Document:

EXHIBIT 10.14.2

                     FIRST AMENDMENT TO CREDIT AGREEMENT
                    -------------------------------------

     THIS DOCUMENT is entered into as of December 30, 1999, between PIER 1
IMPORTS, INC., a Delaware corporation ("Borrower"), those Lenders (defined
below) who have signed a signature page to this document, BANK OF AMERICA,
N.A. (formerly NationsBank, N.A., as Administrative Agent for Lenders), and
BANK ONE, N.A., (assignee of Bank One, Texas, N.A.) and WELLS FARGO BANK
(TEXAS), NATIONAL ASSOCIATION, as Co-Agents for Lenders.

     Borrower, Lenders, Administrative Agent, and Co-Agents are party to the
Credit Agreement (as it may have been renewed, extended, and amended through
the date of this document, the "Credit Agreement") dated as of November 12,
1998.  Borrower and certain Lenders have agreed, upon the following terms
and conditions, to amend the Credit Agreement as provided in Paragraph 2
below.  Accordingly, for adequate and sufficient consideration, Borrower,
Required Lenders, and Administrative Agent agree as follows:

1.   TERMS AND REFERENCES.  Unless otherwise stated in this document (A)
terms defined in the Credit Agreement have the same meanings when used in
this document and (B) references to "Sections," "Schedules," and "Exhibits"
are to the Credit Agreement's section, schedules, and exhibits.

2.   AMENDMENT.  Section 9.2 is entirely amended as follows:

     9.2  RESTRICTED PAYMENTS.  No Company may declare, make, or pay any
Restricted Payment (a) while any Default Condition exists or (b) that would
cause the total Restricted Payments by all Companies during any fiscal year
of the Companies to exceed $40,000,000 for all of the Companies.

3.   CONDITIONS PRECEDENT.  Notwithstanding any contrary provision, the
foregoing paragraph is not effective unless and until (A) the
representations and warranties in this document are true and correct and (B)
Administrative Agent receives (1) counterparts of this document executed by
Borrower, Required Lenders, and each Guarantor, and (2) a $5,000.00
amendment fee for each Lender who has executed the document and delivered it
to Administrative Agent by 5:00 p.m. Dallas time on December 30, 1999, which
Administrative Agent shall promptly pay to such Lenders upon receipt.

4.   RATIFICATIONS.  To induce Lenders to enter into this document, Borrower
(A) ratifies and confirms all provisions of the Credit Documents as amended
by this document, (B) ratifies and confirms that all guaranties, and
assurances granted, conveyed, or assigned to Administrative Agent or any
Lender under the Credit Documents (as they may have been renewed, extended,
and amended) are not released, reduced, or otherwise adversely affected by
this document and continue to guarantee and assure full payment and
performance of the present and future Obligation, and (C) agrees to perform
those acts and duly authorize, execute, acknowledge, deliver, file, and
record those additional documents, and certificates as Administrative Agent
or any Lender may request in order to create, perfect, preserve, and protect
those guaranties, and assurances.

5.   REPRESENTATIONS.  To induce Lenders to enter into this document,
Borrower represents and warrants to Lenders that as of the date of this
document (A) all representations and warranties in the Credit Documents are
true and correct in all material respects except to the extent that (1) any
of them speak to a different specific date or (2) the facts on which any of
them were based have been changed by transactions contemplated or permitted
by the Credit Agreement, and (B) no Material-Adverse Event, Event of
Default, or Potential Default exists.

6.   EXPENSES.  Borrower shall pay all costs, fees, and expenses paid or
incurred by Administrative Agent incident to this document, including,
without limitation, the reasonable fees and expenses of Administrative
Agent's counsel in connection with the negotiation, preparation, delivery,
and execution of this document and any related documents.

7.   MISCELLANEOUS.  All references in the Credit Documents to the "Credit
Agreement" refer to the Credit Agreement as amended by this document.  This
document is a "Credit Document" referred to in the Credit Agreement;
therefore, the provisions relating to Credit Documents in Sections 1 and 14
are incorporated in this document by reference.  Except as specifically
amended and modified in this document, the Credit Agreement is unchanged and
continues in full force and effect.  This document may be executed in any
number of counterparts with the same effects as if all signatories had
signed the same document.  All counterparts must be construed together to
constitute one and the same instrument.  This document binds and inures to
each of the undersigned and their respective successors and permitted
assigns, subject to Section 14.10.  THIS DOCUMENT AND THE OTHER CREDIT
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES IN RESPECT OF
THE MATTERS COVERED BY THE CREDIT DOCUMENTS AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     EXECUTED as of the date first stated above in this First Amendment to
Credit Agreement.

