Document:

EX-4.D

 

Exhibit 4(d)

FOREIGN PLEDGE AGREEMENT ACKNOWLEDGMENT AND CONFIRMATION

          THIS FOREIGN PLEDGE AGREEMENT ACKNOWLEDGMENT AND CONFIRMATION, dated as of March 30, 2007
(this “Acknowledgment”), is entered into by the parties a signatory hereto in favor of
JPMorgan Chase Bank, as Administrative Agent.

W I T N E S S E T H :

          WHEREAS, the Borrower, the Subsidiary Borrowers, certain Lenders and other banks and financial
institutions, and JPMorgan Chase Bank, as Administrative Agent are parties to the Revolving Credit
Agreement, dated as of July 21, 2005 (as amended, supplemented, amended and restated or otherwise
modified, the “Credit Agreement”), which Credit Agreement was amended and restated in its
entirety by the Borrower, the Subsidiary Borrowers, the Lenders and other banks and financial
institutions, and JPMorgan Chase Bank, as Administrative Agent pursuant to the Amended and Restated
Revolving Credit Agreement, dated as of February 7, 2007 (the “Amendment and Restatement”).

          WHEREAS, each of the pledgors or mortgagors, as the case may be, under the Foreign Pledge
Agreements listed on Schedule 1 (the “Foreign Pledge Agreements”) hereto wishes to
acknowledge and confirm that its obligations and its Liens and security interests created under
such Foreign Pledge Agreements continue in full force and effect, unimpaired and undischarged, as
provided herein;

          WHEREAS, it is a requirement of the Amendment and Restatement that the parties hereto shall
have executed and delivered this Acknowledgment to the Administrative Agent for the benefit of the
Lenders no later than sixty (60) days after the date of the Amendment and Restatement.

          NOW, THEREFORE, in consideration of the premises contained herein and to induce the
Administrative Agent and the Lenders to amend and restate the Credit Agreement pursuant to the
Amendment and Restatement and to induce the Lenders to make and continue extensions of credit under
the Amendment and Restatement, each of the signatories hereto hereby agrees with the Administrative
Agent, for the benefit of the Lenders, as follows:

     1. Unless otherwise defined herein, capitalized terms used herein shall have
the respective meanings assigned to them in the Amendment and Restatement and the
other Loan Documents.

     2. References to the Credit Agreement in the Foreign Pledge Agreements shall be references
to the Amendment and Restatement.

     3. Each signatory hereto consents to the execution, delivery and performance of the Amendment
and Restatement in accordance with its terms.

     4. Each signatory hereto hereby agrees, with respect to each Foreign Pledge Agreement to
which it is a party, that to the extent permitted by applicable law:

 

 

(a) all of its obligations, liabilities and indebtedness under such Foreign Pledge
Agreement shall remain in full force and effect on a continuous basis after giving
effect to the Amendment and Restatement and this Acknowledgment and its guarantee of
the obligations, liabilities and indebtedness of the other Loan Parties under the
Credit Agreement (or any predecessor agreement) shall extend to and cover the Term
Loans and Revolving Extensions of Credit made under the Amendment and Restatement
(including the annexes thereto) and interest thereon and fees and expenses and other
obligations in respect thereof and in respect of commitments related thereto; and

(b) all of the Liens and security interests created and arising under such Foreign
Pledge Agreement remain in full force and effect on a continuous basis, and the
perfected status and priority of each such Lien and security interest continues in
full force and effect on a continuous basis, unimpaired, uninterrupted and
undischarged, after giving effect to the Amendment and Restatement, as collateral
security for its obligations, liabilities and indebtedness under the Amendment and
Restatement (including the annexes thereto) and under its guarantees in the Foreign
Pledge Agreement.

     5. Each signatory hereto agrees that the provisions of Section 9.15 of the Amended and
Restated Guarantee and Collateral Agreement, dated February 7, 2007, as such provisions relate to
the release and/or subsequent reinstatement of security interests in Pledged Stock (as defined in
the Amended and Restated Guarantee and Collateral Agreement), shall apply in each case to the
shares of Capital Stock pledged under each Foreign Pledge Agreement.

     6. Each signatory hereto agrees that it shall take any action reasonably requested by the
Administrative Agent in order to confirm or effect the intent of this Acknowledgment.

     7. THIS ACKNOWLEDGMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

     8. This Acknowledgment may be executed by one or more of the parties hereto on any number of
separate counterparts (including by telecopy), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

 

 

     IN WITNESS WHEREOF, the undersigned have caused this Acknowledgment to be executed and
delivered by a duly authorized officer on the date first above written.

	 	 	 	 	 
	 	 	Scotts Sierra Investments, Inc., a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	          /s/ Edward R. Claggett
	 

	 	 	 	 
	 

	 	 	 	Edward R. Claggett, President and
	 

	 	 	 	Chief Executive Officer
	 
	 	 	 	 
	 	 	OMS Investments, Inc., a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	          /s/ Edward R. Claggett
	 

	 	 	 	 
	 

	 	 	 	Edward R. Claggett, President and
	 

	 	 	 	Chief Executive Officer

 

 

Schedule 1

Foreign Pledge Agreements

	1.	 	Share Pledge Agreement in respect of shares in Scotts Benelux BVBA, dated September 7,
2005, executed and delivered by Scotts-Sierra Investments, Inc. and OMS Investments, Inc.
in favor of JPMorgan Chase Bank, N.A.

	2.	 	Equitable Mortgage of Shares, dated February 1, 2006, executed and delivered by
Scotts-Sierra Investments, Inc. in favor of JPMorgan Chase Bank, N.A.EX-4.1

 

Exhibit 4.1

CREDIT AGREEMENT

DATED AS OF FEBRUARY 26, 2007

AMONG

DEVELOPERS DIVERSIFIED REALTY CORPORATION

AS BORROWER

AND

BANC OF AMERICA SECURITIES LLC

AS SOLE LEAD ARRANGER AND BOOK RUNNER

AND

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE I DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 

	 	1.1
	 	Defined Terms
	 	 	1

	 
	 

	 	1.2
	 	Classification of Loans and Borrowings
	 	16

	 

	 	1.3
	 	Terms Generally
	 	16

	 
	 	 	 	 	 	 	 	 
	ARTICLE II THE CREDIT	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	 

	 	2.1
	 	Commitments
	 	16

	 

	 	2.2
	 	Loans and Borrowings
	 	17

	 

	 	2.3
	 	Request for Borrowing
	 	17

	 

	 	2.4
	 	Final Principal Payment and Extension of Facility Termination Date
	 	17

	 

	 	2.5
	 	Other Fees
	 	18

	 

	 	2.6
	 	Principal Payments
	 	18

	 

	 	2.7
	 	Funding of Borrowings
	 	18

	 

	 	2.8
	 	Interest Elections
	 	18

	 

	 	2.9
	 	Changes in Interest Rate, Etc.
	 	19

	 

	 	2.10
	 	Rates Applicable After Default
	 	20

	 

	 	2.11
	 	Method of Payment
	 	20

	 

	 	2.12
	 	Notes; Telephonic Notices
	 	20

	 

	 	2.13
	 	Interest Payment Dates; Interest and Fee Basis
	 	21

	 

	 	2.14
	 	Notification of Borrowings, Interest Rates and Prepayments
	 	21

	 

	 	2.15
	 	Lending Installations
	 	21

	 

	 	2.16
	 	Non-Receipt of Funds by the Administrative Agent
	 	21

	 

	 	2.17
	 	Replacement of Lenders under Certain Circumstances
	 	22

	 

	 	2.18
	 	Application of Moneys Received
	 	22

	 

	 	2.19
	 	Usury
	 	23

	 
	 	 	 	 	 	 	 	 
	ARTICLE III CHANGE IN CIRCUMSTANCES	 	 	23	 
	 
	 	 	 	 	 	 	 	 
	 

	 	3.1
	 	Yield Protection
	 	23

	 

	 	3.2
	 	Changes in Capital Adequacy Regulations
	 	24

	 

	 	3.3
	 	Availability of Types of Borrowings
	 	24

	 

	 	3.4
	 	Funding Indemnification
	 	25

	 

	 	3.5
	 	Taxes
	 	25

	 

	 	3.6
	 	Lender Statements; Survival of Indemnity
	 	28

	 
	 	 	 	 	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT	 	 	28	 
	 
	 	 	 	 	 	 	 	 
	 

	 	4.1
	 	Disbursement
	 	28

	 

	 	4.2
	 	Additional Conditions
	 	30

	 
	 	 	 	 	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	 	 	30	 
	 
	 	 	 	 	 	 	 	 
	 

	 	5.1
	 	Existence
	 	30

	 

	 	5.2
	 	Authorization and Validity
	 	30

	 

	 	5.3
	 	No Conflict; Government Consent
	 	30

	 

	 	5.4
	 	Financial Statements; Material Adverse Change
	 	31

	 

	 	5.5
	 	Taxes
	 	31

	 

	 	5.6
	 	Litigation and Guarantee Obligations
	 	31

	 

	 	5.7
	 	ERISA
	 	32

	 

	 	5.8
	 	Accuracy of Information
	 	32

	 

	 	5.9
	 	Regulation U
	 	32

	 

	 	5.10
	 	Material Agreements
	 	32

-i-

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 

	 	5.11
	 	Compliance With Laws
	 	32

	 

	 	5.12
	 	Ownership of Properties
	 	33

	 

	 	5.13
	 	Investment Company Act
	 	33

	 

	 	5.14
	 	Reserved
	 	33

	 

	 	5.15
	 	Solvency
	 	33

	 

	 	5.16
	 	Insurance
	 	33

	 

	 	5.17
	 	REIT Status
	 	34

	 

	 	5.18
	 	Environmental Matters
	 	34

	 

	 	5.19
	 	Pro-forma Covenant Compliance
	 	35

	 

	 	5.20
	 	Unencumbered Assets
	 	35

	 

	 	5.21
	 	Acquisition Properties
	 	35

	 
	 	 	 	 	 	 	 	 
	ARTICLE VI COVENANTS	 	 	35	 
	 
	 	 	 	 	 	 	 	 
	 

	 	6.1
	 	Financial Reporting
	 	35

	 

	 	6.2
	 	Use of Proceeds
	 	37

	 

	 	6.3
	 	Notice of Default
	 	37

	 

	 	6.4
	 	Conduct of Business
	 	38

	 

	 	6.5
	 	Taxes
	 	38

	 

	 	6.6
	 	Insurance
	 	38

	 

	 	6.7
	 	Compliance with Laws
	 	38

	 

	 	6.8
	 	Maintenance of Properties
	 	38

	 

	 	6.9
	 	Inspection
	 	38

	 

	 	6.10
	 	Maintenance of Status
	 	38

	 

	 	6.11
	 	Restricted Payments
	 	39

	 

	 	6.12
	 	Merger; Sale of Assets
	 	39

	 

	 	6.13
	 	Sale and Leaseback
	 	39

	 

	 	6.14
	 	Acquisitions and Investments
	 	39

	 

	 	6.15
	 	Liens
	 	40

	 

	 	6.16
	 	Affiliates
	 	40

	 

	 	6.17
	 	Financial Undertakings
	 	40

	 

	 	6.18
	 	Reserved
	 	41

	 

	 	6.19
	 	Financial Covenants
	 	41

	 

	 	6.20
	 	Environmental Matters
	 	41

	 

	 	6.21
	 	Negative Pledge
	 	42

	 
	 	 	 	 	 	 	 	 
	ARTICLE VII DEFAULTS	 	 	42	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	 	 	44	 
	 
	 	 	 	 	 	 	 	 
	 

	 	8.1
	 	Acceleration
	 	44

	 

	 	8.2
	 	Amendments
	 	44

	 

	 	8.3
	 	Preservation of Rights
	 	45

	 
	 	 	 	 	 	 	 	 
	ARTICLE IX GENERAL PROVISIONS	 	 	46	 
	 
	 	 	 	 	 	 	 	 
	 

	 	9.1
	 	Survival of Representations
	 	46

	 

	 	9.2
	 	Governmental Regulation
	 	46

	 

	 	9.3
	 	Taxes
	 	46

	 

	 	9.4
	 	Headings
	 	46

	 

	 	9.5
	 	Entire Agreement
	 	46

	 

	 	9.6
	 	Several Obligations; Benefits of this Agreement
	 	46

	 

	 	9.7
	 	Expenses; Indemnification
	 	46

	 

	 	9.8
	 	Numbers of Documents
	 	47

	 

	 	9.9
	 	Accounting
	 	47

	 

	 	9.10
	 	Severability of Provisions
	 	47

	 

	 	9.11
	 	Nonliability of Lenders
	 	47

	 

	 	9.12
	 	CHOICE OF LAW
	 	47

-ii-

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 

	 	9.13
	 	CONSENT TO JURISDICTION
	 	48

	 

	 	9.14
	 	WAIVER OF JURY TRIAL
	 	48

	 

	 	9.15
	 	Release of Subsidiary Guaranties
	 	48

	 

	 	9.16
	 	No Advisory or Fiduciary Responsibility
	 	48

	 
	 	 	 	 	 	 	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT	 	 	49	 
	 
	 	 	 	 	 	 	 	 
	 

	 	10.1
	 	Appointment
	 	49

	 

	 	10.2
	 	Powers
	 	49

	 

	 	10.3
	 	General Immunity
	 	49

	 

	 	10.4
	 	No Responsibility for Loans, Recitals, etc.
	 	50

	 

	 	10.5
	 	Action on Instructions of Lenders
	 	50

	 

	 	10.6
	 	Employment of Agents and Counsel
	 	50

	 

	 	10.7
	 	Reliance on Documents; Counsel
	 	51

	 

	 	10.8
	 	Administrative Agent’s Reimbursement and Indemnification
	 	51

	 

	 	10.9
	 	Rights as a Lender
	 	51

	 

	 	10.10
	 	Lender Credit Decision
	 	52

	 

	 	10.11
	 	Successor Administrative Agent
	 	52

	 
	 	 	 	 	 	 	 	 
	ARTICLE XI SETOFF; RATABLE PAYMENTS	 	 	53	 
	 
	 	 	 	 	 	 	 	 
	 

	 	11.1
	 	Setoff
	 	53

	 

	 	11.2
	 	Ratable Payments
	 	53

	 
	 	 	 	 	 	 	 	 
	ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	 	 	53	 
	 
	 	 	 	 	 	 	 	 
	 

	 	12.1
	 	Successors and Assigns
	 	53

	 

	 	12.2
	 	Participations
	 	54

	 

	 	12.3
	 	Assignments
	 	54

	 

	 	12.4
	 	Dissemination of Information
	 	56

	 

	 	12.5
	 	Tax Treatment
	 	56

	 

	 	12.6
	 	Confidentiality
	 	56

	 

	 	12.7
	 	USA PATRIOT Act Notice
	 	56

	 

	 	12.8
	 	Co-Agents: Lead Managers; No Fiduciary Relationship
	 	57

	 
	 	 	 	 	 	 	 	 
	ARTICLE XIII NOTICES AND COMMUNICATIONS	 	 	57	 
	 
	 	 	 	 	 	 	 	 
	 

	 	13.1
	 	Giving Notice
	 	57

	 

	 	13.2
	 	Electronic Communications
	 	57

	 

	 	13.3
	 	Change of Address
	 	58

	 

	 	13.4
	 	The Platform
	 	58

	 
	 	 	 	 	 	 	 	 
	ARTICLE XIV COUNTERPARTS	 	 	59	 

-iii-

 

CREDIT AGREEMENT

     This Credit Agreement, dated as of February 26, 2007, is among Developers Diversified Realty
Corporation, a corporation organized under the laws of the State of Ohio (“Borrower”), Bank of
America, N.A., a national banking association, and the several banks, financial institutions and
other entities from time to time parties to this Agreement (collectively, the “Lenders”),
and Bank of America, N.A., not individually, but as “Administrative Agent”.

RECITALS

     A. The Borrower is primarily engaged in the business of purchasing, developing, owning,
operating, leasing and managing retail, office and industrial properties.

     B. DDR is listed on the New York Stock Exchange and is qualified as a real estate investment
trust under Section 856 of the Code.

     C. Pursuant to the terms of the Agreement and Plan of Merger dated as of October 20, 2006 by
and among Inland Real Estate Trust, Inc., Borrower, and DDR IRR Acquisition LLC, (“Merger
Agreement”) Borrower will be acquiring the Acquisition Properties.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     1.1 Defined Terms

     As used in this Agreement:

     “ABR Applicable Margin” means 0.00%.

     “Acceptable Jurisdiction” means a place (in addition to the United States and Puerto Rico)
where Unencumbered Assets can be located, which shall be subject to the approval of the
Administrative Agent, based on satisfactory advice received by it from local counsel in such
jurisdiction with respect to the procedure for enforcement of a U.S. judgment in such jurisdiction,
and the collection of such judgment from assets located there.

     “Acquisition” means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any
going business or all or substantially all of the assets of any firm, corporation or division
thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly
acquires (in one transaction or as the most recent transaction in a series of transactions)
at least a majority (in number of votes) of the securities of a corporation which have
ordinary voting power for the election of directors (other than securities having such power only
by

 

 

reason of the happening of a contingency) or a majority (by percentage or voting power) of the
outstanding partnership interests of a partnership.

     “Acquisition Properties” means these properties described in Exhibit F which will be
acquired by Borrower and its Subsidiaries on the Borrowing Date from Inland Real Estate, Inc.
and/or its affiliates.

     “Administrative Agent” or “Agent” means Bank of America, N.A. in its capacity as agent for the
Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any
successor Administrative Agent appointed pursuant to Article X.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise.

     “Affiliated Qualified Institution” means one or more banks, finance companies, insurance or
other financial institutions which is an Affiliate of a Lender and which (A) has (or, in the case
of a bank or other financial institution which is a subsidiary, such bank’s or financial
institution’s parent has) a rating of its senior unsecured debt obligations of not less than Baa-1
by Moody’s or a comparable rating by a rating agency acceptable to Administrative Agent and (B) has
total assets in excess of Five Hundred Million Dollars ($500,000,000).

