Document:

Exhibit 10.2

	
  Notice of Award of Restricted Stock and 

  	
   

  	
  Staples, Inc.

  
	
  Restricted Stock Award Agreement

  	
   

  	
  Employer ID: 04-2896127

  
	
   

  	
   

  	
  500 Staples Drive

  
	
   

  	
   

  	
  Framingham, MA 01702

  
	
   

  	
   

  	
   

  
	
  «FirstName» «LastName»

  	
   

  	
  ACCOUNT ID:

  
	
  «Address1»

  	
   

  	
   

  
	
  «Address2»

  	
   

  	
   

  
	
  «City», «State» «Zip»

  	
   

  	
   

  
	
  «Country»

  	
   

  	
   

  

 

In consideration
of services rendered to Staples, Inc., you have been awarded shares of Staples,
Inc. Common Stock under Staples, Inc.’s Restricted Stock program as follows:

	
  Restricted Stock Award No.:

  	
   

  	
   

  
	
  Stock Plan:

  	
   

  	
  2004RS

  
	
  Date of Award:

  	
   

  	
   

  
	
  Total Number of Shares:

  	
   

  	
   

  
	
  Fair Market Value per Share:

  	
   

  	
   

  
	
  Total Value of Shares Granted:

  	
   

  	
   

  
	
  Vesting Date:

  	
   

  	
   

  

 

By
your acceptance of this Restricted Stock Award, you acknowledge that this award
is granted under and governed by the terms and conditions of Staples, Inc.’s Amended
and Restated 2004 Stock Incentive Plan (as further amended or restated from
time to time) and by the terms and conditions of Staples, Inc.’s Restricted
Stock Award Agreement  (RSBOD42004)
printed on the reverse side hereof.

Staples, Inc.

Ronald L. Sargent

Chairman and Chief Executive Officer

 

 

STAPLES, INC.

RESTRICTED STOCK AWARD AGREEMENT

1.  Award.  In consideration of services rendered, Staples,
Inc., a Delaware corporation (“Staples”), hereby awards to the Director named
on the reverse hereof, pursuant to Staples’ Amended and Restated 2004 Stock
Incentive Plan (the “Plan”), the Total Number of Shares of Common Stock of
Staples stated on the reverse (the “Shares”) subject to the terms and
conditions of this Restricted Stock Award Agreement and the Plan. Except where
the context otherwise requires, the term “Staples” shall include any parent and
all present and future subsidiaries of Staples as defined in Sections 424(e)
and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from
time to time (the “Code”).

2. Transferability
of Shares.  Until the
Vesting Date described below, the Shares may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of (whether by
operation of law or otherwise) nor shall the Shares be subject to execution,
attachment or similar process, except that the Shares may be transferred by
will or the laws of descent and distribution or, upon notice to Staples, for
estate planning purposes to entities that are beneficially owned entirely by
family members.   All transferees of the
Shares must agree to be governed by all of the terms and conditions of this
Agreement.  Upon any sale, transfer,
assignment, pledge, hypothecation or other disposition, or any attempt to sell,
assign, transfer, pledge, hypothecate or otherwise dispose, of the Shares
contrary to the provisions hereof, or upon the levy of any execution,
attachment or similar process upon the Shares or such rights, the Shares shall,
at the election of Staples, be deemed repurchased by Staples at a repurchase
price of zero and all rights with respect to the Shares shall be forfeited to
Staples.  In addition, Staples may seek
any other legal or equitable remedies available to it, including rights of
specific performance.   Staples may
refuse to recognize as a shareholder of Staples any purported transferee of or
holder of any rights with respect to the Shares and may retain and/or recover
all dividends payable or paid with respect to such Shares.

3.  Vesting
of Shares.  Except as
otherwise provided in this Agreement, the transfer restrictions on the Shares
shall lapse, and the Shares shall be considered to “vest”, on the Vesting Date
set forth on the reverse hereof.

4.  Vesting Date.

(a)  Continuous
Relationship with Staples Required.  Except as otherwise provided in this Section
4, the Shares shall not vest unless the Director is, and has been at all times
since the Date of Award set forth on the reverse, a Director of Staples (an “Eligible
Director”).

(b)  Termination
of Relationship with Staples. 
If the Director ceases to be an Eligible Director for any reason prior
to the Vesting Date, then, except as provided in paragraph (c) below, the
Shares shall be deemed repurchased by Staples at a repurchase price of zero and
ownership of all right, title and interest in and to the Shares shall be
forfeited and revert to Staples on the date such Director ceases to be an
Eligible Director. If the Director is on an approved leave of absence, then the
Shares shall not be forfeited as a result of such leave of absence unless and
until the Director’s position as director is ultimately terminated.

(c)  Vesting Upon Death or
Disability or Retirement.  If the Director (i) dies; (ii) becomes
disabled (within the meaning of Section 22(e)(3) of the Code); or (iii) ceases
to be an Eligible Director on or after the Rule of 65 Qualification Date
(defined below), in each case prior to the Vesting Date while he or she is an
Eligible Director, then the Shares shall vest in full.  For purposes of this Section 4(c), the “Rule
of 65 Qualification Date” shall mean the first Quarterly Measurement Date
(defined below) to occur on or after both (A) the Date of Award and (B) the
date that the Director has attained age 55 and the sum of the years of service
as a director of Staples (as determined by the Board of Directors of Staples)
completed by the Director plus the Director’s age is greater than or equal to
65.  For purposes of this Section 4(c),
the “Quarterly Measurement Date” means the sixth Thursday following the end of
each fiscal quarter.  In addition and
subject to Section 11 of this Agreement, on the Eligible Director’s Rule of 65
Qualification Date, a number of unvested Shares that is sufficient to satisfy
the Eligible Director’s federal, state or local income and employment tax obligations
with respect to the Shares that are triggered by virtue of the Eligible
Director satisfying the conditions of the Rule of 65 Qualification Date shall
vest in full.

(d)  Repurchase/Forfeiture.  Upon
repurchase/forfeiture of the Shares for any reason hereunder, the Director
shall cease to have any rights or privileges as a stockholder of Staples with
respect to the Shares repurchased/forfeited and such Shares shall again be
available for subsequent option grants or awards under the Plan.

5.  Delivery of Shares.  Staples
shall, upon the Date of Award, effect issuance of the Shares by registering the
Shares in book entry form with Staples’ transfer agent in the name of the
Director.   No certificate(s)
representing all or a part of the Shares shall be issued until vesting.

6.  No Rights to Continue as a
Director.  Nothing
contained in the Plan or this Agreement shall be construed or deemed by any
person under any circumstances to bind Staples to continue the relationship of
the Director with Staples for the period prior to or after vesting.

7.  Rights as a Shareholder.  Except as otherwise provided herein, the
Director shall have all rights as a shareholder with respect to the Shares
including, without limitation, any rights to receive dividends or non-cash 

 

 

distributions with respect to the Shares and to vote the Shares and act
in respect of the Shares at any meeting of shareholders.

8.  Adjustment Provisions.

(a)  General.   In the event of any recapitalization,
reclassification of shares, combination of shares, stock dividend, stock split,
reverse stock split, spin-off or other similar change in capitalization or
event or any distribution to holders of Common Stock other than an ordinary
cash dividend, the Director shall, with respect to the Shares, be entitled to
the rights and benefits, and be subject to the limitations, set forth in
Section 9(a) of the Plan.

(b)  Board
Authority to Make Adjustments. 
Any adjustments under this Section 8 will be made by the Board of
Directors, whose determination as to what adjustments, if any, will be made and
the extent thereof will be final, binding and conclusive.  No fractional shares will be issued with
respect to Shares on account of any such adjustments.

9.  Mergers,
Consolidations, Distributions, Liquidations, Etc.  In
the event of a merger or consolidation or any share exchange transaction in
which outstanding shares of Common Stock are exchanged for securities, cash or
other property of any other corporation or business entity, or in the event of
a liquidation of Staples, the Director shall, with respect to this Agreement,
be entitled to the rights and benefits, and be subject to the limitations, set
forth in Section 9 of the Plan.

10.  Vesting
Following a Change in Control.

(a)  Definitions.  For purposes of this Agreement, the following
terms shall have the following meanings:

(i)  A “Change
in Control” shall be deemed to have occurred if (A) any “person”, as such term
is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the
“Exchange Act”) (other than Staples, any trustee or other fiduciary holding
securities under an employee benefit plan of Staples, or any corporation owned
directly or indirectly by the stockholders of Staples in substantially the same
proportion as their ownership of stock of Staples), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of Staples representing 30% or more of the combined
voting power of Staples’ then outstanding securities (other than pursuant to a
merger  or consolidation described in
clause (1) or (2) of subsection (C) below); (B) individuals who, as of the date
hereof, constitute the Board of Directors of Staples (as of the date hereof,
the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board of Directors, provided that any person becoming a director
subsequent to the date hereof whose election, or nomination for election by
Staples’ stockholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board (other than an election or
nomination of an individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
directors of Staples, as such terms are used in Rule 14a-11 of Regulation 14A
under the Exchange Act) shall be, for purposes of this Agreement, considered as
though such person were a member of the Incumbent Board; (C) the stockholders
of Staples approve a merger or consolidation of Staples with any other
corporation, and such merger or consolidation is consummated, other than (1) a
merger or consolidation which would result in the voting securities of Staples
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) more than 75% of the combined voting power of the voting
securities of Staples or such surviving entity outstanding immediately after
such merger or consolidation, or (2) a merger or consolidation effected to
implement a recapitalization of Staples (or similar transaction) in which no “person”
(as defined above) acquires more than 30% of the combined voting power of
Staples’ then outstanding securities; or (D) the stockholders of Staples
approve an agreement for the sale or disposition by Staples of all or substantially
all of Staples’ assets, and such sale or disposition is consummated.

(ii) “Surviving Corporation” shall mean (x) in the
case of a Change in Control pursuant to clause (A) or clause (B) of Section
10(a)(i), Staples; (y) in the case of a Change in Control pursuant to clause
(C) of Section 10(a)(i), the surviving or resulting corporation in such merger
or consolidation; and (z) in the case of a Change in Control pursuant to Clause
(D) of Section 10(a)(i), the entity acquiring the majority of the assets being
sold or disposed of by Staples.

(b)  Effect
of Change of Control. Notwithstanding the provisions of Section
3, if a Change in Control of Staples occurs, the Shares shall vest fully in
accordance with this Section 10(b).

11.  Withholding Taxes.  Staples’ obligation to vest the Shares shall
be subject to the Director’s satisfaction of all applicable federal, state and
local income tax withholding requirements.

12.  Miscellaneous.

(a)  Except as
provided herein, this Agreement may not be amended or otherwise modified unless
evidenced in writing and signed by Staples and the Director unless the Board of
Directors determines that the amendment or modification, taking into account
any related action, would not  materially
and adversely affect the Director.

 

 

(b)  All notices under this Agreement shall be
mailed or delivered by hand to Staples at its main office, Attn: Secretary, and
to the Director to his/her last known address on the records of Staples or at
such other address as may be designated in writing by either of the parties to
one another.

(c)  This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.Exhibit
10.1

 

$1,200,000,000

REVOLVING CREDIT
AGREEMENT

dated as of June
26, 2007

among

iSTAR FINANCIAL
INC.,

THE BANKS LISTED
HEREIN,

JPMORGAN CHASE
BANK, N.A.

as Administrative Agent,

BANK OF AMERICA,
N.A., 

as Syndication Agent,

J.P. MORGAN
SECURITIES INC.

and

BANC OF AMERICA SECURITIES LLC,

as Joint Lead Arrangers and Joint Bookrunners,

and

CITICORP NORTH
AMERICA, INC., 

DEUTSCHE BANK AG, NEW YORK BRANCH, 

AND WACHOVIA BANK, NATIONAL ASSOCIATION,

as Documentation Agents

 

Table
of Contents

	
  

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
  SECTION
  1.1.   Definitions

  	
  1

  
	
  SECTION
  1.2.   Accounting Terms and Determinations

  	
  23

  
	
  SECTION
  1.3.   Types of Borrowings

  	
  23

  
	
   

  	
   

  
	
  ARTICLE II THE CREDITS

  	
  23

  
	
   

  	
   

  
	
  SECTION
  2.1.   Commitments to Lend

  	
  23

  
	
  SECTION
  2.2.   Notice of Borrowing

  	
  25

  
	
  SECTION
  2.3.   Swingline Loan Subfacility

  	
  26

  
	
  SECTION
  2.4.   Money Market Borrowings

  	
  29

  
	
  SECTION
  2.5.   Notice to Banks; Funding of Loans

  	
  32

  
	
  SECTION
  2.6.   Notes

  	
  34

  
	
  SECTION
  2.7.   Method of Electing Interest Rates

  	
  35

  
	
  SECTION
  2.8.   Interest Rates

  	
  36

  
	
  SECTION
  2.9.   Fees

  	
  37

  
	
  SECTION
  2.10.   Maturity Date

  	
  38

  
	
  SECTION
  2.11.   Optional Prepayments

  	
  38

  
	
  SECTION
  2.12.   Mandatory Prepayments

  	
  40

  
	
  SECTION
  2.13.   General Provisions as to Payments

  	
  40

  
	
  SECTION
  2.14.   Funding Losses

  	
  41

  
	
  SECTION
  2.15.   Computation of Interest and Fees

  	
  41

  
	
  SECTION
  2.16.   Use of Proceeds

  	
  41

  
	
  SECTION
  2.17.   Letters of Credit

  	
  42

  
	
  SECTION
  2.18.   Letter of Credit Usage Absolute

  	
  45

  
	
  SECTION
  2.19.   Letters of Credit Maturing after the Maturity Date

  	
  46

  
	
  SECTION
  2.20.   Designated Borrowers

  	
  46

  
	
   

  	
   

  
	
  ARTICLE III CONDITIONS

  	
  48

  
	
   

  	
   

  
	
  SECTION
  3.1.   Closing

  	
  48

  
	
  SECTION
  3.2.   Borrowings

  	
  49

  
	
   

  	
   

  
	
  ARTICLE IV REPRESENTATIONS AND WARRANTIES

  	
  50

  
	
   

  	
   

  
	
  SECTION
  4.1.   Existence and Power

  	
  50

  
	
  SECTION 4.2.  
  Power and Authority

  	
  51

  
	
  SECTION
  4.3.   No Violation

  	
  51

  
	
  SECTION
  4.4.   Financial Information

  	
  51

  
	
  SECTION
  4.5.   Litigation

  	
  52

  
	
  SECTION
  4.6.   Compliance with ERISA

  	
  52

  
	
  SECTION
  4.7.   Environmental

  	
  52

  
	
  SECTION
  4.8.   Taxes

  	
  53

  

 

 i
 

 

	
  SECTION 4.9.  
  Full Disclosure

  	
  53

  
	
  SECTION
  4.10.   Solvency

  	
  53

  
	
  SECTION
  4.11.   Use of Proceeds

  	
  53

  
	
  SECTION
  4.12.   Governmental Approvals

  	
  53

  
	
  SECTION
  4.13.   Investment Company Act

  	
  53

  
	
  SECTION
  4.14.   Principal Offices

  	
  54

  
	
  SECTION
  4.15.   REIT Status

  	
  54

  
	
  SECTION
  4.16.   Patents, Trademarks, etc.

  	
  54

  
	
  SECTION
  4.17.   Judgments

  	
  54

  
	
  SECTION
  4.18.   No Default

  	
  54

  
	
  SECTION
  4.19.   Licenses, etc.

  	
  54

  
	
  SECTION
  4.20.   Compliance With Law

  	
  54

  
	
  SECTION
  4.21.   No Burdensome Restrictions

  	
  54

  
	
  SECTION
  4.22.   Brokers’ Fees

  	
  54

  
	
  SECTION
  4.23.   Labor Matters

  	
  55

  
	
  SECTION
  4.24.   Insurance

  	
  55

  
	
  SECTION
  4.25.   Organizational Documents

  	
  55

  
	
  SECTION
  4.26.   Unencumbered Assets and Indebtedness

  	
  55

  
	
   

  	
   

  
	
  ARTICLE V AFFIRMATIVE AND NEGATIVE COVENANTS

  	
  55

  
	
   

  	
   

  
	
  SECTION
  5.1.   Information

  	
  55

  
	
  SECTION
  5.2.   Payment of Obligations

  	
  58

  
	
  SECTION
  5.3.   Maintenance of Property; Insurance; Leases

  	
  58

  
	
  SECTION
  5.4.   Maintenance of Existence

  	
  59

  
	
  SECTION
  5.5.   Compliance with Laws

  	
  59

  
	
  SECTION
  5.6.   Inspection of Property, Books and Records

  	
  59

  
	
  SECTION
  5.7.   Existence

  	
  59

  
	
  SECTION
  5.8.   Financial Covenants

  	
  59

  
	
  SECTION
  5.9.   Restriction on Fundamental Changes

  	
  60

  
	
  SECTION
  5.10.   Changes in Business

  	
  60

  
	
  SECTION
  5.11.   Borrower Status

  	
  60

  
	
  SECTION
  5.12.   Other Indebtedness

  	
  61

  
	
  SECTION
  5.13.   Forward Equity Contracts

  	
  61

  
	
   

  	
   

  
	
  ARTICLE VI
  DEFAULTS

  	
  61

  
	
   

  	
   

  
	
  SECTION
  6.1.   Events of Default

  	
  61

  
	
  SECTION
  6.2.   Rights and Remedies

  	
  63

  
	
  SECTION
  6.3.   Notice of Default

  	
  64

  
	
  SECTION
  6.4.   Actions in Respect of Letters of Credit

  	
  64

  
	
  SECTION
  6.5.   Distribution of Proceeds after Default

  	
  66

  
	
   

  	
   

  
	
  ARTICLE VII THE AGENTS; CERTAIN MATTERS RELATING TO
  THE LENDERS

  	
  67

  
	
   

  	
   

  
	
  SECTION
  7.1.   Appointment and Authorization

  	
  67

  
	
  SECTION
  7.2.   Agency and Affiliates

  	
  67

  

 

 ii
 

 

	
  SECTION 7.3.  
  Action by Agents

  	
  67

  
	
  SECTION
  7.4.   Consultation with Experts

  	
  67

  
	
  SECTION
  7.5.   Liability of Agents

  	
  67

  
	
  SECTION
  7.6.   Indemnification

  	
  68

  
	
  SECTION
  7.7.   Credit Decision

  	
  68

  
	
  SECTION
  7.8.   Successor Agent

  	
  68

  
	
  SECTION
  7.9.   Consents and Approvals

  	
  69

  
	
   

  	
   

  
	
  ARTICLE VIII CHANGE IN CIRCUMSTANCES

  	
  69

  
	
   

  	
   

  
	
  SECTION
  8.1.   Basis for Determining Interest Rate Inadequate or Unfair

  	
  69

  
	
  SECTION
  8.2.   Illegality

  	
  70

  
	
  SECTION
  8.3.   Increased Cost and Reduced Return

  	
  71

  
	
  SECTION
  8.4.   Taxes

  	
  72

  
	
  SECTION
  8.5.   Base Rate Loans Substituted for Affected Euro-Currency Loans

  	
  75

  
	
   

  	
   

  
	
  ARTICLE IX MISCELLANEOUS

  	
  76

  
	
   

  	
   

  
	
  SECTION
  9.1.   Notices

  	
  76

  
	
  SECTION
  9.2.   No Waivers

  	
  76

  
	
  SECTION
  9.3.   Expenses; Indemnification

  	
  76

  
	
  SECTION
  9.4.   Sharing of Set-Offs

  	
  77

  
	
  SECTION
  9.5.   Amendments and Waivers

  	
  78

  
	
  SECTION
  9.6.   Successors and Assigns

  	
  79

  
	
  SECTION
  9.7.   Governing Law; Submission to Jurisdiction; Judgment Currency

  	
  82

  
	
  SECTION
  9.8.   Counterparts; Integration; Effectiveness

  	
  83

  
	
   

  	
   

  
	
  SECTION 9.9.   WAIVER OF JURY TRIAL

  	
  83

  
	
   

  	
   

  
	
  SECTION
  9.10.   Survival

  	
  83

  
	
  SECTION
  9.11.   Domicile of Loans

  	
  83

  
	
  SECTION
  9.12.   Limitation of Liability

  	
  83

  
	
  SECTION
  9.13.   Recourse Obligation

  	
  83

  
	
  SECTION
  9.14.   Confidentiality

  	
  83

  
	
  SECTION
  9.15.   Intentionally Omitted

  	
  84

  
	
  SECTION
  9.16.   No Bankruptcy Proceedings

  	
  84

  
	
  SECTION
  9.17.   USA Patriot Act

  	
  84

  

 

	
  SCHEDULE 1

  	
  Commitments

  
	
  SCHEDULE 1.1

  	
  Unencumbered Assets, Unsecured Debt

  
	
  SCHEDULE 1.1(b)

  	
  Permitted Lien

  
	
  SCHEDULE 4.4 (b)

  	
  Material Indebtedness

  
	
  SCHEDULE 4.6

  	
  Multiemployer Plans/Collective Bargaining Agreements

  
	
   

  	
   

  
	
  EXHIBIT A

  	
  Note

  
	
  EXHIBIT A-1

  	
  Designated Lender Note

  
	
  EXHIBIT B

  	
  Form of Money Market Quote Request

  
	
  EXHIBIT C

  	
  Form of Invitation for Money Market Quotes

  

 

 iii
 

 

	
  EXHIBIT D

  	
  Form of Money Market Quote

  
	
  EXHIBIT E

  	
  Transfer Supplement

  
	
  EXHIBIT F

  	
  Notice Addresses

  
	
  EXHIBIT G

  	
  Form of Designation Agreement

  
	
  EXHIBIT H

  	
  Form of Designated Borrower Request and Assumption
  Agreement

  
	
  EXHIBIT I

  	
  Form of Designated Borrower Notice

  
	
  EXHIBIT J

  	
  Form of Guarantee Agreement

  

 

 iv

REVOLVING CREDIT
AGREEMENT

THIS REVOLVING
CREDIT AGREEMENT (this “Agreement”) dated as of June 26, 2007, among
iSTAR FINANCIAL INC. (the “Borrower”), the BANKS listed on the signature
pages hereof, JPMORGAN CHASE BANK, N.A., as Administrative Agent, BANK OF
AMERICA, N.A., as Syndication Agent, J.P. MORGAN SECURITIES INC. and BANC OF
AMERICA SECURITIES LLC, as Joint Lead Arrangers and Joint Bookrunners, CITICORP
NORTH AMERICA, INC., DEUTSCHE BANK AG, NEW YORK BRANCH, AND WACHOVIA BANK,
NATIONAL ASSOCIATION, as Documentation Agents, and BARCLAYS BANK PLC, BEAR
STEARNS CORPORATE LENDING INC., LEHMAN BROTHERS BANK, FSB, MERRILL LYNCH BANK
USA, MORGAN STANLEY BANK, RBS GREENWICH CAPITAL AND UBS LOAN FINANCE LLC, as
Managing Agents.

W I T N E S S E T
H

WHEREAS, the
Borrower has requested that the Banks provide a revolving credit facility; and

WHEREAS, the Banks
are willing to do so on the terms and conditions set forth herein;

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE
I

DEFINITIONS

SECTION 1.1.        Definitions. The following terms,
as used herein, have the following meanings:

“Absolute Rate
Auction” means a solicitation of Money Market Quotes setting forth Money
Market Non-IBOR Rates pursuant to Section 2.4.

“Adjusted
Earnings” mean, for any period, Net Income allocable to holders of common
stock of the Borrower and “high performance unit” shareholders, as determined
in accordance with GAAP, plus depreciation, depletion, amortization, losses
from discontinued operations and extraordinary losses, but less gain from
discontinued operations and extraordinary gains, in each case allocable to
holders of common stock of the Borrower and “high performance unit”
shareholders, and the Borrower’s Share of Investment Affiliates’ income, as
determined in accordance with GAAP, depreciation, depletion and amortization.

“Administrative
Agent” shall mean (i) with respect to Notices of Borrowing and the
administration of Loans denominated in an Alternate Currency, Alternate
Currency Letters of Credit, and interest and fee payments with respect to Loans
and Letters of Credit denominated in an Alternate Currency, J.P. Morgan Europe
Limited; and (ii) for all other purposes under this Agreement, JPMorgan Chase
Bank, N.A., in each case in its respective capacity as 

Administrative Agent
hereunder, and its respective permitted successors in such capacity in
accordance with the terms of this Agreement.

“Administrative
Questionnaire” means with respect to each Bank, an administrative
questionnaire in the form prepared by the Administrative Agent and submitted to
the Administrative Agent (with a copy to the Borrower) duly completed by such
Bank.

“Affiliate”,
as applied to any Person, means any other Person that directly or indirectly
controls, is controlled by, or is under common control with, that Person. For
purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control with”), as
applied to any Person, means the possession, directly or indirectly, of the
power to vote ten percent (10.0%) or more of the equity securities having
voting power for the election of directors of such Person or otherwise to direct
or cause the direction of the management and policies of that Person, whether
through the ownership of voting equity securities or by contract or otherwise.

“Agents”
means the Administrative Agent, the Syndication Agent and the Documentation
Agents, collectively.