PIER 1 IMPORTS, INC., as Borrower       BANK OF AMERICA, N.A., (formerly
                                        NationsBank, N.A.), as
                                        Administrative Agent and a Lender

By   ____________________________       By   _______________________________

BANK ONE, N.A., (assignee of Bank       WELLS FARGO BANK (TEXAS), NATIONAL
One, Texas, N.A.), as a Co-Agent        ASSOCIATION, as a Co-Agent and a
and a Lender                                 Lender

By   ____________________________       By   _______________________________

THE BANK OF TOKYO-MITSUBISHI, LTD.,     CHASE BANK OF TEXAS, NATIONAL
as a Lender                             ASSOCIATION, as a Lender

By   ____________________________       By   _______________________________

FLEET NATIONAL BANK, as a Lender        CREDIT LYONNAIS, NEW YORK BRANCH,
                                        as a Lender

By   ____________________________       By   _______________________________

<PAGE>
                            CONSENT AND AGREEMENT

     To induce Lenders to enter into this document, the undersigned jointly
and severally (a) consent and agree to this document's execution and
delivery, (b) ratify and confirm that all guaranties, assurances, and
subordinations granted, conveyed, or assigned to Administrative Agent or any
Lender under the Credit Documents (as they may have been renewed, extended,
and amended) are not released, diminished, impaired, reduced, or otherwise
adversely affected by this document and continue to guarantee, assure, and
subordinate other debt to the full payment and performance of all present
and future Obligation, (c) agree to perform those acts and duly authorize,
execute, acknowledge, deliver, file, and record those additional guaranties,
and other agreements, documents, instruments, and certificates as Lender may
reasonably deem necessary or appropriate in order to create, perfect,
preserve, and protect those guaranties, assurances, and subordinations, and
(d) waive notice of acceptance of this consent and agreement, which consent
and agreement binds the undersigned and their successors and permitted
assigns and inures to each Lender and its successors and permitted assigns.

PIER 1 SERVICES COMPANY, as a           PIER 1 ASSETS, INC.
Guarantor                               PIER 1 LICENSING, INC.
                                        PIER 1 HOLDINGS, INC.
By:  PIER 1 HOLDINGS, INC.,             PIER 1 IMPORTS, (U.S.), INC.,
     Managing Trustee                   as Guarantor

     By   _______________________       By   _______________________________STOCKHOLDER APPROVAL AGREEMENT

     STOCKHOLDER  APPROVAL  AGREEMENT (this  "Agreement"),  dated as of March 8,
2000,  among  Travelers  General Real Estate  Mezzanine  Investments  II, LLC, a
Delaware  limited  liability  company and Samstock,  L.L.C.,  a Delaware limited
liability company ("Stockholder").

                              Preliminary Statement

     A. Capital Trust, Inc., a Maryland  corporation  ("CT"), and certain of its
affiliates  (the "CT Parties") and General REMI II and certain of its Affiliates
(the "CIG Parties"),  propose to enter into a venture agreement, dated as of the
date hereof (the "Venture  Agreement"),  pursuant to which,  among other things,
the CIG  Parties  and CT and the CT Parties  will  co-sponsor,  commit to invest
capital in and manage real estate mezzanine investment opportunity funds.

     B. The Stockholder owns in the aggregate 75,000 shares (the "Owned Shares")
of class A common stock, par value $.01 per share, of CT ("CT Common Stock").

     C. As a condition to the CIG Parties' willingness to enter into the Venture
Agreement,  the CIG Parties have  requested the  Stockholder  to enter into this
Agreement.

     D. Capitalized terms used but not defined herein have the meanings set
forth in the Venture Agreement.

     NOW,  THEREFORE,   to  induce  the  CIG  Parties  to  enter  into,  and  in
consideration  of the CIG Parties entering into, the Venture  Agreement,  and in
consideration of the premises and the representations, warranties and agreements
contained herein, the parties agree as follows:

     1. Representations and Warranties of the Stockholder. The Stockholders
hereby, jointly and severally, represent and warrant to General REMI II as
follows:

          (a) Authority.  The  Stockholder has all requisite power and authority
     to  enter  into  this   Agreement  and  to  consummate   the   transactions
     contemplated  hereby.  The execution and delivery of this  Agreement by the
     Stockholder,  and the consummation of the transactions contemplated hereby,
     has  been  duly  authorized  by all  necessary  action  on the  part of the
     Stockholder.  This  Agreement  has been duly  executed and delivered by the
     Stockholder and, assuming the due authorization,  execution and delivery by
     General  REMI  II,  constitutes  a  valid  and  binding  obligation  of the
     Stockholder  enforceable in accordance with its terms, except to the extent
     enforceability  may be limited by  bankruptcy,  insolvency,  moratorium  or
     other similar laws affecting

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     creditors'  rights  generally  or  by  general  principles   governing  the
     availability  of equitable  remedies.  The  execution  and delivery of this
     Agreement does not, and the consummation of the  transactions  contemplated
     hereby and  compliance  with the terms hereof will not,  conflict  with, or
     result in any violation of or default  (with or without  notice or lapse of
     time or both)  under  any  provision  of any trust  agreement,  partnership
     agreement, loan or credit agreement, note, bond, mortgage, indenture, lease
     or other agreement,  instrument,  permit, concession,  franchise,  license,
     judgment,   order,  notice,  decree,  statute,  law,  ordinance,   rule  or
     regulation  applicable  to the  Stockholder  or to any of the  property  or
     assets of the Stockholder.  Except for consents, approvals,  authorizations
     and  filings  as may be  required  under  the  Hart-Scott-Rodino  Antitrust
     Improvements  Act of 1976, as amended (the "HSR Act"),  and the  Securities
     Exchange Act of 1934, as amended  ("Exchange  Act"), no consent,  approval,
     order or authorization of, or registration, declaration or filing with, any
     court,  administrative agency or commission or other governmental authority
     or  instrumentality,  domestic,  foreign  or  supranational  ("Governmental
     Entity"),  is required by or with respect to the  Stockholder in connection
     with the execution and delivery of this  Agreement or the  consummation  by
     the Stockholder of the transactions contemplated hereby.

          (b) The Owned Shares.  The Stockholder has good and valid title to the
     Owned Shares, free and clear of any claims,  liens,  encumbrances,  pledges
     and security  interests  whatsoever.  The Stockholder  owns no shares of CT
     Common Stock or other  shares of stock of CT, other than the Owned  Shares.
     Except for this Agreement,  and that certain stockholder voting and lock-up
     agreement,  dated as of the date hereof,  by and among General REMI II, the
     Stockholder,  and the other  holders of CT Common Stock named  therein (the
     "Voting and Lockup Agreement"),  no proxies or powers of attorney have been
     granted  with  respect  to  the  Owned  Shares  and no  voting  arrangement
     (including  voting  agreement  or  voting  trust)  has  been  entered  into
     affecting  the Owned Shares that will remain in effect after the  execution
     of this Agreement.

          (c) Venture  Agreement.  The Stockholder  understands and acknowledges
     that  General  REMI II is entering  into the Venture  Agreement in reliance
     upon the Stockholder's execution and delivery of this Agreement.

     2. Representations and Warranties of General REMI II. General REMI II
     hereby represents and warrants to the Stockholders as follows:

          (a)  Authority.  General REMI II has all requisite  limited  liability
     company power and authority to enter into this  Agreement and to consummate
     the transactions  contemplated  hereby.  The execution and delivery of this
     Agreement  by General  REMI II, and the  consummation  of the  transactions
     contemplated  hereby,  have been duly  authorized by all necessary  limited
     liability company action on the part of General REMI II. This Agreement has
     been duly  executed  and  delivered  by General  REMI II,  assuming the due
     authorization, execution and delivery by the Stockholder, constitutes a

                                       -2-
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<PAGE>

     valid and binding  obligation of General REMI II  enforceable in accordance
     with its  terms,  except to the  extent  enforceability  may be  limited by
     bankruptcy,   insolvency,   moratorium  or  other  similar  laws  affecting
     creditors'  rights  generally  or  by  general  principles   governing  the
     availability  of equitable  remedies.  The  execution  and delivery of this
     Agreement does not, and the consummation of the  transactions  contemplated
     hereby and  compliance  with the terms hereof will not,  conflict  with, or
     result in any violation of or default  (with or without  notice or lapse of
     time  or  both)  under  any  provision  of any  limited  liability  company
     agreement, loan or credit agreement, note, bond, mortgage, indenture, lease
     or other agreement,  instrument,  permit, concession,  franchise,  license,
     judgment,   order,  notice,  decree,  statute,  law,  ordinance,   rule  or
     regulation  applicable  to  General  REMI II or to any of the  property  or
     assets  of  any  of  General  REMI  II.  Except  for  consents,  approvals,
     authorizations  and  filings as may be  required  under the HSR Act and the
     Exchange  Act,  no  consent,   approval,  order  or  authorization  of,  or
     registration,  declaration  or filing with,  any  Governmental  Entity,  is
     required  by or with  respect to the  Stockholder  in  connection  with the
     execution  and delivery of this  Agreement or the  consummation  by General
     REMI II of the transactions contemplated hereby.