     “Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, which is
equal to $1,650,000,000.

     “Agreement” means this Credit Agreement, as it may be amended or modified and in effect from
time to time.

     “Agreement Execution Date” means the date this Agreement has been fully executed and delivered
by all parties hereto.

     “Alternate Base Rate” means for any day a fluctuating rate per annum equal to the higher of
(a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a
rate set by Bank of America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in
such rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change.

     “Applicable Margin” means the ABR Applicable Margin for Floating Rate Borrowing and the LIBOR
Applicable Margin for Eurocurrency Borrowings.

     “Arranger” means Banc of America Securities LLC.

-2-

 

     “Article” means an article of this Agreement unless another document is specifically
referenced.

     “Assets Under Development” means, as of any date of determination, all Projects, expansion
areas of existing Projects and redevelopments owned by the Consolidated Group and the Investment
Affiliates which are then treated as assets under development under GAAP, plus, at Borrower’s
option, assets that (A) previously had been Assets Under Development and (B) have been placed in
service for less than six months, to be valued for purposes of this Agreement, for each Asset Under
Development as determined individually, at either (i) 100% of then-current book value, as
determined in accordance with GAAP, (a) for each Asset Under Development owned by members of the
Consolidated Group and (b) multiplied by the applicable Consolidated Group Pro Rata Share for an
Asset Under Development owned by an Investment Affiliate; or (ii) 100% of the value of such Asset
Under Development determined by dividing (x) six months of income from signed leases, multiplied by
two, by (y) .0775 (I) for each Asset Under Development owned by members of the Consolidated Group
and (II) multiplied by the applicable Consolidated Group Pro Rata Share for an Asset Under
Development owned by an Investment Affiliate. For purposes of the foregoing, income from signed
leases shall be equal to 90% of the revenues payable by the tenant. Once an election of (ii) above
is chosen, the asset will continue to be valued under that method until the asset is no longer an
Asset Under Development.

     “Authorized Officer” means any of the Chief Executive Officer, President and Chief Operating
Officer, Executive Vice President, Senior Vice President, Chief Financial Officer or Vice President
and General Counsel of the Borrower, or any other officer designated in writing by one of the
foregoing, acting singly.

     “Borrower” has the meaning set forth in the preamble paragraph of this Agreement.

     “Borrowing” means Loans of the same Type, made, converted or continued on the same date and,
in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.

     “Borrowing Date” means the date on which the Disbursement hereunder occurs, provided that if
the Disbursement is made into an escrow account pending the closing of the Merger, although
interest will accrue on the Disbursement from the date of Disbursement, as used herein, “Borrowing
Date” shall mean the date such funds are released from escrow.

     “Borrowing Request” is a request by the Borrower for the Disbursement in accordance with
Section 2.3.

     “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in New York City or London (with respect to all LIBOR Rate elections) are authorized or
required by law to remain closed.

     “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests
in a Person which is not a corporation and any and all warrants or options to purchase any of
the foregoing.

-3-

 

     “Capitalized Lease” of a Person means any lease of Property imposing obligations on such
Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a
balance sheet of such Person.

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with GAAP.

     “Cash Equivalents” means, as of any date:

	 	(i)	 	securities issued or directly and fully guaranteed or insured
by the United States Government or any agency or instrumentality thereof having
maturities of not more than one year from such date;
	 
	 	(ii)	 	mutual funds organized under the United States Investment
Company Act rated AAm or AAm-G by S&P, P-1 by Moody’s and A by Fitch;
	 
	 	(iii)	 	certificates of deposit or other interest-bearing obligations
of a bank or trust company which is a member in good standing of the Federal
Reserve System having a short term unsecured debt rating of not less than A-1
by S&P, not less than P-1 by Moody’s and F-1 by Fitch (or in each case, if no
bank or trust company is so rated, the highest comparable rating then given to
any bank or trust company, but in such case only for funds invested overnight
or over a weekend) provided that such investments shall mature or be redeemable
upon the option of the holders thereof on or prior to a date one month from the
date of their purchase;
	 
	 	(iv)	 	certificates of deposit or other interest-bearing obligations
of a bank or trust company which is a member in good standing of the Federal
Reserve System having a short term unsecured debt rating of not less than A-1+
by S&P, and not less than P-1 by Moody’s and which has a long term unsecured
debt rating of not less than A1 by Moody’s (or in each case, if no bank or
trust company is so rated, the highest comparable rating then given to any bank
or trust company, but in such case only for funds invested overnight or over a
weekend) provided that such investments shall mature or be redeemable upon the
option of the holders thereof on or prior to a date three months from the date
of their purchase;
	 
	 	(v)	 	bonds or other obligations having a short term unsecured debt
rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term
debt rating of not less than A1 by Moody’s issued by or by authority of any
state of the United States, any territory or possession of the United States,
including the Commonwealth of Puerto Rico and agencies thereof, or any
political subdivision of any of the foregoing;

-4-

 

	 	(vi)	 	repurchase agreements issued by an entity rated not less than
A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S.
Government securities of the type described in clause (i) of this definition
maturing on or prior to a date one month from the date the repurchase agreement
is entered into;
	 
	 	(vii)	 	short term promissory notes rated not less than A-1+ by S&P,
and not less than P-1 by Moody’s maturing or to be redeemable upon the option
of the holders thereof on or prior to a date one month from the date of their
purchase; and
	 
	 	(viii)	 	commercial paper (having original maturities of not more than 365 days) rated
at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic
issuer who, at the time of the investment, has outstanding long-term unsecured
debt obligations rated at least A1 by Moody’s.

     “Change in Law” has the meaning set forth in Section 3.1.

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time.

     “Commitment” means the obligation of the Lenders to make a Loan not exceeding the amount set
forth opposite their respective signatures below.

     “Consolidated Group” means the Borrower and all Subsidiaries which are consolidated with it
for financial reporting purposes under GAAP.

     “Controlled Group” means all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control which, together with the Borrower or
any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

     “Conversion/Continuation Notice” is defined in Section 2.10.

     “Default” means an event described in Article VII.

     “Defaulting Lender” means any Lender which fails or refuses to perform its obligations under
this Agreement within the time period specified for performance of such obligation, or, if no time
frame is specified, if such failure or refusal continues for a period of five Business Days after
written notice from the Administrative Agent; provided that if such Lender cures such failure or
refusal, such Lender shall cease to be a Defaulting Lender.

     “Default Rate” means the interest rate which may apply during the continuance of a Default
pursuant to Section 2.12.

     “Disbursement” is defined in Section 2.1.

-5-

 

     “Dollars” or “$” refers to lawful money of the United States of America.

     “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning protection of human health or the environment, as now
or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable
to the Borrower or any Subsidiary or any of their respective assets or Projects.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder.

     “Eurocurrency” means when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the LIBOR Rate.

     “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the
Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it,
by any jurisdiction with taxing authority over the Lender.

     “Extension Request” is defined in Section 2.4.

     “Facility” means the Commitments and the extensions of credit made hereunder.

     “Facility Termination Date” means August 26, 2007, subject to Borrower’s right to extend for a
three (3) month period, as described in Section 2.4.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of
America on such day on such transactions as determined by the Administrative Agent.

     “Financeable Ground Lease” means, a ground lease satisfactory to the Required Lenders and the
Administrative Agent’s counsel in their reasonable discretion, which must provide protections for a
potential leasehold mortgagee (“Mortgagee”) which include, among other things (i) a
remaining term, including any optional extension terms exercisable unilaterally by the tenant, of
no less than 25 years from the Agreement Execution Date, (ii) that the ground lease will not be
terminated until the Mortgagee has received notice of a default, has had a reasonable
opportunity to cure or complete foreclosure, and has failed to do so, (iii) provision for a
new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any

-6-

 

reason, (iv) non-merger of the fee and leasehold estates, (v) transferability of the tenant’s
interest under the ground lease without any requirement for consent of the ground lessor unless
based on reasonable objective criteria as to the creditworthiness or line of business of the
transferee or delivery of customary assignment and assumption agreements from the transferor and
transferee, and (vi) that insurance proceeds and condemnation awards (from the fee interest as well
as the leasehold interest) will be applied pursuant to the terms of the applicable leasehold
mortgage.

     “Financial Contract” of a Person means (i) any exchange — traded or over-the-counter futures,
forward, swap or option contract or other financial instrument with similar characteristics, or
(ii) any Rate Management Transaction.

     “Financial Undertaking” of a Person means (i) any transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a liability on the
consolidated balance sheet of such Person, or (ii) any agreements, devices or arrangements designed
to protect at least one of the parties thereto from the fluctuations of interest rates, exchange
rates or forward rates applicable to such party’s assets, liabilities or exchange transactions,
including, but not limited to, interest rate exchange agreements, forward currency exchange
agreements, interest rate cap or collar protection agreements, forward rate currency or interest
rate options.

     “Fitch” means Fitch Investor Services, Inc. and its successors.

     “Fixed Rate” means the LIBOR Rate.

     “Fixed Rate Borrowing” means a Borrowing which bears interest at a Fixed Rate.

     “Fixed Rate Loan” means a Loan which bears interest at a Fixed Rate.

     “Floating Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for
such day plus (ii) ABR Applicable Margin for such day, in each case changing when and as the
Alternate Base Rate changes.

     “Floating Rate Borrowing” means a Borrowing which bears interest at the Floating Rate.

     “Floating Rate Loan” means a Loan which bears interest at the Floating Rate.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 6.1.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

     “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any
obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any Letter of Credit) to induce the creation of

-7-

 

which the guaranteeing person has issued a reimbursement, counter-indemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases,
dividends or other obligations (the “primary obligations”) of any other third Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without
limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (ii)
to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (iii) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of
the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold
harmless the owner of any such primary obligation against loss in respect thereof;
provided, however, that the term Guarantee Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum
stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the
maximum stated liability set forth in the instrument embodying such Guarantee Obligation),
provided, that in the absence of any such stated amount or stated liability, the amount of
such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Borrower in good faith.

     “Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of
such Person for borrowed money including without limitation any repurchase obligation or liability
of such Person with respect to securities, accounts or notes receivable sold by such Person, (b)
all obligations of such Person for the deferred purchase price of property or services (other than
current trade liabilities incurred in the ordinary course of business and payable in accordance
with customary practices), to the extent such obligations constitute indebtedness for the purposes
of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or
similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (f) all Guarantee
Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the
Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of
primary obligations of any other member of the Consolidated Group), (g) all reimbursement
obligations of such Person for letters of credit and other contingent liabilities, (h) any Net
Mark-to-Market Exposure and (i) all liabilities secured by any lien (other than liens for taxes not
yet due and payable) on any property owned by such Person even though such Person has not assumed
or otherwise become liable for the payment thereof.

     “Interest Period” means a LIBOR Interest Period.

     “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade), deposit account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes,
debentures or other securities of any other Person made by such Person.

-8-

 

     “Investment Affiliate” means any Person in which the Consolidated Group, directly or
indirectly, has an ownership interest, whose financial results are not consolidated under GAAP with
the financial results of the Consolidated Group.

     “Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or
affiliate of such Lender.

     “Letter of Credit” of a Person means a letter of credit or similar instrument which is issued
upon the application of such Person or upon which such Person is an account party or for which such
Person is in any way liable.

     “LIBOR Applicable Margin” means 0.75%.

     “LIBOR Base Rate” means, with respect to any Eurocurrency Borrowing, for any Interest Period,
the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published
by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period. If such
rate is not available at such time for any reason, then the “LIBOR Base Rate” for such Interest
Period shall be the rate per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurocurrency Borrowing being made, continued or converted by Bank of
America and with a term equivalent to such Interest Period would be offered by Bank of America’s
London Branch to major banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest
Period.

     “LIBOR Interest Period” means a period of one week (subject to availability) or one, two, or
three months (or such other period as may be approved by the Lenders) commencing on a Business Day
selected by the Borrower pursuant to this Agreement. Such LIBOR Interest Period shall end on (but
exclude) the day which corresponds numerically to such date one, two, or three months thereafter
(or such shorter period as may be approved by the Lenders), provided, however, that if there is no
such numerically corresponding day in such next, second, or third succeeding month, such LIBOR
Interest Period shall end on the last Business Day of such next, second, or third succeeding month.
If a LIBOR Interest Period would otherwise end on a day which is not a Business Day, such LIBOR
Interest Period shall end on the next succeeding Business Day, provided, however, that if said next
succeeding Business Day falls in a new calendar month, such LIBOR Interest Period shall end on the
immediately preceding Business Day.

     “LIBOR Rate” means, with respect to a Eurocurrency Borrowing for the relevant LIBOR Interest
Period, the sum of (i) the quotient of (a) the LIBOR Base Rate applicable to such LIBOR Interest
Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to
such LIBOR Interest Period, plus (ii) the LIBOR Applicable Margin in effect from

-9-

 

time to time
during such LIBOR Interest Period. The LIBOR Rate shall be rounded to the next higher 1/100 of 1%
if the rate is not a multiple of 1/100 of 1%.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title
retention agreement).

     “Loan” means, with respect to a Lender, such Lender’s portion of any Borrowing.

     “Loan Documents” means this Agreement, the Notes, and any other document from time to time
evidencing or securing indebtedness incurred by the Borrower under this Agreement, as any of the
foregoing may be amended or modified from time to time.

     “Loan Party” means Borrower, or any Subsidiary providing a guaranty of the Obligations.

     “Management Fees” means, collectively, all fees and income earned by the Borrower and any of
its Wholly-Owned Subsidiaries for the applicable period in connection with the management,
development, and operations of a Property including, without limitation, all property management
fees, asset management fees, leasing and sales commissions, development fees, construction
management fees, tenant coordination fees, legal fees, accounting fees, tax preparation fees,
consulting fees, and financing or debt placement fees.

     “Material Adverse Effect” means a material adverse effect on (i) the business, Property or
condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity
or enforceability of any of the Loan Documents.

     “Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or
any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in or under any Environmental Law, including, without
limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

     “Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or
from time to time may be contracted for, taken, reserved, charged or received on the indebtedness
evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the
laws of such state or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions of the Loan.

     “Merger” means the transactions contemplated by the Merger Agreement, including without
limitation, the acquisition by Borrower and/or its Subsidiaries of the Acquisition Properties.

     “Merger Agreement” is defined in Recital C.

-10-

 

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or
any other arrangement to which the Borrower or any member of the Controlled Group is a party to
which more than one employer is obligated to make contributions.

     “Multi-Property Entity” is a Subsidiary that owns more than one Project, either directly or
indirectly through the ownership of Capital Stock in another Subsidiary of Borrower, and owns an
interest in any Capital Stock in a Subsidiary of Borrower that owns fee simple title in, or ground
leases an asset that is not an Unencumbered Asset.

     “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess
(if any) of all unrealized losses over all unrealized profits of such Person arising from Rate
Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market
value of the cost to such Person of replacing such Rate Management Transaction or
other Financial Contract as of the date of determination (assuming the Rate Management
Transaction or other Financial Contract were to be terminated as of that date), and “unrealized
profits” means the fair market value of the gain to such Person of replacing such Rate Management
Transaction or other Financial Contract as of the date of determination (assuming such Rate
Management Transaction or other Financial Contract were to be terminated as of that date).

     “Net Operating Income” means, with respect to any Project for any period, “property rental and
other income” (as determined by GAAP) attributable to such Project accruing for such period
minus the amount of all expenses (as determined in accordance with GAAP) incurred in
connection with and directly attributable to the ownership and operation of such Project for such
period, including, without limitation, Property Management Fees and amounts accrued for the payment
of real estate taxes and insurance premiums, but excluding interest expense or other debt service
charges and any non-cash charges such as depreciation or amortization of financing costs. As used
herein “Property Management Fees”, means, with respect to each Project for any period, an
amount equal to three percent (3%) of the aggregate base rent and percentage rent due and payable
under leases with tenants at such Project.

     “Non-U.S. Lender” is defined in Section 3.5(d).

     “Note” means a promissory note, in substantially the form of Exhibit A hereto, duly
executed by the Borrower and payable to the order of a Lender in the amount of its Loans, including
any amendment, modification, renewal or replacement of such promissory note.

     “Notice of Assignment” is defined in Section 12.3.2.

     “Obligations” means all unpaid principal of and accrued and unpaid interest on the Notes, all
accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the
Borrower to the Lenders or to any Lender, the Administrative Agent or any indemnified party
hereunder arising under the Loan Documents.

     “Other Taxes” is defined in Section 3.5(b).

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     “Participants” is defined in Section 12.2.1.

     “Payment Date” means, with respect to the payment of interest accrued on any Borrowing, the
first day of each calendar month.

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Percentage” means for each Lender the ratio that such Lender’s outstanding Loans bears to the
aggregate outstanding balance of all Loans, expressed as a percentage.

     “Permitted Acquisitions” are defined in Section 6.14.

     “Permitted Liens” are defined in Section 6.15.

     “Person” means any natural person, corporation, firm, joint venture, partnership, association,
enterprise, trust or other entity or organization, or any government or political subdivision or
any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Code as to which the Borrower or any
member of the Controlled Group may have any liability.

     “Platform” is defined in Section 6.1.

     “Project” means any real estate asset owned by Borrower or any of its Subsidiaries or any
Investment Affiliate, and operated or intended to be operated as a retail, office or industrial
property.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

     “Purchasers” is defined in Section 12.3.1.

     “Qualified Jointly-Owned Subsidiary” means a Subsidiary which (i) is not a Wholly-Owned
Subsidiary, and (ii) is governed by organizational documents which expressly authorize the Borrower
or the Wholly-Owned Subsidiary which is its general partner or managing member to cause such
Subsidiary to guaranty, or pledge such Subsidiary’s assets to secure, indebtedness of the Borrower.