“Agreement”
means this Revolving Credit Agreement as the same may from time to time
hereafter be modified, supplemented or amended.

“Alternate
Currency” means the lawful currency of any of (i) the United Kingdom
(British Pounds Sterling) or (ii) the European Economic Union (Euros) or (iii)
Canada (Canadian Dollars) or (iv) such other foreign currencies as shall be
requested by Borrower and agreed to by the Administrative Agent and the Banks
that shall elect to fund such currency.

“Alternate Currency
Letter of Credit” means a Letter of Credit denominated in Alternate
Currency.

“Applicable Fee
Percentage” means the respective percentages per annum determined, at any
time, based on the range into which Borrower’s Credit Rating then falls, in
accordance with the table set forth below. 
Any change in Borrower’s Credit Rating causing it to move to a different
range on the table shall effect an immediate change in the Applicable Fee
Percentage.  Borrower shall have not less
than two (2) Credit Ratings at all times. In the event that Borrower has two
(2) or more Credit Ratings that are not all equivalent, the Applicable Fee
Percentage shall be determined by the highest Credit Rating, provided that such
highest Credit Rating shall be from S&P or Moody’s; provided, further, that
if such highest Credit Rating is not from S&P or Moody’s, then the
Applicable Fee Percentage shall be determined by the highest Credit Rating from
either S&P or Moody’s. 

 2
 

 

	
  Range of Borrower’s Credit Rating

  Applicable (S&P/Moody’s Ratings)

  	
   

  	
  Fee Percentage

  (% per annum)

  	
   

  
	
  >BBB+/Baa1

  	
   

  	
  0.09

  	
   

  
	
  BBB+/Baa1

  	
   

  	
  0.10

  	
   

  
	
  BBB/Baa2

  	
   

  	
  0.125

  	
   

  
	
  BBB-/Baa3

  	
   

  	
  0.15

  	
   

  
	
  <BB+/Ba1

  	
   

  	
  0.20

  	
   

  

 

“Applicable
Lending Office” means with respect to any Bank, (i) in the case of its Base
Rate Loans and Swingline Loans, its Domestic Lending Office, (ii) in the case
of its Euro-Currency Loans, its Euro-Currency Lending Office, and (iii) in the
case of its Money Market Loans, its Money Market Lending Office.

“Applicable
Margin” means with respect to each Loan, the respective percentages per
annum determined, at any time, based on the range into which Borrower’s Credit
Rating then falls, in accordance with the table set forth below. Any change in
Borrower’s Credit Rating causing it to move to a different range on the table
shall effect an immediate change in the Applicable Margin.  Borrower shall have not less than two (2)
Credit Ratings at all times. In the event that Borrower has two (2) or more
Credit Ratings that are not all equivalent, the Applicable Margin shall be
determined by the highest Credit Rating, provided that such highest Credit
Rating shall be from S&P or Moody’s; provided, further, that if such
highest Credit Rating is not from S&P or Moody’s, then the Applicable
Margin shall be determined by the highest Credit Rating from either S&P or
Moody’s. 

	
  Range of Borrower’s

  Credit Rating

  (S&P/Moody’s Ratings)

  	
   

  	
  Applicable Margin for

  Base Rate Loans

  (% per annum)

  	
   

  	
  Applicable Margin for

  Euro Currency Loans

  (% per annum)

  	
   

  
	
  >BBB+/Baa1

  	
   

  	
  0.00

  	
   

  	
  0.31

  	
   

  
	
  BBB+/Baa1

  	
   

  	
  0.00

  	
   

  	
  0.45

  	
   

  
	
  BBB/Baa2

  	
   

  	
  0.00

  	
   

  	
  0.525

  	
   

  
	
  BBB-/Baa3

  	
   

  	
  0.00

  	
   

  	
  0.70

  	
   

  
	
  <BB+/Ba1

  	
   

  	
  0.10

  	
   

  	
  0.85

  	
   

  

 

“Applicant
Borrower” has the meaning set forth in Section 2.20.

“Assignee”
has the meaning set forth in Section 9.6(c).

“Bank”
means each entity (other than Borrower) listed on the signature pages hereof,
each Assignee which becomes a Bank pursuant to Section 9.6(c), and their
respective successors and each Designated Lender; provided, however, that the
term “Bank” shall exclude each Designated Lender when used in reference
to a Committed Loan, the Commitments or terms relating to the Committed Loans
and the Commitments and shall further exclude each Designated Lender for all
other purposes hereunder except that any Designated Lender which funds a Money
Market Loan shall, subject to Section 9.6(d), have the rights (including the
rights given to a Bank contained in Sections 9.3 and 9.5 and otherwise in
Article 9) and obligations of a Bank associated with holding such Money Market
Loan.  For purposes of this Agreement, 

 3
 

neither J.P. Morgan
Securities, Inc. nor Banc of America Securities LLC shall constitute a “Bank.”

“Bank Reply
Period” has the meaning set forth in Section 7.9.

“Bankruptcy
Code” shall mean Title 11 of the United States Code, entitled “Bankruptcy”,
as amended from time to time, and any successor statute or statutes.

“Base
Euro-Currency Rate” means a rate per annum equal to the rate for deposits
in Dollars or the applicable Alternate Currency with maturities comparable to
the applicable Interest Period which (a) in the case of Dollars or any
Alternate Currency other than Euros, appears on Reuters Page LIBOR1 as of 11:00
a.m., London time, on the Quotation Date, or (b) in the case of Euros, appears
on the page of the Reuters Screen which displays an average rate of the Banking
Federation of the European Union for the Euro as of 11.00 a.m., Brussels time,
on the Quotation Date; provided, however, if such rate does not
appear on Reuters Page LIBOR1 or the Reuters Screen which displays an average
rate of the Banking Federation of the European Union for the Euro, as
applicable, or if Reuters Page LIBOR1 or the Reuters Screen which displays an
average rate of the Banking Federation of the European Union for the Euro, as
applicable, is no longer available, the “Base Euro-Currency Rate” applicable to
a particular Interest Period shall mean a rate per annum equal to the rate at
which deposits in Dollars or the applicable Alternate Currency, as the case may
be, in an amount approximately equal to the applicable Euro-Currency Loan(s),
and with maturities comparable to the last day of the Interest Period with
respect to which such Base Euro-Currency Rate is applicable, are offered in
immediately available funds in the London interbank market (or in the case of
Euros, the European interbank market) to the London office of the
Administrative Agent by leading banks in the London interbank market (or in the
case of Euros, the European interbank market), at 11:00 a.m., London time (or
in the case of Euros, Brussels time) on the Quotation Date.

“Base Rate”
means, for any day, a rate per annum equal to the higher of (i) the Prime Rate
for such day and (ii) the sum of 0.50% plus the Federal Funds Rate for such
day.  Each change in the Base Rate shall
become effective automatically as of the opening of business on the date of
such change in the Base Rate, without prior written notice to Borrower or
Banks.

“Base Rate Loan”
means a Committed Loan in Dollars to be made by a Bank the interest on which is
calculated by reference to the Base Rate in accordance with the provisions of
this Agreement.

“Borrower”
means iStar Financial Inc., a Maryland corporation, or, as the case may be, a
Designated Borrower.

“Borrower’s
Share” means Borrower’s direct or indirect share of an Investment Affiliate
based upon Borrower’s percentage ownership (whether direct or indirect) of such
Investment Affiliate.

“Borrowing”
has the meaning set forth in Section 1.3.

“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks
in New York City are authorized by law to close.

 4
 

“Capital Leases”
as applied to any Person, means any lease of any property (whether real,
personal or mixed) by that Person as lessee which, in conformity with GAAP, is
or should be accounted for as a capital lease on the balance sheet of that
Person.

“Capital Stock”
has the meaning set forth in the definition of Net Offering Proceeds.

“Cash or Cash
Equivalents” shall mean (a) cash; (b) marketable direct obligations issued
or unconditionally guaranteed by the United States Government or issued by an
agency thereof and backed by the full faith and credit of the United States, in
each case maturing within one (1) year after the date of acquisition thereof;
(c) marketable direct obligations issued by any state of the United States of
America or any political subdivision of any such state or any public
instrumentality thereof maturing within ninety (90) days after the date of
acquisition thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from any two of S & P, Moody’s or Fitch (or, if
at any time no two of the foregoing shall be rating such obligations, then from
such other nationally recognized rating services acceptable to Administrative
Agent ); (d) commercial paper (foreign and domestic) or master notes, other
than commercial paper or master notes issued by Borrower or any of its
Affiliates, and, at the time of acquisition, having a long-term rating of at
least A or the equivalent from S & P, Moody’s or Fitch and having a
short-term rating of at least A-1 and P-1 from S & P and Moody’s,
respectively (or, if at any time neither S & P nor Moody’s shall be rating
such obligations, then the highest rating from such other nationally recognized
rating services acceptable to Administrative Agent); (e) domestic and foreign
certificates of deposit or domestic time deposits or foreign deposits or
bankers’ acceptances (foreign or domestic) in Dollars that are issued by a bank
(I) which has, at the time of acquisition, a long-term rating of at least A or
the equivalent from S & P, Moody’s or Fitch and (II) if a domestic bank,
which is a member of the Federal Deposit Insurance Corporation; (f) overnight
securities repurchase agreements, or reverse repurchase agreements secured by
any of the foregoing types of securities or debt instruments, provided that the
collateral supporting such repurchase agreements shall have a value not less
than 101% of the principal amount of the repurchase agreement plus accrued
interest; and (g) money market funds invested in investments substantially all
of which consist of the items described in clauses (a) through (f) foregoing.

“Closing Date”
means the date on or after the Effective Date on which the conditions set forth
in Section 3.1 shall have been satisfied to the satisfaction of the
Administrative Agent.

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and as it may be
further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of Treasury regulations issued pursuant thereto in
temporary or final form.

“Committed
Borrowing” has the meaning set forth in Section 1.3.

“Committed Loan”
means a loan made by a Bank pursuant to Section 2.1, as well as Loans required
to be made by a Bank pursuant to Section 2.17 to reimburse a Fronting Bank for
a Letter of Credit that has been drawn down; provided that, if any such loan or
loans (or portions thereof) are combined or subdivided pursuant to a Notice of
Interest Rate Election, the term “Committed Loan” shall refer to the
combined principal amount resulting from such 

 5
 

combination or to each of
the separate principal amounts resulting from such subdivision, as the case may
be.

“Commitment”
means with respect to each Bank, the amount set forth on Schedule 1 next
to the name of such Bank as its commitment for Loans (and, for each Bank which
is an Assignee, the amount set forth in the Transfer Supplement entered into
pursuant to Section 9.6(c) as the Assignee’s Commitment), as such amount may be
reduced from time to time pursuant to Section 2.11(d) or in connection with an
assignment to an Assignee, and as such amount may be increased pursuant to
Section 2.1(b) or in connection with an assignment from an Assignor. The
initial aggregate amount of the Banks’ Commitments is $1,200,000,000.

“Consolidated
Subsidiary” means at any date any Subsidiary or other entity which is
consolidated with Borrower in accordance with GAAP.

“Consolidated
Tangible Net Worth” means, at any time, the tangible net worth of Borrower,
on a consolidated basis, determined in accordance with GAAP.

“Contingent
Obligation” as to any Person means, without duplication, (i) any contingent
obligation of such Person required to be shown on such Person’s balance sheet
in accordance with GAAP which is not otherwise Indebtedness, and (ii) any
obligation required to be disclosed in accordance with GAAP in the footnotes to
such Person’s financial statements, guaranteeing partially or in whole any
Non-Recourse Indebtedness, lease, dividend or other obligation, exclusive of
contractual indemnities (including, without limitation, any indemnity or
price-adjustment provision relating to the purchase or sale of securities or
other assets) and guarantees of non-monetary obligations (other than guarantees
of completion) which have not yet been called on or quantified, of such Person
or of any other Person.  The amount of
any Contingent Obligation described in clause (ii) shall be deemed to be (a)
with respect to a guaranty of interest or interest and principal, or operating
income guaranty, the Net Present Value of the sum of all payments required to
be made thereunder (which in the case of an operating income guaranty shall be
deemed to be equal to the debt service for the note secured thereby), through
(i) in the case of an interest or interest and principal guaranty, the stated
date of maturity of the obligation (and commencing on the date interest could
first be payable thereunder), or (ii) in the case of an operating income
guaranty, the date through which such guaranty will remain in effect, and (b)
with respect to all guarantees not covered by the preceding clause (a), an
amount equal to the stated or determinable amount of the primary obligation in
respect of which such guaranty is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as recorded on the balance sheet and on the
footnotes to the most recent financial statements of Borrower required to be
delivered pursuant to Section 5.1 hereof. Notwithstanding anything contained
herein to the contrary, guarantees of completion shall not be deemed to be
Contingent Obligations unless and until a claim for payment or performance has
been made thereunder, at which time any such guaranty of completion shall be
deemed to be a Contingent Obligation in an amount equal to any such claim.  Subject to the preceding sentence, (i) in the
case of a joint and several guaranty given by such Person and another Person
(but only to the extent such guaranty is recourse, directly or indirectly to
Borrower), the amount of the guaranty shall be deemed to be 100% thereof unless
and only to the extent that such other Person has delivered Cash or Cash
Equivalents to secure all or any part of such Person’s guaranteed 

 6
 

obligations, (ii) in the
case of joint and several guarantees given by a Person in whom Borrower owns an
interest (which guarantees are non-recourse to Borrower), to the extent the
guarantees, in the aggregate, exceed 15% of total asset value, the amount which
is the lesser of (x) the amount in excess of 15% or (y) the amount of Borrower’s
interest therein shall be deemed to be a Contingent Obligation of Borrower, and
(iii) in the case of a guaranty (whether or not joint and several) of an
obligation otherwise constituting Indebtedness of such Person, the amount of
such guaranty shall be deemed to be only that amount in excess of the amount of
the obligation constituting Indebtedness of such Person. All matters
constituting “Contingent Obligations” shall be calculated without duplication.

“Convertible
Securities” means evidences of shares of stock, limited or general
partnership interests or other ownership interests, warrants, options, or other
rights or securities which are convertible into or exchangeable for, with or
without payment of additional consideration, common shares of beneficial
interest of Borrower, either immediately or upon the arrival of a specified
date or the happening of a specified event.

“Credit Rating”
means a rating assigned by a Rating Agency to Borrower’s senior unsecured long
term indebtedness.

“Credit Tenant
Lease Assets” means properties substantially all of which are either (i)
leased to a governmental entity, (ii) leased to a tenant (or guaranteed by a
Person) with an Investment Grade Rating, or (iii) properties which, if
unavailable to a tenant, would materially impair the continued operation of
such tenant, including without limitation, headquarters facilities,
distribution centers, manufacturing facilities, or pools or classes of multiple
properties leased under blanket leases. In addition, “Credit Tenant Lease Assets” will be leased to
such corporate users primarily on a triple net basis, but may also be leased on
a double net, gross lease with expense stop, or bond-type basis.

“Debt Service”
means, for any period and without duplication, Interest Expense for such period
on all Indebtedness of Borrower on a consolidated basis.

“Default”
means any condition or event which with the giving of notice or lapse of time
or both would, unless cured or waived, become an Event of Default.

“Default Rate”
has the meaning set forth in Section 2.8(d).

“Defaulted
Assets” means (i) Credit Tenant Lease Assets that are vacant and not
subject to an agreement of lease, (ii) Credit Tenant Lease Assets where the
tenant is in monetary or other material default beyond any applicable notice
and grace periods, and (iii) Loan Assets where the applicable borrower is in
monetary or other material default beyond any applicable notice and grace
periods.

“Designated
Borrower” means an applicant Borrower approved by the Administrative Agent
and the Banks in accordance with Section 2.20.

“Designated
Borrower Notice” has the meaning set forth in Section 2.20.

 7
 

“Designated
Borrower Request and Assumption Agreement” has the meaning set forth in
Section 2.20.

“Designated
Lender” means a special purpose corporation that (i) shall have become a
party to this Agreement pursuant to Section 9.6(d), and (ii) is not otherwise a
Bank.

“Designated
Lender Notes” means promissory notes of the Borrower, substantially in the
form of Exhibit A-1 hereto, evidencing the obligation of the Borrower to repay
Money Market Loans made by Designated Lenders, and “Designated Lender Note”
means any one of such promissory notes issued under Section 9.6(d) hereof.

“Designating
Lender” shall have the meaning set forth in Section 9.6(d) hereof.

“Designation
Agreement” means a designation agreement in substantially the form of
Exhibit G attached hereto, entered into by a Bank and a Designated Lender and
accepted by the Administrative Agent.

“Dollar
Equivalent Amount” shall mean (i) with respect to any amount of Alternate
Currency on any day, the equivalent amount in Dollars of such amount of
Alternate Currency as determined by the Administrative Agent using the
applicable Exchange Rate on such day and (ii) with respect to any amount of
Dollars, such amount.

“Dollars”
and “$” means the lawful money of the United States.

“Domestic
Lending Office” means, as to each Bank, its office located at its address
in the United States set forth in its Administrative Questionnaire (or
identified in its Administrative Questionnaire as its Domestic Lending Office)
or such other office as such Bank may hereafter designate as its Domestic
Lending Office by notice to the Borrower and the Administrative Agent.

“EBITDA”
means, for any period on a consolidated basis in accordance with GAAP (i) Net
Income for such period, plus (ii) depreciation, depletion and amortization
expense and other non-cash items deducted in the calculation of Net Income for
such period, plus (iii) Interest Expense deducted in the calculation of Net
Income for such period, plus (iv) dividends and distributions from Borrower’s
Investment Affiliates (exclusive of returns of equity), minus (v) income from
any Investment Affiliates, minus (vi) gains and losses from discontinued
operations, all of the foregoing without duplication. Notwithstanding the
foregoing, however, in the case of any Credit Tenant Lease Asset or Loan Asset
that is less than 100% owned, directly or indirectly, by the Borrower, only
Borrower’s pro rata share of the items set forth in clauses (i), (ii), (iii)
and (vi) shall be included in EBITDA.

“Effective Date”
means the date this Agreement becomes effective in accordance with Section 9.8.

“Environmental
Affiliate” means any partnership, joint venture, trust or corporation in
which an equity interest is owned directly or indirectly by the Borrower and,
as a result of the ownership of such equity interest, Borrower may have
recourse liability for 

 8
 

Environmental Claims
against such partnership, joint venture, trust or corporation (or the property
thereof).

“Environmental
Claim” means, with respect to any Person, any notice, claim, demand or
similar communication (written or oral) by any other Person alleging potential
liability of such Person for investigatory costs, cleanup costs, governmental
response costs, natural resources damage, property damages, personal injuries,
fines or penalties arising out of, based on or resulting from (i) the presence,
or release into the environment, of any Materials of Environmental Concern at
any location, whether or not owned by such Person or (ii) circumstances forming
the basis of any violation, or alleged violation, of any Environmental Law, in
each case (with respect to both (i) and (ii) above) as to which there is a
reasonable possibility of an adverse determination with respect thereto and
which, if adversely determined, would have a Material Adverse Effect on the
Borrower.

“Environmental
Laws” means any and all federal, state, and local statutes, laws, judicial
decisions, regulations, ordinances, rules, judgments, orders, decrees, plans,
injunctions, permits, concessions, grants, licenses, agreements and other
governmental restrictions relating to the environment, the effect of the
environment on human health or to emissions, discharges or releases of
Materials of Environmental Concern into the environment including, without
limitation, ambient air, surface water, ground water, or land, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of Materials of Environmental Concern or the
clean up or other remediation thereof.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.

“ERISA Group”
means the Borrower, any Subsidiary, and all members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under
common control and all members of an “affiliated service group” which, together
with the Borrower, or any Subsidiary, are treated as a single employer under
Section 414 of the Code or Section 4001(b)(1) of ERISA.

“Euro-Currency
Borrowing” has the meaning set forth in Section 1.3.

“Euro-Currency
Business Day” means any Business Day on which banks are open for dealings
in deposits in Dollars in the London interbank market and any day on which
commercial banks are open for foreign exchange business in (i) London, or (ii)
if such reference relates to the date on which any amount is to be paid or made
available in an Alternate Currency, the principal financial center in the
country of such Alternate Currency, except that with respect to Euros, the same
shall mean a TARGET Day.

“Euro-Currency
Lending Office” means, as to each Bank, its office, branch or affiliate
located at its address set forth in its Administrative Questionnaire (or
identified in its Administrative Questionnaire as its Euro-Currency Lending
Office) or such other office, branch or affiliate of such Bank as it may
hereafter designate as its Euro-Currency Lending Office by notice to the
Borrower and the Administrative Agent.

 9
 

“Euro-Currency
Loan” means a Committed Loan to be made, the interest on which is
calculated by reference to the Euro-Currency Rate or the Offered Rate, as
applicable, by a Bank in accordance with the applicable Notice of Borrowing.

“Euro-Currency
Rate” means with respect to any Interest Period applicable to a
Euro-Currency Loan, an interest rate per annum obtained by dividing (i) the
Base Euro-Currency Rate applicable to that Interest Period by (ii) a percentage
equal to 100% minus the Euro-Currency Reserve Percentage in effect on
the relevant Euro-Currency Interest Rate Determination Date.

“Euro-Currency
Reserve Percentage” means, for any day, that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Federal Reserve
Board (or any successor) under Regulation D, as Regulation D may be amended,
modified or supplemented, for determining the maximum reserve requirement for a
member bank of the Federal Reserve System in New York City with deposits
exceeding Five Billion Dollars in respect of “Eurocurrency liabilities” (or in
respect of any other category of liabilities which includes deposits by
reference to which the interest rate on Euro-Currency Loans is determined or
any category of extensions of credit or other assets which includes loans by a
non-United States office of any Bank to United States residents).

“Event of
Default” has the meaning set forth in Section 6.1.

“Exchange Rate”
means, (i) the rate appearing on the relevant display page (as determined by
the Administrative Agent) on the Reuters Monitor Money Rates Service for the
sale of the applicable Alternate Currency for Dollars in the London foreign
exchange market at approximately 11a.m. (London time) for delivery two (2)
Euro-Currency Business Days later or if not available (ii) the spot selling
rate at which the Administrative Agent offers to sell such Alternate Currency
for Dollars in the London foreign exchange market at approximately 11:00a.m.
(London time) for delivery two Euro-Currency Business Days later; provided,
however, that if, at the time of any such determination, no such spot rate can
reasonably be quoted, the Administrative Agent may use any reasonable method
(including obtaining quotes from two (2) or more market makers for the
applicable Alternate Currency) as it deems appropriate to determine such rate,
and such determination shall be conclusive absent manifest error.

“Existing
Credit Agreement” means the Credit Agreement dated as of June 28, 2006, as
amended, to which the Borrower is a party and for which JPMorgan Chase Bank,
N.A. acts as administrative agent.

“Facility
Amount” has the meaning set forth in Section 2.1.

“Federal Funds
Rate” means, for any day, the rate per annum (rounded upward, if necessary,
to the nearest 1/100th of 1%) 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 (i) 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 

 10
 

Business Day as so
published on the next succeeding Business Day, and (ii) 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 quoted to the Administrative Agent on such day on
such transactions as determined by the Administrative Agent.

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System
as constituted from time to time.

“Fiscal Quarter”
means a fiscal quarter of a Fiscal Year.

“Fiscal Year”
means the fiscal year of Borrower.

“Fitch”
means Fitch Investors Services, Inc., or any successor thereto.

“Fixed Charges”
for any Fiscal Quarter period means the sum of (i) Debt Service for such
period, and (ii) dividends on preferred units payable by Borrower for such
period.  If any of the foregoing Debt
Service is with respect to Indebtedness that is subject to an interest rate cap
agreement purchased by the Borrower or a Consolidated Subsidiary, the interest
rate shall be assumed to be the lower of the actual interest payable on such
Indebtedness or the capped rate of such interest rate cap agreement.

“Fixed Rate
Borrowing” has the meaning set forth in Section 1.3.

“Fronting Bank”
shall mean JPMorgan Chase Bank, N.A., and each other Bank that shall consent
thereto as may be designated by the Borrower from time to time.

“GAAP”
means generally accepted accounting principles in the United States recognized
as such in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and the Financial
Accounting Standards Board or in such other statements by such other entity as
may be approved by a significant segment of the accounting profession, which
are applicable to the circumstances as of the date of determination.

“Governmental
Acts” has the meaning set forth in Section 2.17(h).

“Group of Loans”
means, at any time, a group of Loans consisting of (i) all Committed Loans
which are Base Rate Loans at such time, or (ii) all Euro-Currency Loans having
the same Interest Period at such time; provided that, if a Committed Loan of
any particular Bank is converted to or made as a Base Rate Loan pursuant to
Section 8.2 or 8.5, such Loan shall be included in the same Group or Groups of
Loans from time to time as it would have been in if it had not been so
converted or made.

“Guarantee
Agreement” means the Guarantee Agreement to be executed and delivered by
the Borrower and each Guarantor, substantially in the form of Exhibit A.