     3. Covenants of the Stockholder. Until the valid termination of the
provisions of this Section 3 pursuant to Section 8, the Stockholder agrees as
follows:

          (a) At any  meeting  of  stockholders  of CT  called  to vote upon the
     Warrant  Issuance (as such term is defined in the Venture  Agreement) or at
     any adjournment  thereof or in any other  circumstances  upon which a vote,
     consent or other  approval with respect to the Warrant  Issuance is sought,
     the  Stockholder  shall vote (or cause to be voted) all shares of CT Common
     Stock it owns or has voting control over in favor of the Warrant Issuance.

          (b) At any meeting of stockholders of CT or at any adjournment thereof
     or in any other circumstances upon which the Stockholder's vote, consent or
     other approval is sought, the Stockholder shall vote (or cause to be voted)
     all  shares  of CT Common  Stock  owned by it or over  which it has  voting
     control  against any  amendment  of CT's  charter and amended and  restated
     bylaws  or  other  proposal  or  transaction  involving  CT or  any  of its
     subsidiaries,  which  amendment  or other  proposal  or  transaction  would
     reasonably  be  expected  in any  manner to impede,  frustrate,  prevent or
     nullify  CT's ability or  obligation  to  consummate  or effect the Warrant
     Issuance.

          (c) The  Stockholder  shall not (i) Transfer or Otherwise  Dispose (as
     hereinafter  defined) of, or enter into any agreement or other  arrangement
     with respect to, the Owned Shares to any person, (ii) enter into any voting
     arrangement,  whether by proxy,  voting agreement,  voting trust,  power of
     attorney or otherwise with respect to, the Owned Shares, except as provided
     in this  Agreement  and the Voting and Lockup  Agreement  or (iii) take any
     other action that would reasonably be expected in any way

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<PAGE>

     to restrict,  limit, or interfere with the performance of their obligations
     hereunder.   Notwithstanding  the  foregoing,  nothing  contained  in  this
     Agreement  shall be deemed to restrict  or prohibit  the ability of (i) the
     Stockholder  to transfer  shares to immediate  family  members or trusts or
     other entities in connection with estate planning objectives, provided that
     such  transferee  agrees  in  writing  to be  bound  by the  terms  of this
     Agreement as though such transferee were a Stockholder, and that notice and
     a copy of such  agreement  are  provided  to General  REMI II prior to such
     transfer or (ii) the Stockholder from pledging up to a number of its shares
     of CT Common Stock to any nationally  recognized  financial  institution as
     collateral for a bona fide third party loan or from using up to a number of
     its shares of CT Common  Stock as  collateral  for a bona fide third  party
     margin  loan  with  a  nationally   recognized  financial   institution  or
     broker/dealer  equal to the  maximum  number of shares  that may be pledged
     pursuant  to  the  Voting  and  Lockup  Agreement.  For  purposes  of  this
     Agreement,  "Transfer  or  Otherwise  Dispose"  means any  sale,  exchange,
     redemption, assignment, gift, grant of a security interest, pledge or other
     encumbrance,  or the  creation  of any  other  claim  thereto  or any other
     transfer or disposition whatsoever (including involuntary sales, exchanges,
     transfers  or  other  dispositions,  and  whether  or not for cash or other
     consideration) affecting the right, title, interest or possession in, to or
     of CT Common Stock.

     4. Additional Covenants of the Stockholder. Until the valid termination
of the provisions of this Section 4 pursuant to Section 8, the Stockholder
agrees as follows:

          (a) At any meeting of  stockholders of CT called to vote upon any REIT
     Tax Matter  submitted  to a vote  pursuant  to Section  2.14 of the Venture
     Agreement or at any adjournment  thereof or in any other circumstances upon
     which the Stockholder's vote, consent or other approval with respect to any
     such REIT Tax Matter is sought,  the Stockholder shall vote (or cause to be
     voted) all shares of CT Common Stock it owns or has voting  control over at
     such time in favor of such REIT Tax Matter.