     “Rate Management Transaction” means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by the Borrower which is a rate swap, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions) or any combination

-12-

 

thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.

     “Recourse Indebtedness” means any Indebtedness of Borrower or any of its Subsidiaries with
respect to which the liability of the obligor is not limited to the obligor’s interest in specified
assets securing such Indebtedness, subject to customary limited exceptions for certain acts or
types of liability.

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.

     “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the
regulations issued under such section, with respect to a Plan, excluding, however, such events as
to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be
notified within 30 days of the occurrence of such event, provided, however, that a failure to
meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall
be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in
accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

     “Required Lenders” means Lenders in the aggregate holding at least 66 2/3% of the aggregate
unpaid principal amount of the outstanding Loans.

     “Reserve Requirement” means, with respect to a Eurocurrency Loan and LIBOR Interest Period,
that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the
Federal Reserve Board or other governmental authority or agency having jurisdiction with respect
thereto for determining the maximum reserves (including, without limitation, basic, supplemental,
marginal and emergency reserves) for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D) maintained by a member bank of the Federal Reserve System.

     “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Capital Stock in the Borrower or any Subsidiary, or any payment
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such Capital Stock in the Borrower or any option, warrant or other right to acquire any such
Capital Stock in the Borrower, or any transaction that has a substantially similar effect.

-13-

 

     “Revolving Credit Agreement” means the Seventh Amended and Restated Credit Agreement among
Borrower, certain other borrowers, JPMorgan Chase Bank, N.A., as agent, and the lenders identified
therein dated as of June 29, 2006.

     “Section” means a numbered section of this Agreement, unless another document is specifically
referenced.

     “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled
Group for employees of the Borrower or any member of the Controlled Group.

     “S&P” means Standard & Poor’s Ratings Group and its successors.

     “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries, or (ii) any partnership, association, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. Unless otherwise expressly provided, all references herein
to a “Subsidiary” shall mean a Subsidiary of the Borrower.

     “Subsidiary Guarantor” means a Subsidiary which has delivered a Subsidiary Guaranty.

     “Subsidiary Guaranty” means a guarantee of all obligations delivered by each Subsidiary
required for Borrower to comply with its financial covenants.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which (i) represents more than 10% of the assets of the Consolidated Group
as would be shown in the consolidated financial statements of the Consolidated Group as
at the beginning of the twelve-month period ending with the month immediately preceding the
month in which such determination is made, or (ii) is responsible for more than 10% of the
consolidated net sales or of the consolidated net income of the Consolidated Group as reflected in
the financial statements referred to in clause (i) above.

     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes and Other Taxes.

     “Transferee” is defined in Section 12.4.

     “Type” when used in reference to any Loan or Borrowing, refers to the rate by reference to
which interest on such Loan, or on the Loans comprising such Borrowing, is determined.

     “Unencumbered Asset” means, subject to clauses (a), (b) and (c) below, any Project and any
Asset Under Development located in the United States, Puerto Rico or an Acceptable Jurisdiction
100% of which is owned in fee simple or ground leased by the Borrower, a Wholly-Owned Subsidiary,
or a Qualified Jointly-Owned Subsidiary (provided that a Project which is ground leased shall be
included as an Unencumbered Asset only if such ground lease is a

-14-

 

Financeable Ground Lease) which,
as of any date of determination, is not subject to any Liens, claims, or restrictions on
transferability or assignability of any kind (including any such Lien, claim or restriction imposed
by the organizational documents of any Subsidiary) other than (i) Permitted Liens set forth in
Sections 6.15(a) through 6.15(d)) and (ii) restrictions on transferability in the case of a
Qualified Jointly Owned Subsidiary.

     (a) No Project or Asset Under Development will be an Unencumbered Asset if Borrower,
the owner of such Project or Asset Under Development (an “Unencumbered Asset Ownership
Entity”) or any Subsidiary that is in the direct chain of ownership between Borrower and the
Unencumbered Asset Ownership Entity (a “Relevant Subsidiary”) is subject to any agreement
(including (i) any agreement governing Indebtedness and (ii) if applicable, the
organizational documents of Borrower, any Relevant Subsidiary or Unencumbered Asset
Ownership Entity) that prohibits or limits the ability of the Borrower, the Unencumbered
Asset Ownership Entity or any Relevant Subsidiary to create, incur, assume or suffer to
exist any Lien upon that Project or Asset Under Development or upon the Capital Stock of the
Unencumbered Asset Ownership Entity, or any Relevant Subsidiary, including, without
limitation, any negative pledge or similar covenant or restriction.

     (b) No Project or Asset Under Development will be an Unencumbered Asset if the
Unencumbered Asset Ownership Entity or any Relevant Subsidiary is subject to any agreement
(including any agreement governing Indebtedness incurred in order to finance or refinance
the acquisition of such asset) that entitles any Person to the benefit of any Lien (other
than Permitted Liens set forth in Sections 6.15(a) through 6.15(d)) on any assets or Capital
Stock of the Unencumbered Asset Ownership Entity or any Relevant Subsidiary or would entitle
any Person to the benefit of any Lien (other than Permitted Liens set forth in Sections
6.15(a) through 6.15(d)) on such assets or Capital Stock upon the occurrence of any
contingency (including, without limitation, pursuant to an “equal and ratable” clause),
except, in each case, for (x) Liens upon the assets of a Multi-Property Entity, provided
such assets are not Unencumbered Assets, and (y) Liens on the Capital Stock of Subsidiaries
of a Multi-Property Entity that do not directly or indirectly own Unencumbered Assets.

     (c) No Project or Asset Under Development will be an Unencumbered Asset unless the
Unencumbered Asset Ownership Entity and each Relevant Subsidiary (to the extent such entity
is not a Subsidiary Guarantor) does not have any Indebtedness for borrowed money or any
Guarantee Obligations, other than (A) Guarantee Obligations or Indebtedness for which
recovery is limited to a Project or Asset Under Development that is not an Unencumbered
Asset or the Capital Stock of an entity that owns a Project or Asset Under Development that
is not an Unencumbered Asset, or (B) Guarantee Obligations for nonrecourse carveouts,
completion guarantees or environmental guarantees provided that the obligations described in
this clause (B) shall be permitted only if the Unencumbered Asset Ownership Entity or the
Relevant Subsidiary that has the Guarantee Obligation is a Qualified Borrower or has
executed a Subsidiary Guaranty.

-15-

 

     “Unfunded Liabilities” means the amount (if any) by which the present value of all vested
nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such
Plan assets allocable to such benefits, all determined as of the then most recent valuation date
for such Plans.

     “Unmatured Default” means an event which but for the lapse of time or the giving of notice, or
both, would constitute a Default.

     “Unsecured Indebtedness” means all Indebtedness of any person that is not secured by a Lien on
any asset of such Person.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting
securities of which shall at the time be owned or controlled, directly or indirectly, by such
Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more
Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, association, joint venture or
similar business organization 100% of the ownership interests having ordinary voting power of which
shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms.

     1.2 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Type (e.g., a “Eurocurrency Loan”). Borrowings also may be
classified and referred to by Type (e.g., a “Eurocurrency Borrowing”).

     1.3 Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. Unless the context
requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be
construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement.

ARTICLE II

THE CREDIT

     2.1 Commitments. This Facility (“Facility”) is a single draw unsecured term loan in
the maximum amount of the Aggregate Commitment. Subject to the terms and conditions of this
Agreement, each Lender severally agrees to make a single disbursement through the

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Administrative
Agent to Borrower (the “Disbursement”) in an amount not to exceed its Commitment. This Facility is
not a revolving credit facility and, except as provided in Section 3.3, any part of the
Loans repaid may not be reborrowed. The commitment to lend hereunder shall expire on March 15,
2007.

     2.2 Loans and Borrowings.

     (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the
Lenders ratably in accordance with their respective Commitments. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder.

     (b) Each Lender at its option may make any Eurocurrency Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of the relevant Borrower to repay such Loan in
accordance with the terms of this Agreement.

     (c) No more than 3 Eurocurrency Borrowings may be outstanding at any one time.

     (d) Notwithstanding any other provision of this Agreement, Borrower shall not be
entitled to request, or to elect to convert or continue, any Borrowing if the Interest
Period requested with respect thereto would end after the Facility Termination Date.

     2.3 Request for Borrowing. To request the Disbursement, the Borrower shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not
later than 11:00 a.m., New York City time, three Business Days before the date of the proposed
Borrowing or (b) in the case of a Floating Rate Borrowing, not later than 9:00 a.m., New York City
time, on the date of the proposed Borrowing. A telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by delivery to the Administrative Agent of a written Borrowing
Request in a form approved by the Administrative Agent. The Borrowing Request shall specify the
following information in compliance with Section 2.2: (i) the Type of the requested
Borrowing; (ii) the
aggregate amount of such Borrowing; (iii) the date of such Borrowing, which shall be a Business
Day; (iv) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable
thereto; and (v) the location and number of the relevant Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.10. If no Interest
Period is specified with respect to any requested Eurocurrency Borrowing, then the relevant
Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent
shall advise each relevant Lender of the details thereof and of the amount of such Lender’s Loan to
be made as part of the requested Borrowing.

     2.4 Final Principal Payment and Extension of Facility Termination Date. Any outstanding
Borrowings and all other unpaid Obligations shall be paid in full by the Borrower on the Facility
Termination Date. At Borrower’s option, provided no Default or Unmatured Default has occurred and
is continuing, the Borrower may request a three month extension of the Facility

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Termination Date by
submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more
than thirty and no fewer than fifteen days prior to the Facility Termination Date. Promptly upon
receipt of an Extension Request, the Administrative Agent shall notify each Lender of the Extension
Request. It shall be an additional condition precedent to any extension of the Facility
Termination Date pursuant hereto that the Borrower shall have paid to the Administrative Agent for
the ratable benefit of the Lenders, on or before the original Facility Termination Date a fee equal
to 0.05% of the outstanding principal balance of the Loans as of the time of the extension.

     2.5 Other Fees. The Borrower agrees to pay all fees payable to the Administrative Agent and
the Arranger pursuant to the Borrower’s letter agreement with the Administrative Agent and the
Arranger dated February 20, 2007.

     2.6 Principal Payments. The Borrower may from time to time pay, without penalty or premium,
all or any part of outstanding Floating Rate Borrowings without prior notice to the Administrative
Agent. A Fixed Rate Borrowing may be paid on the last day of the applicable Interest Period or, if
and only if the Borrower pays any amounts due to the Lenders under Sections 3.4 and
3.5 as a result of such prepayment, on a day prior to such last day.

     Borrower shall make a payment in an amount equal to 100% of the net cash proceeds from the
sale or refinance of any of the Acquisition Properties within two Business Days following the date
of such sale or refinancing, provided that if such a payment would result in there being amounts
due pursuant to Section 3.4 because the payment is made before the end of the applicable Interest
Period, then Borrower shall be permitted to delay such payment and make it at the soonest time or
times as Interest Periods expire so that no breakage costs become due.

     2.7 Funding of Borrowings. Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders, in immediately available funds, not
later than 12:00 noon, New York City time. The Administrative Agent will make such Loans available
to the Borrower by
promptly crediting the amounts so received, in like funds, to an account designated by the Borrower
in the applicable Borrowing Request, which account must be in the name of the Borrower.

     2.8 Interest Elections.

     (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period
as specified in such Borrowing Request. Thereafter, a Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this
Section. A Borrower may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such
portion shall be considered a separate Borrowing. Notwithstanding the foregoing, a Borrower
may not (i) elect an Interest Period for Eurocurrency Loans

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that does not comply with
Section 2.2(d), (ii) elect to convert any Floating Rate Loans to Eurocurrency Loans
that would result in the number of Eurocurrency Borrowings exceeding the maximum number of
Eurocurrency Borrowings permitted under Section 2.2(c), or (iii) elect an Interest
Period for Eurocurrency Loans unless the aggregate outstanding principal amount of
Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same
currency on the date that such Interest Period is to begin) to which such Interest Period
will apply complies with the requirements as to minimum principal amount set forth in
Section 2.2(c).

     (b) To make an election pursuant to this Section (an “Interest Election Request”), a
Borrower shall notify the Administrative Agent of such election by telephone by the time
that a Borrowing Request would be required under Section 2.3 if such Borrower were
requesting a Borrowing of the Type resulting from such election to be made on the effective
date of such election. Each such telephonic Interest Election Request shall be irrevocable
and shall be confirmed promptly by delivery to the Administrative Agent of a written
Interest Election Request in a form approved by the Administrative Agent (hereinafter
referred to as a “Conversion/Continuation Notice”).

     (c) Each telephonic and written Conversion/Continuation Notice shall specify the
following information in compliance with Section 2.2 and paragraph (a) of this
Section: (i) the Borrowing to which such Conversion/Continuation Notice applies; (ii) the
effective date of the election made pursuant to such Conversion/Continuation Notice, which
shall be a Business Day; (iii) whether the resulting Borrowing is to be a Floating Rate
Borrowing or a Eurocurrency Borrowing; and (iv) if the resulting Borrowing is a Eurocurrency
Borrowing, the Interest Period to be applicable thereto after giving effect to such
election. If any such Conversion/Continuation Notice requests a Eurocurrency Borrowing but
does not specify an Interest Period, then the relevant Borrower shall be deemed to have
selected an Interest Period of one month’s duration.

     (d) Promptly following receipt of a Conversion/Continuation Notice, the Administrative
Agent shall advise each relevant Lender of the details thereof and of such Lender’s portion
of each resulting Borrowing.

     (e) If the Borrower fails to deliver a timely Conversion/Continuation Notice with
respect to a Eurocurrency Borrowing prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the
end of such Interest Period such Borrowing shall be converted to a Floating Rate Borrowing.

     2.9 Changes in Interest Rate, Etc. Each Floating Rate Borrowing shall bear interest on the
outstanding principal amount thereof, for each day from and including the date such Borrowing is
made or is converted from a Fixed Rate Borrowing into a Floating Rate Borrowing pursuant to
Section 2.8 to but excluding the date it becomes due or is converted into a Fixed Rate
Borrowing pursuant to Section 2.8 hereof, at a rate per annum equal to the Floating Rate
for such day. Changes in the rate of interest on that portion of any Borrowing maintained as a
Floating Rate Borrowing will take effect simultaneously with each change in the Alternate Base
Rate. Each Fixed Rate Borrowing shall bear interest from and including the first day of the
Interest

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Period applicable thereto to (but not including) the last day of such Interest Period at
the interest rate determined as applicable to such Fixed Rate Borrowing.

     2.10 Rates Applicable After Default. Notwithstanding anything to the contrary contained in
Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the
Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at
the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that no Borrowing may be
converted into or continued as a Fixed Rate Borrowing. During the continuance of a Default the
Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at
the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that (i) each Fixed Rate
Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate
otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate
Borrowing shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable
to the Floating Rate Borrowing plus 2% per annum.

     2.11 Method of Payment.

     (a) All payments of the Obligations hereunder shall be made, without setoff, deduction,
or counterclaim, in immediately available funds to the Administrative Agent at the
Administrative Agent’s address specified pursuant to Article XIII, or at any other
Lending Installation of the Administrative Agent specified in writing by the Administrative
Agent to the Borrower, by 1:00 p.m. New York time on the date when due and shall be applied
ratably by the Administrative Agent among the Lenders.

     (b) As provided elsewhere herein, all Lenders’ interests in the Borrowings and the Loan
Documents shall be ratable undivided interests and none of such Lenders’ interests shall
have priority over the others. Each payment delivered to the Administrative Agent for the
account of any Lender or amount to be applied or paid by the Administrative Agent to any
Lender shall be paid promptly (on the same day as received by the Administrative Agent if
received prior to noon (local time) on such day, and otherwise on the next Business Day) by
the Administrative Agent to such Lender in the same type of funds that the Administrative
Agent received at its address specified
pursuant to Article XIII or at any Lending Installation specified in a notice
received by the Administrative Agent from such Lender. Payments received by the
Administrative Agent but not timely funded to the Lenders shall bear interest payable by the
Administrative Agent at the Federal Funds Rate from the date due until the date paid. The
Administrative Agent is hereby authorized to charge the account of the Borrower maintained
with the Administrative Agent for each payment of principal, interest and fees as it becomes
due hereunder.

     2.12 Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount
of each of its Loans and each repayment on the schedule attached to its Note, provided, however,
that the failure to so record shall not affect the Borrower’s obligations under such Note. The
Borrower hereby authorizes the Lenders and the Administrative Agent to extend,

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convert or continue
Borrowings, effect selections of Types of Borrowings and to transfer funds based on telephonic
notices made by any Authorized Officer. The Borrower agrees to deliver promptly to the
Administrative Agent a written confirmation, if such confirmation is requested by the
Administrative Agent or any Lender, of each telephonic notice. If the written confirmation differs
in any material respect from the action taken by the Administrative Agent and the Lenders, the
records of the Administrative Agent and the Lenders shall govern absent manifest error.

     2.13 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Borrowing shall
be payable on each Payment Date, commencing with the first such date to occur after the date
hereof, at maturity, whether by acceleration or otherwise, and upon any termination of the
Aggregate Commitment in its entirety under Section 2.1 hereof. Interest and Facility Fees
shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be
payable for the day a Borrowing is made but not for the day of any payment on the amount paid if
payment is received prior to noon (local time) at the place of payment. If any payment of
principal of or interest on a Borrowing shall become due on a day which is not a Business Day, such
payment shall be made on the next succeeding Business Day and, in the case of a principal payment,
such extension of time shall be included in computing interest in connection with such payment.

     2.14 Notification of Borrowings, Interest Rates and Prepayments. The Administrative Agent will
notify each Lender of the contents of each Borrowing Request, Conversion/Continuation Notice, and
repayment notice received by it hereunder not later than the close of business on the Business Day
such notice is received by the Administrative Agent (or such earlier time as is required by
Section 2.3). The Administrative Agent will notify each Lender of the interest rate
applicable to each Fixed Rate Borrowing promptly upon determination of such interest rate and will
give each Lender prompt notice of each change in the Alternate Base Rate.