“Guarantors”
means, initially, iStar EMTN Euro REIT Inc. and iStar EMTN Sterling REIT Inc.,
both Subsidiaries being REIT Subsidiaries, each in respect of Euro Alternate
Currency Borrowings and Sterling Alternate Currency Borrowings, respectively;
iStar EMTN 

 11
 

Euro TRS S.a.r.l and
iStar EMTN Sterling TRS S.a.r.l, both Subsidiaries being taxable REIT
Subsidiaries, each in respect of Euro Alternate Currency Borrowings and
Sterling Alternate Currency Borrowings, respectively; and other such Guarantors
as may from time to time be added, by a supplement to the Guarantee Agreement
in a form reasonably satisfactory to the Administrative Agent.

“IBOR Auction”
means a solicitation of Money Market Quotes setting forth Money Market Margins
based on the Base Euro-Currency Rate pursuant to Section 2.4.

“Indebtedness”
as applied to any Person, means, at any time, without duplication, (a) all
indebtedness, obligations or other liabilities of such Person (whether
consolidated or representing the proportionate interest in any other Person)
(i) for borrowed money (including construction loans) or evidenced by debt
securities, debentures, acceptances, notes or other similar instruments, and
any accrued interest, fees and charges relating thereto, (ii) under profit
payment agreements or in respect of obligations to redeem, repurchase or
exchange any Securities of such Person or to pay dividends in respect of any
stock, (iii) with respect to letters of credit issued for such Person’s
account, (iv) to pay the deferred purchase price of property or services,
except accounts payable and accrued expenses arising in the ordinary course of
business, (v) in respect of Capital Leases, (vi) which are Contingent
Obligations or (vii) under warranties and indemnities; (b) all indebtedness,
obligations or other liabilities of such Person or others secured by a Lien on
any property of such Person, whether or not such indebtedness, obligations or
liabilities are assumed by such Person, all as of such time (provided
that the value of such indebtedness, obligations or liabilities shall be
limited to the lesser of (x) the amount of such indebtedness, obligations or
liabilities assumed by such Person and (y) the undepreciated book value of the
property subject to such Lien, determined in accordance with GAAP, and less any
impairment charge, provided, further, however, that if the amount of
such indebtedness, obligations or liabilities are greater than 90% of such
undepreciated book value of the encumbered property when assumed or incurred,
then, if Borrower intends to apply the provisions of this proviso thereto,
Borrower shall deliver an appraisal prepared by an independent appraiser to the
Administrative Agent with respect to the value of the applicable property); (c)
all indebtedness, obligations or other liabilities of such Person in respect of
Interest Rate Contracts and foreign exchange contracts, net of liabilities owed
to such Person by the counterparties thereon; (d) all preferred stock subject
(upon the occurrence of any contingency or otherwise) to mandatory redemption;
and (e) all contingent contractual obligations with respect to any of the
foregoing.

“Indenture”
means the Indenture, dated as of March 30, 2004, between the Borrower and U.S.
Bank Trust National Association, as trustee, in respect of Borrower’s 5.125%
Senior Notes due 2011, as the same may be amended, modified or supplemented
from time to time.

“Indemnitee”
has the meaning set forth in Section 9.3(b).

“Interest
Expense” means, for any period and without duplication, total interest
expense, whether paid, accrued or capitalized of Borrower, on a consolidated
basis determined in accordance with GAAP.

 12
 

“Interest
Period” means: (1) with respect to each Euro-Currency Borrowing, the period
commencing on the date of such Borrowing specified in the Notice of Borrowing
or on the date specified in the applicable Notice of Interest Rate Election and
ending 1, 2, 3, 6 or, for Dollar denominated Loans, and subject to availability
among the Banks, 9 or 12 months thereafter (or a period of 7 or 14 days, not
more frequently than four times in any calendar quarter, unless any Bank has
previously advised Administrative Agent and Borrower that it does not accept,
in its sole discretion, the Offered Rate) as the Borrower may elect in the
applicable Notice of Borrowing or Notice of Interest Rate Election; provided,
that:

(a)  any
Interest Period which would otherwise end on a day which is not a Euro-Currency
Business Day shall be extended to the next succeeding Euro-Currency Business
Day unless such Euro-Currency Business Day falls in another calendar month, in
which case such Interest Period shall end on the immediately preceding
Euro-Currency Business Day;

(b)  any
Interest Period which begins on the last Euro-Currency Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall end on the last
Euro-Currency Business Day of a calendar month; and

(c)  no Interest
Period may end later than the Maturity Date.

(2)  with respect to each Money Market IBOR Loan,
the period commencing on the date of borrowing specified in the applicable
Money Market Quote Request and ending 1, 2, 3 or 6 months thereafter; provided
that:

(a)  any
Interest Period which would otherwise end on a day which is not a Euro-Currency
Business Day shall be extended to the next succeeding Euro-Currency Business
Day unless such Euro-Currency Business Day falls in another calendar month, in
which case such Interest Period shall end on the immediately preceding
Euro-Currency Business Day;

(b)  any
Interest Period which begins on the last Euro-Currency Business Day of a
calendar month (or on a day for which there is no numerically corresponding day
in the calendar month at the end of such Interest Period) shall, subject to
clause (c) below, end on the last Euro-Currency Business Day of a calendar
month; and

(c)  no Interest
Period may end later than the Maturity Date.

(4)  with respect to each Money Market Non-IBOR
Rate Loan, the period commencing on the date of borrowing specified in the
applicable Money Market Quote Request and ending such number of days thereafter
(but not less than 14 days or more than 180 days) as the Borrower may elect in
accordance with Section 2.4; provided that:

(a)  any
Interest Period which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day; and

(b)  no Interest
Period may end later than the Maturity Date.

 13
 

“Interest Rate
Contracts” means, collectively, interest rate swap, collar, cap or similar
agreements providing interest rate protection

“Investment
Affiliate” means any joint venture or Subsidiary, whose financial results
are not consolidated under GAAP with the financial results of Borrower on the
consolidated financial statements of Borrower, which joint venture or
Subsidiary is so specified in the section of Borrower’s most recent SEC filings
titled “Joint Ventures, Unconsolidated Subsidiaries and Minority Interest”.

“Investment
Grade Rating” means a rating for a Person’s senior long-term unsecured debt
of BBB- or better from S&P or a rating of Baa3 or better from Moody’s. In
the event that Borrower receives Credit Ratings only from S&P and Moody’s,
and such Credit Ratings are not equivalent, the lower of such two (2) Credit
Ratings shall be used to determine whether an Investment Grade Rating was
achieved. In the event that Borrower receives more than two (2) Credit Ratings,
and such Credit Ratings are not all equivalent, the second highest Credit
Rating shall be used to determine whether an Investment Grade Rating was
achieved, provided that one of the highest two (2) Credit Ratings is from
S&P or Moody’s; provided, further, that if neither of the highest two (2)
Credit Ratings is from S&P or Moody’s, then the highest Credit Rating from
either S&P or Moody’s shall be used to determine whether an Investment
Grade Rating was achieved

“Invitation for Money Market Quotes” has the
meaning set forth in Section 2.4(c).

“Joint
Bookrunners” means J.P. Morgan Securities Inc. and Banc of America
Securities LLC, in their capacity as Joint Bookrunners hereunder.

“Joint Lead
Arrangers” means J.P. Morgan Securities Inc. and Banc of America Securities
LLC, in their capacity as Joint Lead Arrangers hereunder.

“Letter(s) of
Credit” has the meaning provided in Section 2.2(b).

“Letter of
Credit Collateral” has the meaning provided in Section 6.4.

“Letter of
Credit Collateral Account” has the meaning provided in Section 6.4.

“Letter of
Credit Documents” has the meaning provided in Section 2.18.

“Letter of
Credit Usage” means at any time the sum of the Dollar Equivalent Amount of
(i) the aggregate maximum amount available to be drawn under the Letters of
Credit then outstanding, assuming compliance with all requirements for drawing
referred to therein, and (ii) the aggregate amount of the Borrower’s unpaid
obligations under this Agreement in respect of the Letters of Credit.

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind, or any other type of preferential
arrangement, in each case that has the effect of creating a security interest,
in respect of such asset. For the purposes of this Agreement, the Borrower or
any Consolidated Subsidiary shall be deemed to 

 14
 

own subject to a Lien any
asset which it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such asset.

“Loan”
means a Base Rate Loan, a Euro-Currency Loan, a Money Market Loan or a
Swingline Loan and “Loans” means Base Rate Loans, Euro-Currency Loans,
Money Market Loans or Swingline Loans or any combination of the foregoing.

“Loan Assets”
mean senior or subordinated loans, that may be either fixed or variable rate,
including first mortgages, second mortgages, partnership loans, participating
debt, preferred equity and interim facilities, corporate loans, “B” notes and
collateralized mortgage-backed securities.

“Loan Documents”
means this Agreement, the Notes, the Guarantee Agreement, the Letter(s) of
Credit and the Letter of Credit Documents.

“Loan Effective
Date” has the meaning set forth in Section 8.3.

“Mandatory
Borrowing” has the meaning set forth in Section 2.3(b)(iii).

“Material Adverse
Effect” means an effect resulting from any circumstance or event or series
of circumstances or events, of whatever nature (but excluding general economic
conditions), which does or could reasonably be expected to, materially and
adversely impair (i) the ability of the Borrower and its Consolidated
Subsidiaries, taken as a whole, to perform their respective obligations under
the Loan Documents, or (ii) the ability of Administrative Agent or the Banks to
enforce the Loan Documents.

“Materials of
Environmental Concern” means and includes pollutants, contaminants,
hazardous wastes, toxic and hazardous substances, asbestos, lead, petroleum and
petroleum by-products.

“Maturity Date”
shall mean the date when all of the Obligations hereunder shall be due and
payable which shall be June 26, 2012, unless otherwise accelerated pursuant to
the terms hereof.

“Money Market
Borrowing” has the meaning set forth in Section 1.3.

“Money Market
IBOR Loan” means a loan to be made by a Bank pursuant to a IBOR Auction
(including, without limitation, such a loan bearing interest at the Base Rate
pursuant to Article VIII).

“Money Market
Lending Office” means, as to each Bank, its Domestic Lending Office or such
other office, branch or affiliate of such Bank as it may hereafter designate as
its Money Market Lending Office by notice to the Borrower and the
Administrative Agent; provided that any Bank may from time to time by notice to
the Borrower and the Administrative Agent designate separate Money Market
Lending Offices for its Money Market IBOR Loans, on the one hand, and its Money
Market Non-IBOR Rate Loans, on the other hand, in which case all 

 15
 

references herein to the
Money Market Lending Office of such Bank shall be deemed to refer to either or
both of such offices, as the context may require.

“Money Market
Loan” means a Money Market IBOR Loan or a Money Market Non-IBOR Rate Loan,
in either case, in Dollars.

“Money Market
Margin” has the meaning set forth in Section 2.4(d)(2).

“Money Market
Quote” means an offer by a Bank to make a Money Market Loan in accordance
with Section 2.4.

“Money Market
Non-IBOR Rate” has the meaning set forth in Section 2.4(d)(2).

“Money Market
Non-IBOR Rate Loan” means a loan to be made by a Bank pursuant to an
Absolute Rate Auction.

“Money Market
Quote Request” has the meaning set forth in Section 2.4(b).

“Moody’s”
means Moody’s Investors Services, Inc. or any successor thereto.

“Multiemployer
Plan” means at any time an employee pension benefit plan within the meaning
of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then
making or accruing an obligation to make contributions or has at any time after
September 25, 1980 made contributions or has been required to make
contributions (for these purposes any Person which ceased to be a member of the
ERISA Group after September 25, 1980 will be treated as a member of the ERISA
Group).

“Negative
Pledge” means, with respect to any Property, any covenant, condition, or
other restriction entered into by the owner of such Property or directly
binding on such Property which prohibits or limits the creation or assumption
of any Lien upon such Property to secure any or all of the Obligations,
provided, however, that “Negative Pledge” shall not include the restrictions
set forth in Section 4.11 of the Indenture or any other similar requirement for
the equal and ratable sharing of collateral to be granted in the future.

“Net Income”
means, for any period, net income as shown on the Borrower’s most recent
financial statements, calculated on a consolidated basis in conformity with
GAAP.

“Net Offering
Proceeds” with respect to any Person means all cash or other assets
received by such Person as a result of the issuance or sale of common shares of
beneficial interest, preferred shares of beneficial interest, partnership
interests, preferred partnership units, limited liability company interests,
Convertible Securities or other ownership or equity interests in such Person
(the foregoing, “Capital Stock”) or of Indebtedness, less customary
costs, fees, expenses and discounts of issuance paid or to be paid by such
Person related to such issuance or sale.

“Net Present
Value” shall mean, as to a specified or ascertainable Dollar amount, the
present value, as of the date of calculation of any such amount using a
discount rate equal to the Base Rate in effect as of the date of such
calculation.

 16

“Net Worth”
means, at any time, the sum of the Borrower’s (i) book equity, (ii) accumulated
depreciation, (iii) accumulated depletion, and (iv) reserves for loan losses,
all in accordance with GAAP and, in the case of items (ii), (iii) and (iv)
hereof, exclusive of amounts attributable to Investment Affiliates.

“Non-Excluded
Taxes” has the meaning set forth in Section 8.4.

“Non-Recourse
Indebtedness” means Indebtedness with respect to which recourse for payment
is limited to (i) specific assets related to a particular Property or group of
Properties encumbered by a Lien securing such Indebtedness or (ii) for all
purposes other than Sections 5.12 and 6.1(e) hereof, any Subsidiary (provided
that if a Subsidiary is a partnership, there is no recourse to Borrower as a
general partner of such partnership); provided that if any portion of
Indebtedness is so limited, then such portion shall constitute Non-Recourse
Indebtedness and only the remainder of such Indebtedness shall constitute
Recourse Debt; provided, further, however, that personal
recourse of Borrower for any such Indebtedness for fraud, misrepresentation,
misapplication of cash, waste, Environmental Claims and liabilities and other
circumstances customarily excluded by institutional lenders from exculpation
provisions and/or included in separate indemnification agreements in
non-recourse financing of real estate shall not, by itself, prevent such
Indebtedness from being characterized as Non-Recourse Indebtedness.

“Notes”
means the promissory notes of the Borrower, substantially in the form of
Exhibit A and Exhibit A-1 hereto, respectively, evidencing the obligation of
the Borrower to repay the Loans, and “Note” means any one of such promissory
notes issued hereunder.

“Notice of
Borrowing” means a notice from Borrower in accordance with Section 2.2 or
Section 2.3(b)(i).

“Notice of
Interest Rate Election” has the meaning set forth in Section 2.7.

“Notice of
Money Market Borrowing” has the meaning set forth in Section 2.4(f).

“Obligations”
means all obligations, liabilities, indemnity obligations and Indebtedness of
every nature of the Borrower, from time to time owing to Administrative Agent
or any Bank under or in connection with this Agreement or any other Loan
Document.

“Offered Rate”
means a rate per annum quoted by the Administrative Agent for an Interest
Period of 7 or 14 days.

“Other Taxes”
has the meaning set forth in Section 8.4.

“Parent”
means, with respect to any Bank, any Person controlling such Bank.

“Participant”
has the meaning set forth in Section 9.6(b).

“Patriot Act”
has the meaning set forth in Section 9.17.

 17
 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any
or all of its functions under ERISA.

“Permitted
Liens” means:

a.  Liens for
Taxes, assessments or other governmental charges not yet due and payable or
which are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted in accordance with the terms hereof;

b.  statutory
liens of carriers, warehousemen, mechanics, materialmen and other similar liens
imposed by law, which are incurred in the ordinary course of business for sums
not more than ninety (90) days delinquent or which are being contested in good
faith in accordance with the terms hereof;

c.  deposits or
pledges to secure the payment of worker’s compensation, unemployment insurance
and other social security or similar legislation or to secure liabilities to
insurance carriers or reimbursement and indemnity obligations in respect of
surety or appeal bonds;

d.  utility
deposits and other deposits or pledges to secure the performance of bids, trade
contracts (other than for borrowed money), leases, purchase contracts,
construction contracts, governmental contracts, statutory obligations, surety
bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

e.  Liens for
purchase money obligations for equipment (or Liens to secure Indebtedness
incurred within 90 days after the purchase of any equipment to pay all or a
portion of the purchase price thereof or to secure Indebtedness incurred solely
for the purpose of financing the acquisition of any such equipment, or
extensions, renewals, or replacements of any of the foregoing for the same or
lesser amount); provided that (i) the Indebtedness secured by any such Lien
does not exceed the purchase price of such equipment, (ii) any such Lien
encumbers only the asset so purchased and the proceeds upon sale, disposition,
loss or destruction thereof, and (iii) such Lien, after giving effect to the
Indebtedness secured thereby, does not give rise to an Event of Default;

f.  easements
(including reciprocal easement agreements and utility agreements),
rights-of-way, zoning restrictions, other covenants, reservations, encroachments,
leases, licenses or similar charges or encumbrances (whether or not recorded)
and all other items listed on any Schedule B to Borrower’s owner’s title
insurance policies, except in connection with any Indebtedness, for any of
Borrower’s Real Property Assets, so long as the foregoing do not interfere in
any material respect with the use or ordinary conduct of the business of
Borrower and do not diminish in any material respect the value of the Property
to which such Permitted Lien is attached;

g.  (I) Liens
and judgments which have been or will be bonded (and the Lien on any cash or
securities serving as security for such bond) or released of record within
forty-five (45) days after the date such Lien or judgment is entered or filed
against Borrower, or any Subsidiary, or (II) Liens which are being contested in
good faith by appropriate proceedings for review and in respect of which there
shall have been secured 

 18
 

a subsisting stay of execution pending such appeal or proceedings and
as to which the subject asset is not at risk of forfeiture;

h.  Liens on
Property of the Borrower or its Subsidiaries securing Indebtedness which may be
incurred or remain outstanding without resulting in an Event of Default
hereunder;

i.  Liens
created pursuant to Section 6.4 hereof or otherwise pursuant hereto in favor of
the Administrative Agent for the benefit of the Banks;

j.  Liens not
otherwise described but existing as of the Closing Date and listed on Schedule
1.1(b); and

k.  Liens in
favor of the Borrower.

“Person”
means an individual, a corporation, a partnership, a limited liability company,
an association, a trust or any other entity or organization, including, without
limitation, a government or political subdivision or an agency or
instrumentality thereof.

“Plan” means
at any time an employee pension benefit plan (other than a Multiemployer Plan)
which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code and either (i) is maintained, or
contributed to, by any member of the ERISA Group for employees of any member of
the ERISA Group or (ii) has at any time within the preceding five years been
maintained, or contributed to, by any Person which was at such time a member of
the ERISA Group for employees of any Person which was at such time a member of
the ERISA Group.

“Prime Rate”
means the rate of interest publicly announced by the Administrative Agent from
time to time as its “prime rate”.

“principal
financial center” means, when used in reference to an Alternate Currency,
(a) in the case of British Pounds Sterling, London, England, (b) in the case of
Euros, London, England, and (c) in the case of Canadian Dollars, Toronto,
Canada.

“Pro Rata Share”
means, with respect to any Bank, a fraction (expressed as a percentage), the
numerator of which shall be the amount of such Bank’s Commitment and the
denominator of which shall be the aggregate amount of all of the Banks’
Commitments, as adjusted from time to time in accordance with the provisions of
this Agreement (or, if the Commitments have terminated, the numerator of which
shall be the amount of such Bank’s Committed Loans and the denominator of which
shall be the aggregate amount of all of the Banks’ Committed Loans).

“Property”
means, with respect to any Person, any real or personal property, building,
facility, structure, equipment or unit, or other asset owned by such Person.

“Qualified
Institution” means (i) a Bank or any Affiliate thereof; (ii) a commercial
bank having total assets in excess of $5,000,000,000; (iii) the central bank of
any country which is a member of the Organization for Economic Cooperation and
Development; or (iv) a finance 

 19
 

company or other
financial institution (other than Borrower or its Affiliates) reasonably
acceptable to the Administrative Agent, which is regularly engaged in making,
purchasing or investing in loans and having total assets in excess of
$500,000,000 or is otherwise reasonably acceptable to the Administrative Agent;
provided that in no event shall any competitor of the Borrower or any
Subsidiary qualify as a “Qualified Institution” if the Borrower reasonably
determines that such entity constitutes such a competitor.  Notwithstanding the foregoing, however, in no
event shall any commercial bank or any wholly-owned Subsidiary thereof, savings
and loan institution, investment bank or broker/dealer be deemed to be a
competitor of the Borrower.

“Quotation Date”
means, in relation to any Interest Period for which an interest rate is to be
determined:

(a)           (if
with respect to a Euro-Currency Loan in Dollars or in any Alternate Currency
other than Euros) two Euro-Currency Business Days before the first day of such
Interest Period, or

(b)           (if
with respect to an Alternate Currency Loan in Euros) two TARGET Days before the
first day of such Interest Period,

unless market practice
differs in the relevant interbank market for an Alternate Currency (other than
Euros), in which case the Quotation Date for that Alternate Currency will be
determined by the Administrative Agent in accordance with market practice in
the relevant interbank market (and if quotations would normally be given by
leading banks in the relevant interbank market on more than one day, the
Quotation Date will be the last of those days).

“Rating
Agencies” means, collectively, S&P, 
Moody’s and Fitch.

“Real Property
Assets” means as to any Person as of any time, the real property assets
(including, without limitation, interests in participating mortgages in which
such Person’s interest therein is characterized as equity according to GAAP)
owned directly or indirectly by such Person at such time.

“Recourse Debt”
shall mean Indebtedness that is not Non-Recourse Indebtedness.

“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System, as
in effect from time to time.

“REIT”
means a real estate investment trust, as defined under Section 856 of the Code.

“Required Banks”
means at any time those Banks eligible to vote on matters hereunder after
giving effect to Section 2.5(d) (a) having more than 50% of the aggregate
amount of the Commitments of such Banks so entitled to vote or (b) if the
Commitments shall have been terminated, holding Notes evidencing more than 50%
of the aggregate unpaid principal amount of the Loans of such Banks so entitled
to vote (provided, that in the case of Swingline Loans, the amount of each Bank’s
funded participation interest in such Swingline Loans shall be considered for
purposes hereof as if it were a direct loan and not a participation interest,
and the aggregate 

 20
 

amount of Swingline Loans
owing to the Swingline Lender shall be considered for purposes hereof as
reduced by the amount of such funded participation interests).

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor thereto.

“Secured Debt”
means Indebtedness, the payment of which is secured by a Lien (other than a
Permitted Lien listed in clauses (a) - (g), (i) and (k)) on any Property owned
or leased by Borrower or any Consolidated Subsidiary, plus Borrower’s Share of
Indebtedness, the payment of which is secured by a Lien (other than a Permitted
Lien of the type described above in this definition) on any Property owned or
leased by any Investment Affiliate.

“Securities”
means any stock, partnership interests, shares, shares of beneficial interest,
voting trust certificates, bonds, debentures, notes or other evidences of
indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities,” or any certificates
of interest, shares, or participations in temporary or interim certificates for
the purchase or acquisition of, or any right to subscribe to, purchase or
acquire any of the foregoing, and shall include Indebtedness which would be
required to be included on the liabilities side of the balance sheet of
Borrower in accordance with GAAP, but shall not include any Cash or Cash
Equivalents or any evidence of the Obligations.

“Solvent”
means, with respect to any Person, that the fair saleable value of such Person’s
assets exceeds the Indebtedness of such Person.

“Subsidiary”
means any corporation or other entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of
directors or other persons performing similar functions are at the time
directly or indirectly owned by the Borrower.

“Swingline
Borrowing” has the meaning set forth in Section 1.3.

“Swingline
Commitment” has the meaning set forth in Section 2.3(a).

“Swingline
Lender” means JPMorgan Chase Bank, N.A., in its capacity as swingline
lender hereunder, and its permitted successors in such capacity in accordance
with the terms of this Agreement or any other Bank that shall consent thereto
as may be designated by Borrower from time to time.

“Swingline Loan”
means a loan in Dollars made by the Swingline Lender pursuant to Section 2.3.

“Syndication
Agent” means Bank of America, N.A., in its capacity as syndication agent
hereunder and its permitted successors in such capacity in accordance with the terms
of this Agreement.

“TARGET Day”
means any day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system is open for settlement of payments in Euros.

 21
 

“Taxes”
means all federal, state, local and foreign income and gross receipts taxes.

“Term” has
the meaning set forth in Section 2.10.

“Termination
Event” shall mean (i) a “reportable event”, as such term is described in
Section 4043 of ERISA (other than a “reportable event” not subject to the
provision for 30-day notice to the PBGC), or an event described in Section
4062(e) of ERISA, (ii) the withdrawal by any member of the ERISA Group from a
Multiemployer Plan during a plan year in which it is a “substantial employer”
(as defined in Section 4001(a)(2) of ERISA), or the incurrence of liability by
any member of the ERISA Group under Section 4064 of ERISA upon the termination
of a Multiemployer Plan, (iii) the filing of a notice of intent to terminate
any Plan under Section 4041 of ERISA, other than in a standard termination
within the meaning of Section 4041 of ERISA, or the treatment of a Plan
amendment as a distress termination under Section 4041 of ERISA, (iv) the
institution by the PBGC of proceedings to terminate, impose liability (other
than for premiums under Section 4007 of ERISA) in respect of, or cause a
trustee to be appointed to administer, any Plan or (v) any other event or
condition that might reasonably constitute grounds for the termination of, or
the appointment of a trustee to administer, any Plan or the imposition of any
liability or encumbrance or Lien on the Real Property Assets or any member of
the ERISA Group under ERISA or the Code.