          (b) At any meeting of stockholders of CT or at any adjournment thereof
     or in any other circumstances upon which the Stockholder's vote, consent or
     other approval is sought, the Stockholder shall vote (or cause to be voted)
     all  shares  of CT Common  Stock  owned by it or over  which it has  voting
     control at such time against any  amendment of CT's charter and amended and
     restated bylaws or other proposal or transaction involving CT or any of its
     subsidiaries,  which  amendment  or other  proposal  or  transaction  would
     reasonably  be  expected  in any  manner to impede,  frustrate,  prevent or
     nullify CT's ability or  obligation  to  consummate  or effect any REIT Tax
     Matter.

     5. Further Assurances. Stockholder will, from time to time, execute and
deliver, or cause to be executed and delivered, such additional or further
transfers, assignments, endorsements, consents and other instruments as General
REMI II may

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<PAGE>

reasonably request for the purpose of effectively  carrying out the transactions
contemplated  by this Agreement and to vest the power to vote the  Stockholder's
Owned Shares as contemplated in Section 3.

     6. Duty. Notwithstanding the covenants of Stockholder contained in Sections
3 and 4, any  Stockholder  who is an  officer  or  director  of CT,  only in his
capacity  as an officer or  director  of CT, may take any such action that is in
furtherance  of the  exercise  of his  duties as an officer  or  director  under
Maryland law, and no such action in  furtherance  of the exercise of such duties
shall be deemed to be a breach or violation of the covenants of such Stockholder
contained in Sections 3 and 4 and the Stockholders  shall not have any liability
hereunder  for any such action  taken in his capacity as an officer and director
of CT in furtherance of the exercise of such duties.

     7. Assignment.  Neither this Agreement nor any of the rights,  interests or
obligations  hereunder shall be assigned by any of the parties without the prior
written consent of the other parties, except that General REMI II may assign, in
its sole discretion, any or all of its rights and interests to Citigroup Inc. or
any of its direct or indirect wholly owned  subsidiaries or other entities or to
Travelers  Property Casualty Corp. or any of its direct or indirect wholly owned
subsidiaries  or  other  entities.  Subject  to  the  preceding  sentence,  this
Agreement  shall be binding upon,  inure to the benefit of and be enforceable by
the parties and their respective  successors and assigns and, in the case of any
Stockholder that is an individual,  the heirs,  executors and  administrators of
such Stockholder.

     8.  Termination.  The rights and  obligations  contained in Section 3 shall
terminate and shall be of no further legal force and effect on the date on which
stockholders  of CT shall have  considered and voted upon the Warrant  Issuance.
The rights and  obligations  contained in Section 4 shall terminate and shall be
of no further  legal  force and  effect on the  earlier of the date on which (i)
stockholders  of CT shall have  considered  and voted upon any REIT Tax  Matters
presented for a vote pursuant to Section 2.14 of the Venture Agreement,  (ii) if
the Fund II Initial  Closing  shall not have  occurred by no later than December
31, 2000 or any Extension Date, (a) the Unwind set forth in the Fund I Agreement
is commenced or (b) any  dissolution or liquidation of Fund I in accordance with
its terms is completed, (iii) the Appraisal Procedures shall have commenced with
respect to the Fair Market Value of the CIG Parties' and their Affiliates' Board
Right Shares pursuant to Section 2.14 of the Venture Agreement, or (iv) upon the
resignation of the CIG Parties  Initial Board  Designees as set forth in Section
2.12(e) of the Venture Agreement if the CIG Parties or the CT Parties shall have
exercised  their right to terminate  the Venture  Agreement  pursuant to Section
2.12(e) of the Venture Agreement.

     9. General Provisions.

          (a) Specific Performance. The parties agree that irreparable damage
     that is impossible to measure in money damages would occur in the event
     that any of the

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<PAGE>

     provisions of this  Agreement  were not performed in accordance  with their
     specific terms or were otherwise  breached.  It is accordingly  agreed that
     the parties shall be entitled to an injunction  or  injunctions  to prevent
     breaches  of this  Agreement  and to  enforce  specifically  the  terms and
     provisions of this  Agreement in any court of the United States  located in
     the State of New York or any New York state  court,  this being in addition
     to any other remedy to which they are entitled at law or in equity.

