person. All such figures to be adjusted to negate the
effects of FAS 141.

Interest Expense: means, on any date of determination, RPB’s and the Operating
Partnership’s total interest expense incurred (in accordance with GAAP) for the period of two
fiscal quarters most recently ended, including capitalized interest (but excluding interest funded
under a construction loan), on a consolidated basis plus RPB’s and Operating Partnership’s pro rata
share of Interest Expense from joint venture Investments and Unconsolidated Affiliates, without
duplication for such period.

Leased Space: means leased and paying rent.

Net Operating Income or NOI: means, for any Property and for a given period, the
sum of the following (without duplication): (a) rents and other revenues received in the ordinary
course from such Property (excluding pre-paid rents and revenues and security deposits except to
the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all 

 

 

expenses
paid or accrued related to the ownership, operation or maintenance of such Property, including but
not limited to taxes, assessments and the like, insurance, utilities, payroll costs, maintenance,
repair and landscaping expenses, marketing expenses, and general and administrative expenses
(including an appropriate allocation for legal, accounting, advertising, marketing and other
expenses incurred in connection with such Property, but specifically excluding general overhead
expenses of the Borrower or any Subsidiary and any property management fees) minus (c) the
Capital Improvement Reserve for such Property as of the end of such period minus (d) the
greater of (i) the actual property management fee paid during such period and (ii) an imputed
management fee in the amount of three percent (3.0%) of the gross revenues for such Property for
such period. The NOI shall include such Person’s pro rata share of NOI of its Unconsolidated
Affiliates. The NOI will also be adjusted to remove any impact from straight line rents or from
amortization of intangibles pursuant FAS 141.

Off-Balance Sheet Obligations: means liabilities and obligations of RPB, the Borrower, any
Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in the
SEC Off-Balance Sheet Rules) which RPB would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of RPB’s report
on Form 10-Q or Form 10-K (or their equivalents) which RPB is required to file with the
Securities and Exchange Commission (or any Governmental Authority substituted therefore). As used
in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in Management’s
Discussion and Analysis About Off-Balance Sheet Arrangements, Securities Act Release No. 33-8182,
68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228, 229 and 249).

Person: means an individual, corporation, partnership, limited liability company,
association, trust or unincorporated organization, or a government or any agency or political
subdivision thereof.

Preferred Dividends: means, for any period and without duplication, all Restricted
Payments paid during such period on Preferred Securities issued by RPB, the Borrower or a
Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable
solely in Equity Interests payable to holders of such class of Equity Interests; (b) paid or
payable to the Borrower or a Subsidiary; or (c) constituting or resulting in the redemption of
Preferred Securities, other than scheduled redemptions not constituting balloon, bullet or similar
redemptions in full.

Preferred Securities: means, with respect to any Person, Equity Interests in such Person,
which are entitled to preference or priority over any other Equity Interest in such Person in
respect of the payment of dividends or distribution of assets upon liquidation or both.

Property: means any parcel of real property owned or leased (in whole or in part) or
operated by the Borrower, any Subsidiary or any Unconsolidated Affiliate of the Borrower and which
is located in the United States of America.

Requisite Lenders: means Lenders with 66 2/3% of the Aggregate Revolving Commitment.

 

 

Restricted Payment: means (a) any dividend or other distribution, direct or indirect, on
account of any Equity Interest of RPB, the Borrower or any Subsidiary now or hereafter outstanding,
except a dividend payable solely in Equity Interests of identical class to the holders of that
class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower
or any Subsidiary now or hereafter outstanding; and (c) any payment made to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests
of RPB, the Borrower or any Subsidiary now or hereafter outstanding.

Subsidiary: means, for any Person, any corporation, partnership or other entity of which at
least a majority of the Equity Interest having by the terms thereof ordinary voting power to elect
a majority of the board of directors or other individuals performing similar functions of such
corporation, partnership or other entity (without regard to the occurrence of any contingency) is
at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries
of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all
Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.

Tangible Net Worth: means, as of a given date, Gross Asset Value less Total Indebtedness.

Total Indebtedness: means, on any date of determination, all Indebtedness of RPB, the
Borrower and all Subsidiaries determined on a consolidated basis on such date, including the pro
rata share of Unconsolidated Affiliates.

Unconsolidated Affiliates: means, with respect to any Person, any other Person in whom
such Person holds an Investment, which Investment is accounted for in the financial statements of
such Person on an equity basis of accounting and whose financial results would not be consolidated
under GAAP with the financial results of such Person on the consolidated financial statements of
such Person.

Unimproved Land: means, on any date of determination, land on which no development (other
than improvements that are not material and are temporary in nature) has occurred and for which no
construction is planned in the following 12 months.

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