     2.15 Lending Installations. Subject to Section 3.6, each Lender may book its Loans at
any Lending Installation selected by such Lender and may change its Lending Installation from time
to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes
shall be deemed held by each Lender for the benefit of such Lending Installation. Each Lender may,
by written or telex
notice to the Administrative Agent and the Borrower, designate a Lending Installation through which
Loans will be made by it and for whose account Loan payments are to be made.

     2.16 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the
case may be, notifies the Administrative Agent prior to the time at which it is scheduled to make
payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii)
in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent
for the account of the Lenders, that it does not intend to make such payment, the Administrative
Agent may assume that such payment has been made. The Administrative Agent may, but shall not be
obligated to, make the amount of such payment available to the intended recipient in reliance upon
such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such
payment to the Administrative Agent,

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the recipient of such payment shall, on demand by
the Administrative Agent, repay to the Administrative Agent the amount so made available together
with interest thereon in respect of each day during the period commencing on the date such amount
was so made available by the Administrative Agent until the date the Administrative Agent recovers
such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds
Rate for such day or (ii) in the case of payment by the Borrower, the interest rate applicable to
the relevant Loan. If such Lender so repays such amount and interest thereon to the Administrative
Agent within one Business Day after such demand, all interest accruing on the Loan not funded by
such Lender during such period shall be payable to such Lender when received from the Borrower.

     2.17 Replacement of Lenders under Certain Circumstances. The Borrower shall be permitted
to replace any Lender which (a) is not capable of receiving payments without any deduction or
withholding of United States federal income tax pursuant to Section 3.5, or (b) cannot
maintain its Fixed Rate Loans at a suitable Lending Installation pursuant to Section 3.3,
with a replacement bank or other financial institution; provided that (i) such replacement
does not conflict with any applicable legal or regulatory requirements affecting the Lenders, (ii)
no Default or (after notice thereof to Borrower) no Unmatured Default shall have occurred and be
continuing at the time of such replacement, (iii) the Borrower shall repay
(or the replacement bank or institution shall purchase, at par) all Loans and other amounts owing
to such replaced Lender prior to the date of replacement, (iv) the Borrower shall be liable to such
replaced Lender under Sections 3.4 and 3.6 if any Fixed Rate Loan owing to such
replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period
relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms
and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent,
(vi) the replaced Lender shall be obligated to make such replacement in accordance with the
provisions of Section 12.3 (provided that the Borrower shall be obligated to pay the
processing fee referred to therein), (vii) until such time as such replacement shall be
consummated, the Borrower shall pay all additional amounts (if any) required pursuant to
Section 3.5 and (viii) any such replacement shall not be deemed to be a waiver of any
rights which the Borrower, the Administrative Agent or any other Lender shall have against the
replaced Lender.

     2.18 Application of Moneys Received. All moneys collected or received by the
Administrative Agent on account of the Facility directly or indirectly, shall be applied in the
following order of priority:

     (a) to the payment of all reasonable costs incurred in the collection of such moneys of
which the Administrative Agent shall have given notice to the Borrower;

     (b) to the reimbursement of any yield protection due to any of the Lenders in
accordance with Section 3.1;

     (c) first to interest then due to the Lenders until paid in full and then to principal
for all Lenders (other than Defaulting Lenders);

     (d) any other sums due to the Administrative Agent or any Lender under any of the Loan
Documents; and

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     (e) to the payment of any sums due to each Defaulting Lender as their respective
Percentages appear (provided that Administrative Agent shall have the right to set-off
against such sums any amounts due from such Defaulting Lender).

     2.19 Usury. This Agreement and each Note are subject to the express condition that at no
time shall Borrower be obligated or required to pay interest on the principal balance of the Loan
at a rate which could subject any Lender to either civil or criminal liability as a result of being
in excess of the Maximum Legal Rate. If by the terms of this Agreement or the Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal balance due
hereunder at a rate in excess of the Maximum Legal Rate, the interest rate or the Default Rate, as
the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all
previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All sums paid or agreed
to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall,
to the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of the Loan until payment in full so that the rate or amount
of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to
time in effect and applicable to the Loan for so long as the Loan is outstanding.

ARTICLE III

CHANGE IN CIRCUMSTANCES

     3.1 Yield Protection. If, on or after the date of this Agreement, the adoption of any law
or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether
or not having the force of law), or any change in the interpretation or administration thereof by
any governmental or quasi-governmental authority, central bank or comparable agency charged with
the interpretation or administration thereof, or compliance by any Lender or applicable Lending
Installation with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency (collectively, “Change in Law”):

     (a) subjects any Lender or any applicable Lending Installation to any Taxes, or changes
the basis of taxation of payments (other than with respect to Excluded Taxes) to any Lender
in respect of its Eurocurrency Loans, or participations therein, or

     (b) imposes or increases or deems applicable any reserve, assessment, insurance charge,
special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender or any applicable Lending Installation (other than
reserves and assessments taken into account in determining the interest rate applicable to
Fixed Rate Borrowings), or

     (c) imposes any other condition the result of which is to increase the cost to any
Lender or any applicable Lending Installation of making, funding or maintaining its Fixed
Rate Loans, or reduces any amount receivable by any Lender or any applicable Lending
Installation in connection with its Fixed Rate Loans, or participations therein, or

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requires
any Lender or any applicable Lending Installation to make any payment calculated by
reference to the amount of Fixed Rate Loans, or participations therein held or interest
received by it, by an amount deemed material by such Lender,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation, of making or maintaining its Fixed Rate Loans or to reduce the return receivable by
such Lender or applicable Lending Installation, in connection with such Fixed Rate Loans or
participations therein, then, within 30 days of demand by such Lender, the Borrower shall pay such
Lender such additional amount or amounts as will compensate such Lender for such increased cost or
reduction in amount receivable.

     3.2 Changes in Capital Adequacy Regulations. If a Lender in good faith determines the
amount of capital required or expected to be maintained by such Lender, any Lending Installation of
such Lender or any corporation
controlling such Lender is increased as a result of a Change (as hereinafter defined), then, within
30 days of demand by such Lender, the Borrower shall pay such Lender the amount necessary to
compensate for any shortfall in the rate of return on the portion of such increased capital which
such Lender in good faith determines is attributable to this Agreement, its outstanding Loan or its
obligation to make Loans, hereunder (after taking into account such Lender’s policies as to capital
adequacy). “Change” means (i) any change after the date of this Agreement in the
Risk-Based Capital Guidelines (as hereinafter defined) or (ii) any adoption of or change in any
other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation,
or directive (whether or not having the force of law) after the date of this Agreement which
affects the amount of capital required or expected to be maintained by any Lender or any Lending
Installation or any corporation controlling any Lender. “Risk-Based Capital Guidelines”
means (i) the risk-based capital guidelines in effect in the United States on the date of this
Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated
by regulatory authorities outside the United States implementing the July 1988 report of the Basle
Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of
Capital Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     3.3 Availability of Types of Borrowings. If any Lender in good faith determines that
maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any
applicable law, rule, regulation or directive, whether or not having the force of law, the
Administrative Agent shall suspend the availability of the affected Type of Borrowing and require
any Fixed Rate Borrowings of the affected Type to be repaid; or if the Required Lenders in good
faith determine that (i) deposits of a type or maturity appropriate to match fund Fixed Rate
Borrowings are not available, the Administrative Agent shall suspend the availability of the
affected Type of Borrowing with respect to any Fixed Rate Borrowings made after the date of any
such determination, or (ii) an interest rate applicable to a Type of Borrowing does not accurately
reflect the cost of making a Fixed Rate Borrowing of such Type, then, if for any reason whatsoever
the provisions of Section 3.1 are inapplicable, the Administrative Agent shall suspend the
availability of the affected Type of Borrowing with respect to any Fixed Rate Borrowings made after
the date of any such determination. If the Borrower is required to so repay a Fixed Rate
Borrowing, the Borrower may concurrently with such repayment borrow

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from the Lenders, in the amount
of such repayment, a Loan bearing interest at the Alternate Base Rate.

     3.4 Funding Indemnification. If any payment of a Fixed Rate Borrowing occurs on a date
which is not the last day of the applicable Interest Period, whether because of acceleration,
prepayment or otherwise, or a Fixed Rate Borrowing is not made on the date specified by the
Borrower for any reason other than default by the Lenders or as a result of unavailability pursuant
to Section 3.3, the Borrower will indemnify each Lender for any loss or cost (only if and
to the extent that a Lender requests such indemnification from the Borrower) incurred by it
resulting therefrom, including, without limitation, any loss or cost in liquidating or employing
deposits acquired to fund or maintain the
Fixed Rate Borrowing, and shall pay all such losses or costs within fifteen (15) days after written
demand therefor. Without limitation of any losses arising from changes in the Fixed Rate adverse
to the Lenders, in no event will the administrative fee payable by the Borrower as a result of such
early payment or failure to make an advance exceed $250 per contract occurrence per Lender (such
amount shall be payable only if and to the extent that a Lender requests such an administrative fee
from the Borrower) to be billed by the Administrative Agent ten (10) Business Days following
quarter-end along with breakage costs. Only if and to the extent that a Lender requests breakage
costs from the Borrower, breakage costs for the Eurocurrency Borrowings shall be determined by the
Administrative Agent on behalf of that Lender by multiplying the amount prepaid by the amount, if
any, by which (x) a LIBOR-based rate for a term quoted on page 3750 of the Dow Jones Market Service
telerate screen and closest to (but at least as long as) the remaining duration of the Interest
Period as the case may be for the principal sum being prepaid, and for an amount comparable to such
principal sum, is less than (y) the LIBOR Base Rate in effect for the principal sum being so
prepaid, immediately prior to the prepayment of such sum, all as determined as of the date of the
occurrence of the event giving rise to the LIBOR Rate break funding.

     3.5 Taxes. 

     (a) All payments by the Borrower to or for the account of any Lender or the
Administrative Agent hereunder or under any Note shall be made free and clear of and without
deduction for any and all Taxes. If the Borrower shall be required by law to deduct any
Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative
Agent, (a) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this
Section 3.5) such Lender or the Administrative Agent (as the case may be) receives
an amount equal to the sum it would have received had no such deductions been made, (b) the
Borrower shall make such deductions, (c) the Borrower shall pay the full amount deducted to
the relevant authority in accordance with applicable law and (d) the Borrower shall furnish
to the Administrative Agent the original copy of a receipt evidencing payment thereof within
30 days after such payment is made.

     (b) In addition, the Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies which
arise from any payment made hereunder or under any Note or from the execution or delivery
of, or otherwise with respect to, this Agreement or any Note (“Other Taxes”).

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          (c) The Borrower hereby agrees to indemnify the Administrative Agent and each Lender
for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or
Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent or such Lender and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto. Payments due under this
indemnification shall be made within 30 days of the date the Administrative Agent or such
Lender makes demand therefor pursuant to Section 3.6.

          (d) Each Lender that is not incorporated under the laws of the United States of America
or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten
Business Days after the date of this Agreement, (i) deliver to each of the Borrower and the
Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-8BEN or W-8ECI (or any successor or other applicable form prescribed by the IRS),
certifying in either case that such Lender is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes, and
(ii) deliver to each of the Borrower and the Administrative Agent a United States Internal
Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption
from United States backup withholding tax. Each Non-U.S. Lender further undertakes to
deliver to each of the Borrower and the Administrative Agent (x) renewals or additional
copies of such form (or any successor form) on or before the date that such form expires or
becomes obsolete, and (y) after the occurrence of any event requiring a change in the most
recent forms so delivered by it, such additional forms or amendments thereto as may be
reasonably requested by the Borrower or the Administrative Agent. All forms or amendments
described in the preceding sentence shall certify that such Lender is entitled to receive
payments under this Agreement without deduction or withholding of any United States federal
income taxes, unless an event (including without limitation any change in treaty, law or
regulation) has occurred prior to the date on which any such delivery would otherwise be
required which renders all such forms inapplicable or which would prevent such Lender from
duly completing and delivering any such form or amendment with respect to it and such Lender
advises the Borrower and the Administrative Agent that it is not capable of receiving
payments without any deduction or withholding of United States federal income tax.

          (e) For any period during which a Non-U.S. Lender has failed to provide the Borrower
with an appropriate form pursuant to clause (iv), above (unless such failure is due to a
change in treaty, law or regulation, or any change in the interpretation or administration
thereof by any governmental authority, occurring subsequent to the date on which a form
originally was required to be provided), such Non-U.S. Lender shall not be entitled to
indemnification under this Section 3.5 with respect to Taxes imposed by the United
States.

          (f) Each Non-U.S. Lender shall promptly notify the Borrower of any event of which it
has knowledge that will result in, and will use reasonable commercial efforts available to
it to mitigate or avoid, any obligation by the Borrower to pay any amount pursuant to
Section 3.5. Without limiting the foregoing, each Non-U.S. Lender will

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designate a
different funding office if such designation will
avoid (or reduce the cost to the Borrower
of) any event described above.

     (g) If any Lender or the Administrative Agent receives a refund or credit in respect of
any Taxes as to which it has been indemnified by the Borrower or with respect to which the
Borrower has paid additional amounts pursuant to this Section 3.5, such Lender or
Administrative Agent shall within 30 days from the date of such receipt pay over the amount
of such refund or credit to the Borrower, net of all reasonable out-of-
pocket expenses of such Lender or Administrative Agent and without interest (other than
interest paid by the relevant Governmental Authority with respect to such refund or credit);
provided, that the Borrower, upon request of such Lender or Administrative Agent, agrees to
repay the amount paid over to the Borrower (plus penalties, interest or other reasonable
charges) to such Lender or Administrative Agent in the event such Lender or Administrative
Agent is required to repay such refund or credit to such Governmental Authority. This
paragraph shall not be construed to require the Administrative Agent or Lender to make
available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person.

     (h) Any Lender that is entitled to an exemption from or reduction of withholding tax
with respect to payments under this Agreement or any Note pursuant to the law of any
relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate following receipt of such
documentation.

     (i) If the U.S. Internal Revenue Service or any other governmental authority of the
United States or any other country or any political subdivision thereof asserts a claim that
the Administrative Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or properly completed,
because such Lender failed to notify the Administrative Agent of a change in circumstances
which rendered its exemption from withholding ineffective, or for any other reason), such
Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or
indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise,
including penalties and interest, and including taxes imposed by any jurisdiction on amounts
payable to the Administrative Agent under this subsection, together with all costs and
expenses related thereto (including attorneys fees and time charges of attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative Agent). The
obligations of the Lenders under this Section 3.5(vii) shall survive the payment of
the Obligations and termination of this Agreement and any such Lender obligated to indemnify
the Administrative Agent shall not be entitled to indemnification from the Borrower with
respect to such amounts, whether pursuant to this Article or otherwise, except to
the extent the Borrower participated in the actions giving rise to such liability.

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     3.6 Lender Statements; Survival of Indemnity. To the extent reasonably possible, each
Lender shall designate an alternate Lending Installation with respect to its Fixed Rate Loans to
reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to
avoid the unavailability of Fixed Rate Borrowings under Section 3.3, so long as such
designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender.
Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the
Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail
the calculations upon which such Lender determined such amount and shall be final, conclusive and
binding on the Borrower in the absence of manifest error. Determination of amounts payable under
such Sections in connection with a Fixed Rate Loan shall be calculated as though each Lender funded
its Fixed Rate Loan through the purchase of a deposit of the type and maturity corresponding to the
deposit used as a reference in determining the Fixed Rate applicable to such Loan, whether in fact
that is the case or not. Unless otherwise provided herein, the amount specified in the written
statement of any Lender shall be payable on demand after receipt by the Borrower of such written
statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5
shall survive payment of the Obligations and termination of this Agreement.

ARTICLE IV

CONDITIONS PRECEDENT

     4.1 Disbursement. The Lenders shall not be required to make the Disbursement hereunder
unless (a) the Borrower shall, prior to or concurrently with such Disbursement, have paid all fees
due and payable to the Lenders and the Administrative Agent hereunder, and (b) the Borrower shall
have furnished to the Administrative Agent, with sufficient copies for the Lenders, the following:

     (a) The duly executed originals of the Loan Documents, including the Notes, payable to
the order of each of the Lenders, this Agreement, and the Subsidiary Guaranty;

     (b) (A) Certificates of good standing for the Borrower from the states of organization
of the Borrower, certified by the appropriate governmental officer and dated not more than
thirty (30) days prior to the Agreement Execution Date, and (B) current foreign
qualification certificates for the Borrower, certified by the appropriate governmental
officer, for each other jurisdiction where the failure of the Borrower to so qualify or be
licensed (if required) would have a Material Adverse Effect;

     (c) Copies of the formation documents (including code of regulations, if appropriate)
of the Borrower certified by an officer of the Borrower, together with all amendments
thereto;

     (d) Incumbency certificates, executed by officers of the Borrower, which shall identify
by name and title and bear the signature of the Persons authorized to sign the Loan
Documents and to make borrowings hereunder on behalf of the Borrower, upon

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which certificate
the Administrative Agent and the Lenders shall be entitled to rely until informed of any
change in writing by the Borrower;

     (e) Copies, certified by a Secretary or an Assistant Secretary of the Borrower of the
Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably
deemed necessary by counsel for any Lender) authorizing the Borrowings provided for herein,
with respect to the Borrower, and the execution, delivery and
performance of the Loan Documents to be executed and delivered by the Borrower and each
Subsidiary Guarantor hereunder;

     (f) A written opinion of the Borrower’s and Subsidiary Guarantors’ counsel, addressed
to the Lenders in such form as the Administrative Agent may reasonably approve;

     (g) A certificate, signed by an officer of the Borrower, stating that on the initial
Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all
representations and warranties of the Borrower are true and correct as of the initial
Borrowing Date provided that such certificate is in fact true and correct;

     (h) The most recent financial statements of the Borrower;

     (i) UCC financing statement, judgment, and tax lien searches with respect to the
Borrower from its State of organization;

     (j) Written money transfer instructions, in substantially the form of Exhibit E
hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together
with such other related money transfer authorizations as the Administrative Agent may have
reasonably requested;

     (k) A true, correct and complete copy of the documents pursuant to which Borrower is
acquiring the Acquisition Properties, together with such evidence as the Administrative
Agent may require that all conditions precedent, including required approvals, in connection
with the Merger and acquisition of the Acquisition Properties shall have been satisfied (or
waived), and that the Merger and acquisition of the Acquisition Properties shall have closed
simultaneously with the disbursement of the Facility;

     (l) A pro-forma compliance certificate in the form of Exhibit C as of the most
recent date available, executed by the Borrower’s chief financial officer or chief
accounting officer prepared on the assumption that the Merger has closed;

     (m) Copies of any consent and/or waiver under the Revolving Credit Agreement or other
agreements that are required to consummate the acquisition of the Acquisition Properties and
to complete the transactions related thereto;

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     (n) Evidence satisfactory to Lenders that the amount of the Facility, plus the amount
of mortgage debt secured by the Acquisition Properties, does not exceed 70% of the total
purchase price of the Acquisition Properties; and

     (o) Such other documents as any Lender or its counsel may have reasonably requested,
the form and substance of which documents shall be reasonably acceptable to the parties and
their respective counsel.