          (b) Expenses.  All costs and expenses incurred in connection with this
     Agreement  and the  transactions  contemplated  hereby shall be paid by the
     party incurring such expense.

          (c) Amendments. This Agreement may not be amended except by an
     instrument in writing signed by each of the parties hereto.

          (d) Notice. All notices or other communications  required or permitted
     hereunder  shall be in writing and shall be deemed given or  delivered  (i)
     when delivered personally, or (ii) if sent by registered or certified mail,
     return receipt requested, or by private courier when received; and shall be
     addressed as follows:

          If to General REMI II, to:

                                  Travelers General Real Estate Mezzanine
                                      Investments II, LLC
                                  205 Columbus Blvd., 9PB
                                  Hartford, Connecticut 06183-2030
                                  Attn:    Duane Nelson, Esq.
                                  Real Estate Investment Number: 12833

          With a copies to:

                                  Citigroup Investments Inc.
                                  388 Greenwich Street, 36th Floor
                                  New York, New York 10013
                                  Attn:    Mr. Michael Watson
                                  Real Estate Investment Number: 12833

                                  Loeb & Loeb LLP
                                  1000 Wilshire Boulevard, Suite 1900
                                  Los Angeles, California 90017
                                  Attn:    Andrew S. Clare, Esq.

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<PAGE>

          If to the Stockholder, to:

                                  c/o Equity Group Investments, Inc.
                                  Two North Riverside Plaza
                                  Chicago, Illinois 60606

          With a copy to:

                                  Battle Fowler LLP
                                  75 East 55th Street
                                  New York, New York  10022
                                  Attn:  Thomas E. Kruger, Esq.

     or to such other  address as such party may indicate by a notice  delivered
     to the other parties hereto.

          (e)  Interpretation.  When a reference  is made in this  Agreement  to
     Sections,  such reference  shall be to a Section to this  Agreement  unless
     otherwise  indicated.  The  headings  contained in this  Agreement  are for
     reference  purposes  only and shall not  affect in any way the  meaning  or
     interpretation of this Agreement. Wherever the words "include",  "includes"
     or  "including"  are used in this  Agreement,  they  shall be  deemed to be
     followed by the words "without limitation".

          (f)  Counterparts.  This  Agreement  may be  executed  in one or  more
     counterparts,  all of which shall be considered one and the same agreement,
     and shall  become  effective  when one or more of the counter  parties have
     been signed by each of the parties and  delivered  to the other  party,  it
     being understood that each party need not sign the same counterpart.

          (g) Entire  Agreement;  No Third-Party  Beneficiaries.  This Agreement
     together with all other  agreements  executed by the parties  hereto on the
     date hereof  (including the documents and instruments  referred to herein),
     (i)  constitutes the entire  agreement and supersedes all prior  agreements
     and  understandings,  both written and oral, among the parties with respect
     to the subject  matter  hereof and (ii) is not  intended to confer upon any
     person other than the parties hereto any rights or remedies hereunder.

          (h) Governing Law. This  Agreement  shall be governed by and construed
     in  accordance  with the laws of the  State of New York as to all  matters,
     including but not limited to,  matters of validity,  construction,  effect,
     performance  and remedies,  without regard to any  applicable  conflicts of
     law.

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<PAGE>

          (i) Waivers. Any term or provision of this Agreement may be waived, or
     the time for its  performance  may be  extended,  by the  party or  parties
     entitled  to the  benefit  thereof.  Any such  waiver  shall be validly and
     sufficiently  given for the purposes of this Agreement if, as to any party,
     it is in writing signed by an authorized  representative of such party. The
     failure of any party  hereto to enforce at any time any  provision  of this
     Agreement shall not be construed to be a waiver of such  provision,  nor in
     any way to affect the validity of this  Agreement or any part hereof or the
     right of any party thereafter to enforce each and every such provision.  No
     waiver of any breach of this Agreement shall be held to constitute a waiver
     of any other or subsequent breach.

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<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                          TRAVELERS GENERAL REAL ESTATE
                              MEZZANINE INVESTMENTS II, LLC

                          By: /s/  Michael Watson
                             ------------------------------------
                             Michael Watson
                             Vice President

                          SAMSTOCK, L.L.C.

                          By:  SZ Investments LLC, its sole member

                               By:  Zell General Partnership, Inc., its
                                    managing partner

                                       By:  /s/  Donald J. Liebentritt
                                       ---------------------------
                                      Name:  Donald J. Liebentritt
                                      Title:  Vice President

926898.4

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