“Total
Indebtedness” means, as of the date of determination and without
duplication, all Indebtedness of Borrower and its Consolidated Subsidiaries,
but excluding Borrower’s Share of all Indebtedness of Investment Affiliates.

“Undepreciated
Real Estate Assets” means, as of any date, the cost (being the original
cost to the Borrower or the applicable subsidiary plus capital improvements) of
real estate assets of the Borrower and its Subsidiaries on such date, before
depreciation and amortization of such real estate assets, determined on a
consolidated basis in accordance with GAAP.

“Unencumbered
Asset” means the sum of (i) Undepreciated Real Estate Assets not securing
any portion of Secured Debt and (ii) all other assets (but excluding
intangibles and accounts receivable) of the Borrower and its Subsidiaries not
securing any portion of Secured Debt on a consolidated basis in accordance with
GAAP; provided that assets (including Undepreciated Real Estate Assets) of any
Subsidiary (other than a Guarantor) having Indebtedness that is material to the
value of such assets shall be excluded from Unencumbered Assets.

“United States”
means the United States of America, including the fifty states and the District
of Columbia.

“Unreimbursed
Obligation” has the meaning set forth in Section 2.17(f).

“Unsecured Debt”
means the amount of Indebtedness for borrowed money of Borrower (or any
Guarantor) which is not Secured Debt, including, without limitation, the amount
of all then outstanding Loans (it being understood that Indebtedness of any
Subsidiary that is not material to the value of such Subsidiary’s assets shall
be Unsecured Debt).

 22
 

“Value”
means, as of any date of determination, with respect to each Unencumbered
Asset, the lesser of (x) undepreciated cost (or in the case of any Credit
Tenant Lease Asset or Loan Asset that is less than 100% owned, directly or
indirectly, by the Borrower, Borrower’s pro rata share thereof), and (y) market
value (or in the case of any Credit Tenant Lease Asset or Loan Asset that is
less than 100% owned, directly or indirectly, by the Borrower, Borrower’s pro
rata share thereof), all as determined in accordance with GAAP.

SECTION
1.2.        Accounting Terms
and Determinations. Unless otherwise specified herein, all accounting terms
used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall
be prepared in accordance with GAAP applied on a basis consistent (except for
changes concurred in by the Borrower’s independent public accountants) with the
most recent audited consolidated financial statements of the Borrower and its
Consolidated Subsidiaries delivered to the Administrative Agent; provided that,
if the Borrower notifies the Administrative Agent that the Borrower wishes to
amend any covenant in Article V to eliminate the effect of any change in GAAP
on the operation of such covenant (or if the Administrative Agent notifies the
Borrower that the Required Banks wish to amend Article V for such purpose),
then the Borrower’s compliance with such covenant shall be determined on the
basis of GAAP in effect immediately before the relevant change in GAAP became
effective, until either such notice is withdrawn or such covenant is amended in
a manner reasonably satisfactory to the Borrower and the Required Banks.

SECTION 1.3.        Types of Borrowings. The term “Borrowing”
denotes the aggregation of Loans of one or more Banks to be made to the
Borrower pursuant to Article 2 on the same date, all of which Loans are of the
same type (subject to Article 8) and, except in the case of Base Rate Loans and
Swingline Loans, have the same initial Interest Period. Borrowings are
classified for purposes of this Agreement either by reference to the pricing or
currency of Loans comprising such Borrowing (e.g., a “Fixed Rate Borrowing” is
a Money Market Borrowing (excluding any such Borrowing consisting of Money
Market IBOR Loans bearing interest at the Base Rate pursuant to Article VIII)
and an “Alternate Currency Borrowing” is a Borrowing comprised of Loans
denominated in an Alternate Currency); a “Euro-Currency Borrowing” is a
Borrowing comprised of Euro-Currency Loans; or by reference to the provisions
of Article 2 under which participation therein is determined (i.e., a “Committed
Borrowing” is a Borrowing under Section 2.1 in which all Banks participate in
proportion to their Commitments, while a “Money Market Borrowing” is a
Borrowing under Section 2.4 in which a Bank’s share is determined on the basis
of its bid in accordance therewith, and a “Swingline Borrowing” is a Borrowing
under Section 2.3 in which only the Swingline Lender participates (subject to
the provisions of said Section 2.3)).

ARTICLE
II

THE
CREDITS

SECTION
2.1.        Commitments to
Lend. (a) Each Bank severally agrees, on the terms and conditions set forth
in this Agreement, (a) to make Committed Loans to the Borrower and participate
in Letters of Credit issued by the Fronting Bank on behalf of the Borrower
pursuant to this Article from time to time during the term hereof in Dollar
Equivalent Amounts 

 23
 

such that the aggregate
principal Dollar Equivalent Amount of Committed Loans by such Bank at any one
time outstanding plus such Bank’s Pro Rata Share of Swingline Loans outstanding
together with such Bank’s Pro Rata Share of the Letter of Credit Usage at such
time shall not exceed the Dollar Equivalent Amount of its Commitment, and (b)
in furtherance and clarification of the foregoing, to participate in Alternate
Currency Letters of Credit issued by the Fronting Bank on behalf of Borrower
pursuant to this Article and to make Euro-Currency Loans to Borrower
denominated in any Alternate Currency at any time and from time to time during
the Term, in an aggregate principal Dollar Equivalent Amount not to exceed such
Bank’s Commitment.  Each Euro-Currency
Borrowing outstanding under this Section 2.1 shall be in an aggregate principal
Dollar Equivalent Amount of approximately $5,000,000, or an integral multiple
of a Dollar Equivalent Amount of approximately $1,000,000 in excess thereof,
and each Base Rate Borrowing (or Borrowing bearing interest at the Offered
Rate) shall be in an aggregate principal Dollar Equivalent Amount of
approximately $1,000,000, or an integral multiple of a Dollar Equivalent Amount
of approximately $1,000,000 in excess thereof (except that any such Borrowing
may be in the aggregate amount available in accordance with Section 3.2(b), or
in any Dollar Equivalent Amount required to reimburse the Fronting Bank for any
drawing under any Letter of Credit or to repay the Swingline Lender the amount
of any Swingline Loan) and, other than with respect to Money Market Loans and
Swingline Loans, shall be made from the several Banks ratably in proportion to
their respective Commitments. In no event shall the sum of the aggregate Dollar
Equivalent Amount of Loans outstanding at any time, plus the Dollar Equivalent
Amount of the Letter of Credit Usage, exceed $1,200,000,000 (as adjusted
pursuant to paragraph (b) of this Section 2.1, Section 2.11(e) or as may
otherwise be provided in this Agreement, the “Facility Amount”). Subject
to the limitations set forth herein, any amounts repaid may be reborrowed.

(b)           Optional Increase in Commitments. Unless a Default
or an Event of Default has occurred and is continuing, Borrower, by written
notice to Administrative Agent, may request on up to two (2) occasions, on or
before the third anniversary of the Closing, that the Commitments be increased
by an amount not less than Fifty Million Dollars ($50,000,000) per request and
not more than 50% of the Facility Amount on the Effective Date in the aggregate
(such that the aggregate Commitments after such increases shall never exceed
the sum of (i) the Facility Amount on the Effective Date and (ii) 50% of the
Facility Amount on the Effective Date; provided that for any such
request (i) if requested by Borrower, any Bank which is a party to this Agreement
prior to such request for increase, at its sole discretion, may elect to
increase its Commitment but shall not have any obligation to so increase its
Commitment, and (ii) at the request of Borrower, the Administrative Agent and
the Syndication Agent shall use commercially reasonable efforts to locate
additional Qualified Institutions willing to provide commitments for the
requested increase, and Borrower may also identify additional Qualified
Institutions willing to provide commitments for the requested increase, provided
further that Administrative Agent shall approve any such additional
Qualified Institutions, which approval will not be unreasonably withheld or
delayed.  In the event that Qualified
Institutions commit to any such increase, the Commitments of the committed
Banks shall be increased, the Pro Rata Shares of the Banks shall be adjusted,
new Notes shall be issued, Borrower shall make such borrowings and repayments
as shall be necessary to effect the reallocation of the Committed Loans so that
the Committed Loans are held by the Banks in accordance with their Pro Rata
Shares after giving effect to such increase, and other changes shall be made to
the Loan Documents as may be necessary to reflect the aggregate amount, if any,
by which Banks have 

 24
 

agreed to increase their respective
Commitments or make new Commitments in response to the Borrower’s request for
an increase in the aggregate Commitments pursuant to this Section 2.1(b), in
each case without the consent of the Banks other than those Banks increasing
their Commitments. The fees payable by Borrower upon any such increase in the
Commitments shall be agreed upon by the Administrative Agent and Borrower at
the time of such increase. In addition, if as a result of any such increase in
the Commitments, there shall be a reallocation of Euro-Currency Borrowings,
Borrower shall pay any amounts that may be due pursuant to Section 2.14 hereof.

Notwithstanding the
foregoing, nothing in this Section 2.1(b) shall constitute or be deemed to
constitute an agreement by any Bank to increase its Commitment hereunder.

SECTION
2.2.        Notice of
Borrowing. (a) With respect to any Committed Borrowing, the Borrower shall
give Administrative Agent notice not later than 1:00 p.m. (New York City time,
with respect to Dollar Loans, and London time, with respect to Alternate
Currency Loans) (x) the Business Day prior to each Base Rate Borrowing or
Borrowing bearing interest at the Offered Rate, or (y) the third (3rd) Euro-Currency Business Day
before each Euro-Currency Borrowing, or (z) the fourth (4th) Euro-Currency Business Day before each
Euro-Currency Borrowing denominated in an Alternate Currency, specifying:

(i)            the
date of such Borrowing, which shall be a Business Day in the case of a Base
Rate Borrowing or a Borrowing bearing interest at the Offered Rate or a
Euro-Currency Business Day in the case of a Euro-Currency Borrowing,

(ii)           the aggregate
amount of such Borrowing,

(iii)          whether the Loans
comprising such Borrowing are to be Base Rate Loans, Loans bearing interest at
the Offered Rate or Euro-Currency Loans, and if Euro-Currency Loans are
requested in a currency other than in Dollars, the type and amount of the
Alternate Currency being requested;

(iv)          in the case of a
Euro-Currency Borrowing, the duration of the Interest Period applicable
thereto, subject to the provisions of the definition of Interest Period,

(v)           payment instructions
for delivery of such Borrowing; and

(vi)          that no Default or
Event of Default has occurred or is continuing.

(b)           Borrower shall give the Administrative Agent, and the
Fronting Bank, written notice in the event that it desires to have Letters of
Credit (each, a “Letter of Credit”) issued, or to have Letters of Credit
issued on behalf of a Subsidiary, hereunder no later than 1:00 p.m. (New York
City time)  at least four (4) Business
Days prior to, but excluding, the date of such issuance.  Each such notice shall specify (i) (a) if
Alternate Currency is requested, the type and individual amount of the
Alternate Currency being requested, and (b) if Dollars are requested, the
individual amount of each requested Letter of Credit, (ii) the individual
amount of each requested Letter of Credit and the number of Letters of Credit
to be issued, (iii) the date of such issuance (which shall be a Business Day),
(iv) the name and address of the beneficiary, (v) 

 25
 

the expiration date of the Letter of Credit
(which in no event shall be later than the date which is the first anniversary
of the Maturity Date), (vi) the purpose and circumstances for which such Letter
of Credit is being issued, (vii) the terms upon which each such Letter of
Credit may be drawn down (which terms shall not leave any discretion to
Fronting Bank) and (viii) that no Default or Event of Default has occurred or
is continuing.  Each such notice may be
revoked telephonically by the Borrower to the Fronting Bank and the
Administrative Agent any time prior to the issuance of the Letter of Credit by
the Fronting Bank, provided such revocation is confirmed in writing by the
Borrower to the Fronting Bank and the Administrative Agent within one (1)
Business Day by facsimile. 
Notwithstanding anything contained herein to the contrary, the Borrower
shall complete and deliver to the Fronting Bank, at the Fronting Bank’s
request, any required documentation in connection with any requested Letter of
Credit no later than the second (2nd) Business Day (or, in the case of
Alternate Currency Letters of Credit, the second (2nd) Euro-Currency Business Day)
prior to the date of issuance thereof. No later than 1:00 p.m. (New York City
time) on the date that is four (4) Business Days prior to, but excluding, the
date of issuance, the Borrower shall specify a precise description of the
documents and the verbatim text of any certificate to be presented by the
beneficiary of such Letter of Credit, which if presented by such beneficiary
prior to the expiration date of the Letter of Credit would require the Fronting
Bank to make a payment under the Letter of Credit; provided, that
Fronting Bank may, in its reasonable judgment, require changes in any such
documents and certificates only in conformity with changes in customary and
commercially reasonable practice or law and, provided further, that no
Letter of Credit shall require payment against a conforming draft to be made
thereunder on the second Business Day following the date that such draft is
presented if such presentation is made later than 1:00 p.m. New York City time
(except that if the beneficiary of any Letter of Credit requests at the time of
the issuance of its Letter of Credit that payment be made on the same Business
Day against a conforming draft, such beneficiary shall be entitled to such a
same day draw, provided such draft is presented to the Fronting Bank no later
than 1:00 p.m. (New York City time) and provided further the Borrower shall
have requested to the Fronting Bank and the Administrative Agent that such
beneficiary shall be entitled to a same day draw). In determining whether to
pay on such Letter of Credit, the Fronting Bank shall be responsible only to
determine that the documents and certificates required to be delivered under
the Letter of Credit have been delivered and that they comply on their face
with the requirements of that Letter of Credit.

SECTION
2.3.        Swingline Loan
Subfacility.

(a)           Swingline Commitment. Subject to the terms and
conditions of this Section 2.3, the Swingline Lender, in its individual
capacity, agrees to make certain revolving credit loans to the Borrower (each a
“Swingline Loan” and, collectively, the “Swingline Loans”) from
time to time during the Term hereof; provided, however, that the aggregate
amount of Swingline Loans outstanding at any time shall not exceed the lesser
of (i) $170,000,000, and (ii) the aggregate Commitments less the sum of (A) all
Loans then outstanding, and (B) the Letter of Credit Usage (the “Swingline
Commitment”). Subject to the limitations set forth herein, any amounts
repaid in respect of Swingline Loans may be reborrowed.

 26
 

(b)           Swingline
Borrowings.

(i)            Notice
of Borrowing. With respect to any Swingline Borrowing, the Borrower shall
give the Swingline Lender and the Administrative Agent notice in writing which
is received by the Swingline Lender and Administrative Agent not later than
2:00 p.m. (New York City time) on the proposed date of such Swingline Borrowing
(and confirmed by telephone by such time), specifying (A) that a Swingline
Borrowing is being requested, (B) the amount of such Swingline Borrowing, (C)
the proposed date of such Swingline Borrowing, which shall be a Business Day
and (D) that no Default or Event of Default has occurred and is continuing both
before and after giving effect to such Swingline Borrowing.  Such notice shall be irrevocable.

(ii)           Minimum Amounts.
Each Swingline Borrowing shall be in a minimum principal amount of $1,000,000,
or an integral multiple of $100,000 in excess thereof.

(iii)          Repayment of
Swingline Loans. Each Swingline Loan shall be due and payable on the
earliest of (A) 5 Business Days from and including the date of the applicable
Swingline Borrowing, (B) the date of the next Committed Borrowing or (C) the
Maturity Date.  If, and to the extent,
any Swingline Loans shall be outstanding on the date of any Committed
Borrowing, such Swingline Loans shall first be repaid from the proceeds of such
Committed Borrowing prior to the disbursement of the same to the Borrower.  If, and to the extent, a Committed Borrowing
is not requested prior to the Maturity Date or the end of the 5 Business Day
period after a Swingline Borrowing, or unless the Borrower shall have notified
the Administrative Agent and the Swingline Lender prior to 1:00 p.m. (New York
City time) on the fourth (4th) Business Day after the Swingline
Borrowing that the Borrower intends to reimburse the Swingline Bank for the
amount of such Swingline Borrowing with funds other than proceeds of the Loans,
the Borrower shall be deemed to have requested a Committed Borrowing comprised
entirely of Base Rate Loans in the amount of the applicable Swingline Loan then
outstanding, the proceeds of which shall be used to repay such Swingline Loan
to the Swingline Lender.  In addition, if
(x) the Borrower does not repay the Swingline Loan on or prior to the end of
such 5 Business Day period, or (y) a Default or Event of Default shall have
occurred during such 5 Business Day period, the Swingline Lender may, at any
time, in its sole discretion, by written notice to the Borrower and the
Administrative Agent, demand repayment of its Swingline Loans by way of a
Committed Borrowing, in which case the Borrower shall be deemed to have
requested a Committed Borrowing comprised entirely of Base Rate Loans in the
amount of such Swingline Loans then outstanding, the proceeds of which shall be
used to repay such Swingline Loans to the Swingline Lender.  Any Committed Borrowing which is deemed
requested by the Borrower in accordance with this Section 2.3(b)(iii) is
hereinafter referred to as a “Mandatory Borrowing”. Each Bank hereby
irrevocably agrees to make Committed Loans promptly upon receipt of notice from
the Swingline Lender of any such deemed request for a Mandatory Borrowing in
the amount and in the manner specified in the preceding sentences and on the
date such notice is received by such Bank (or the next Business Day if 

 27
 

such notice is
received after 12:00 noon (New York City time)) notwithstanding (I) that the
amount of the Mandatory Borrowing may not comply with the minimum amount of
Committed Borrowings otherwise required hereunder, (II) whether any conditions
specified in Section 3.2 are then satisfied, (III) whether a Default or an
Event of Default then exists, (IV) failure of any such deemed request for a
Committed Borrowing to be made by the time otherwise required in Section 2.2,
(V) the date of such Mandatory Borrowing (provided that such date must be a
Business Day), or (VI) any termination of the Commitments immediately prior to
such Mandatory Borrowing or contemporaneously therewith; provided, however,
that no Bank shall be obligated to make Committed Loans in respect of a
Mandatory Borrowing if a Default or an Event of Default then exists and the
applicable Swingline Loan was made by the Swingline Lender without receipt of a
written Notice of Borrowing in the form specified in subclause (i) above or
after Administrative Agent has delivered a notice of Default or Event of
Default which has not been rescinded.

(iv)          Purchase of
Participations. In the event that any Mandatory Borrowing cannot for any
reason be made on the date otherwise required above (including, without
limitation, as a result of the commencement of a proceeding under the
Bankruptcy Code with respect to the Borrower), then each Bank hereby agrees
that it shall forthwith purchase (as of the date the Mandatory Borrowing would
otherwise have occurred, but adjusted for any payment received from the
Borrower on or after such date and prior to such purchase) from the Swingline
Lender such participations in the outstanding Swingline Loans as shall be
necessary to cause each such Bank to share in such Swingline Loans ratably
based upon its Pro Rata Share (determined before giving effect to any
termination of the Commitments pursuant to Section 6.2), provided that (A) all
interest payable on the Swingline Loans with respect to any participation shall
be for the account of the Swingline Lender until but excluding the day upon
which the Mandatory Borrowing would otherwise have occurred, and (B) in the
event of a delay between the day upon which the Mandatory Borrowing would
otherwise have occurred and the time any purchase of a participation pursuant to
this sentence is actually made, the purchasing Bank shall be required to pay to
the Swingline Lender interest on the principal amount of such participation for
each day from and including the day upon which the Mandatory Borrowing would
otherwise have occurred to but excluding the date of payment for such
participation, at the rate equal to the Federal Funds Rate, for the two (2)
Business Days after the date the Mandatory Borrowing would otherwise have
occurred, and thereafter at a rate equal to the Base Rate.  Notwithstanding the foregoing, no Bank shall
be obligated to purchase a participation in any Swingline Loan if a Default or
an Event of Default then exists and such Swingline Loan was made by the
Swingline Lender without receipt of a written Notice of Borrowing in the form
specified in subclause (i) above or after Administrative Agent has delivered a
notice of Default or Event of Default which has not been rescinded.

(c)           Interest Rate. Each Swingline Loan shall bear
interest on the outstanding principal amount thereof, for each day from the
date such Swingline Loan is made until the date 

 28
 

it is repaid, at a rate per annum equal to
the Federal Funds Rate plus the Applicable Margin for Euro-Currency Loans for
such day.

SECTION
2.4.        Money Market Borrowings.

(a)           The Money Market Option. From time to time during
the Term, and provided that at such time the Borrower maintains an Investment
Grade Rating, the Borrower may, as set forth in this Section 2.4, request the
Banks during the Term to make offers to make Money Market Loans to the
Borrower, not to exceed, at such time, the lesser of (i) 50% of the aggregate
Commitments, and (ii) the aggregate Commitments less all Loans and Letter of
Credit Usage then outstanding (excluding any Loans or any portion thereof to be
repaid from the proceeds of such Money Market Loans).  Subject to the provisions of this Agreement,
the Borrower may repay any outstanding Money Market Loan on any day which is a
Business Day (or a Euro-Currency Business Day in the case of Money Market IBOR
Loans) and any amounts so repaid may be reborrowed, up to the amount available
under this Section 2.4 at the time of such Borrowing, until the Euro-Currency
Business Day next preceding the Maturity Date. 
The Banks may, but shall have no obligation to, make such offers and the
Borrower may, but shall have no obligation to, accept any such offers in the
manner set forth in this Section 2.4.

(b)           Money
Market Quote Request. When the Borrower wishes to request offers to make
Money Market Loans under this Section, it shall transmit to the Administrative
Agent by telex or facsimile transmission a Money Market Quote Request
substantially in the form of Exhibit B hereto (a “Money Market Quote Request”)
so as to be received not later than 1:00 p.m. (New York City time) on (x) the
fifth Euro-Currency Business Day prior to, but excluding, the date of Borrowing
proposed therein, in the case of an IBOR Auction or (y) the Business Day
immediately preceding the date of Borrowing proposed therein, in the case of an
Absolute Rate Auction (or, in either case, such other time or date as the
Borrower and the Administrative Agent shall have mutually agreed and shall have
notified the Banks not later than the date of the Money Market Quote Request
for the first IBOR Auction or Absolute Rate Auction for which such change is to
be effective) specifying:

(i)            the
proposed date of Borrowing, which shall be a Euro-Currency Business Day in the
case of an IBOR Auction or a Business Day in the case of an Absolute Rate
Auction,

(ii)           the aggregate
amount of such Borrowing, which shall be $5,000,000 or a larger multiple of
$1,000,000,

(iii)          the duration of the
Interest Period applicable thereto (which shall not be less than 14 days or
more than 180 days), subject to the provisions of the definition of Interest
Period,

(iv)          whether the Money
Market Quotes requested are to set forth a Money Market Margin or a Money
Market Non-IBOR Rate,

(v)           the aggregate amount
of all Money Market Loans then outstanding, and

 29
 

(vi)          that no Default or Event
of Default has occurred or is continuing.

The Borrower may request
offers to make Money Market Loans for more than one Interest Period in a single
Money Market Quote Request.  In no event
may Borrower give a Money Market Quote Request within ten (10) days of the
giving of any other Money Market Quote Request.

(c)           Invitation for Money Market Quotes. Promptly upon
receipt of a Money Market Quote Request, the Administrative Agent shall send to
the Banks by telex or facsimile transmission an “Invitation for Money Market
Quotes” substantially in the form of Exhibit C hereto, which shall
constitute an invitation by the Borrower to each Bank to submit Money Market
Quotes offering to make the Money Market Loans to which such Money Market Quote
Request relates in accordance with this Section.

(d)           Submission and Contents of Money
Market Quotes. 1. Each Bank may submit a Money Market Quote containing an
offer or offers to make Money Market Loans in response to any Invitation for
Money Market Quotes.  Each Money Market
Quote must comply with the requirements of this subsection (d) and must be
submitted to the Administrative Agent by telex or facsimile transmission at its
offices specified in or pursuant to Section 9.1 not later than (x) 2:00 p.m.
(New York City time) on the fourth Euro-Currency Business Day prior to, but
excluding, the proposed date of Borrowing, in the case of a IBOR Auction or (y)
9:30 a.m. (New York City time) on the proposed date of Borrowing, in the case
of an Absolute Rate Auction (or, in either case, such other time or date as the
Borrower and the Administrative Agent shall have mutually agreed and shall have
notified to the Banks not later than the date of the Money Market Quote Request
for the first IBOR Auction or Absolute Rate Auction for which such change is to
be effective); provided that Money Market Quotes submitted by the
Administrative Agent (or any affiliate of the Administrative Agent) in the
capacity of a Bank may be submitted, and may only be submitted, if the
Administrative Agent or such affiliate notifies the Borrower of the terms of
the offer or offers contained therein not later than (x) one hour prior to the
deadline for the other Banks, in the case of an IBOR Auction or (y) one hour
prior to the deadline for the other Banks, in the case of an Absolute Rate
Auction. Subject to Articles III and VI, any Money Market Quote so made shall
be irrevocable except with the written consent of the Administrative Agent
given on the instructions of the Borrower.