     4.2 Additional Conditions. The Lenders shall not be required to make the Disbursement, unless on the Borrowing Date:

     (a) There exists no Default or Unmatured Default; and

     (b) The representations and warranties contained in Article V are true and
correct as of such Borrowing Date with respect to Borrower and to any Subsidiary in
existence on such Borrowing Date (taking into account the effect of the Merger), except to
the extent any such representation or warranty is stated to relate solely to an earlier
date, in which case such representation or warranty shall be true and correct on and as of
such earlier date.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Lenders that:

     5.1 Existence. Borrower is a corporation duly organized and validly existing under the
laws of the State of Ohio, with its principal place of business in Ohio and is duly qualified as a
foreign corporation, properly licensed (if required), in good standing and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted, except
where the failure to be so qualified, licensed and in good standing and to have the requisite
authority would not have a Material Adverse Effect. Each of Borrower’s Subsidiaries is duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization
and has all requisite authority to conduct its business in each jurisdiction in which its business
is conducted.

     5.2 Authorization and Validity. The Borrower has the corporate power and authority and
legal right to execute and deliver the Loan Documents and to perform its obligations thereunder.
The execution and delivery by the Borrower of the Loan Documents and the performance of its
obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan
Documents constitute legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally.

     5.3 No Conflict; Government Consent. Neither the execution and delivery by the Borrower of
the Loan Documents, nor the consummation of the transactions therein

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contemplated, nor compliance
with the provisions thereof will violate any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on the Borrower or any of its Subsidiaries or the Borrower’s or
any Subsidiary’s articles of incorporation, certificate of formation, by-laws, limited liability
company agreement or other organizational documents, or the provisions of any indenture, instrument
or agreement to which the Borrower or any of its Subsidiaries is a party or is subject, or by which
it, or its Property, is
bound, or conflict with or constitute a default thereunder, except where such violation, conflict
or default would not have a Material Adverse Effect, or result in the creation or imposition of any
Lien in, of or on the Property of the Borrower or a Subsidiary pursuant to the terms of any such
indenture, instrument or agreement. No order, consent, approval, license, authorization, or
validation of, or filing, recording or registration with, or exemption by, any governmental or
public body or authority, or any subdivision thereof, is required to authorize, or is required in
connection with the execution, delivery and performance of, or the legality, validity, binding
effect or enforceability of, any of the Loan Documents other than the filing of a copy of this
Agreement, or the filing of information concerning this Agreement, with the Securities and Exchange
Commission.

     5.4 Financial Statements; Material Adverse Change. All consolidated financial statements
of the Borrower and its Subsidiaries heretofore or hereafter delivered to the Lenders were prepared
in accordance with GAAP in effect on the preparation date of such statements and fairly present in
all material respects the consolidated financial condition and operations of the Borrower and its
Subsidiaries at such date and the consolidated results of their operations for the period then
ended, subject, in the case of interim financial statements, to normal and customary year-end
adjustments. From the preparation date of the most recent audited financial statements delivered
to the Lenders through the Agreement Execution Date, there was no change in the business,
properties, or condition (financial or otherwise) of the Borrower and its Subsidiaries which could
reasonably be expected to have a Material Adverse Effect.

     5.5 Taxes. The Borrower and its Subsidiaries have filed all United States federal tax
returns and all other tax returns which are required to be filed and have paid all taxes due
pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. No tax liens have been filed and remain outstanding for
amounts in excess of $250,000. The charges, accruals and reserves on the books of the Borrower and
its Subsidiaries in respect of any taxes or other governmental charges are adequate.

     5.6 Litigation and Guarantee Obligations. Except as set forth on Schedule 3 hereto
or as set forth in written notice to the Administrative Agent from time to time, there is no
litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the
knowledge of any of their officers, threatened against or affecting the Borrower or any of its
Subsidiaries which could reasonably be expected to have a Material Adverse Effect. Notwithstanding
the disclosure of the litigation identified on Schedule 3 or in a notice to Administrative
Agent, unless such disclosure has been approved by the Required Lenders, the Borrower, based on
consultation with its counsel, represents that the Borrower is unlikely to suffer any material
adverse result in such litigation. The Borrower has no material contingent obligations not
provided for or disclosed in the financial statements referred to in Section 6.1 or as set
forth in written notices to the

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Administrative Agent given from time to time after the Agreement Execution Date on or about the date such material contingent
obligations are incurred.

     5.7 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate
exceed $1,000,000. Neither the Borrower nor any other member of the Controlled Group has incurred,
or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in excess of
$250,000 in the aggregate. Each Plan complies in all material respects with all applicable
requirements of law and regulations, no Reportable Event has occurred with respect to any Plan,
neither the Borrower nor any other members of the Controlled Group has withdrawn from any Plan or
initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan.

     5.8 Accuracy of Information. All factual information heretofore or contemporaneously
furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or
any Lender for purposes of or in connection with this Agreement or any transaction contemplated
hereby is, and all other such factual information hereafter furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender will be, to the
knowledge of Borrower, true and accurate (taken as a whole) on the date as of which such
information is dated or certified and not incomplete by omitting to state any material fact
necessary to make such information (taken as a whole) not misleading in light of the circumstances
and purposes for which such information was provided at such time.

     5.9 Regulation U. The Borrower has not used the proceeds of any Borrowing to buy or carry
any margin stock (as defined in Regulation U) in violation of the terms of this Agreement.

     5.10 Material Agreements. Neither the Borrower nor any Subsidiary is a party to any
agreement or instrument or subject to any charter or other corporate restriction which could
reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary
is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could have a
Material Adverse Effect, or (ii) any agreement or instrument evidencing or governing Indebtedness,
which default would constitute a Default hereunder.

     5.11 Compliance With Laws. The Borrower and its Subsidiaries have complied with all
applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign
government or any instrumentality or agency thereof, having jurisdiction over the conduct of their
respective businesses or the ownership of their respective Property, except for any non-compliance
which would not have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has
received any notice to the
effect that its operations are not in material compliance with any of the requirements of
applicable federal, state and local environmental, health and safety statutes and regulations or
the subject of any federal or state investigation evaluating whether any remedial action is needed
to respond to a release of any toxic or hazardous waste or substance into the environment, which
non-compliance or remedial action could have a Material Adverse Effect.

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     5.12 Ownership of Properties. Except as set forth on Schedule 2 hereto, on the
date of this Agreement, the Borrower and its Subsidiaries will have good and marketable title, free
of all Liens other than those permitted by Section 6.15, to all of the Property and assets
reflected in the financial statements as owned by it and will on the Borrowing Date hereunder have
good and marketable (or the equivalent) title, free and clear all Liens other than those permitted
by Section 6.15, to all of the Acquisition Properties.

     5.13 Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment
company” or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended.

     5.14 Reserved.

     5.15 Solvency.

     (a) Immediately after the Disbursement and after giving effect to the application of
the proceeds of such Loans, (a) the fair value of the assets of the Borrower and its
Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and
liabilities, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on
a consolidated basis; (b) the present fair saleable value of the Property of the Borrower
and its Subsidiaries on a consolidated basis will be greater than the amount that will be
required to pay the probable liability of the Borrower and its Subsidiaries on a
consolidated basis on their debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower
and its Subsidiaries on a consolidated basis will be able to pay their debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (d) the Borrower and its Subsidiaries on a consolidated basis will
not have unreasonably small capital with which to conduct the businesses in which they are
engaged as such businesses are now conducted and are proposed to be conducted after the date
hereof.

     (b) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does
not believe that it or any of its Subsidiaries will, incur debts beyond its ability to
pay such debts as they mature, taking into account the timing of and amounts of cash to
be received by it or any such Subsidiary and the timing of the amounts of cash to be payable
on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.

     5.16 Insurance. The Borrower and its Subsidiaries carry insurance on their Projects with
financially sound and reputable insurance companies, in such amounts, with such deductibles and
covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar Projects in localities where the Borrower and its Subsidiaries operate, including,
without limitation:

     (a) Property and casualty insurance (including coverage for flood and other water
damage for any Project located within a 100-year flood plain) in the amount of the
replacement cost of the improvements at the Project (to the extent replacement cost

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insurance is maintained by companies engaged in similar business and owning similar
properties);

     (b) Builder’s risk insurance for any Project under construction in the amount of the
construction cost of such Project;

     (c) Loss of rental income insurance in the amount not less than one year’s gross
revenues from the Projects; and

     (d) Comprehensive general liability insurance in the amount of $20,000,000 per
occurrence.

     5.17 REIT Status. The Borrower is in good standing on the New York Stock Exchange, is
qualified as a real estate investment trust under Section 856 of the Code and currently is in
compliance in all material respects with all provisions of the Code applicable to the qualification
of the Borrower as a real estate investment trust.

     5.18 Environmental Matters. Each of the following representations and warranties is true
and correct on and as of the Agreement Execution Date after giving effect to the acquisition of the
Acquisition Properties except to the extent that the facts and circumstances giving rise to any
such failure to be so true and correct, in the aggregate, could not reasonably be expected to have
a Material Adverse Effect:

     (a) To the best knowledge of the Borrower, the Projects of the Borrower and its
Subsidiaries do not contain any Materials of Environmental Concern in amounts or
concentrations which constitute a violation of, or could reasonably give rise to liability
of the Borrower or any Subsidiary under, Environmental Laws.

     (b) To the best knowledge of the Borrower, (i) the Projects of the Borrower and its
Subsidiaries and all operations at the Projects are in compliance with all applicable
Environmental Laws, and (ii) with respect to all Projects owned by the Borrower and/or its
Subsidiaries (x) for at least two (2) years, have in the last two years, or (y) for less
than two (2) years, have for such period of ownership, been in compliance in all material
respects with all applicable Environmental Laws.

     (c) Neither the Borrower nor any of its Subsidiaries has received any notice of
violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws with regard to any of the
Projects, nor does the Borrower have knowledge or reason to believe that any such notice
will be received or is being threatened.

     (d) To the best knowledge of the Borrower, Materials of Environmental Concern have not
been transported or disposed of from the Projects of the Borrower and its Subsidiaries in
violation of, or in a manner or to a location which could reasonably give rise to liability
of the Borrower or any Subsidiary under, Environmental Laws, nor have any Materials of
Environmental Concern been generated, treated, stored or disposed of at, on or under any of
the Projects of the Borrower and its Subsidiaries in violation of,

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or in a manner that could
give rise to liability of the Borrower or any Subsidiary under, any applicable Environmental
Laws.

     (e) No judicial proceedings or governmental or administrative action is pending, or, to
the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower
or any of its Subsidiaries is or, to the Borrower’s knowledge, will be named as a party with
respect to the Projects of the Borrower and its Subsidiaries, nor are there any consent
decrees or other decrees, consent orders, administrative order or other orders, or other
administrative of judicial requirements outstanding under any Environmental Law with respect
to the Projects of the Borrower and its Subsidiaries.

     (f) To the best knowledge of the Borrower, there has been no release or threat of
release of Materials of Environmental Concern at or from the Projects of the Borrower and
its Subsidiaries, or arising from or related to the operations of the Borrower and its
Subsidiaries in connection with the Projects in violation of or in amounts or in a manner
that could give rise to liability under Environmental Laws.

     5.19 Pro-forma Covenant Compliance. As of the date the Merger is consummated, the Borrower
will be in compliance with each of its covenants contained after giving effect to the such
transaction and the transactions occurring simultaneously therewith.

     5.20 Unencumbered Assets. Each of the assets included as an Unencumbered Asset for
purposes of the covenants contained herein, satisfies each of the requirements for an Unencumbered
Asset set forth in the definition thereof.

     5.21 Acquisition Properties. Each of the Acquisition Properties is an Unencumbered Asset
except to the extent there is a mortgage debt identified in Exhibit F in connection
therewith. For each Acquisition Property encumbered by mortgage debt, the amount of the
outstanding principal balance of such indebtedness as of the date of the Disbursement is correctly
identified in Exhibit F.

ARTICLE VI

COVENANTS

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing:

     6.1 Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a
system of accounting established and administered in accordance with GAAP, and furnish to the
Lenders:

     (a) As soon as available, but in any event not later than 45 days after the close of
the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter
ended March 31, 2007, for the Borrower and its Subsidiaries, a copy of Borrower’s Financial
Statements in the form filed under 10-Q which shall include an unaudited consolidated
balance sheet as of the close of each such period and the related unaudited

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consolidated
statements of income and retained earnings and of cash flows of the Borrower and its
Subsidiaries for such period and the portion of the fiscal year through the end of such
period, setting forth in each case in comparative form the figures for the previous year,
all certified by the Borrower’s chief financial officer or chief accounting officer;

     (b) As soon as available, but in any event not later than 45 days after the close of
the first three fiscal quarters, for the Borrower and its Subsidiaries, a copy of the
Borrower’s Quarterly Financial Supplement and other schedules as may be required to be
provided by Borrower under the Revolving Credit Agreement (provided that receipt of such
reports by Lenders pursuant to the Revolving Credit Agreement shall constitute receipt
hereunder.) Borrower will also provide such other information as may be reasonably
requested;

     (c) As soon as available, but in any event not later than 90 days after the close of
each fiscal year, for the Borrower and its Subsidiaries, audited annual financial statements
in the form filed as 10-K, including a consolidated balance sheet as at the end of such year
and the related consolidated statements of income and retained earnings and of cash flows
for such year, setting forth in each case in comparative form the figures for the previous
year, without a “going concern” or like qualification or exception, or qualification arising
out of the scope of the audit, prepared by PricewaterhouseCoopers (or other independent
certified public accountants of nationally recognized standing reasonably acceptable to
Administrative Agent);

     (d) Together with the quarterly and annual financial statements required hereunder, a
compliance certificate in substantially the form of Exhibit C hereto signed by the
Borrower’s chief financial officer or chief accounting officer showing the calculations and
computations necessary to determine compliance with this Agreement and stating that, to such
officer’s knowledge, no Default or Unmatured Default exists, or if, to such officer’s
knowledge, any Default or Unmatured Default exists, stating the nature and status thereof;

     (e) As soon as possible and in any event within 10 days after a responsible officer of
the Borrower knows that any Reportable Event has occurred with respect to any Plan, a
statement, signed by the chief financial officer of the Borrower, describing said Reportable
Event and the action which the Borrower proposes to take with respect thereto;

     (f) As soon as possible and in any event within 10 days after receipt by a responsible
officer of the Borrower, a copy of (a) any notice or claim to the effect that the Borrower
or any of its Subsidiaries is or may be liable to any Person as a result of the release by
the Borrower, any of its Subsidiaries, or any other Person of any toxic or hazardous waste
or substance into the environment, and (b) any notice alleging any violation of any federal,
state or local environmental, health or safety law or regulation by the Borrower or any of
its Subsidiaries, which, in either case, could have a Material Adverse Effect;

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          (g) Promptly upon the furnishing thereof to the shareholders of the Borrower,
copies of all financial statements, reports and proxy statements so furnished;

          (h) Promptly upon the filing thereof, copies of all registration statements and
annual, quarterly, monthly or other reports and any other public information which the
Borrower or any of its Subsidiaries files with the Securities Exchange Commission; and

          (i) Such other information (including, without limitation, financial statements for
the Borrower and non-financial information) as the Administrative Agent or any Lender may
from time to time reasonably request.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or
another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who
may be engaged in investment and other market-related activities with respect to such Persons’
securities. The Borrower hereby agrees that it will use commercially reasonable efforts to
identify that portion of the Borrower Materials that may be distributed to the Public Lenders and
that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x)
by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the
Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not
containing any material non-public information (although it may be sensitive and proprietary) with
respect to the Borrower or its securities for purposes of United States Federal and state
securities laws (provided, however, that such Borrower Materials shall be subject
to Section 12.6); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent
and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not designated “Public Investor.”
Notwithstanding the foregoing, Borrower shall be under no obligation to mark any Borrower Materials
“PUBLIC” and the only consequence of not marking Borrower Materials “PUBLIC” is that such materials
will not be made available through the portion of the Platform designated “Public Investor”.