2.             Each Money Market Quote shall be in substantially the
form of Exhibit D hereto and shall in any case specify:

(i)            the
proposed date of Borrowing,

(ii)           the principal
amount of the Money Market Loan for which each such offer is being made, which
principal amount (w) may be greater than or less than the Commitment of the
quoting Bank, (x) must be $5,000,000 or a larger multiple of $1,000,000, (y)
may not exceed the principal amount of Money Market Loans for which offers were
requested and (z) may be subject to an aggregate limitation as to the principal
amount of Money Market Loans for which offers being made by such quoting Bank
may be accepted,

 30

(iii)          the Interest
Period(s) with respect to which each such offer is being made,

(iv)          in the case of an
IBOR Auction, the margin above or below the applicable Base Euro-Currency Rate
(the “Money Market Margin”) offered for each such Money Market Loan, expressed
as a percentage (specified to the nearest 1/10,000th of 1%) to be added to or
subtracted from such base rate,

(v)           in the case of an
Absolute Rate Auction, the rate of interest per annum (specified to the nearest
1/10,000th of 1%) (the “Money Market Non-IBOR Rate”) offered for each
such Money Market Loan, and

(vi)          the identity of the
quoting Bank.

A Money Market Quote may
set forth up to five separate offers by the quoting Bank with respect to each
Interest Period specified in the related Invitation for Money Market Quotes.

3.             Any Money Market Quote shall be disregarded if it:

(i)            is
not substantially in conformity with Exhibit D hereto or does not specify all
of the information required by subsection (d)(2) above;

(ii)           contains
qualifying, conditional or similar language (except for an aggregate limitation
as provided in subsection (d)(2)(ii) above);

(iii)          proposes terms
other than or in addition to those set forth in the applicable Invitation for
Money Market Quotes; or

(iv)          arrives after the
time set forth in subsection (d)(1).

(e)           Notice to Borrower. The Administrative Agent shall
promptly (and in any event within one (1) Business Day (or Euro-Currency
Business Day in the case of an IBOR Auction) after receipt thereof) notify the
Borrower in writing of the terms (x) of any Money Market Quote submitted by a
Bank that is in accordance with subsection (d) and (y) of any Money Market
Quote that amends, modifies or is otherwise inconsistent with a previous Money
Market Quote submitted by such Bank with respect to the same Money Market Quote
Request.  Any such subsequent Money
Market Quote shall be disregarded by the Administrative Agent unless such
subsequent Money Market Quote is submitted solely to correct a manifest error
in such former Money Market Quote or modifies the terms of such previous Money
Market Quote to provide terms more favorable to Borrower.  The Administrative Agent’s notice to the
Borrower shall specify (A) the aggregate principal amount of Money Market Loans
for which offers have been received for each Interest Period specified in the
related Money Market Quote Request, (B) the respective principal amounts and
Money Market Margins or Money Market Non-IBOR Rates, as the case may be, so
offered and (C) if applicable, limitations on the aggregate principal amount of
Money Market Loans for which offers in any single Money Market Quote may be
accepted.

(f)            Acceptance
and Notice by Borrower. Not later than 1:00 p.m. (New York City time) on
(x) the third Euro-Currency Business Day prior to, but excluding, the proposed 

 31
 

date of Borrowing, in the case of an IBOR Auction or (y) the proposed
date of Borrowing, in the case of an Absolute Rate Auction (or, in either case,
such other time or date as the Borrower and the Administrative Agent shall have
mutually agreed and shall have notified to the Banks not later than the date of
the Money Market Quote Request for the first IBOR Auction or Absolute Rate
Auction for which such change is to be effective), the Borrower shall notify
the Administrative Agent of its acceptance or non-acceptance of the offers so
notified to it pursuant to subsection (e). In the case of acceptance, such
notice (a “Notice of Money Market Borrowing”) shall specify the
aggregate principal amount of offers for each Interest Period that are
accepted.  The Borrower may accept any
Money Market Quote in whole or in part; provided that:

1.             the aggregate principal amount of
each Money Market Borrowing may not exceed the applicable amount set forth in
the related Money Market Quote Request;

2.             the principal amount of each Money Market Borrowing must
be $5,000,000 or a larger multiple of $1,000,000;

3.             the lowest remaining offered Money Market Margin or
Money Market Non-IBOR Rate, as the case may be, must be accepted prior to any
higher offered Money Market Margin or Money Market Non-IBOR Rate, as the case
may be, until the aggregate principal amount of such Money Market Borrowing is
covered; and

4.             the Borrower may not accept any offer that is described
in subsection (d)(3) or that otherwise fails to comply with the requirements of
this Agreement.

(g)           Allocation by Agent. If offers are made by two or
more Banks with the same Money Market Margins or Money Market Non-IBOR Rates,
as the case may be, for a greater aggregate principal amount than the amount in
respect of which such offers are accepted for the related Interest Period, the
principal amount of Money Market Loans in respect of which such offers are
accepted shall be allocated by the Administrative Agent among such Banks as
nearly as possible (in multiples of $100,000, as the Administrative Agent may
deem appropriate) in proportion to the aggregate principal amounts of such
offers.  The Administrative Agent shall
promptly (and in any event within one (1) Business Day (or Euro-Currency Business
Day in the case of an IBOR Auction) after such offers are accepted) notify the
Borrower and each such Bank in writing of any such allocation of Money Market
Loans. Determinations by the Administrative Agent of the allocation of Money
Market Loans shall be conclusive in the absence of manifest error.

(h)           Notwithstanding
anything to the contrary contained herein, each Bank shall be required to fund
its Pro Rata Share of Committed Loans in accordance with Section 2.1 hereof
despite the fact that any Bank’s Commitment may have been or may be exceeded as
a result of such Bank’s making of Money Market Loans.

SECTION
2.5.        Notice to Banks;
Funding of Loans.

(a)           Upon receipt of a Notice of Borrowing from Borrower in
accordance with Section 2.2 hereof, the Administrative Agent shall, on the date
such Notice of Borrowing is received by the Administrative Agent, notify each
applicable Bank of the contents thereof and of 

 32
 

such Bank’s share of such Borrowing, of the
interest rate applicable thereto and the Interest Period(s) (if different from
those requested by the Borrower) and such Notice of Borrowing shall not
thereafter be revocable by the Borrower, unless Borrower shall pay any
applicable expenses pursuant to Section 2.14.

(b)           Not
later than 2:00 p.m. (New York City time or, in the case of any Alternate
Currency Borrowing, London time) on the date of each Committed Borrowing
(including without limitation each Mandatory Borrowing) as indicated in the
applicable Notice of Borrowing, each Bank shall (except as provided in
subsection (d) of this Section) make available its Pro Rata Share of such
Committed Borrowing in Federal funds or the applicable Alternate Currency
immediately available in New York, New York (or, in the case of any Alternate
Currency Borrowing, the principal financial center of the Alternate Currency in
question), to the Administrative Agent at its address referred to in Section
9.1.  If the Borrower has requested the
issuance of a Letter of Credit, no later than 1:00 p.m. (New York City time) on
the date of such issuance as indicated in the notice delivered pursuant to
Section 2.2(b), the Fronting Bank shall issue such Letter of Credit for the
amount so requested and deliver the same to, or as directed in writing by, the
Borrower, with a copy thereof to the Administrative Agent.  Immediately upon the issuance of each Letter
of Credit by the Fronting Bank, the Fronting Bank shall be deemed to have sold
and transferred to each other Bank, and each such other Bank shall be deemed,
and hereby agrees, to have irrevocably and unconditionally purchased and
received from the Fronting Bank, without recourse or warranty, an undivided
interest and a participation in such Letter of Credit, any drawing thereunder,
and its obligation to pay its Pro Rata Share with respect thereto, and any
security therefor or guaranty pertaining thereto, in an amount equal to such
Bank’s ratable share thereof.  Upon any
change in any of the Commitments in accordance herewith, there shall be an
automatic adjustment to such participations to reflect such changed
shares.  The Fronting Bank shall have the
primary obligation to fund any and all draws made with respect to such Letter
of Credit notwithstanding any failure of a participating Bank to fund its
ratable share of any such draw.  The
Administrative Agent will instruct the Fronting Bank to make such Letter of
Credit available to the Borrower and the Fronting Bank shall make such Letter
of Credit available to the Borrower, at its aforesaid address or at such
address in the United States or at such address in Europe, the United Kingdom,
Canada or the United States as the Borrower shall request on the date of
Borrowing.

(c)           Not
later than 3:00 p.m. (New York City time) on the date of each Swingline
Borrowing as indicated in the applicable Notice of Borrowing, the Swingline
Lender shall make available such Swingline Borrowing in Federal funds
immediately available in New York, New York to the Administrative Agent at its
address referred to in Section 9.1.

(d)           Unless
the Administrative Agent shall have received notice from a Bank prior to the
time of any Borrowing that such Bank will not make available to the
Administrative Agent such Bank’s share of such Borrowing, the Administrative
Agent may assume that such Bank has made such share available to the
Administrative Agent on the date of such Borrowing in accordance with this
Section 2.5 and the Administrative Agent may, in reliance upon such assumption,
but shall not be obligated to, make available to the Borrower on such date a
corresponding amount on behalf of such Bank. 
If and to the extent that such Bank shall not have so made such share
available to the Administrative Agent, such Bank agrees to repay to the
Administrative Agent forthwith on demand such corresponding amount together with
interest 

 33
 

thereon, at the Federal Funds Rate with respect to Dollar Loans and at
the Administrative Agent’s cost of funds for the applicable Alternate Currency
with respect to Alternate Currency Loans, for each day from the date such
amount is made available to the Borrower until the date such amount is repaid
to the Administrative Agent. If such Bank shall repay to the Administrative
Agent such corresponding amount, such amount so repaid shall constitute such
Bank’s Loan included in such Borrowing for purposes of this Agreement.  If such Bank shall not pay to Administrative
Agent such corresponding amount after reasonable attempts are made by
Administrative Agent to collect such amounts from such Bank, Borrower agrees to
repay to Administrative Agent forthwith on demand such corresponding amounts
together with interest thereto, for each day from the date such amount is made
available to Borrower until the date such amount is repaid to Administrative
Agent, at the interest rate applicable thereto one (1) Business Day after
demand. Nothing contained in this Section 2.5(d) shall be deemed to reduce the
Commitment of any Bank or in any way affect the rights of Borrower with respect
to any defaulting Bank or Administrative Agent. 
The failure of any Bank to make available to the Administrative Agent
such Bank’s share of any Borrowing in accordance with Section 2.5(b) hereof
shall not relieve any other Bank of its obligations to fund its Commitment, in
accordance with the provisions hereof. In addition, until such time as such
Bank shall make available to the Administrative Agent such Bank’s share of any
Borrowing in accordance with Section 2.5(b) hereof or shall repay to the
Administrative Agent all amounts due to it, as applicable, unless such failure
is subject to a good faith dispute as to whether such advance or reimbursement
is properly required to be made pursuant to the provisions of this Agreement,
such Bank shall not have the right to approve or consent to any matter
requiring such approval or consent hereunder.

(e)           Subject
to the provisions hereof, the Administrative Agent shall make available each
Borrowing to Borrower in Federal funds or the applicable Alternate Currency
immediately available in accordance with, and on the date set forth in, the
applicable Notice of Borrowing.

SECTION
2.6.        Notes.

(a)           Each Bank may, by notice to the Borrower and the
Administrative Agent, request that its Loans of a particular type (including,
without limitation, Swingline Loans and Money Market Loans) be evidenced by a
separate Note in an amount equal to the aggregate unpaid principal amount of
such Loans. Any additional costs incurred by the Administrative Agent, the
Borrower or the Banks in connection with preparing such a Note shall be at the
sole cost and expense of the Bank requesting such Note. In the event any Loans
evidenced by such a Note are paid in full prior to the Maturity Date, any such
Bank shall return such Note to Borrower. 
Each such Note shall be in substantially the form of Exhibit A hereto
with appropriate modifications to reflect the fact that it evidences solely
Loans of the relevant type.  Upon the
execution and delivery of any such Note, any existing Note payable to such Bank
shall be returned to Borrower and replaced or modified accordingly.  Each reference in this Agreement to the “Note”
of such Bank shall be deemed to refer to and include any or all of such Notes,
as the context may require.

(b)           Upon
receipt of any Bank’s Note pursuant to Section 3.1(a), the Administrative Agent
shall forward such Note to such Bank. 
Such Bank shall record the date, amount, currency, type and maturity of
each Loan made by it and the date and amount of each 

 34
 

payment of principal made by the Borrower, with respect thereto, and
may, if such Bank so elects in connection with any transfer or enforcement of
its Note, endorse on the appropriate schedule appropriate notations to evidence
the foregoing information with respect to each such Loan then outstanding;
provided that the failure of such Bank to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under
the Notes.  Each Bank is hereby
irrevocably authorized by the Borrower so to endorse its Note and to attach to
and make a part of its Note a continuation of any such schedule as and when
required.

(c)           The
Committed Loans shall mature, and the principal amount thereof shall be due and
payable, on the Maturity Date.  The
Swingline Loans shall mature, and the principal amount thereof shall be due and
payable, in accordance with Section 2.3(b)(iii).

(d)           Each
Money Market Loan included in any Money Market Borrowing shall mature, and the
principal amount thereof shall be due and payable, together with accrued
interest thereon, on the earlier to occur of (i) last day of the Interest
Period applicable to such Borrowing or (ii) the Maturity Date.

(e)           There
shall be no more than ten (10) Euro-Currency Groups of Loans and no more than
ten (10) Money Market Loans outstanding at any one time.

SECTION
2.7.        Method of
Electing Interest Rates. (a) The Loans included in each Committed Borrowing
shall bear interest initially at the type of rate specified by the Borrower, in
the applicable Notice of Borrowing or as otherwise provided in Section 2.3 with
respect to Mandatory Borrowings.  Thereafter,
the Borrower may from time to time elect to change or continue the type of
interest rate borne by each Group of Loans (subject in each case to the
provisions of Article VIII and without affecting the currency of any particular
Loan), as follows:

(i)            if
such Loans are Base Rate Loans, the Borrower may elect to convert all or any
portion of such Loans to Euro-Currency Loans or Loans bearing interest at the
Offered Rate as of any Euro-Currency Business Day;

(ii)           if such Loans are
Euro-Currency Loans or Loans bearing interest at the Offered Rate, the Borrower
may elect to convert all or any portion of such Loans to Base Rate Loans (if
such Loans are Dollar Loans) and/or elect to continue all or any portion of
such Loans as Euro-Currency Loans for an additional Interest Period or
additional Interest Periods, in each case effective on the last day of the then
current Interest Period applicable to such Loans, or on such other date
designated by Borrower in the Notice of Interest Rate Election provided Borrower
shall pay any losses pursuant to Section 2.14.

Each such election shall
be made by delivering a notice (a “Notice Of Interest Rate Election”) to
the Administrative Agent at least three (3) Euro-Currency Business Days prior
to, but excluding, the effective date of the conversion or continuation
selected in such notice.  A Notice of
Interest Rate Election may, if it so specifies, apply to only a portion of the
aggregate principal amount of the relevant Group of Loans; provided that (i)
such portion is allocated ratably among the Loans comprising such Group, (ii)
the portion to which such Notice applies, and the remaining portion to which it
does not apply, are each in the minimum amounts required hereby, (iii) no
Committed 

 35
 

Loan may be continued as,
or converted into, a Euro-Currency Loan when any Event of Default has occurred
and is continuing, provided, however, that if and for so long as Borrower shall
have an Investment Grade Rating from S&P and Moody’s, if Borrower shall so
request and the Required Banks shall so elect, then a Committed Loan may be
continued as, or converted into, a Euro-Currency Loan when any Event of Default
has occurred and is continuing, and (iv) no Interest Period shall extend beyond
the Maturity Date. 

(b)           Each Notice of Interest Rate Election shall specify:

(i)            the
Group of Loans (or portion thereof) to which such notice applies;

(ii)           the date on which
the conversion or continuation selected in such notice is to be effective,
which shall comply with the applicable clause of subsection (a) above;

(iii)          if the Loans
comprising such Group are to be converted, the new type of Loans and, if such
new Loans are Euro-Currency Loans, the duration of the initial Interest Period
applicable thereto; and

(iv)          if such Loans are to
be continued as Euro-Currency Loans for an additional Interest Period, the
duration of such additional Interest Period.

Each Interest Period
specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period.

(c)           Upon receipt of a Notice of Interest Rate Election from
the Borrower pursuant to subsection (a) above, the Administrative Agent shall
notify each Bank with Loans affected thereby the same day as it receives such
Notice of Interest Rate Election of the contents thereof, the interest rates
determined pursuant thereto and the Interest Periods (if different from those
requested by the Borrower) and such notice shall not thereafter be revocable by
the Borrower.  If the Borrower fails to
deliver a timely Notice of Interest Rate Election to the Administrative Agent
for any Group of Euro-Currency Loans, such Dollar Loans shall be converted into
Base Rate Loans on the last day of the then current Interest Period applicable
thereto and such Alternate Currency Loans shall be continued as Euro-Currency
Loans with an Interest Period of 1 month.

SECTION
2.8.        Interest Rates.

(a)           Each Base Rate Loan shall bear interest on the outstanding
principal amount thereof, for each day from the date such Loan is made until
the date it is repaid or converted into a Euro-Currency Loan pursuant to
Section 2.7, at a rate per annum equal to sum of the Base Rate plus the
Applicable Margin for Base Rate Loans for such day.

(b)           Each
Euro-Currency Loan shall bear interest on the outstanding principal amount
thereof, for each day during the Interest Period applicable thereto, at a rate
per annum equal to the sum of the Applicable Margin for Euro-Currency Loans for
such day plus the Euro-Currency Rate applicable to such Interest Period.

 36
 

(c)           Subject
to Section 8.1, each Money Market IBOR Loan shall bear interest on the
outstanding principal amount thereof, for the Interest Period applicable
thereto, at a rate per annum equal to the sum of the Base Euro-Currency Rate
for such Interest Period (determined in accordance with Section 2.8(b) as if
the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or
minus) the Money Market Margin quoted by the Bank making such Loan in
accordance with Section 2.4. Each Money Market Non-IBOR Rate Loan shall bear
interest on the outstanding principal amount thereof, for the Interest Period
applicable thereto, at a rate per annum equal to the Money Market Non-IBOR Rate
quoted by the Bank making such Loan in accordance with Section 2.4.  Any overdue principal of or interest on any
Money Market Loan shall bear interest, payable on demand, for each day until
paid at a rate per annum equal to the Base Rate until such failure shall become
an Event of Default and thereafter at a rate per annum equal to the sum of 2%
plus the Base Rate for such day.

(d)           In
the event that, and for so long as, any Event of Default shall have occurred
and be continuing, any overdue principal amount of the Loans denominated in
Dollars, and, to the extent permitted by applicable law, overdue interest and
fees in respect of all Loans, shall bear interest at the annual rate equal to
the sum of the Base Rate and two percent (2%), or, if any Committed Loan shall
have been continued as, or converted into, a Euro-Currency Loan, then, as to
such Loan denominated in Alternate Currencies, the sum of the Euro-Currency
Rate and the Applicable Margin for Euro-Currency Loans, and two percent (2%)
(collectively, the “Default Rate”).

(e)           The
Administrative Agent shall determine each interest rate applicable to the Loans
hereunder.  The Administrative Agent
shall give prompt notice to the Borrower and the Banks of each rate of interest
so determined, and its determination thereof shall be conclusive in the absence
of demonstrable error.

(f)            Interest
on all Loans bearing interest at the Base Rate or the Offered Rate shall be
payable on the first Business Day of each calendar month. Interest on all Loans
bearing interest based on the Euro-Currency Rate shall be payable on the last
Euro-Currency Business Day of the applicable Interest Period, and, in the case
of Interest Periods longer than three months, on the last Euro-Currency
Business Day of each three-month period from commencement.

SECTION
2.9.        Fees.

(a)           Facility Fee. For the period beginning on the date
hereof and ending on the date the Obligations are paid in full and this
Agreement is terminated (the “Facility Fee Period”), the Borrower shall
pay to the Administrative Agent for the account of the Banks ratably in
proportion to their respective Commitments a facility fee on the aggregate
Commitments, regardless of usage, at the Applicable Fee Percentage. In the
event that the Commitments are terminated but Loans or Letters of Credit remain
outstanding, then, the facility fee shall be paid on the aggregate outstanding
Loans and Letter of Credit Usage. The facility fee shall be payable in arrears
on the last Business Day of each March, June, September and December during the
Facility Fee Period and on the Maturity Date.

 37
 

(b)           Letter
of Credit Fee. During the Term, the Borrower shall pay to the
Administrative Agent, for the account of the Banks in proportion to their
interests in respect of issued and undrawn Letters of Credit, a fee (a “Letter
of Credit Fee”) in an amount, provided that no Event of Default shall have
occurred and be continuing, equal to a rate per annum equal to the then
percentage per annum of the Applicable Margin with respect to Euro-Currency
Loans, on the daily average of such issued and undrawn Letters of Credit, which
fee shall be payable, in arrears, on the last Business Day of each March, June,
September and December during the Term and on the Maturity Date.  From the occurrence, and during the
continuance, of an Event of Default, such fee shall be increased to be equal to
two percent (2%) per annum on the daily average of such issued and undrawn
Letters of Credit.

(c)           Fronting
Bank Fee. The Borrower shall pay any Fronting Bank, for its own account, a
fee (a “Fronting Bank Fee”) at a rate per annum equal to the greater of
(i) 0.10% of the daily average issued and undrawn amount of each outstanding
Letter of Credit issued by such Fronting Bank and (ii) $1,000, which fee shall
be in addition to and not in lieu of, the Letter of Credit Fee.  The Fronting Bank Fee shall be payable in arrears
on the last Business Day of each March, June, September and December during the
Term and on the Maturity Date.

(d)           Fees
Non-Refundable. All fees set forth in this Section 2.9 shall be deemed to
have been earned on the date payment is due in accordance with the provisions
hereof and shall be non-refundable.  The
obligation of the Borrower to pay such fees in accordance with the provisions
hereof shall be binding upon the Borrower and shall inure to the benefit of the
Administrative Agent and the Banks regardless of whether any Loans are actually
made.

SECTION
2.10.      Maturity Date.
The term (the “Term”) of the Commitments (and each Bank’s obligations to
make Loans and to participate in Letters of Credit hereunder) shall terminate
and expire, and the Borrower shall return or cause to be returned all Letters
of Credit to the Fronting Bank on the Maturity Date. Upon the date of the
termination of the Term, any Loans then outstanding (together with accrued
interest thereon and all other Obligations) shall be due and payable on such
date.

SECTION
2.11.      Optional
Prepayments.

(a)           The Borrower may, upon at least one (1) Business Day’s
notice to the Administrative Agent, prepay any Group of Base Rate Loans, Loans
bearing interest at the Offered Rate or any Money Market Borrowing bearing
interest at the Base Rate pursuant to Section 8.1, in whole at any time, or
from time to time in part in amounts aggregating One Million Dollars
($1,000,000) or more, by paying the principal amount to be prepaid together
with accrued interest thereon to the date of prepayment.  The Borrower may, from time to time on any
Business Day so long as prior notice is given to the Administrative Agent and
Swingline Lender no later than 1:00 p.m. (New York City time) on the day on
which Borrower intends to make such prepayment, prepay any Swingline Loans in
whole or in part in amounts aggregating $100,000 or a higher integral multiple
of $100,000 (or, if less, the aggregate outstanding principal amount of all
Swingline Loans then outstanding) by paying the principal amount to be prepaid
together with accrued interest thereon to the date of prepayment.  Each such optional prepayment shall be
applied to prepay ratably the Loans of the several Banks (or the Swingline
Lender in the case of Swingline Loans) included in such Group or Borrowing.

 38
 

(b)           The
Borrower may, upon at least three (3) Euro-Currency Business Days’ notice to
the Administrative Agent, given no later than 1:00 p.m. (New York time, with
respect to Dollar denominated Loans, and London time, with respect to Alternate
Currency Loans) pay all, or from time to time in part in amounts aggregating
the Dollar Equivalent Amount of approximately Five Million Dollars ($5,000,000)
or more, of any Euro-Currency Loan as of the last day of the Interest Period
applicable thereto.  Except as provided
in Article 8 and except with respect to any Euro-Currency Loan which has been
converted to a Base Rate Loan pursuant to Section 8.2, 8.3 or 8.5 hereof, the
Borrower may not prepay all or any portion of the principal amount of any
Euro-Currency Loan prior to the end of the Interest Period applicable thereto
unless the Borrower shall also pay any applicable expenses pursuant to Section
2.14. The Borrower may not prepay all or any portion of the principal amount of
any Money Market Loan prior to the end of the Interest Period applicable
thereto without the consent of all applicable Designated Lenders and Banks. Any
such prepayment shall be given on or prior to the third (3rd) Euro-Currency Business Day
prior to, but excluding, the date of prepayment to the Administrative Agent.
Each such optional prepayment shall be applied to prepay ratably the Loans of
the Banks included in any Group of Euro-Currency Loans, except that any
Euro-Currency Loan which has been converted to a Base Rate Loan pursuant to
Section 8.2, 8.3 or 8.5 hereof may be prepaid without ratable payment of the
other Loans in such Group of Loans which have not been so converted.

(c)           The
Borrower may at any time return any undrawn Letter of Credit to the Fronting
Bank in whole, but not in part, and the Fronting Bank within a reasonable
period of time shall give the Administrative Agent and each of the Banks notice
of such return.

(d)           The
Borrower may at any time and from time to time cancel all or any part of the
Commitments in amounts aggregating Twenty Five Million Dollars ($25,000,000) or
a larger multiple of $1,000,000 by the delivery to the Administrative Agent of
a notice of cancellation within the applicable time periods set forth in
Sections 2.11(a) and (b) if there are Loans then outstanding or, if there are
no Loans outstanding at such time as to which the Commitments with respect
thereto are being canceled, upon at least three (3) Business Day’s notice to
the Administrative Agent, whereupon, in either event, all or such portion of
the Commitments, as applicable, shall terminate as to the applicable Banks, pro
rata on the date set forth in such notice of cancellation, and, if there are
any Loans then outstanding, Borrower shall prepay, as applicable, all or such
portion of Loans outstanding on such date in accordance with the requirements
of Section 2.11(a) and (b). In no event shall the Borrower be permitted to
cancel Commitments for which a Letter of Credit has been issued and is
outstanding unless the Borrower returns (or causes to be returned) such Letter
of Credit to the Fronting Bank. Borrower shall be permitted to designate in its
notice of cancellation which Loans, if any, are to be prepaid. A reduction of
the Commitments pursuant to this Section 2.11(d) shall not effect a reduction
in the Swingline Commitment (unless so elected by the Borrower) until the
aggregate Commitments have been reduced to an amount equal to the Swingline
Commitment.

(e)           Any
amounts so prepaid pursuant to Section 2.11 (a) or (b) may be reborrowed. In
the event Borrower elects to cancel all or any portion of the Commitments and
the Swingline Commitment pursuant to Section 2.11(d) hereof, such amounts may
not be reborrowed.

 39
 

SECTION
2.12.      Mandatory
Prepayments. The Administrative Agent shall calculate the Dollar Equivalent
Amount of any Loan denominated in an Alternate Currency at the time of each
Borrowing thereof and on the last Business Day of each calender quarter during
each Interest Period longer than three months in duration applicable thereto.
If at any such time the Dollar Equivalent Amount of the sum of all Loans and
Letter of Credit Usage, as determined by the Administrative Agent in accordance
with the terms of this Agreement, in the aggregate, exceeds 105% of the
Facility Amount, Borrower, within three (3) Business Days after notice thereof
from the Administrative Agent, shall repay all or a portion of such Loans or
take such other actions, otherwise in accordance with the applicable terms of
this Agreement, in such amount so that, following the making of such payment or
action, the Dollar Equivalent Amount outstanding of such Loans and Letter of
Credit Usage does not exceed the Facility Amount.

SECTION
2.13.      General Provisions
as to Payments.

(a)           The Borrower shall make each payment of the principal of
and interest on the Loans and fees hereunder, without set-off or counterclaim,
by initiating a wire transfer not later than 1:00 p.m. (New York City time or
local time in the principal financial center of the Alternate Currency in
question, as applicable) on the date when due, or, with respect to Money Market
Loans, fund such payment of the principal of and interest on the Loans and fees
hereunder such that the Designating Lender shall receive payment from
Administrative Agent by 12:00 p.m. (New York City time), of Federal or other
appropriate funds immediately available in New York, New York, or, in the case
of any Alternate Currency, the principal financial center of the Alternate
Currency in question, to the Administrative Agent at its address referred to in
Section 9.1. The Administrative Agent will promptly (and in any event within
one (1) Business Day after receipt thereof) distribute to each Bank its ratable
share (or applicable share with respect to Money Market Loans) of each such
payment received by the Administrative Agent for the account of the Banks.  If and to the extent that the Administrative
Agent shall receive any such payment for the account of the Banks on or before
11:00 a.m. (New York City time or local time in the principal financial center
of the Alternate Currency in question, as applicable) on any Business Day (or
Euro-Currency Business Day, as applicable), and Administrative Agent shall not
have distributed to any Bank its applicable share of such payment on such day,
Administrative Agent shall distribute such amount to such Bank together with
interest thereon, for each day from the date such amount should have been
distributed to such Bank until the date Administrative Agent distributes such
amount to such Bank, at the Federal Funds Rate with respect to Dollar
denominated Loans and at the Administrative Agent’s cost of funds for the
applicable Alternate Currency with respect to Alternate Currency Loans.  Whenever any payment of principal of, or
interest on the Base Rate Loans or Swingline Loans or of fees shall be due on a
day which is not a Business Day, the date for payment thereof shall be extended
to the next succeeding Business Day. 
Whenever any payment of principal of, or interest on, the Euro-Currency
Loans shall be due on a day which is not a Euro-Currency Business Day, the date
for payment thereof shall be extended to the next succeeding Euro-Currency
Business Day unless such Euro-Currency Business Day falls in another calendar
month, in which case the date for payment thereof shall be the immediately
preceding Euro-Currency Business Day. 
Whenever any payment of principal of, or interest on, the Money Market
Non-IBOR Rate Loans shall be due on a day which is not a Business Day, the date
for payment thereof shall be extended to the next succeeding Business Day.  Whenever any payment of principal of, or
interest on, the Money Market IBOR Loans shall be due on a day which is not a
Euro-Currency Business Day, 

 40
 

the date for payment thereof shall be
extended to the next succeeding Euro-Currency Business Day.  If the date for any payment of principal is
extended by operation of law or otherwise, interest thereon shall be payable
for such extended time.

(b)           Unless
the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Banks hereunder that the Borrower
will not make such payment in full, the Administrative Agent may assume that
the Borrower has made such payment in full to the Administrative Agent on such
date and the Administrative Agent may, in reliance upon such assumption, cause
to be distributed to each Bank on such due date an amount equal to the amount
then due such Bank. If and to the extent that the Borrower shall not have so
made such payment, each Bank shall repay to the Administrative Agent forthwith
on demand such amount distributed to such Bank together with interest thereon,
for each day from the date such amount is distributed to such Bank until the
date such Bank repays such amount to the Administrative Agent, at the Federal
Funds Rate.

SECTION
2.14.      Funding Losses.
If the Borrower makes any payment of principal with respect to any
Euro-Currency Loan or Money Market IBOR Loan (pursuant to Article II, VI or
VIII or otherwise) on any day other than the last day of the Interest Period
applicable thereto, or if the Borrower fails to borrow any Euro-Currency Loans
or Money Market IBOR Loans after notice has been given to any Bank in
accordance with Section 2.4(f) or 2.5(a), as applicable, or if Borrower shall
deliver a Notice of Interest Rate Election specifying that a Euro-Currency Loan
shall be converted on a date other than the first (1st) day of the then current
Interest Period applicable thereto, the Borrower shall reimburse each Bank
within 15 days after certification by such Bank of such loss or expense (which
shall be delivered by each such Bank to Administrative Agent for delivery to
Borrower) for any resulting loss (based on interest only, exclusive of fees, if
any) or expense incurred by it (or by an existing Participant in the related
Loan), including, without limitation, any loss incurred in obtaining,
liquidating or employing deposits from third parties, but excluding loss of
margin for the period after any such payment or failure to borrow, provided
that such Bank shall have delivered to Administrative Agent and Administrative
Agent shall have delivered to the Borrower a certification as to the amount of
such loss or expense, which certification shall set forth in reasonable detail
the basis for and calculation of such loss or expense and shall be conclusive
in the absence of demonstrable error.

SECTION
2.15.      Computation of
Interest and Fees. Interest based on the Prime Rate or for Euro-Currency
Loans denominated in British Pounds Sterling hereunder shall be computed on the
basis of a year of 365 days (or, in the case of interest based on the Prime
Rate only, 366 days in a leap year) and paid for the actual number of days
elapsed (including the first day but excluding the last day).  All other interest and fees shall be computed
on the basis of a year of 360 days and paid for the actual number of days
elapsed (including the first day but excluding the last day).

SECTION
2.16.      Use of Proceeds.
The Borrower shall use the proceeds of the Loans for general corporate
purposes, including, without limitation, the origination, acquisition and
funding of Loan Assets, Credit Tenant Lease Assets and other investments,
acquisitions (including, without limitation, the planned acquisition of Fremont
General Corporation’s commercial real estate lending business and existing
portfolio), and for general working capital needs of the Borrower; provided,
however, that no Swingline Loan shall be used for the purpose 

 41
 

of refinancing another
Swingline Loan, in whole or part. Proceeds of Alternate Currency Borrowings may
be used by the Borrower to make contributions to one or more Guarantors, which
will use such proceeds in accordance with this Section 2.16.

SECTION
2.17.      Letters of Credit.

(a)           Subject to the terms contained in this Agreement and the
other Loan Documents, upon the receipt of a notice in accordance with Section
2.2(b) requesting the issuance of a Letter of Credit, the Fronting Bank shall
issue a Letter of Credit or Letters of Credit in such form as is reasonably
acceptable to the Borrower (subject to the provisions of Section 2.2(b)) in an
amount or amounts equal to the amount or amounts requested by the Borrower;
provided that, in the case of (i) Alternate Currency Letter(s) of Credit, the
Fronting Bank shall issue the same in the Alternate Currency requested and (ii)
Dollar Letter(s) of Credit, the Fronting Bank shall issue the same in Dollars.

(b)           Each
Letter of Credit shall be issued in the minimum amount of the Dollar Equivalent
Amount of approximately One Hundred Thousand Dollars ($100,000) or such lesser
amount as may be agreed to by the Fronting Bank.

(c)           The
Letter of Credit Usage shall be no more than Two Hundred Million Dollars
($200,000,000).

(d)           Without
the consent of the Administrative Agent, there shall be no more than ten (10)
Letters of Credit outstanding at any one time.

(e)           In
the event of any request for a drawing under any Letter of Credit by the
beneficiary thereunder, the Fronting Bank shall notify the Borrower and the
Administrative Agent (and the Administrative Agent shall notify each Bank
thereof) on the same Business Day as such request for drawing, and, except as
provided in this subsection (e), the Borrower shall reimburse the Fronting
Bank, in immediately available funds, on the same day on which such drawing is
honored in an amount equal to the Dollar Equivalent Amount of such drawing.
Notwithstanding anything contained herein to the contrary, however, unless the
Borrower shall have notified the Administrative Agent and the Fronting Bank
prior to 1:00 p.m. (New York City time) on the Business Day immediately
preceding the date of such drawing that the Borrower intends to reimburse the
Fronting Bank for the amount of the Dollar Equivalent Amount of such drawing
with funds other than the proceeds of the Loans, the Borrower shall be deemed
to have timely given a Notice of Borrowing pursuant to Section 2.2 to the
Administrative Agent, requesting a Borrowing of Base Rate Loans on the date on
which such drawing is honored and in an amount equal to the such drawing. Each
Bank shall, in accordance with Section 2.5(b), make available its pro rata
share of such Borrowing to the Administrative Agent, the proceeds of which
shall be applied directly by the Administrative Agent to reimburse the Fronting
Bank for the amount equal to the Dollar Equivalent Amount of such draw.
Notwithstanding anything contained herein to the contrary, however, in the case
of Alternate Currency Letters of Credit, Borrower shall reimburse any drawing
thereunder in the Alternate Currency in which such Alternate Currency Letter of
Credit is denominated and any deemed Notice of Borrowing pursuant to the
provisions of this Section 2.17(e) shall likewise be in the Alternate Currency
in which such Alternate Currency Letter of Credit is denominated; provided,
however, that if (x) 

 42
 

any such drawing is made at a time when there exists an Event of
Default or (y) Borrower shall not have notified the Administrative Agent and
Fronting Bank prior to 11 a.m. (New York time) at least two (2) Euro-Currency
Business Days immediately prior to such drawing that Borrower intends to
reimburse Fronting Bank in the applicable Alternate Currency, then, in either
such case, such reimbursement shall instead be made by payment in Dollars of
the Dollar Equivalent Amount of such drawing and in immediately available
funds.   In the event that any Bank fails
to make available to the Fronting Bank the amount of such Bank’s participation
on the date of a drawing, the Fronting Bank shall be entitled to recover such
amount on demand from such Bank together with interest at the Federal Funds
Rate commencing on the date such drawing is honored.

(f)            If,
at the time a beneficiary under any Letter of Credit requests a drawing
thereunder, an Event of Default as described in Section 6.1(f) or Section
6.1(g) shall have occurred and is continuing, then on the date on which the
Fronting Bank shall have honored such drawing, the Borrower shall have an
unreimbursed obligation (the “Unreimbursed Obligation”) to the Fronting
Bank in an amount equal to the amount of such drawing, which amount shall bear
interest at the annual rate of the sum of the Base Rate plus two percent (2%).
Each Bank shall purchase an undivided participating interest in such drawing in
an amount equal to its pro rata share of the Commitments, and upon receipt
thereof the Fronting Bank shall deliver to such Bank an Unreimbursed Obligation
participation certificate dated the date of the Fronting Bank’s receipt of such
funds and in the amount of such Bank’s pro rata share.

(g)           If,
after the date hereof, any change in any law or regulation or in the
interpretation thereof by any court or administrative or governmental authority
charged with the administration thereof shall either (i) impose, modify or deem
applicable any reserve, special deposit or similar requirement against letters
of credit issued by, or assets held by, or deposits in or for the account of,
or participations in any letter of credit, upon any Bank (including the
Fronting Bank) or (ii) impose on any Bank any other condition regarding this
Agreement or such Bank (including the Fronting Bank) as it pertains to the
Letters of Credit or any participation therein and the result of any event
referred to in the preceding clause (i) or (ii) shall be to increase, by an
amount deemed by the Fronting Bank or such Bank to be material, the cost to the
Fronting Bank or any Bank of issuing or maintaining any Letter of Credit or
participating therein, then the Borrower shall pay to the Fronting Bank or such
Bank, within 15 days after written demand by such Bank (with a copy to the
Administrative Agent), which demand shall be accompanied by a certificate
showing, in reasonable detail, the calculation of such amount or amounts, such
additional amounts as shall be required to compensate the Fronting Bank or such
Bank for such increased costs or reduction in amounts received or receivable
hereunder.  Each Bank will promptly notify
the Borrower and the Administrative Agent of any event of which it has
knowledge, occurring after the date hereof, which will entitle such Bank to
compensation pursuant to this Section 2.17(g) and will designate a different
Applicable Lending Office if such designation will avoid the need for, or
reduce the amount of, such compensation and will not, in the reasonable
judgment of such Bank, be otherwise disadvantageous to such Bank.  If such Bank shall fail to notify Borrower of
any such event within 90 days following the end of the month during which such
event occurred, then Borrower’s liability for any amounts described in this
Section incurred by such Bank as a result of such event shall be limited to
those attributable to the period occurring subsequent to the ninetieth (90th)
day prior to, but excluding, the date upon which such Bank actually notified
Borrower of the occurrence of such event. A certificate 

 43
 

of any Bank claiming compensation under this Section 2.17(g) and
setting forth a reasonably detailed calculation of the additional amount or
amounts to be paid to it hereunder shall be conclusive in the absence of
demonstrable error. In determining such amount, such Bank may use any
reasonable averaging and attribution methods.

(h)           The
Borrower hereby agrees to protect, indemnify, pay and save the Fronting Bank
harmless from and against any and all claims, demands, liabilities, damages,
losses, costs, charges and expenses (including reasonable and documented
attorneys’ fees and disbursements) which the Fronting Bank may incur or be
subject to as a result of (i) the issuance of the Letters of Credit, other than
to the extent of the bad faith, gross negligence or wilful misconduct of the
Fronting Bank or (ii) the failure of the Fronting Bank to honor a drawing under
any Letter of Credit as a result of any act or omission, whether rightful or
wrongful, of any present or future de jure or de facto government
or governmental authority (collectively, “Governmental Acts”), other
than to the extent of the bad faith, gross negligence or wilful misconduct of
the Fronting Bank. As between the Borrower and the Fronting Bank, the Borrower
assumes all risks of the acts and omissions of any beneficiary with respect to
its use, or misuses of, the Letters of Credit issued by the Fronting Bank. In
furtherance and not in limitation of the foregoing, the Fronting Bank shall not
be responsible (i) for the form, validity, sufficiency, accuracy, genuineness
or legal effect of any document submitted by any party in connection with the
application for and issuance of such Letters of Credit, even if it should in
fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged; (ii) for the validity or insufficiency of any instrument
transferring or assigning or purporting to transfer or assign any such Letter
of Credit or the rights or benefits thereunder or proceeds thereof, in whole or
in part, which may prove to be invalid or ineffective for any reason; (iii) for
failure of the beneficiary of any such Letter of Credit to comply fully with
conditions required in order to draw upon such Letter of Credit, other than as
a result of the bad faith, gross negligence or wilful misconduct of the
Fronting Bank; (iv) for errors, omissions, interruptions or delays in
transmission or delivery of any message, by mail, cable, telegraph, facsimile
transmission, or otherwise; (v) for errors in interpretation of any technical
terms; (vi) for any loss or delay in the transmission or otherwise of any
documents required in order to make a drawing under any such Letter of Credit
or of the proceeds thereof; (vii) for the misapplication by the beneficiary of
any such Letter of Credit of the proceeds of such Letter of Credit; and (viii)
for any consequence arising from causes beyond the control of the Fronting Bank,
including any Government Acts, in each case other than to the extent of the bad
faith, gross negligence or willful misconduct of the Fronting Bank. None of the
above shall affect, impair or prevent the vesting of the Fronting Bank’s rights
and powers hereunder.  In furtherance and
extension and not in limitation of the specific provisions hereinabove set
forth, any action taken or omitted by the Fronting Bank under or in connection
with the Letters of Credit issued by it or the related certificates, if taken
or omitted in good faith, shall not put the Fronting Bank under any resulting
liability to the Borrower; provided that, notwithstanding anything in the
foregoing to the contrary, the Fronting Bank will be liable to the Borrower for
any damages suffered by the Borrower or its Subsidiaries as a result of the
Fronting Bank’s grossly negligent or wilful failure to pay under any Letter of
Credit after the presentation to it of a sight draft and certificates strictly
in compliance with the terms and conditions of such Letter of Credit.

(i)            If
the Fronting Bank or the Administrative Agent is required at any time, pursuant
to any bankruptcy, insolvency, liquidation or reorganization law or otherwise,
to return

 44
 

to the Borrower any reimbursement by the Borrower of any drawing under
any Letter of Credit, each Bank shall pay to the Fronting Bank or the
Administrative Agent, as the case may be, its pro rata share of such payment,
but without interest thereon unless the Fronting Bank or the Administrative
Agent is required to pay interest on such amounts to the person recovering such
payment, in which case with interest thereon, computed at the same rate, and on
the same basis, as the interest that the Fronting Bank or the Administrative
Agent is required to pay.

SECTION
2.18.      Letter of Credit
Usage Absolute. The obligations of the Borrower under this Agreement in
respect of any Letter of Credit shall be unconditional and irrevocable, and
shall be paid strictly in accordance with the terms of this Agreement (as the same
may be amended from time to time) and any Letter of Credit Documents (as
hereinafter defined) under all circumstances, including, without limitation, to
the extent permitted by law, the following circumstances:

(a)           any lack of validity or enforceability of any Letter of
Credit or any other agreement or instrument relating thereto (collectively, the
“Letter of Credit Documents”) or any Loan Document;

(b)           any
change in the time, manner or place of payment of, or in any other term of, all
or any of the obligations of the Borrower in respect of the Letters of Credit
or any other amendment or waiver of or any consent by the Borrower to departure
from all or any of the Letter of Credit Documents or any Loan Document; provided,
that the Fronting Bank shall not consent to any such change or amendment unless
previously consented to in writing by the Borrower;

(c)           any
exchange, release or non-perfection of any collateral, or any release or
amendment or waiver of or consent to departure from any guaranty, for all or
any of the obligations of the Borrower in respect of the Letters of Credit;

(d)           the
existence of any claim, set-off, defense or other right that the Borrower may
have at any time against any beneficiary or any transferee of a Letter of
Credit (or any Persons for whom any such beneficiary or any such transferee may
be acting), the Administrative Agent, the Fronting Bank or any Bank (other than
a defense based on the bad faith, gross negligence or wilful misconduct of the
Administrative Agent, the Fronting Bank or such Bank) or any other Person,
whether in connection with the Loan Documents, the transactions contemplated
hereby or by the Letters of Credit Documents or any unrelated transaction;

(e)           any
draft or any other document presented under or in connection with any Letter of
Credit or other Loan Document proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate
in any respect; provided, that payment by the Fronting Bank under such
Letter of Credit against presentation of such draft or document shall not have
been the result of the bad faith, gross negligence or wilful misconduct of the
Fronting Bank;

(f)            payment
by the Fronting Bank against presentation of a draft or certificate that does not
strictly comply with the terms of the Letter of Credit; provided, that
such payment 

 45
 

shall not have been the result of the bad faith, gross negligence or
wilful misconduct of the Fronting Bank; and

(g)           any
other circumstance or happening whatsoever other than the payment in full of
all obligations hereunder in respect of any Letter of Credit or any agreement
or instrument relating to any Letter of Credit, whether or not similar to any
of the foregoing, that might otherwise constitute a defense available to, or a
discharge of, the Borrower; provided, that such other circumstance or
happening shall not have been the result of bad faith, gross negligence or
wilful misconduct of the Fronting Bank.

SECTION
2.19.      Letters of Credit
Maturing after the Maturity Date.

(a)           Notwithstanding anything contained herein to the contrary,
if any Letters of Credit, by their terms, shall mature after the Maturity Date
(as the same may be extended), then, on and after the Maturity Date, the
provisions of this Agreement shall remain in full force and effect with respect
to such Letters of Credit, and the Borrower shall comply with the provisions of
Section 2.19(b). No Letter of Credit shall mature on a date that is more than
twelve (12) months after the Maturity Date.

(b)           If,
at any time and from time to time, any Letter of Credit shall have been issued
hereunder and the same shall expire on a date after the Maturity Date, then, on
the date that is fifteen (15) days prior to the Maturity Date, the Borrower
shall pay to the Administrative Agent, on behalf of the Banks, in same day
funds at the Administrative Agent’s office designated in such demand, for
deposit in the Letter of Credit Collateral Account, Letter of Credit Collateral
in an amount equal to the Letter of Credit Usage with respect to Letters of
Credit issued in Dollars and 110% of the Dollar Equivalent Amount of the Letter
of Credit Usage with respect to Alternate Currency Letters of Credit. Interest
shall accrue on the Letter of Credit Collateral Account in accordance with the
provisions of Section 6.4.

(c)           From
and after the Maturity Date, the Administrative Agent shall calculate, in
accordance with the terms of this Agreement, the Dollar Equivalent Amount of
any outstanding Alternate Currency Letters of Credit on the last Business Day
of each calender quarter.  If at any such
time 110% of the Dollar Equivalent Amount of the Letter of Credit Usage, so
determined by the Administrative Agent, exceeds the amount in the Letter of Credit
Collateral Account attributable to the Alternate Currency Letters of Credit,
Borrower, within three (3) Business Days after notice thereof from the
Administrative Agent, shall deposit any such shortfall in the Letter of Credit
Collateral Account.

SECTION
2.20.      Designated
Borrowers.

(a)           The Borrower may at any time, upon not less than 15
Business Days’ notice from the Borrower to the Administrative Agent (or such
shorter period as may be agreed by the Administrative Agent in its sole
discretion but in no event less than ten (10) Business Days), designate any
foreign Subsidiary of the Borrower (an “Applicant Borrower”) to receive
Loans hereunder by delivering to the Administrative Agent (which shall promptly
deliver counterparts thereof to each Bank) a duly executed notice and agreement
in substantially the form of Exhibit H (a “Designated Borrower
Request and Assumption Agreement”). The parties 

 46
 

hereto acknowledge and agree that prior to
any Applicant Borrower becoming entitled to utilize the credit facilities
provided for herein the Administrative Agent shall have received such
supporting resolutions, incumbency certificates, opinions of counsel and other
documents or information (including, without limitation, all such documents or
information required to comply with the Patriot Act), in each case consistent
with the documents and information required to be delivered hereunder with
respect to the Borrower on the Closing Date (but with such differences as may
be appropriate in light of applicable local law), as well as a guaranty of such
new Borrowers’ obligations hereunder by the Borrower in form and substance
reasonably acceptable to the Administrative Agent.  If the Administrative Agent and any one or
more Banks (it being understood and agreed that no Bank shall have any
obligation to lend to a Designated Borrower unless it shall agree to do so
under this Section 2.20) agree that an Applicant Borrower shall be entitled to
receive Loans hereunder, then promptly following receipt of all such requested
resolutions, incumbency certificates, opinions of counsel and other documents
or information, the Administrative Agent shall send a notice in substantially
the form of Exhibit I (a “Designated Borrower Notice”) to the
Borrower and the Banks specifying the effective date upon which the Applicant
Borrower shall constitute a Designated Borrower for purposes hereof, whereupon
each of such Banks agrees to permit such Designated Borrower to receive Loans
hereunder on the terms and conditions set forth herein, and each of the parties
agrees that such Designated Borrower otherwise shall be a Borrower for all
purposes of this Agreement. Following the giving of any notice pursuant to this
Section 2.20(a), if the designation of such Applicant Borrower obligates the
Administrative Agent or any Bank to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is
not already available to it, the Borrower, promptly upon request by the
Administrative Agent or any other Bank, shall provide such documentation and
other evidence as is reasonably requested by the Administrative Agent of any
such Bank in order for the Administrative Agent or such Bank to comply with all
such identification procedures.