     6.2 Use of Proceeds. The Borrower will use the proceeds of the Facility solely to finance
costs incurred in acquiring the Acquisition Properties. The Borrower will not, nor will it permit
any Subsidiary to, use any of the proceeds of the Advances (i) to purchase or carry any “margin
stock” (as defined in Regulation U) if such usage could constitute a violation of Regulation U by
any Lender, (ii) to fund any purchase of, or offer for, any Capital Stock

of any Person, unless such Person has consented to such offer prior to any public announcements
relating thereto, or (iii) to make any Acquisition other than a Permitted Acquisition.

     6.3 Notice of Default. The Borrower will give, and will cause each of its Subsidiaries to
give, prompt notice in writing to the Administrative Agent and the Lenders of the occurrence

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of any
Default or Unmatured Default and of any other development, financial or otherwise, which could
reasonably be expected to have a Material Adverse Effect.

     6.4 Conduct of Business. The Borrower will do, and will cause each of its Subsidiaries to do,
all things necessary to remain duly incorporated or duly qualified, validly existing and in good
standing as a real estate investment trust, corporation, general partnership, limited partnership,
or limited liability company, as the case may be, in its jurisdiction of incorporation/formation
(except with respect to mergers permitted pursuant to Section 6.12 and Permitted
Acquisitions) and maintain all requisite authority to conduct its business in each jurisdiction in
which its business is conducted and to carry on and conduct their businesses in substantially the
same manner as they are presently conducted where the failure to do so could reasonably be expected
to have a Material Adverse Effect and, specifically, neither the Borrower nor its Subsidiaries may
undertake any business other than the acquisition, development, ownership, management, operation
and leasing of retail, office or industrial properties, and ancillary businesses specifically
related to such types of properties.

     6.5 Taxes. The Borrower will pay, and will cause each of its Subsidiaries to pay, when due all
taxes, assessments and governmental charges and levies upon them of their income, profits or
Projects, except those which are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been set aside.

     6.6 Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain
insurance which is consistent with the representation contained in Section 5.16 on all
their Property and the Borrower will furnish to any Lender upon reasonable request full information
as to the insurance carried.

     6.7 Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to,
comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards
to which they may be subject, the violation of which could reasonably be expected to have a
Material Adverse Effect.

     6.8 Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to,
do all things necessary to maintain, preserve, protect and keep their respective Projects and
Properties, reasonably necessary for the continuous operation of the Projects, in good repair,
working order and condition, ordinary wear and tear excepted.

     6.9 Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit the
Lenders upon reasonable notice, by their respective representatives and agents, to inspect any of
the Projects, corporate books and financial records of the Borrower and each of its Subsidiaries,
to examine and make copies of the books of accounts and other financial records of the Borrower and
each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and
each of its Subsidiaries with officers thereof, and to be advised as to the same by, their
respective officers at such reasonable times and intervals as the Lenders may designate.

     6.10 Maintenance of Status. The Borrower shall at all times (i) remain a corporation listed and
in good standing on the New York Stock Exchange, and (ii) maintain its status as a

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real estate
investment trust in compliance with all applicable provisions of the Code relating to such status.

     6.11 Restricted Payments. Except as otherwise set forth in this Agreement, the Borrower will
not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay
dividends with respect to its Capital Stock payable solely in additional shares of its common
stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Capital Stock,
(c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management or employees of the Borrower and its Subsidiaries, and (d)
the Borrower may make Restricted Payments if there is no then existing Default or Unmatured Default
hereunder (after notice thereof to Borrower) and either (i) Restricted Payments paid on account of
any fiscal quarter, in the aggregate, would not exceed 95% of Funds From Operations for such fiscal
quarter, or (ii) Restricted Payments paid on account of any fiscal year, in the aggregate, would
not exceed 90% of Funds From Operations for such fiscal year. Notwithstanding the foregoing, the
Borrower shall be permitted at all times to distribute whatever amount of dividends is necessary to
maintain its tax status as a real estate investment trust.

     6.12 Merger; Sale of Assets. The Borrower will not, nor will it permit any of its Subsidiaries
to, enter into any merger (other than the Merger and mergers in which such entity is the survivor
and mergers of Subsidiaries (but not the Borrower) as part of transactions that are Permitted
Acquisitions provided that following such merger the target entity becomes a Wholly-Owned
Subsidiary of Borrower), consolidation, reorganization or liquidation or transfer or otherwise
dispose of all or a Substantial Portion of their Properties, except for (a) such transactions that
occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, (b)
mergers solely to change the jurisdiction of organization of a Subsidiary, and (c) as otherwise
approved in advance by the Required Lenders.

     6.13 Sale and Leaseback. The Borrower will not, nor will it permit any of its Subsidiaries to,
sell or transfer a Substantial Portion of its Property in order to concurrently or subsequently
lease such Property as lessee.

     6.14 Acquisitions and Investments. The Borrower will not, nor will it permit any Subsidiary to,
make or suffer to exist any Investments (including without limitation, loans and advances to, and
other Investments in, Subsidiaries), or commitments therefor, or become or remain a partner in any
partnership or joint venture, or to make any Acquisition of any Person, except:

          (a) Cash Equivalents;

          (b) Investments in existing Subsidiaries, Investments in Subsidiaries formed for the
purpose of developing or acquiring Properties, Investments in joint ventures and
partnerships engaged solely in the business of purchasing, developing, owning, operating,
leasing and managing retail properties and office and industrial properties;

          (c) transactions permitted pursuant to Section 6.12; and

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          (d) Acquisitions of Persons whose primary operations consist of the ownership,
development, operation and management of retail, office or industrial properties;

provided that, after giving effect to such Acquisitions and Investments, Borrower continues to
comply with all its covenants herein. Acquisitions permitted pursuant to this Section 6.14
shall be deemed to be “Permitted Acquisitions”.

     6.15 Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create,
incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its
Subsidiaries, except:

          (a) Liens for taxes, assessments or governmental charges or levies on its Property if
the same shall not at the time be delinquent or thereafter can be paid without penalty, or
are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books;

          (b) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and
other similar liens arising in the ordinary course of business which secure payment of
obligations not more than 60 days past due or which are being contested in good faith by
appropriate proceedings and for which adequate reserves shall have been set aside on its
books;

          (c) Liens arising out of pledges or deposits under workers’ compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits,
or similar legislation;

          (d) Easements, restrictions and such other encumbrances or charges against real
property as are of a nature generally existing with respect to properties of a similar
character and which do not in any material way affect the marketability of the same or
interfere with the use thereof in the business of the Borrower or its Subsidiaries; and

          (e) Liens other than Liens described in subsections (a) through (d) above arising in
connection with any Indebtedness permitted hereunder to the extent such Liens will not
result in a Default in any of Borrower’s covenants herein.

Liens permitted pursuant to this Section 6.15 shall be deemed to be “Permitted
Liens”.

     6.16 Affiliates. The Borrower will not, nor will it permit any of its Subsidiaries to, enter
into any transaction (including, without limitation, the purchase or sale of any Property or
service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of
business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary
than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction.

     6.17 Financial Undertakings. The Borrower will not enter into or remain liable upon, nor will
it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking,

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except to
the extent required to protect the Borrower and its Subsidiaries against increases in interest
payable by them under variable interest Indebtedness.

     6.18 Reserved.

     6.19 Financial Covenants. Borrower shall comply with the covenants contained in Section 6.18 of the Revolving Credit
Agreement as if such covenants (and the definitions of defined terms used therein) were set forth
herein in full. Any changes to such covenants and definitions shall be subject to the approval of
the Required Lenders regardless of whether such change was approved by the requisite number of
Lenders under the Revolving Credit Agreement. If any of the Lenders is also a lender under the
Revolving Credit Agreement and approves a change in that capacity, such Lender shall be deemed to
have approved the change for purposes of this Agreement.

     6.20 Environmental Matters. Borrower and its Subsidiaries shall:

          (a) Comply with, and use all reasonable efforts to ensure compliance by all tenants
and subtenants, if any, with, all applicable Environmental Laws and obtain and comply with
and maintain, and use all reasonable efforts to ensure that all tenants and subtenants
obtain and comply with and maintain, any and all licenses, approvals, notifications,
registrations or permits required by applicable Environmental Laws, except to the extent
that failure to do so could not be reasonably expected to have a Material Adverse Effect;
provided that in no event shall the Borrower or its Subsidiaries be required to modify the
terms of leases, or renewals thereof, with existing tenants (i) at Projects owned by the
Borrower or its Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired
by the Borrower or its Subsidiaries as of the date of such acquisition, to add provisions
to such effect.

          (b) Conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws and promptly comply
in all material respects with all lawful orders and directives of all Governmental
Authorities regarding Environmental Laws, except to the extent that (i) the same are being
contested in good faith by appropriate proceedings and the pendency of such proceedings
could not be reasonably expected to have a Material Adverse Effect, or (ii) the Borrower
has determined in good faith that contesting the same is not in the best interests of the
Borrower and its Subsidiaries and the failure to contest the same could not be reasonably
expected to have a Material Adverse Effect.

          (c) Defend, indemnify and hold harmless Administrative Agent and each Lender, and
their respective officers and directors, from and against any claims, demands, penalties,
fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature
known or unknown, contingent or otherwise, arising out of, or in any way relating to the
violation of, noncompliance with or liability under any Environmental Laws applicable to
the operations of the Borrower, its Subsidiaries or the Projects, or any orders,
requirements or demands of Governmental Authorities related thereto, including, without
limitation, attorney’s and consultant’s fees, investigation and laboratory fees,

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 response
costs, court costs and litigation expenses, except to the extent that
any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking
indemnification therefor. This indemnity shall continue in full force and effect
regardless of the termination of this Agreement.

          (d) Prior to the acquisition of a new Project after the Agreement Execution Date,
perform or cause to be performed an environmental investigation consistent with standards
used by institutional purchasers of similar properties. In connection with any such
investigation, Borrower shall cause to be prepared a report of such investigation, to be
made available to any Lenders upon reasonable request, for informational purposes.

     6.21
Negative Pledge. Borrower shall not transfer or encumber any of the Acquisition
Properties, or its direct or indirect ownership interests in any entity owning any Acquisition
Property, except for (a) the refinancing of any debt on such Acquisition Properties (in an amount
not to exceed the current debt secured by the applicable Acquisition Property) or (b) the sale of
an Acquisition Property to an unaffiliated purchaser provided that Borrower pays to the Lenders the
amount required by Section 2.6(b) hereof.

ARTICLE VII

DEFAULTS

     The occurrence of any one or more of the following events shall constitute a Default:

     7.1 Nonpayment of any principal payment on any Note when due.

     7.2 Nonpayment of interest upon any Note or other payment Obligations under any of the Loan
Documents within five (5) Business Days after the same becomes due.

     7.3 The breach of any of the terms or provisions of Sections 6.2 through 6.18 or 6.21.

     7.4 Any representation or warranty made or deemed made by or on behalf of the Borrower or any
of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this
Agreement, any Loan, or any material certificate or information delivered in connection with this
Agreement or any other Loan Document shall be materially false on the date as of which made.

     7.5 The breach by the Borrower (other than a breach which constitutes a Default under Sections
7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied
within fifteen (15) days after written notice from the Administrative Agent or any Lender.

     7.6 Failure of the Borrower or any of its Subsidiaries to pay when due any Indebtedness,
whether or not Recourse Indebtedness, in excess of $50,000,000 in the aggregate; or the default by
the Borrower or any of its Subsidiaries in the performance of any term, provision or condition
contained in any agreement, or any other event shall occur or condition exist, which causes or
permits Indebtedness, whether or not Recourse Indebtedness, in excess of

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$50,000,000 in the
aggregate to be due and payable or required to be prepaid (other than by a regularly scheduled
payment) prior to the stated maturity thereof (provided that the failure to pay any such
Indebtedness shall not constitute a Default so long as the Borrower or its Subsidiaries is
diligently contesting the payment of the same by appropriate legal proceedings and the Borrower or
its Subsidiaries have set aside, in a manner reasonably satisfactory to Administrative Agent, a
sufficient reserve to repay such Indebtedness plus all accrued interest thereon calculated at the
default rate thereunder and costs of enforcement in the event of an adverse outcome).

     7.7 The Borrower, or any Subsidiary having more than $20,000,000 of Equity Value, shall (i)
have an order for relief entered with respect to it under the Federal bankruptcy laws as now or
hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek,
consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute
any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in
effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up,
liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding filed against it,
(v) take any corporate action to authorize or effect any of the foregoing actions set forth in this
Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in Section
7.8 or (vii) admit in writing its inability to pay its debts generally as they become due.

     7.8 A receiver, trustee, examiner, liquidator or similar official shall be appointed for the
Borrower or any Subsidiary having more than $20,000,000 of Equity Value, or for any Substantial
Portion of the Property of the Borrower or such Subsidiary, or a proceeding described in Section
7.7(iv) shall be instituted against the Borrower or any such Subsidiary and such appointment
continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety
(90) consecutive days.

     7.9 The Borrower or any of its Subsidiaries shall fail within sixty (60) days to pay, bond or
otherwise discharge any judgments or orders for the payment of money in an amount which, when added
to all other judgments or orders outstanding against Borrower or any Subsidiary would exceed
$20,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately
contested in good faith.

     7.10 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer
Plan in an amount which, when aggregated with all other amounts required to be paid to
Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal liability (determined as of the date of such
notification), exceeds $1,000,000 or requires payments exceeding $500,000 per annum.

     7.11 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being
terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or
termination the aggregate annual contributions of the Borrower and the

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other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or
being terminated have been or will be increased over the amounts contributed to such Multiemployer
Plans for the respective plan years of each such Multiemployer Plan immediately preceding the plan
year in which the reorganization or termination occurs by an amount exceeding $500,000.

     7.12 Failure to remediate within the time period permitted by law or governmental order, after
all administrative hearings and appeals have been concluded (or within a reasonable time in light
of the nature of the problem if no specific time period is so established), environmental problems
at Properties owned by the Borrower or any of its Subsidiaries or Investment Affiliates if the
estimated costs of remediation at all such Properties in the aggregate exceed $20,000,000.

     7.13 The occurrence of any “Default” as defined in any Loan Document or the breach of any of
the terms or provisions of any Loan Document, which default or breach continues beyond any period
of grace therein provided.

     7.14 The occurrence of any Material Adverse Effect.

     7.15 The occurrence of any Default under the Revolving Credit Agreement.

ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     8.1 Acceleration. If any Default described in Section 7.7 or 7.8 occurs with
respect to the Borrower, the Obligations shall immediately become due and payable without any
election or action on the part of the Administrative Agent or any Lender. If any other Default
occurs, the Required Lenders, at any time prior to the date that such Default has been fully cured,
may declare the Obligations to be due and payable, whereupon if the Required Lenders elected to
accelerate (i) the Obligations shall become immediately due and payable, without presentment,
demand, protest or notice of any kind, all of which the Borrower hereby expressly waives and (ii)
if any automatic or optional acceleration has occurred, the Administrative Agent, as directed by
the Required Lenders (or if no such direction is given within 30 days after a request for
direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole
discretion), shall use its good faith efforts to collect, including without limitation, by filing
and diligently pursuing judicial action, all amounts owed by the Borrower and any Subsidiary Guarantor under the Loan Documents.

     If, after acceleration of the maturity of the Obligations and before any judgment or decree
for the payment of the Obligations due shall have been obtained or entered, all of the Lenders (in
their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower,
rescind and annul such acceleration and/or termination.

     8.2 Amendments. Subject to the provisions of this Article VIII, the Required Lenders
(or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower
may enter into agreements supplemental hereto for the purpose of adding or modifying

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any provisions
to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder
or waiving any Default hereunder; provided however, that no such supplemental agreement or waiver
shall, without the consent in writing of all Lenders affected thereby:

          (a) Extend the Facility Termination Date (except as provided herein) or forgive all or
any portion of the principal amount of any Loan or accrued interest thereon, reduce the
Applicable Margins (or modify any definition herein which would have the effect of reducing
the Applicable Margins) or the underlying interest rate options or extend the time of
payment of any such principal, interest or Facility Fees.

          (b) Subject to releases given in accordance with Section 9.15, release any
Subsidiary Guarantor (other than a Subsidiary Guarantor that has liquidated all of its
assets and applied all of the proceeds of such liquidation in accordance with its
organizational documents) from the Subsidiary Guaranty or any other future guarantor (other
than a Subsidiary Guarantor that has liquidated all of its assets and applied all of the
proceeds of such liquidation in accordance with its organizational documents) from any
liability it may undertake with respect to the Obligations.

          (c) Reduce the percentage specified in the definition of Required Lenders.

          (d) Increase the Aggregate Commitment.

          (e) Permit the Borrower to assign its rights or obligations under this Agreement.

          (f) Amend Sections 2.3, 2.11(b), 2.18, 8.1,
8.2, 11.1, 11.2 or the definition of Required Lenders.

No amendment of any provision of this Agreement relating to the Administrative Agent, shall be
effective without the written consent of the Administrative Agent.

     8.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to
exercise any right under the Loan Documents shall impair such right or be construed to be a waiver
of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence
of a Default or the inability of the Borrower to satisfy the conditions precedent to such Loan
shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right
shall not preclude other or further exercise thereof or the exercise of any other right, and no
waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents
whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section
8.2, and then only to the extent in such writing specifically set forth. All remedies
contained in the Loan Documents or by law afforded shall be cumulative and all shall be available
to the Administrative Agent and the Lenders until the Obligations have been paid in full.

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ARTICLE IX

GENERAL PROVISIONS

     9.1 Survival of Representations. All representations and warranties of the Borrower contained
in this Agreement shall survive delivery of the Notes and the making of the Loans herein
contemplated.

     9.2 Governmental Regulation. Anything contained in this Agreement to the contrary
notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any
limitation or prohibition provided by any applicable statute or regulation.

     9.3 Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or other
similar assessments or charges made by any governmental or revenue authority in respect of the Loan
Documents shall be paid by the Borrower, together with interest and penalties, if any.

     9.4 Headings. Section headings in the Loan Documents are for convenience of reference only,
and shall not govern the interpretation of any of the provisions of the Loan Documents.

     9.5 Entire Agreement. The Loan Documents embody the entire agreement and understanding among
the Borrower, the Administrative Agent and the Lenders and supersede all prior commitments,
agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating
to the subject matter thereof.

     9.6 Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders
hereunder are several and not joint and no Lender shall be the partner or agent of any other
(except to the extent to which the Administrative Agent is authorized to act as such). The failure
of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. This Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the parties to this Agreement and their respective successors
and assigns.

     9.7 Expenses; Indemnification. The Borrower shall reimburse the Administrative Agent for any
costs, internal charges and out-of-pocket expenses (including, without limitation, all reasonable
fees for consultants and fees and reasonable expenses for attorneys for the Administrative Agent,
which attorneys may be employees of the Administrative Agent) paid or incurred by the
Administrative Agent and Arrangers in connection with the preparation, negotiation, execution,
delivery, syndication, review, amendment, or modification, and enforcement of the Loan Documents.
The Borrower also agrees to reimburse the Administrative Agent and the Lenders for any reasonable
costs, internal charges and out-of-pocket expenses (including, without limitation, all fees and
reasonable expenses for attorneys for the Administrative Agent and the Lenders, which attorneys may
be employees of the Administrative Agent or the Lenders) paid or incurred by the Administrative
Agent or any Lender in connection with the collection and enforcement of the Loan Documents
(including, without limitation, any workout). The Borrower further agrees to indemnify the
Administrative Agent (and any sub-

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agent thereof), each Lender and each Affiliate, partner,
director, officer, employee, agent and advisor of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses (including the fees, charges and disbursements of
any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by
any third party or by the Borrower or any other Loan Party arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent
thereof) and Indemnitees related thereto, the administration of this Agreement and the other Loan
Documents, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or
alleged presence or release of Materials of Environmental Concern on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any environmental liability related in any
way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower or any
other Loan Party; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses or (x)
are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from the gross negligence or willful misconduct of such Indemnitee. The obligations
of the Borrower under this Section shall survive the termination of this Agreement.

     9.8 Numbers of Documents. All statements, notices, closing documents, and requests hereunder
shall be furnished to the Administrative Agent with sufficient counterparts so that the
Administrative Agent may furnish one to each of the Lenders.

     9.9 Accounting. Except as provided to the contrary herein, all accounting terms used herein
shall be interpreted and all accounting determinations hereunder shall be made in accordance with
GAAP.

     9.10 Severability of Provisions. Any provision in any Loan Document that is held to be
inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     9.11 Nonliability of Lenders. The relationship between the Borrower, on the one hand, and the
Lenders and the Administrative Agent, on the other, shall be solely that of borrower and lender.
Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the
Borrower. Neither the Administrative Agent nor any Lender undertakes any responsibility to the
Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations.

     9.12 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE
OF LAW PROVISION) SHALL BE

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CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF
CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

     9.13 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK COUNTY IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS
IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND
IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING
HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST
THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER
AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY
LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     9.14 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER
SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

     9.15 Release of Subsidiary Guaranties. If a Subsidiary has delivered a Subsidiary Guaranty,
Borrower may at any time request a release of such Subsidiary Guaranty. If there is no Default or
Unmatured Default, and Borrower would still be in compliance with all covenants if such Subsidiary
were not a Subsidiary Guarantor, then Administrative Agent shall deliver within ten (10) Business
Days a release of such Subsidiary Guarantor without the consent of any Lender.

     9.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i)
(A) the arranging and other services regarding this Agreement provided by the Administrative Agent
and the Arranger, are arm’s-length commercial transactions between the Borrower and its Affiliates,
on the one hand, and the Administrative Agent and the Arranger, on the other hand, (B) the Borrower
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)
(A) the Administrative Agent and the Arranger

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each is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will
not be acting as an advisor, agent or fiduciary for the Borrower or any of its
Affiliates, or any other Person and (B) neither the Administrative Agent nor the Arranger has any
obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Administrative Agent and the Arranger and their respective Affiliates may be engaged in a
broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and neither the Administrative Agent nor the Arranger has any obligation to disclose
any of such interests to the Borrower, or its Affiliates. To the fullest extent permitted by law,
the Borrower hereby waives and releases any claims that it may have against the Administrative
Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby.

ARTICLE X

THE ADMINISTRATIVE AGENT

     10.1 Appointment. Bank of America, N.A. is hereby appointed Administrative Agent hereunder and
under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative
Agent to act as the agent of such Lender. The Administrative Agent agrees to act as such upon the
express conditions contained in this Article X. The Administrative Agent shall not have a
fiduciary relationship in respect of the Borrower or any Lender by reason of this Agreement and
except as expressly set forth herein for information provided to Administrative Agent in accordance
with the requirements of this Agreement, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity.

     10.2 Powers. The Administrative Agent shall have and may exercise such powers under the Loan
Documents as are specifically delegated to the Administrative Agent by the terms of each thereof,
together with such powers as are reasonably incidental thereto. The Administrative Agent shall
have no implied duties to the Lenders, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent. The Administrative Agent shall administer this Agreement in the same manner
and with the same standard of care as it administers similar agreements for its own account.

     10.3 General Immunity. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable to the Borrower, the Lenders or any Lender for (i) any action
taken or omitted to be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith except for its or their own gross negligence or willful
misconduct; or (ii) any determination by the Administrative Agent that compliance with any law or
any governmental or quasi-governmental rule, regulation, order, policy, guideline or directive
(whether or not having the force of law) requires the Borrowings and Commitments hereunder to be
classified as being part of a “highly leveraged transaction”. The foregoing shall

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not limit the
liability of the Administrative Agent for a breach of its express obligations and undertakings to
the Lenders hereunder which continues after written notice to the Administrative Agent of such
breach and its failure to cure such breach within a reasonable time after such notice.

     10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of
its directors, officers, agents or employees shall be responsible for or have any duty to
ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection
with any Loan Document or any borrowing hereunder; (ii) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document, including, without limitation, any
agreement by an obligor to furnish information directly to each Lender; (iii) the satisfaction of
any condition specified in Article IV, except receipt of items required to be delivered to
the Administrative Agent; or (iv) the validity, effectiveness or genuineness of any Loan Document
or any other instrument or writing furnished in connection therewith. Except as otherwise
specifically provided herein, the Administrative Agent shall have no duty to disclose to the
Lenders information that is not required to be furnished by the Borrower to the Administrative
Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent
(either in its capacity as Administrative Agent or in its individual capacity). Notwithstanding
anything to the contrary herein, Administrative Agent shall make available promptly after the
Agreement Execution Date to any Lender copies of all Loan Documents in its possession which are
requested by any such Lender. Administrative Agent shall also furnish to all Lenders promptly
after such items are available in final form copies of Default notices issued to the Borrower,
amendments to any Loan Documents being proposed by the Administrative Agent or the Borrower,
financial statements of the Borrower required hereunder, compliance certificates from the Borrower
required by this Agreement or any other notice or communication from the Borrower specifically
relating to this Agreement which is actually received by the Administrative Agent. Promptly after
the Administrative Agent has actual knowledge of the occurrence of a Default hereunder, the
Administrative Agent shall so notify the Lenders.

     10.5 Action on Instructions of Lenders. Notwithstanding anything herein to the contrary, the
Administrative Agent shall in all cases be fully protected in so acting, or refraining from acting,
hereunder and under any other Loan Document in accordance with written instructions signed by the
Required Lenders or all of the Lenders, as the case may be, and such instructions and any action
taken or failure to act pursuant to such written instructions shall be binding on all of the
Lenders and on all holders of Notes and on the Administrative Agent.

     10.6 Employment of Agents and Counsel. The Administrative Agent may execute any of its duties
as Administrative Agent hereunder and under any other Loan Document by or through employees,
agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or
securities received by it or its authorized agents, for the default or misconduct of any such
agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be
entitled to advice of counsel concerning all matters pertaining to the agency hereby created and
its duties hereunder and under any other Loan Document.

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     10.7 Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon
any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or document
believed by it to be genuine and correct and to have been signed or sent by the proper person or
persons, and, in respect to legal matters, upon the opinion of counsel selected by the
Administrative Agent, which counsel may be employees of the Administrative Agent.

     10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse
and indemnify the Administrative Agent ratably in proportion to their respective Commitments (i)
for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to
reimbursement by the Borrower under the Loan Documents (and without limiting the obligation of the
Borrower to so reimburse), (ii) for any other expenses incurred by the Administrative Agent on
behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents, if not paid by Borrower and (iii) for any liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted
against the Administrative Agent in any way relating to or arising out of the Loan Documents or any
other document delivered in connection therewith or the transactions contemplated thereby, or the
enforcement of any of the terms thereof or of any such other documents, provided that no Lender
shall be liable for any of the foregoing to the extent they arise from the gross negligence or
willful misconduct or a breach of the Administrative Agent’s express obligations and undertakings
to the Lenders which is not cured after written notice and within the period described in
Section 10.3. To the extent any amounts so paid by Lenders are thereafter recovered by the
Administrative Agent from the Borrower or otherwise, such recovered amount shall be remitted to the
Lenders making such payment on a pro rata basis in accordance with their respective portions of
such payment. The obligations of the Lenders and the Administrative Agent under this Section
10.8 shall survive payment of the Obligations and termination of this Agreement.

     10.9 Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative
Agent shall have the same rights and powers hereunder and under any other Loan Document as any
Lender
and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or
“Lenders” shall, at any time when the Administrative Agent is a Lender, unless the context
otherwise indicates, include the Administrative Agent in its individual capacity. The
Administrative Agent may accept deposits from, lend money to, and generally engage in any kind of
trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or
any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such
Subsidiary is not restricted hereby from engaging with any other Person. The Administrative Agent,
in its individual capacity, is not obligated to remain a Lender but if the Administrative Agent is
no longer a Lender, the Administrative Agent shall resign and a successor shall be appointed as
described in Section 10.11. The rights and duties of the Administrative Agent are separate
from its rights and duties as a Lender and no transfer of all or any part of the Administrative
Agent’s Commitment or its interest as a Lender in the Loans hereunder shall be deemed to transfer
any of its rights and duties as Administrative Agent to its successor or successors as a Lender.

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     10.10 Lender Credit Decision. Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on the financial statements
prepared by the Borrower and such other documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement and the other Loan
Documents. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement and the other Loan Documents.

     10.11 Successor Administrative Agent. Except as otherwise provided below, Bank of America, N.A.
shall serve as Administrative Agent at all times during the term of this Facility. Bank of
America, N.A. may resign as Administrative Agent in the event (x) Bank of America, N.A. and
Borrower shall mutually agree in writing or (y) a Default shall occur and be continuing under the
Loan Documents, or (z) Bank of America, N.A. shall determine, in its sole reasonable discretion,
that because of its other banking relationships with Borrower and/or Borrower’s Affiliates at the
time of such decision Bank of America, N.A.’s resignation as Administrative Agent would be
necessary in order to avoid creating an appearance of impropriety on the part of Bank of America,
N.A.. Bank of America, N.A. (or any successor Administrative Agent) may be removed as
Administrative Agent by written notice received by Administrative Agent from the Required Lenders
at any time with cause (i.e., a breach by Bank of America, N.A. (or any successor Administrative
Agent) of its duties as Administrative Agent hereunder) or for gross negligence or willful
misconduct. Upon any such resignation or removal, the Required Lenders shall have the right to
appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If no
successor Administrative Agent shall have been so appointed by the Required Lenders within thirty
days after the resigning or removed Administrative Agent’s giving notice of its intention to resign
or its receipt of notice of removal, then the resigning or removed Administrative Agent shall,
prior to the effective date of its resignation, appoint, on behalf of the Borrower and the Lenders,
a successor Administrative Agent. No successor Administrative Agent shall be deemed to be
appointed hereunder until such successor Administrative Agent has accepted the appointment. Any
such successor Administrative Agent shall be a commercial bank having capital and retained earnings
of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the resigning
Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative
Agent, the resigning or removed Administrative Agent shall be discharged from its duties and
obligations hereunder and under the Loan Documents. After the effectiveness of the resignation or
removal of an Administrative Agent, the provisions of this Article XI shall continue in effect for
the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent hereunder and under the other Loan Documents,
subject to the limitations contained in such Article XI.

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ARTICLE XI

SETOFF; RATABLE PAYMENTS

     11.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under
applicable law, if the Borrower becomes insolvent, however evidenced,
or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or
not collected or available) and any other Indebtedness at any time held or owing by any Lender or
any of its Affiliates to or for the credit or account of the Borrower or any Subsidiary Guarantor
may be offset and applied toward the payment of the Obligations owing to such Lender at any time
prior to the date that such Default has been fully cured, whether or not the Obligations, or any
part hereof, shall then be due.

     11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it
upon its Loans (other than payments received pursuant to Sections 3.1, 3.2 or
3.4) in a greater proportion than that received by any other Lender, such Lender agrees,
promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after
such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in
connection with setoff or amounts which might be subject to setoff or otherwise, receives
collateral or other protection for its Obligations or such amounts which may be subject to setoff,
such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share
in the benefits of such collateral ratably in proportion to their Loans. In case any such payment
is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     12.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding
upon and inure to the benefit of the Borrower and the Lenders and their respective successors and
assigns, except that (i) the Borrower shall not have the right to assign its rights or obligations
under the Loan Documents and (ii) any assignment by any Lender must be made in compliance with
Section 12.3. Notwithstanding clause (ii) of this Section, any Lender may at any time,
without the consent of the Borrower or the Administrative Agent, assign all or any portion of its
rights under this Agreement and its Notes to a Federal Reserve Bank; provided, however, that no
such assignment shall release the transferor Lender from its obligations hereunder. The
Administrative Agent may treat the payee of any Note as the owner thereof for all purposes hereof
unless and until such payee complies with Section 12.3 in the case of an assignment thereof
or, in the case of any other transfer, a written notice of the transfer is filed with the
Administrative Agent. Any assignee or transferee of a Note agrees by acceptance thereof to be
bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of
any Person, who at the time of making such request or giving such authority or consent is the
holder of any Note, shall be conclusive and binding on any subsequent holder, transferee or
assignee of such Note or of any Note or Notes issued in exchange therefor.

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12.2 Participations.

     12.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary course of its
business and in accordance with applicable law, at any time sell to one or more banks,
financial institutions, pension funds, or any other funds or entities
(“Participants”) participating interests in any Loan owing to such Lender, any Note
held by such Lender or any other interest of such Lender under the Loan Documents. In the
event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations
under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations, such Lender shall
remain the holder of any such Note for all purposes under the Loan Documents, all amounts
payable by the Borrower under this Agreement shall be determined as if such Lender had not
sold such participating interests, and the Borrower and the Administrative Agent shall
continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under the Loan Documents.

     12.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the
consent of any Participant, any amendment, modification or waiver of any provision of the
Loan Documents other than any amendment, modification or waiver with respect to any Loan in
which such Participant has an interest which forgives principal, interest or fees or reduces
the interest rate or fees payable with respect to any such Loan or postpones any date fixed
for any regularly-scheduled payment of principal of, or interest or fees on, any such Loan
or releases any Subsidiary from the Subsidiary Guaranty.

     12.2.3 Benefit of Setoff. The Borrower agrees that each Participant which has
previously advised the Borrower in writing of its purchase of a participation in a Lender’s
interest in its Loans shall be deemed to have the right of setoff provided in Section
11.1 in respect of its participating interest in amounts owing under the Loan Documents
to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided
in Section 11.1 with respect to the amount of participating interests sold to each
Participant, provided that such Lender and Participant may not each setoff amounts against
the same portion of the Obligations, so as to collect the same amount from the Borrower
twice. The Lenders agree to share with each Participant, and each Participant, by
exercising the right of setoff provided in Section 11.1, agrees to share with each
Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to
be shared in accordance with Section 11.2 as if each Participant were a Lender.

12.3 Assignments.

     12.3.1
Permitted Assignments. Any Lender may, in the ordinary course of its business
and in accordance with applicable law, at any time assign to any of such Lender’s affiliates
or to one or more banks, financial institutions or pension funds, or with the prior approval
of the Borrower, which shall not be unreasonably withheld or delayed, any other entity
(“Purchasers”) all or any portion (in an amount no less than $5,000,000) of its
rights and obligations under the Loan Documents provided that no

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assignee shall be entitled to receive any greater amount pursuant to Section 3.5 arising from events prior to the date
of the assignment than the amount to which such assignor would have been entitled to receive
had no assignment occurred, and such assignee is able to deliver the Form W-8BEN or W-8ECI
referenced in Section 3.5(d) hereof. Notwithstanding the foregoing, no approval of
the Borrower shall be required for any such assignment if a Default has occurred and is then
continuing. Such assignment shall be substantially in the form of Exhibit D hereto
or in such other form as may be agreed to by the parties thereto. The consent of the Administrative Agent shall be required prior to an
assignment becoming effective except in the case of an assignment to an Affiliated Qualified
Institution. Such consent shall not be unreasonably withheld. Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including without limitation any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply
to any such pledge or assignment of a security interest; provided that any
foreclosure or similar action by such pledgee or assignee shall be subject to the provisions
of this Section 12.3.1 concerning assignments; and provided, further
that no such pledge or assignment of a security interest shall release a Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. No assignments shall be made to the Borrower or any of the Borrower’s
Subsidiaries or Affiliates.