(b)           Each
Subsidiary of the Borrower that is or becomes a “Designated Borrower” pursuant
to this Section 2.20 hereby irrevocably appoints the Borrower as it agent for
all purposes relevant to this Agreement and each of the other Loan Documents,
including (i) the giving and receipt of notices and (ii) the execution and
delivery of all documents, instruments and certificates contemplated herein and
all modifications hereto. Any acknowledgment, consent, direction, certification
or other action which might otherwise be valid or effective if given or taken
only by the Borrower on behalf of any Designated Borrower shall also be valid
and effective if given or taken by a Designated Borrower whether or not the
Borrower joins thereto. Any notice, demand, consent, acknowledgment, direction,
certification or other communication delivered to the Borrower in accordance
with the terms of this Agreement shall be deemed to have been delivered to each
Designated Borrower. If the Borrower shall designate as a Designated Borrower
any Subsidiary that is not organized under the laws of the United States or any
State thereof, any Bank that has elected to participate in the funding of the
applicable Alternative Currency, with notice to the Administrative Agent and
the Borrower, may cause an Affiliate of such Bank to act as the Bank in respect
of such Designated Borrower (and such Bank, to the extent of Loans made to, and
participations in Letters of Credit issued for the account of such Designated
Borrower, shall be deemed for all purposes hereof to have assigned pro tanto
such Loans and advances to such Affiliate in compliance with the provisions of
Section 9.6).

 47

(c)           The
Borrower from time to time, upon not less than 15 Business Days’ notice from
the Borrower to the Administrative Agent (or such shorter period as may be
agreed by the Administrative Agent in its sole discretion), may terminate a
Designated Borrower’s status as such, provided that there are no outstanding
Loans or Letters of Credit payable by such Designated Borrower, or other
amounts payable by such Designated Borrower on account of any Loans made to it,
in each case as of the effective date of such termination.  The Administrative Agent will promptly notify
the Banks of any such termination of a Designated Borrower’s status.

(d)           At
Borrower’s request, Administrative Agent and the Lenders shall enter into an
amendment to this Agreement in order to allocate one or more portions of the
Commitments to certain Designated Borrowers to be borrowed in any Alternate
Currencies as may be agreed upon by the Lenders which elect to fund Loans in
any such tranche.

(e)           Notwithstanding
any provision of this Section 2.20 or any other provision of the Loan Documents
to the contrary, no Designated Borrower shall be jointly or severally liable
for, or obligated to guarantee or provide any other credit support for, any of
the Obligations of Borrower or any direct or indirect parent of such Designated
Borrower that becomes a party to this Agreement and is organized and existing
under the laws of any jurisdiction within the United States.

ARTICLE
III

CONDITIONS

SECTION
3.1.        Closing. The
Closing Date shall occur on the date when each of the following conditions is
satisfied (or waived in writing by the Administrative Agent and the Banks),
each document to be dated the Closing Date unless otherwise indicated:

(a)           the Borrower as of the Closing Date shall have executed
and delivered to the Administrative Agent a Note or Notes for the account of
each Bank requesting the same dated the Closing Date and complying with the
provisions of Section 2.6;

(b)           the
Borrower and the Administrative Agent and each of the Banks shall have executed
and delivered to the Borrower and the Administrative Agent a duly executed
original of this Agreement;

(c)           each
Guarantor shall have executed and delivered to the Administrative Agent a duly
executed original of the Guarantee Agreement;

(d)           the
Administrative Agent shall have received opinions of (i) Clifford Chance US
LLP, special counsel for the Borrower, and (ii) Geoffrey Dugan, Esq., in-house
counsel for the Borrower, each acceptable to the Administrative Agent, the
Banks and their counsel;

(e)           the
Administrative Agent shall have received all documents the Administrative Agent
may reasonably request relating to the existence of the Borrower as of the
Closing Date, the authority for and the validity of this Agreement and the
other Loan Documents, the incumbency of officers executing this Agreement and
the other Loan Documents 

 48
 

and any other matters relevant hereto, all in form and substance
satisfactory to the Administrative Agent. 
Such documentation shall include, without limitation, the articles of
incorporation of Borrower, as amended, modified or supplemented to the Closing
Date, certified to be true, correct and complete by a senior officer of
Borrower as of a date not more than ten (10) days prior to the Closing Date,
together with a good standing certificate as to Borrower from the Secretary of
State (or the equivalent thereof) of Maryland, to be dated not more than thirty
(30) days prior to the Closing Date;

(f)            the
Borrower shall have executed a solvency certificate acceptable to the Administrative
Agent;

(g)           the
Administrative Agent shall have received all certificates, agreements and other
documents and papers referred to in this Section 3.1 and the Notice of
Borrowing referred to in Section 3.2, if applicable, unless otherwise
specified, in sufficient counterparts, satisfactory in form and substance to
the Administrative Agent in its reasonable discretion;

(h)           the
Borrower shall have taken all actions required to authorize the execution and
delivery of this Agreement and the other Loan Documents and the performance
thereof by the Borrower;

(i)            the
Banks shall be satisfied that the Borrower is not subject to any present or
contingent Environmental Claim, and the Borrower shall have delivered a
certificate so stating;

(j)            the
Administrative Agent shall have received, for its and any other Bank’s account,
all fees due and payable pursuant to Section 2.9 hereof on or before the
Closing Date, and the reasonable and documented fees and expenses accrued
through the Closing Date of Simpson Thacher & Bartlett LLP shall have been
paid to Simpson Thacher & Bartlett LLP;

(k)           the
Borrower shall have delivered copies of all consents, licenses and approvals,
if any, required in connection with the execution, delivery and performance by
the Borrower, and the validity and enforceability, of the Loan Documents, or in
connection with any of the transactions contemplated thereby, and such
consents, licenses and approvals shall be in full force and effect;

(l)            no
Default or Event of Default shall have occurred; and

(m)          the
Borrower shall have delivered a certificate in form acceptable to
Administrative Agent showing compliance with the requirements of Section 5.8 as
of the Closing Date.

SECTION
3.2.        Borrowings.
The obligation of any Bank to make a Loan or to participate in any Letter of
Credit issued by the Fronting Bank and the obligation of the Fronting Bank to
issue a Letter of Credit or the obligation of the Swingline Lender to make a
Swingline Loan on the occasion of any Borrowing is subject to the satisfaction of
the following conditions:

(a)           receipt by the Administrative Agent of a Notice of
Borrowing as required by Section 2.2 or Section 2.3(b)(i) or a Notice of Money
Market Borrowing as required by 

 49
 

Section 2.4(f) or a request to cause a
Fronting Bank to issue a Letter of Credit pursuant to Section 2.17;

(b)           immediately
after giving effect to such Borrowing, the aggregate outstanding principal
amount of the Loans plus the Letter of Credit Usage will not exceed the
aggregate amount of the Commitments;

(c)           no
Default or Event of Default shall have occurred and be continuing both before
and after giving effect to the making of such Loans or the issuance of such
Letter of Credit;

(d)           the
representations and warranties of the Borrower contained in this Agreement (other
than representations and warranties which expressly speak as of a different
date, which representations and warranties shall be true and correct in all
material respects as of such different date) shall be true and correct in all
material respects on and as of the date of such Borrowing both before and after
giving effect to the making of such Loans; and

(e)           no
event, act or condition shall have occurred after the Closing Date which, in
the reasonable judgment of the Required Banks, has had or is likely to have a
Material Adverse Effect.

Each Borrowing hereunder
or issuance of a Letter of Credit hereunder shall be deemed to be a
representation and warranty by the Borrower on the date of such Borrowing as to
the facts specified in clauses (b), (c), (d) and (e) (to the extent that
Borrower is or should have been aware of any Material Adverse Effect) of this
Section. In the event that any representation or warranty (as set forth in
clause (d) would be materially inaccurate, the Borrower shall disclose the same
in writing by Borrower to the Banks, provided, however, that the Borrower may
only change such representation or warranty with the prior written consent of
the Required Banks. Notwithstanding anything to the contrary, no Borrowing or
issuance of a Letter of Credit shall be permitted if such Borrowing or issuance
of a Letter of Credit would cause Borrower to fail to be in compliance with any
of the covenants contained in this Agreement or in any of the other Loan
Documents.

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES

In order to induce
the Administrative Agent and each of the other Banks which is or may become a
party to this Agreement to make the Loans and/or issue or participate in
Letters of Credit, the Borrower makes the following representations and warranties
as of the Closing Date and, in accordance with Section 3.2(d) hereof, as of
each Borrowing or issuance of a Letter of Credit.  Such representations and warranties shall
survive the effectiveness of this Agreement, the execution and delivery of the
other Loan Documents and the making of the Loans.

SECTION
4.1.        Existence and
Power. The Borrower is a corporation, duly formed, validly existing and in
good standing under the laws of the State of Maryland and has all powers and
all material governmental licenses, authorizations, consents and approvals
required 

 50
 

to own its property and
assets and carry on its business as now conducted or as it presently proposes
to conduct and has been duly qualified and is in good standing in every
jurisdiction in which the failure to be so qualified and/or in good standing is
likely to have a Material Adverse Effect.

SECTION
4.2.        Power and
Authority. The Borrower has the requisite power and authority to execute,
deliver and carry out the terms and provisions of each of the Loan Documents to
which it is a party and has taken all necessary action, if any, to authorize
the execution and delivery on behalf of the Borrower and the performance by the
Borrower of the Loan Documents to which it is a party.  The Borrower has duly executed and delivered
each Loan Document to which it is a party in accordance with the terms of this
Agreement, and each such Loan Document constitutes the legal, valid and binding
obligation of the Borrower, enforceable in accordance with its terms, except as
enforceability may be limited by applicable insolvency, bankruptcy or other
similar laws affecting creditors rights generally, or general principles of
equity, whether such enforceability is considered in a proceeding in equity or
at law.

SECTION
4.3.        No Violation.
Neither the execution, delivery or performance by or on behalf of the Borrower
of the Loan Documents to which it is a party, nor compliance by the Borrower
with the terms and provisions thereof nor the consummation of the transactions
contemplated by such Loan Documents, (i) will materially contravene any
applicable provision of any law, statute, rule, regulation, order, writ,
injunction or decree of any court or governmental instrumentality, (ii) will
materially conflict with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose)
any Lien upon any of the property or assets of the Borrower or any of its
Consolidated Subsidiaries pursuant to the terms of, any indenture, mortgage,
deed of trust, or other agreement or other instrument to which the Borrower (or
of any partnership of which the Borrower is a partner) or any of its
Consolidated Subsidiaries is a party or by which it or any of its property or
assets is bound or to which it is subject (except for such breaches and
defaults under loan agreements which the lenders thereunder have agreed to
forbear pursuant to valid forbearance agreements), or (iii) will cause a
material default by the Borrower under any organizational document of any
Person in which the Borrower has an interest, or cause a material default under
the Borrower’s agreement or certificate of limited partnership, the
consequences of which conflict, breach or default would have a Material Adverse
Effect, or result in or require the creation or imposition of any Lien
whatsoever upon any Property (except as contemplated herein).

SECTION
4.4.        Financial
Information. (a) The consolidated financial statement of Borrower and its
Consolidated Subsidiaries as of December 31, 2006, and for the Fiscal Year then
ended, reported on by PricewaterhouseCoopers LLP fairly present, in conformity
with GAAP, the consolidated financial position of Borrower and its Consolidated
Subsidiaries as of such date and the consolidated results of operations and
cash flows for such Fiscal Year; and, the consolidated financial statement of
the Borrower and its Consolidated Subsidiaries as of March 31, 2007 and for the
fiscal quarter then ended fairly present, in conformity with GAAP, the
consolidated financial position of the Borrower and its Consolidated
Subsidiaries as of such date and the consolidated results of operations and
cash flows for such fiscal quarter, subject to normal year-end audit
adjustments.

 51
 

(b)           Since December 31, 2006, (i) except as may have been
disclosed in writing to the Banks prior to the Closing Date, nothing has
occurred having a Material Adverse Effect, and (ii) except as set forth on Schedule
4.4(b), Borrower has not incurred any material Indebtedness or guaranteed
any Indebtedness on or before the Closing Date.

SECTION
4.5.        Litigation.
There is no action, suit or proceeding pending against, or to the knowledge of
the Borrower threatened against or affecting, (i) the Borrower or any of its
Consolidated Subsidiaries, (ii) the Loan Documents or any of the transactions
contemplated by the Loan Documents or (iii) any of the assets of the Borrower
or any of its Consolidated Subsidiaries, before any court or arbitrator or any
governmental body, agency or official in which there is a reasonable
possibility of an adverse decision which could, individually, or in the
aggregate have a Material Adverse Effect or which in any manner draws into
question the validity of this Agreement or the other Loan Documents.

SECTION
4.6.        Compliance with
ERISA. (a) Except as set forth on Schedule 4.6 attached hereto,
Borrower is not a member of nor has entered into, maintained, contributed to,
or been required to contribute to, or may incur any liability with respect to
any Plan or Multiemployer Plan.  In the
event that at any time after the Closing Date, Borrower shall become a member
of any other material Plan or Multiemployer Plan, Borrower promptly shall
notify the Administrative Agent thereof (and from and after such notice, Schedule
4.6 shall be deemed modified thereby).

(b)           No assets of Borrower constitute “assets” (within the
meaning of ERISA or Section 4975 of the Code, including, but not limited to, 29
C.F.R. § 2510.3-101 or any successor regulation thereto) of an “employee
benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within
the meaning of Section 4975(e)(1) of the Code. 
In addition to the prohibitions set forth in this Agreement and the
other Loan Documents, and not in limitation thereof, Borrower covenants and
agrees that Borrower shall not use any “assets” (within the meaning of ERISA or
Section 4975 of the Code, including but not limited to 29 C.F.R. § 2510.3101)
of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan”
within the meaning of Section 4975(e)(1) of the Code to repay or secure the
Note, the Loan, or the Obligations.

SECTION
4.7.        Environmental.
The Borrower conducts reviews of the effect of Environmental Laws on the
business, operations and properties of the Borrower and its Consolidated
Subsidiaries when necessary in the course of which it identifies and evaluates
associated liabilities and costs (including, without limitation, any capital or
operating expenditures required for clean-up or closure of properties presently
owned, any capital or operating expenditures required to achieve or maintain
compliance with environmental protection standards imposed by law or as a
condition of any license, permit or contract, any related constraints on
operating activities, and any actual or potential liabilities to third parties,
including, without limitation, employees, and any related costs and
expenses).  On the basis of this review,
the Borrower has reasonably concluded that such associated liabilities and
costs, including, without limitation, the costs of compliance with
Environmental Laws, are unlikely to have a Material Adverse Effect.

 52
 

SECTION
4.8.        Taxes. The
Borrower and its Consolidated Subsidiaries have filed all United States Federal
income tax returns and all other material tax returns which are required to be
filed by them and have paid all taxes due pursuant to such returns or pursuant
to any assessment received by the Borrower, or any Consolidated Subsidiary,
except (i) such taxes, if any, as are reserved against in accordance with GAAP,
(ii) such taxes as are being contested in good faith by appropriate proceedings
or (iii) such tax returns or such taxes, the failure to file when due or to
make payment when due and payable will not have, in the aggregate, a Material
Adverse Effect. The charges, accruals and reserves on the books of the Borrower
and its Consolidated Subsidiaries in respect of taxes or other governmental
charges are, in the opinion of the Borrower, adequate.

SECTION
4.9.        Full Disclosure.
All information heretofore furnished by the Borrower to the Administrative
Agent and all the Banks for purposes of or in connection with this Agreement or
any transaction contemplated hereby or thereby is true and accurate in all
material respects on the date as of which such information is stated or
certified; provided that, with respect to projected financial
information, the Borrower represents and warrants only that such information represents
the Borrower’s expectations regarding future performance, based upon historical
information and reasonable assumptions, it being understood, however, that
actual results may differ from the projected results described in the financial
projections.  The Borrower has disclosed
to the Administrative Agent, in writing any and all facts which have or may
have (to the extent the Borrower can now reasonably foresee) a Material Adverse
Effect.

SECTION
4.10.      Solvency. On
the Closing Date and after giving effect to the transactions contemplated by
the Loan Documents occurring on the Closing Date, the Borrower will be Solvent.

SECTION
4.11.      Use of Proceeds.
All proceeds of the Loans will be used by the Borrower only in accordance with
the provisions hereof.  Neither the
making of any Loan nor the use of the proceeds thereof will violate or be
inconsistent with the provisions of regulations T, U, or X of the Federal
Reserve Board.

SECTION
4.12.      Governmental
Approvals. 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 any Loan Document or the consummation of any of the
transactions contemplated thereby other than those that have already been duly
made or obtained and remain in full force and effect or those which, if not
made or obtained, would not have a Material Adverse Effect;

SECTION
4.13.      Investment Company
Act. Neither the Borrower nor any Consolidated Subsidiary is (x) an “investment
company” or a company “controlled” by an “investment company”, within the
meaning of the Investment Company Act of 1940, as amended, or (y) subject to
any other federal or state law or regulation which purports to restrict or
regulate its ability to borrow money.

 53
 

SECTION
4.14.      Principal Offices.
As of the Closing Date, the principal office, chief executive office and
principal place of business of the Borrower is 1114 Avenue of the Americas, New
York, NY 10036.

SECTION
4.15.      REIT Status.
Borrower is qualified and Borrower will continue to qualify as a real estate
investment trust under the Code.

SECTION
4.16.      Patents,
Trademarks, etc. The Borrower has obtained and holds in full force and
effect all patents, trademarks, servicemarks, trade names, copyrights and other
such rights, free from burdensome restrictions, which are necessary for the
operation of its business as presently conducted, the impairment of which is
likely to have a Material Adverse Effect.

SECTION
4.17.      Judgments. As
of the Closing Date, there are no final, non-appealable judgments or decrees in
an aggregate amount of Ten Million Dollars ($10,000,000) or more entered by a
court or courts of competent jurisdiction against the Borrower or any
Consolidated Subsidiary or, to the extent such judgment would be recourse to
Borrower or any of its Consolidated Subsidiaries (other than judgments as to which,
and only to the extent, a reputable insurance company has acknowledged coverage
of such claim in writing or which have been paid or stayed).

SECTION
4.18.      No Default. No
Event of Default or, to the best of the Borrower’s knowledge, Default exists
under or with respect to any Loan Document and the Borrower is not in default
in any material respect beyond any applicable grace period under or with
respect to any other material agreement, instrument or undertaking to which it
is a party or by which it or any of its property is bound in any respect, the
existence of which default is likely to result in a Material Adverse Effect.

SECTION
4.19.      Licenses, etc.
The Borrower has obtained and does hold in full force and effect, all
franchises, licenses, permits, certificates, authorizations, qualifications,
accreditation, easements, rights of way and other consents and approvals which
are necessary for the operation of its businesses as presently conducted, the
absence of which is likely to have a Material Adverse Effect.

SECTION
4.20.      Compliance With
Law. To the Borrower’s knowledge, the Borrower and each of its assets are
in compliance in all material respects with all laws, rules, regulations,
orders, judgments, writs and decrees, the failure to comply with which is
likely to have a Material Adverse Effect.

SECTION
4.21.      No Burdensome
Restrictions. Except as may have been disclosed by the Borrower in writing
to the Banks prior to the Closing Date, the Borrower is not a party to any
agreement or instrument or subject to any other obligation or any charter or
corporate or partnership restriction, as the case may be, which, individually
or in the aggregate, is likely to have a Material Adverse Effect.

SECTION
4.22.      Brokers’ Fees.
The Borrower has not dealt with any broker or finder with respect to the
transactions contemplated by this Agreement or otherwise in connection with
this Agreement, and the Borrower has not done any act, had any negotiations or 

 54
 

conversation, or made any
agreements or promises which will in any way create or give rise to any
obligation or liability for the payment by the Borrower of any brokerage fee,
charge, commission or other compensation to any party with respect to the
transactions contemplated by the Loan Documents, other than the fees payable to
the Administrative Agent and the Banks, and certain other Persons as previously
disclosed in writing to the Administrative Agent.

SECTION
4.23.      Labor Matters.
Except as disclosed on Schedule 4.6, there are no collective bargaining
agreements or Multiemployer Plans covering the employees of the Borrower or any
member of the ERISA Group, and the Borrower has not suffered any material
strikes, walkouts, work stoppages or other material labor difficulty within the
last five years.

SECTION 4.24.      Insurance. The Borrower currently
maintains 100% replacement cost insurance coverage (subject to customary
deductibles) in respect of each of its Real Property Assets, as well as
commercial general liability insurance (including, without limitation, “builders’
risk” where applicable) against claims for personal, and bodily injury and/or
death, to one or more persons, or property damage, as well as workers’
compensation insurance, in each case with respect to liability and casualty
insurance with insurers having an A.M. Best policyholders’ rating of not less
than A-/VII in amounts no less than customarily carried by owners of properties
similar to, and in the same locations as, Borrower’s Real Property Assets.

SECTION
4.25.      Organizational
Documents. The documents delivered pursuant to Section 3.1(e) constitute,
as of the Closing Date, all of the organizational documents (together with all
amendments and modifications thereof) of the Borrower. The Borrower represents
that it has delivered to the Administrative Agent true, correct and complete
copies of each such document.

SECTION
4.26.      Unencumbered
Assets and Indebtedness. As of the date hereof, Schedule 1.1
accurately sets forth (i) total Unencumbered Assets,  (ii) all Unsecured Debt and (iii) all Secured
Debt. All of the information set forth on Schedule 1.1 is true and
correct in all material respects.