     12.3.2 Effect; Effective Date. Upon (i) delivery to the Administrative Agent of a
notice of assignment, substantially in the form attached as Exhibit “I” to Exhibit D
hereto (a “Notice of Assignment”), together with any consents required by
Section 12.3.1, and (ii) payment of a $3,500 fee by the assignor or assignee to the
Administrative Agent for processing such assignment, such assignment shall become effective
on the effective date specified in such Notice of Assignment; provided however that the
Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment. The Notice of Assignment shall contain a
representation by the Purchaser to the effect that none of the consideration used to make
the purchase of the Loans under the applicable assignment agreement are “plan assets” as
defined under ERISA and that the rights and interests of the Purchaser in and under the Loan
Documents will not be “plan assets” under ERISA. On and after the effective date of such
assignment, such Purchaser shall for all purposes be a Lender party to this Agreement and
any other Loan Document executed by the Lenders and shall have all the rights and
obligations of a Lender under the Loan Documents, to the same extent as if it were an
original party hereto, and no further consent or action by the Borrower, the Lenders or the
Administrative Agent shall be required to release the transferor Lender, and the transferor
Lender shall automatically be released on the effective date of such assignment, with
respect to the percentage of the Loans assigned to such Purchaser. The assignee, if it is
not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
Upon the consummation of any assignment to a Purchaser pursuant to this Section
12.3.2, the transferor Lender, the Administrative Agent and the Borrower shall make
appropriate arrangements so that replacement Notes are issued to such transferor Lender and
new Notes or, as appropriate, replacement Notes, are issued to such

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Purchaser, in each case
in principal amounts reflecting their Commitment, as adjusted pursuant to such assignment.

     12.4 Dissemination of Information. The Borrower authorizes each Lender to disclose to any
Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by
operation of law (each a “Transferee”) and any prospective Transferee any and all
information in such Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries, subject to Section 12.6.

     12.5 Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which
is organized under the laws of any jurisdiction other than the United States or any State thereof,
the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such
transfer, to comply with the provisions of Section 3.5.

     12.6 Confidentiality. The Administrative Agent and Lenders agree to take normal and reasonable
precautions and exercise due care to maintain the confidentiality of all non-public information
provided to them by the Borrower or by any other Person on the Borrower’s behalf in connection with
the Loan Documents and agree and undertake that neither they nor any of their Affiliates shall
disclose any such information for any purpose or in any manner other than pursuant to the terms
contemplated by the Loan Documents. The Administrative Agent and each Lender may disclose such
information (1) at the request of (A) any regulatory authority with jurisdiction over the
Administrative Agent and/or the Lenders or in connection with an examination of such Person by any
such authority, or (B) any self-regulated body (2) pursuant to subpoena or other process of a court
having jurisdiction over the Administrative Agent and/or the Lenders, (3) when required to do so in
accordance with the provisions of any applicable law, (4) at the express direction of any other
governmental authority, with jurisdiction over the Administrative Agent and/or the Lenders, of any
State of the United States of America or of any other jurisdiction in which such Person conducts
its business, (5) to such Person’s independent auditors, attorneys and other professional advisors,
(6) if such information has become public other than through disclosure by such Person or any
Lender, (7) in connection with any litigation involving such Person, and (8) to any Affiliate of
such Person which agrees to be bound by this Section 12.6. Notwithstanding the foregoing,
the Borrower authorizes each of the Administrative Agent and each Lender to disclose to any
prospective or actual Transferee such financial and other information in its possession (i) which
has been delivered to such Person pursuant to the Loan Documents or which has been delivered to
such Person by the Borrower prior to entering into the Loan Documents, or (ii) which is reasonably
necessary to effectuate the purposes of this Agreement and the Loan Documents; provided that,
unless otherwise agreed by the Borrower, such Transferee shall agree to keep such information
confidential to the same extent required to the Administrative Agent or any Lender, as applicable,
hereunder. The Borrower hereby consents to the disclosure of any non-public information with
respect to it which is related to this transaction by any Designated Lender to any rating agency,
commercial paper dealer, or provider of a surety, guaranty or credit or liquidity enhancement to
such Designated Lender.

     12.7 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby

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notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies each Loan Party, which information includes the name and address
of each Loan Party and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify each Loan Party in accordance with the Act.

     12.8 Co-Agents: Lead Managers; No Fiduciary Relationship. None of the Lenders, if any,
identified on the facing page or signature pages of this Agreement as a “documentation agent,”
“syndication agent,” “managing agent”, “co-agent” or “joint arranger/joint book manager” shall
have the right, power, obligation, liability, responsibility or duty under this Agreement other
than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders
so identified as a “documentation agent,” “syndication agent,” “managing agent,” “co-agent’ or
“joint arranger/joint book manager” shall have or be deemed to have any fiduciary relationship with
any Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of Lenders
so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.
In addition to the foregoing, the Borrower agrees that in connection with all aspects of the
transactions contemplated hereby and any communications in connection therewith, the Borrower and
its Affiliates, on the one hand, and the Administrative Agent, the Lenders, and each of the Lenders
identified on the facing page or the signature page hereof as a “documentation agent,” “syndication
agent,” “managing agent, “co-agent” or “joint arranger/joint book manager” and their Affiliates, on
the other hand, will have a business relationship that does not create, by implication or
otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders, or any Lenders
so identified as a “documentation agent,” “syndication agent,” “managing agent,” “co-agent” or
“joint arranger/joint book manager” or their Affiliates, and no such duty will be deemed to have
arisen in connection with any such transactions or communications.

ARTICLE XIII

NOTICES AND COMMUNICATIONS

     13.1 Giving Notice. Except as otherwise permitted by Section 2.12 and Section
13.2, all notices and other communications provided to any party hereto under this Agreement or
any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered
to such party at its address set forth below its signature hereto or at such other address (or to
counsel for such party) as may be designated by such party in a notice to the other parties. Any
notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received;
any notice, if transmitted by telex or facsimile, shall be deemed given when transmitted
(answerback confirmed in the case of telexes).

     13.2 Electronic Communications. Notices and other communications to the Lenders hereunder
may be delivered or furnished by electronic communication (including e-mail and Internet or
intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has
notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrower may, in its

-57-

 

discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the
next business day for the recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor.

     13.3 Change of Address. The Borrower, the Administrative Agent and any Lender may each change
the address for service of notice upon it by a notice in writing to the other parties hereto. In
addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that
the Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent
and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to
cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made available through the
“Public Side Information” portion of the Platform and that may contain material non-public
information with respect to the Borrower or its securities for purposes of United States Federal or
state securities laws.

     13.4 The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES
(AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE
ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its
Affiliates, partners, directors, officers, employees, agents and advisors (collectively, the
“Agent Parties”) have any liability to Borrower, any Lender, or any other Person for losses,
claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and

-58-

 

nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to Borrower, any Lender, or any
other Person for indirect, special, incidental, consequential or punitive damages (as opposed to
direct or actual damages).

ARTICLE XIV

COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing
any such counterpart. This Agreement shall be effective when it has been executed by the Borrower,
the Administrative Agent and the Lenders and each party has notified the Administrative Agent by
telex or telephone, that it has taken such action.

(Remainder of page intentionally left blank.)

-59-

 

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this
Agreement as of the date first above written.

	 	 	 
	 

	 	DEVELOPERS DIVERSIFIED REALTY
	 

	 	CORPORATION
	 
	 	 
	 

	 	By: /s/ David E. Weiss

	 

	 	Print
Name: David E. Weiss

	 

	 	Title: Sr. Vice President

	 
	 	 
	 

	 	3300 Enterprise Parkway
	 

	 	Beachwood, Ohio 44122
	 

	 	Phone: 216/755-5775
	 

	 	Facsimile: 216/755-1775
	 

	 	Attention: Chief Financial Officer
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	3300 Enterprise Parkway
	 

	 	Beachwood, Ohio 44122
	 

	 	Phone: 216/755-5650
	 

	 	Facsimile: 216/755-1560
	 

	 	Attention: General Counsel

S-1

 

	 	 	 
	 

	 	BANK OF AMERICA, N.A.,
	 

	 	Individually and as Administrative Agent
	 
	 	 
	 

	 	By: /s/ Michael W. Edwards

	 

	 	Print
Name: Michael W. Edwards

	 

	 	Title: Senior Vice President

	 
	 	 
	 
	 	 
	 

	 	Bank of America
	 

	 	231 S. LaSalle Street
	 

	 	IL1 231 12 18
	 

	 	Chicago, IL 60604
	 

	 	Phone: (312) 828-5175
	 

	 	Facsimile: (312) 974-4970
	 

	 	Attention: Michael W. Edwards

S-2

 

EXHIBIT A

NOTE

                    , 2007

     Developers Diversified Realty Corporation, a corporation organized under the laws of the State
of Ohio (the “Borrower”), promises to pay to the order of                                          (the “Lender”)
the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to
Article II of the Credit Agreement (as the same may be amended or modified, the “Agreement”)
hereinafter referred to, in immediately available funds at the main office of Bank of America, N.A.
in                     , as Administrative Agent, or at such other location as is required pursuant to the
Agreement together with interest on the unpaid principal amount hereof at the rates and on the
dates set forth in the Agreement. The Borrower shall pay remaining unpaid principal of and accrued
and unpaid interest on the Loans in full on the Facility Termination Date or such earlier date as
may be required under the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Loan and the
date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Credit Agreement, dated as of February                     , 2007 among the Borrower, Bank of America, N.A.,
individually and as Administrative Agent, and the other Lenders named therein, to which Agreement,
as it may be amended from time to time, reference is hereby made for a statement of the terms and
conditions governing this Note, including the terms and conditions under which this Note may be
prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined
herein are used with the meanings attributed to them in the Agreement.

     If there is a Default under the Agreement or any other Loan Document and Administrative Agent
exercises the remedies provided under the Agreement and/or any of the Loan Documents for the
Lenders, then in addition to all amounts recoverable by the Administrative Agent and the Lenders
under such documents, Administrative Agent and the Lenders shall be entitled to receive reasonable
attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection with the
exercise of such remedies.

     Borrower and all endorsers severally waive presentment, protest and demand, notice of protest,
demand and of dishonor and nonpayment of this Note, and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly agree that this Note, or any payment
hereunder, may be extended from time to time, and expressly consent to the release of any party
liable for the obligation secured by this Note, the release of any of the security for this Note,
the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever,
all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

A-1

 

     This Note shall be governed and construed under the internal laws of the State of New York.

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN
DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS
NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A
JURY.

	 	 	 
	 

	 	DEVELOPERS DIVERSIFIED REALTY
CORPORATION, an Ohio
corporation
	 
	 	 
	 

	 	By:

	 

	 	Print
Name:

	 

	 	Title:

	 
	 	 

A-2

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO AMENDED AND RESTATED

NOTE OF DEVELOPERS DIVERSIFIED REALTY CORPORATION,

DATED                     , 2007

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Maturity	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	 	 	Amount of	 	of Interest	 	Amount	 	Unpaid
	Date	 	Loan	 	Period	 	Paid	 	Balance
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 

A-3

 

EXHIBIT B

INTENTIONALLY OMITTED

B-1

 

EXHIBIT C

COMPLIANCE CERTIFICATE

	 	 	 	 	 	 	 
	To:

	 	The Administrative Agent and	 	 	 	 
	 

	 	the Lenders party to the Agreement	 	 	 	 
	 

	 	described below	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	For the Fiscal Quarter Ending
	 	                                        
	 

	 	 	 	For the Fiscal Year Ending
	 	                                        

     This Compliance Certificate is furnished pursuant to Section 6.1(v) of the Credit
Agreement dated as of                     , 2007 (the “Agreement”), among DEVELOPERS DIVERSIFIED REALTY
CORPORATION (the “Borrower”), BANK OF AMERICA, N.A. (the “Administrative Agent”), the several
banks, financial institutions and other entities from time to time parties thereto (collectively,
with the Arrangers, the “Lenders”), and BANK OF AMERICA, N.A., not individually, but as
“Administrative Agent”. Unless otherwise defined herein, the terms used in this Compliance
Certificate have the meanings ascribed thereto in the Agreement.

     The undersigned William H. Schafer of the Borrower hereby certifies as follows:

     (1) The financial statements referred to in Section 6.1(a), 6.1(b), 6.1(c) or 6.1(d),
as the case may be, of the Agreement which are delivered concurrently with the delivery of this
Compliance Certificate fairly present in all material respects the consolidated financial condition
and operations of the Borrower and its Subsidiaries at such date and the consolidated results of
their operations for the period then-ended, in accordance with GAAP applied consistently throughout
such period and with prior periods (except as approved by the accountants performing the audit in
connection therewith or the undersigned, as the case may be, and disclosed therein), subject, in
the case of interim financial statements, to normal and customary year-end adjustments.

     (2) The covenants listed below are calculated as of the date set forth above or for the period
of two consecutive fiscal quarters of the Borrower ending on the date set forth above, as
appropriate.

     (3) As of the date hereof, to the best of the undersigned’s knowledge, no Default or Unmatured
Default exists.

C-1

 

     The foregoing certifications, together with the covenant computations attached hereto and
the financial statements delivered with this Certificate in support hereof, are made and delivered
this ___ day of ___, 2007.

	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 

	 	 
	 	 	Print Name:	 	 
	 

	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 

	 	 

C-2

 

EXHIBIT D

ASSIGNMENT AGREEMENT

     This Assignment and Assumption (the “Assignment and Assumption”) is dated as of
the Effective Date set forth below and is entered into by and between [Insert name of Assignor]
(the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms
used but not defined herein shall have the meanings given to them in the Credit Agreement
identified below (as amended, the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any letters of credit,
guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as the “Assigned Interest”). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

	 	 	 	 	 
	1.

	 	Assignor:	 	 
	 

	 	 	 	 

	2.

	 	Assignee:	 	 
	 

	 	 	 	 

	 

	 	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	3.

	 	Borrower(s):	 	 
	 

	 	 	 	 

 

			
	1	 	Select as applicable.

D-1

 

	 	 	 	 	 
	4.

	 	Administrative Agent:
	 	                           , as the Administrative Agent under the
Credit Agreement
	 
	 	 	 	 
	5.

	 	Credit Agreement:
	 	[The [amount] Credit Agreement dated as of                             among [name of Borrower(s)], the Lenders
parties thereto, [name of Administrative Agent], as Administrative Agent, and the other
Administrative Agents parties thereto]

D-2

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	Percentage Assigned	 
	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	of	 
	Facility Assigned2	 	for all Lenders	 	 	Assigned	 	 	Commitment/Loans3	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 

Effective Date: —— —, 20—— [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Title:
	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Title:
	 	 
	[Consented to and]4 Accepted:
	 	 	 	 	 	 

 

			
	2	 	Fill in the appropriate terminology for the types
of facilities under the Credit Agreement that are being assigned under this
Assignment (e.g. “Revolving Commitment,” “Tranche A
Commitment,” “Tranche B Commitment,” etc.)
	 
	3	 	Set forth, to at least 9 decimals, as a percentage
of the Commitment/Loans of all Lenders thereunder.
	 
	4	 	To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.

D-3

 

	 	 	 	 	 
	[NAME OF ADMINISTRATIVE AGENT], as	 	 
	Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	Title:	 	 	 	 
	 
	 	 	 	 
	[Consented
to:]5	 	 
	 
	[NAME OF RELEVANT PARTY]	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	Title:	 	 	 	 

 

			
	5	 	To be added only if the consent of the Borrower
and/or other parties (e.g. Swingline Lender, Issuing Lender) is required by the
terms of the Credit Agreement.

D-4

 

ANNEX 1

[                    ]6

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document7, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person
obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document.

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Section ___thereof, as
applicable, and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign
Lender8, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the
Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative
Agent, the Assignor or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in

 

			
	6	 	Describe Credit Agreement at option of Administrative Agent.
	 
	7	 	The term “Loan Document” should be
conformed to that used in the Credit Agreement.
	 
	8	 	The concept of “Foreign Lender” should
be conformed to the section in the Credit Agreement governing withholding taxes
and gross-up.

 

 

Administrative Agent, the Assignor or any other lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of principal, interest, fees and
other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective Date.

     3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and
Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of Illinois.

 

 

EXHIBIT E

LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION

	 	 	 
	To:

	 	Bank of America, N.A.,
	 

	 	as Administrative Agent (the “Administrative Agent”)
	 

	 	under the Credit Agreement Described Below
	 
	 	 
	Re:

	 	Credit Agreement, dated                     , 2007 (as the same may be amended or
modified, the “Credit Agreement”), among Developers Diversified Realty
Corporation, a corporation organized under the laws of the State of
Ohio (the “Borrower”), the Administrative Agent, and the Lenders named
therein. Terms used herein and not otherwise defined shall have the
meanings assigned thereto in the Credit Agreement.

     The Administrative Agent is specifically authorized and directed to act upon the following
standing money transfer instructions with respect to the proceeds of Borrowings or other extensions
of credit from time to time until receipt by the Administrative Agent of a specific written
revocation of such instructions by the Borrower, provided, however, that the Administrative Agent
may otherwise transfer funds as hereafter directed in writing by the Borrower in accordance with
Section 13.1 of the Credit Agreement or based on any telephonic notice made in accordance
with Section 2.12 of the Credit Agreement.

	 	 	 
	Facility Identification Number(s)
	 	 
	 

	 	 

	 	 	 
	Customer/Account Name
	 	 
	 

	 	 

	 	 	 
	Transfer Funds To
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

	 	 	 
	For Account No.
	 	 
	 

	 	 

	 	 	 
	Reference/Attention To
	 	 
	 

	 	 

	 	 	 	 	 
	Authorized Officer (Customer Representative)

	 	Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	(Please Print)

	 	 	 	Signature
	 
	 	 	 	 
	Bank Officer Name

	 	Date	 	 
	 

	 	 	 	 

E-1

 

	 	 	 	 	 
	 	 	 
	(Please Print)

	 	 	 	Signature

(Deliver Completed Form to Credit Support Staff For Immediate Processing)

E-2

 

EXHIBIT F

ACQUISITION PROPERTIES

	 	 	 	 	 
	Description of Acquisition Property	 	Amount of Mortgage Debt	 
	 
	 	 	 	 

F-1

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