ARTICLE
V

AFFIRMATIVE
AND NEGATIVE COVENANTS

The Borrower
covenants and agrees that, so long as any Bank has any Commitment hereunder or
any Obligation remains unpaid:

SECTION
5.1.        Information.
The Borrower will deliver to each of the Banks or post to Intralinks provided
such information is not otherwise publicly available:

(a)           as soon as available and in any event within five (5)
Business Days after the same is required to be filed with the Securities and
Exchange Commission (but in no event later than 95 days after the end of each
Fiscal Year of the Borrower) a consolidated balance sheet of the Borrower and
its Consolidated Subsidiaries as of the end of such Fiscal Year and the related
consolidated statements of Borrower’s operations and consolidated statements of
Borrower’s cash flow for such Fiscal Year, setting forth in each case in
comparative form the 

 55
 

figures for the previous Fiscal Year (if available),
all reported in a manner acceptable to the Securities and Exchange Commission
on Borrower’s Form 10-K and reported on by PricewaterhouseCoopers LLP or other
independent public accountants of nationally recognized standing;

(b)           (i)
as soon as available and in any event within five (5) Business Days after the
same is required to be filed with the Securities and Exchange Commission (but
in no event later than 50 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year of the Borrower), a consolidated balance sheet of
the Borrower and its Consolidated Subsidiaries as of the end of such Fiscal
Quarter and the related consolidated statements of Borrower’s operations and
consolidated statements of Borrower’s cash flow for such quarter and for the
portion of the Borrower’s Fiscal Year ended at the end of such Fiscal Quarter,
all reported in the form provided to the Securities and Exchange Commission on
Borrower’s Form 10-Q, together with (ii) such other information reasonably
requested by the Administrative Agent or any Bank;

(c)           simultaneously
with the delivery of each set of financial statements referred to in clauses
(a) and (b) above, a certificate of a financial officer of the Borrower (i)
setting forth in reasonable detail the calculations required to establish
whether the Borrower was in compliance with the requirements of Section 5.8 on
the date of such financial statements; (ii) certifying (x) that such financial
statements fairly present the financial condition and the results of operations
of the Borrower on the dates and for the periods indicated, on the basis of
GAAP, with respect to the Borrower subject, in the case of interim financial
statements, to normally recurring year-end adjustments, and (y) that such
officer has reviewed the terms of the Loan Documents and has made, or caused to
be made under his or her supervision, a review in reasonable detail of the
business and condition of the Borrower during the period beginning on the date
through which the last such review was made pursuant to this Section 5.1(c)
(or, in the case of the first certification pursuant to this Section 5.1(c),
the Closing Date) and ending on a date not more than ten (10) Business Days
prior to, but excluding, the date of such delivery and that (1) on the basis of
such financial statements and such review of the Loan Documents, no Event of
Default existed under Section 6.1(b) with respect to Sections 5.8 and 5.9 at or
as of the date of said financial statements, or with respect to Section 5.8(a),
at any time, and (2) on the basis of such review of the Loan Documents and the
business and condition of the Borrower, to the best knowledge of such officer,
as of the last day of the period covered by such certificate no Default or
Event of Default under any other provision of Section 6.1 occurred and is
continuing or, if any such Default or Event of Default has occurred and is
continuing, specifying the nature and extent thereof and, the action the
Borrower proposes to take in respect thereof. 
Such certificate shall set forth the calculations required to establish
the matters described in clauses (1) and (2) above;

(d)           (i)
within five (5) Business Days after any officer of the Borrower obtains
knowledge of any Default, if such Default is then continuing, a certificate of
the chief financial officer, or other executive officer of the Borrower,
setting forth the details thereof and the action which the Borrower is taking
or proposes to take with respect thereto; and (ii) promptly and in any event
within five (5) Business Days after the Borrower obtains knowledge thereof,
notice of (x) any litigation or governmental proceeding pending or threatened
against the Borrower or any Consolidated Subsidiary or its directly or
indirectly owned Real Property Assets as to which there is a reasonable
possibility of an adverse determination and which, if adversely determined, 

 56
 

is likely to individually or in the aggregate, result in a Material
Adverse Effect, and (y) any other event, act or condition which is likely to
result in a Material Adverse Effect;

(e)           promptly
upon the mailing thereof to the shareholders of Borrower generally, copies of
all proxy statements so mailed;

(f)            intentionally
omitted;

(g)           promptly
and in any event within thirty (30) days, if and when any member of the ERISA
Group (i) gives or is required to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Plan which
might constitute grounds for a termination of such Plan under Title IV of
ERISA, or knows that the plan administrator of any Plan has given or is
required to give notice of any such reportable event, a copy of the notice of
such reportable event given or required to be given to the PBGC; (ii) receives
notice of complete or partial withdrawal liability under Title IV of ERISA or
notice that any Multiemployer Plan is in reorganization, is insolvent or has
been terminated, a copy of such notice; (iii) receives notice from the PBGC
under Title IV of ERISA of an intent to terminate, impose liability (other than
for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee
to administer any Plan, a copy of such notice; (iv) applies for a waiver of the
minimum funding standard under Section 412 of the Code, a copy of such application;
(v) gives notice of intent to terminate any Plan under Section 4041(c) of
ERISA, a copy of such notice and other information filed with the PBGC; (vi)
gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a
copy of such notice; or (vii) fails to make any payment or contribution to any
Plan or Multiemployer Plan or makes any amendment to any Plan which has
resulted or could result in the imposition of a Lien or the posting of a bond
or other security, and, in the case of any occurrence covered by any of clauses
(i) through (vii) above, which occurrence would reasonably be expected to
result in a Material Adverse Effect, a certificate of the chief financial
officer or the chief accounting officer of the Borrower setting forth details as
to such occurrence and action, if any, which the Borrower or applicable member
of the ERISA Group is required or proposes to take;

(h)           promptly
and in any event within ten (10) days after the Borrower obtains actual
knowledge of any of the following events, a certificate of the Borrower,
executed by an officer of the Borrower, specifying the nature of such
condition, and the Borrower’s or, if the Borrower has actual knowledge thereof,
the Environmental Affiliate’s proposed initial response thereto: (i) the
receipt by the Borrower, or any of the Environmental Affiliates of any
communication (written or oral), whether from a governmental authority,
citizens group, employee or otherwise, that alleges that the Borrower, or any
of the Environmental Affiliates, is not in compliance with applicable
Environmental Laws, and such noncompliance is likely to have a Material Adverse
Effect, (ii) the existence of any Environmental Claim pending against the
Borrower or any Environmental Affiliate and such Environmental Claim is likely
to have a Material Adverse Effect or (iii) any release, emission, discharge or
disposal of any Material of Environmental Concern that is likely to form the
basis of any Environmental Claim against the Borrower or any Environmental
Affiliate which in any such event is likely to have a Material Adverse Effect;

 57
 

(i)            promptly
and in any event within five (5) Business Days after receipt of any notices or
correspondence from any company or agent for any company providing insurance
coverage to the Borrower relating to any loss which is likely to result in a
Material Adverse Effect, copies of such notices and correspondence;

(j)            simultaneously
with the delivery of the information required by Sections 5.1(a) and (b), a
statement of all Secured Debt (in each case, on a Subsidiary by Subsidiary
basis), as well as the total amount of Unsecured Debt and Value of the
Unencumbered Assets;

(k)           promptly
and in any event within ten (10) days after an event or events of default with
respect to Non-Recourse Indebtedness in an aggregate amount equal to or greater
than $100,000,000 of the Borrower, its Consolidated Subsidiaries and/or
Borrower’s Share of Non-Recourse Indebtedness of Investment Affiliates,
Borrower shall deliver to the Administrative Agent a recalculation of the
Consolidated Tangible Net Worth, reflecting the effects of such event or events
of default, as well as any other changes in the Borrower’s Consolidated
Tangible Net Worth; and

(l)            from
time to time such additional information regarding the financial condition or
operations of the Borrower and its Subsidiaries as the Administrative Agent, at
the request of any Bank, may reasonably request in writing, so long as
disclosure of such information could not result in a violation of, or expose
the Borrower or its Subsidiaries to any material liability under, any
applicable law, statute, ordinance or regulation or any agreements with
unaffiliated third parties that are binding on the Borrower or any of its
Subsidiaries or on any Property of any of them.

SECTION
5.2.        Payment of
Obligations. The Borrower and its Consolidated Subsidiaries will pay and
discharge, at or before maturity, all their respective material obligations and
liabilities including, without limitation, any such material obligations pursuant
to any agreement by which it or any of its properties is bound, in each case
where the failure to so pay or discharge such obligations or liabilities is
likely to result in a Material Adverse Effect, and will maintain in accordance
with GAAP, appropriate reserves for the accrual of any of the same.

SECTION
5.3.        Maintenance of
Property; Insurance; Leases.

(a)           The Borrower will keep, and will cause each Consolidated
Subsidiary to keep, all property useful and necessary in its business,
including without limitation each of its Real Property Assets (for so long the
same constitutes a Real Property Asset), in good repair, working order and
condition, ordinary wear and tear excepted, in each case where the failure to
so maintain and repair will have a Material Adverse Effect.

(b)           The
Borrower shall maintain, or cause to be maintained, insurance described in
Section 4.24 hereof with insurers meeting the qualifications described therein,
which insurance shall in any event not provide for less coverage than insurance
customarily carried by owners of properties similar to, and in the same
locations as, Borrower’s Real Property Assets. 
The Borrower will deliver to the Administrative Agent (i) upon the
reasonable request of the Administrative Agent from time to time certificates
of insurers evidencing the insurance carried, (ii) within five (5) days of
receipt of notice from any insurer a copy of any 

 58
 

notice of cancellation or material change in coverage required by
Section 4.24 from that existing on the date of this Agreement and (iii)
forthwith, notice of any cancellation or nonrenewal (without replacement) of
coverage by the Borrower.

SECTION
5.4.        Maintenance of
Existence. The Borrower will preserve, renew and keep in full force and
effect, its corporate existence and its rights, privileges and franchises
necessary for the normal conduct of its business unless the failure to maintain
such rights and franchises does not have a Material Adverse Effect.

SECTION
5.5.        Compliance with
Laws. The Borrower will, and will cause its Consolidated Subsidiaries to,
comply in all material respects with all applicable laws, ordinances, rules,
regulations, and requirements of governmental authorities (including, without
limitation, Environmental Laws, and all zoning and building codes with respect
to its Real Property Assets and ERISA and the rules and regulations thereunder
and all federal securities laws) except where the necessity of compliance
therewith is contested in good faith by appropriate proceedings or where the
failure to do so will not have a Material Adverse Effect or expose
Administrative Agent or Banks to any material liability therefor.

SECTION
5.6.        Inspection of
Property, Books and Records. The Borrower will keep proper books of record
and account in which full, true and correct entries shall be made of all
dealings and transactions in relation to its business and activities in
conformity with GAAP, modified as required by this Agreement and applicable
law; and will permit representatives of any Bank, at such Bank’s expense, or
from and after an Event of Default, at Borrower’s expense, so long as
disclosure of such information could not result in a violation of, or expose
the Borrower or any of its Subsidiaries to any material liability under, any
applicable law, ordinance or regulation or any agreements with unaffiliated
third parties that are binding on the Borrower or any of its Subsidiaries, to
examine and make abstracts from any of its books and records and to discuss its
affairs, finances and accounts with its officers and independent public
accountants, all at such reasonable times during normal business hours, upon
reasonable prior notice and as often as may reasonably be desired.

SECTION
5.7.        Existence.
The Borrower shall do or cause to be done, all things necessary to preserve and
keep in full force and effect its and its Consolidated Subsidiaries’ existence
and its patents, trademarks, servicemarks, tradenames, copyrights, franchises,
licenses, permits, certificates, authorizations, qualifications, accreditation,
easements, rights of way and other rights, consents and approvals the
nonexistence of which is likely to have a Material Adverse Effect.

SECTION
5.8.        Financial
Covenants.

(a)           Minimum Consolidated Tangible Net Worth. The
Consolidated Tangible Net Worth of the Borrower determined in conformity with
GAAP will at no time be less than the sum of Two Billion One Hundred and Sixty
Seven Million Three Hundred and Ten Thousand and Four Hundred and Fifty Dollars
($2,167,310,450) and sixty five percent (65%) of the Net Offering Proceeds from
Capital Stock of the Borrower (other than proceeds used within thirty (30) days
after the issuance giving rise to such Net Offering Proceeds to redeem, retire
or repurchase ownership or equity interests in Borrower, up to the amount paid
by Borrower in 

 59
 

connection with such redemption, retirement
or repurchase, where, for the avoidance of doubt, the net effect is that
Borrower shall not have increased its Consolidated Tangible Net Worth as a
result of any such proceeds) received by the Borrower subsequent to March 31,
2007.

(b)           Total
Indebtedness to Net Worth. As of the last day of each Fiscal Quarter, the
ratio of Total Indebtedness to the Borrower’s Net Worth shall be equal to or
less than 5.00:1.00.

(c)           EBITDA
to Fixed Charges Ratio. The ratio of EBITDA to Fixed Charges, for the then
most recently completed four (4) consecutive Fiscal Quarters, shall be equal to
or greater than 1.50:1.00.

(d)           Unencumbered
Pool. The ratio of the Value of the Unencumbered Assets to Unsecured Debt,
as of the last day of each Fiscal Quarter, shall be equal to or greater than
1.20:1.00.

(e)           Dividends.
For so long as no Event of Default shall have occurred and be outstanding,
Borrower will not pay any dividends to holders of common equity in the Borrower
in excess of the greater of (x) 110% of Adjusted Earnings for the then most
recently completed four (4) consecutive Fiscal Quarters, and (y) such amounts
as are necessary to enable the Borrower to maintain the Borrower’s status as a
real estate investment trust. For so long as an Event of Default shall have
occurred and be outstanding, Borrower will not, as determined on an aggregate
annual basis, pay any dividends in excess of those amounts required to be paid
in order for the Borrower to maintain its status as a real estate investment
trust.

SECTION
5.9.        Restriction on
Fundamental Changes. (a) Borrower shall not enter into any merger or
consolidation without obtaining the prior written consent thereto in writing of
the Required Banks, unless the Borrower is the surviving entity, and the same
will not result in the occurrence of an Event of Default. Borrower shall not
liquidate, wind-up or dissolve (or suffer any liquidation or dissolution),
discontinue its business or convey, lease, sell, transfer or otherwise dispose
of, in one transaction or series of transactions, all or substantially all of
its business or property, whether now or hereafter acquired.

(b)           The Borrower shall not amend its articles of
incorporation, bylaws, or other organizational documents in any manner that
would have a Material Adverse Effect without the Required Banks’ consent.

SECTION
5.10.      Changes in
Business. Borrower’s primary business will not be substantially different
from that conducted by Borrower on the Closing Date and shall include ownership
and management of Credit Tenant Lease Assets and Loan Assets. The Borrower
shall carry on its business operations through the Borrower and its
Consolidated Subsidiaries and its Investment Affiliates.

SECTION
5.11.      Borrower Status.  Borrower shall at all times (i) remain a
publicly traded company listed for trading on the New York Stock Exchange (or
another nationally recognized stock exchange), and (ii) maintain its status as
a self-directed and self-administered REIT under the Code.

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SECTION
5.12.      Other Indebtedness.
(a)      Borrower shall not incur or
maintain or permit any Secured Debt which is Recourse Debt in excess of an
amount equal to 20% of Consolidated Tangible Net Worth. Any Indebtedness
maintained or incurred by any Subsidiary of Borrower that is Recourse Debt of
such Subsidiary shall be deemed to be Secured Debt for purposes of this Section
5.12 and Section 5.8; provided that Indebtedness of any Guarantor that
is not secured shall not be so deemed to be Secured Debt.

(b)           The Borrower shall not permit any
Guarantor to incur any Indebtedness other than Indebtedness evidenced by the
Guarantee Agreement or Indebtedness owed to the Borrower.

SECTION
5.13.      Forward Equity
Contracts. Borrower shall not enter into any forward equity contracts.

ARTICLE
VI

DEFAULTS

SECTION
6.1.        Events of Default.
An “Event of Default” shall have occurred if one or more of the following
events shall have occurred and be continuing:

(a)           the Borrower shall fail to (i) pay when due any principal
of any Loan, or (ii) the Borrower shall fail to pay when due interest on any
Loan or any fees or any other amount payable to Administrative Agent or the
Banks hereunder and the same shall continue for a period of five (5) days after
the same becomes due;

(b)           the
Borrower shall fail to observe or perform any covenant contained in Section
5.8, Section 5.9, Section 5.10, Section 5.11 or Section 5.12;

(c)           the
Borrower or any Guarantor shall fail to observe or perform any covenant or
agreement contained in this Agreement or any other Loan Document (other than
those covered by clause (a), (b), (e), (f), (g), (h), (i), (m), (n) or (o) of
this Section 6.1) for 30 days after written notice thereof has been given to
the Borrower by the Administrative Agent; or if such default is of such a
nature that it cannot with reasonable effort be completely remedied within said
period of thirty (30) days such additional period of time as may be reasonably
necessary to cure same, provided Borrower commences such cure within said
thirty (30) day period and diligently prosecutes same, until completion, but in
no event shall such extended period exceed ninety (90) days;

(d)           any
representation, warranty, certification or statement made by the Borrower or
any Guarantor herein or in any other Loan Document or that is contained in any
certificate, financial statement or other document delivered pursuant to this
Agreement shall prove to have been incorrect in any material respect when made
(or deemed made) and, with respect to such representations, warranties,
certifications or statements not known by the Borrower at the time made or
deemed made to be incorrect, the defect causing such representation or warranty
to be incorrect in a material respect when made (or deemed made) is 

 61
 

not removed, corrected or cured within thirty (30) days after the
earlier of written notice thereof from Administrative Agent to Borrower and the
Borrower otherwise obtains knowledge thereof;

(e)           the
Borrower or any Subsidiary shall default in the payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise) of
any amount owing in respect of any Recourse Debt (other than the Obligations)
for which the aggregate outstanding principal amounts exceed Seventy-Five
Million Dollars ($75,000,000) and such default shall continue beyond the giving
of any required notice and the expiration of any applicable grace period and
such default has not been waived, in writing, by the holder of any such Debt;
or the Borrower or any Subsidiary shall default in the performance or
observance of any obligation or condition with respect to any such Recourse
Debt or any other event shall occur or condition exist beyond the giving of any
required notice and the expiration of any applicable grace period, if the
effect of such default, event or condition is to accelerate the maturity of any
such indebtedness or to permit (without any further requirement of notice or
lapse of time) the holder or holders thereof, or any trustee or agent for such
holders, to accelerate the maturity of any such indebtedness;

(f)            the
Borrower or any Consolidated Subsidiary of Borrower or any Investment Affiliate
of Borrower to which, either individually or in the aggregate, $100,000,000 or
more of Borrower’s Consolidated Tangible Net Worth is attributable, shall
commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidate, custodian or other
similar official of it or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it,
or shall make a general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due, or shall take any action to
authorize any of the foregoing;

(g)           an
involuntary case or other proceeding shall be commenced against the Borrower or
any Consolidated Subsidiary of Borrower or any Investment Affiliate of Borrower
to which, either individually or in the aggregate, $100,000,000 or more of
Borrower’s Consolidated Tangible Net Worth is attributable, seeking
liquidation, reorganization or other relief with respect to it or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in
effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, and
such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of 90 days; or an order for relief shall be entered against the
Borrower under the federal bankruptcy laws as now or hereafter in effect;

(h)           one
or more final, non-appealable judgments or decrees in an aggregate amount of
Seventy-Five Million Dollars ($75,000,000) or more shall be entered by a court
or courts of competent jurisdiction against Borrower or any Consolidated
Subsidiary (other than any judgment as to which, and only to the extent, a
reputable insurance company has acknowledged coverage of such claim in
writing), and (i) any such judgments or decrees shall not be stayed,
discharged, paid, bonded or vacated within ninety (90) days or (ii) enforcement
proceedings shall be commenced by any creditor on any such judgments or
decrees;

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(i)            there
shall be a replacement of a majority of the Board of Directors of the Borrower
over a two-year period from the directors who constituted the Board of
Directors of the Borrower at the beginning of such period, and such replacement
shall not have been approved by a vote of at least a majority of the Board of
Directors of the Borrower then still in office who were either members of such
Board of Directors at the beginning of such period or whose election as a
member of such Board of Directors was previously so approved;

(j)            any
Person or “group” (as such term is defined in applicable federal securities
laws and regulations) shall become the owner, directly or indirectly,
beneficially or of record, of shares representing more than forty percent (40%)
of the aggregate ordinary voting power represented by the issued and
outstanding common shares of the Borrower;

(k)           intentionally
omitted;

(l)            if
any Termination Event with respect to a Plan or Multiemployer Plan shall occur
as a result of which Termination Event or Events any member of the ERISA Group
has incurred or may incur any liability to the PBGC or any other Person and the
sum (determined as of the date of occurrence of such Termination Event) of the
insufficiency of such Plan or Multiemployer Plan and the insufficiency of any
and all other Plans and Multiemployer Plans with respect to which such a
Termination Event shall occur and be continuing (or, in the case of a Multiple
Employer Plan with respect to which a Termination Event described in clause
(ii) of the definition of Termination Event shall occur and be continuing and
in the case of a liability with respect to a Termination Event which is or
could be a liability of the Borrower rather than a liability of the Plan, the
liability of the Borrower) is equal to or greater than $10,000,000 and which
the Required Banks reasonably determine will have a Material Adverse Effect;

(m)          if,
any member of the ERISA Group shall commit a failure described in Section
302(f)(1) of ERISA or Section 412(n)(1) of the Code and the amount of the lien
determined under Section 302(f)(3) of ERISA or Section 412(n)(3) of the Code
that could reasonably be expected to be imposed on any member of the ERISA
Group or their assets in respect of such failure shall be equal to or greater
than $10,000,000 and which the Required Banks reasonably determine will have a
Material Adverse Effect;

(n)           at
any time, for any reason the Borrower or any Guarantor repudiates in writing
its payment obligations under any Loan Document;

(o)           the
guarantee of any Guarantor contained in the Guarantee Agreement shall cease,
for any reason, to be in full force and effect or any Guarantor shall so
assert, other than in connection with a merger of a Guarantor with and into the
Borrower, as permitted by Section 5.9; or

(p)           any
assets of Borrower shall constitute “assets” (within the meaning of ERISA or
Section 4975 of the Code, including but not limited to 29 C.F.R. § 2510.3-101
or any successor regulation thereto) of an “employee benefit plan” within the
meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section
4975(e)(1) of the Code.

SECTION
6.2.        Rights and
Remedies. (a) Upon the occurrence of any Event of Default described in
Sections 6.1(f) or (g), the Commitments shall immediately terminate and the 

 63
 

unpaid principal amount
of, and any and all accrued interest on, the Loans and any and all accrued fees
and other Obligations hereunder shall automatically become immediately due and
payable, with all additional interest from time to time accrued thereon and
without presentation, demand, or protest or other requirements of any kind
(including, without limitation, valuation and appraisement, diligence,
presentment, notice of intent to demand or accelerate and notice of
acceleration), all of which are hereby expressly waived by the Borrower for
itself; and upon the occurrence and during the continuance of any other Event
of Default, the Administrative Agent, following consultation with the Banks,
may (and upon the demand of the Required Banks shall), by written notice to the
Borrower, in addition to the exercise of all of the rights and remedies
permitted the Administrative Agent and the Banks at law or equity or under any
of the other Loan Documents, declare that the Commitments are terminated and
declare the unpaid principal amount of and any and all accrued and unpaid
interest on the Loans and any and all accrued fees and other Obligations
hereunder to be, and the same shall thereupon be, immediately due and payable
with all additional interest from time to time accrued thereon and (except as
otherwise provided in the Loan Documents) without presentation, demand, or
protest or other requirements of any kind (including, without limitation,
valuation and appraisement, diligence, presentment, notice of intent to demand
or accelerate and notice of acceleration), all of which are hereby expressly
waived by the Borrower for itself.

(b)           Notwithstanding anything to the contrary contained in this
Agreement or in any other Loan Document, the Administrative Agent and the Banks
each agree that any exercise or enforcement of the rights and remedies granted
to the Administrative Agent or the Banks under this Agreement or at law or in
equity with respect to this Agreement or any other Loan Documents shall be
commenced and maintained solely by the Administrative Agent on behalf of the
Administrative Agent and/or the Banks. The Administrative Agent shall act at
the direction of the Required Banks in connection with the exercise of any and
all remedies at law, in equity or under any of the Loan Documents or, if the
Required Banks are unable to reach agreement, then, from and after an Event of
Default, the Administrative Agent may pursue such rights and remedies as it may
determine.

SECTION
6.3.        Notice of Default.
The Administrative Agent shall give notice to the Borrower under Section 6.1(c)
and 6.1(d) promptly upon being requested to do so by the Required Banks and
shall thereupon notify all the Banks thereof. The Administrative Agent shall
not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default (other than nonpayment of principal of or interest on the
Loans) unless Administrative Agent has received notice in writing from a Bank
or Borrower referring to this Agreement or the other Loan Documents, describing
such event or condition.  Should
Administrative Agent receive notice of the occurrence of a Default or Event of
Default expressly stating that such notice is a notice of a Default or Event of
Default, or should Administrative Agent send Borrower a notice of Default or
Event of Default, Administrative Agent shall promptly give notice thereof to
each Bank.

SECTION
6.4.        Actions in
Respect of Letters of Credit. (a) If, at any time and from time to time,
any Letter of Credit shall have been issued hereunder and an Event of Default
shall have occurred and be continuing, then, upon the occurrence and during the
continuation of any Event of Default, the Administrative Agent, after
consultation with the Banks, may, and upon the demand of the Required Banks
shall, whether in addition to the taking by the Administrative Agent of any of
the actions described in this Article or otherwise, make a demand 

 64
 

upon the Borrower
(although no such demand shall be required if an Event of Default pursuant to
Sections 6.1(f) or (g) shall occur) to, and forthwith upon such demand (but in
any event within ten (10) days after such demand) (or automatically without
such demand upon the occurrence of an Event of Default pursuant to Sections
6.1(f) or (g)) the Borrower shall pay to the Administrative Agent, on behalf of
the Banks, in same day funds at the Administrative Agent’s office designated in
such demand, for deposit in a special cash collateral account (the “Letter
of Credit Collateral Account”) to be maintained in the name of the
Administrative Agent (on behalf of the Banks) and under its sole dominion and
control at such place as shall be designated by the Administrative Agent, an
amount equal to the amount of the Letter of Credit Usage under the Letters of
Credit.  Interest shall accrue on the
Letter of Credit Collateral Account at a rate equal to the rate on overnight
funds.

(b)           The Borrower hereby pledges, assigns and grants to the
Administrative Agent, as administrative agent for its benefit and the ratable
benefit of the Banks a lien on and a security interest in, the following collateral
(the “Letter of Credit Collateral”):

(i)            the
Letter of Credit Collateral Account, all cash deposited therein and all
certificates and instruments, if any, from time to time representing or
evidencing the Letter of Credit Collateral Account;

(ii)           all notes,
certificates of deposit and other instruments from time to time hereafter
delivered to or otherwise possessed by the Administrative Agent for or on
behalf of the Borrower in substitution for or in respect of any or all of the
then existing Letter of Credit Collateral;

(iii)          all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of the then existing Letter of Credit Collateral; and

(iv)          to the extent not
covered by the above clauses, all proceeds of any or all of the foregoing
Letter of Credit Collateral.

The lien and security
interest granted hereby secures the payment of all Obligations of the Borrower
now or hereafter existing hereunder and under any other Loan Document.

(c)           The Borrower hereby authorizes the Administrative Agent
for the ratable benefit of the Banks to apply, from time to time after funds
are deposited in the Letter of Credit Collateral Account and for so long as an Event
of Default has occurred and in continuing, funds then held in the Letter of
Credit Collateral Account to the payment of any amounts, in such order as the
Administrative Agent may elect, as shall have become due and payable by the
Borrower to the Banks in respect of the Letters of Credit.

(d)           Neither
the Borrower nor any Person claiming or acting on behalf of or through the
Borrower shall have any right to withdraw any of the funds held in the Letter
of Credit Collateral Account, except as provided in Section 6.4(h) hereof.

(e)           The
Borrower agrees that it will not (i) sell or otherwise dispose of any interest
in the Letter of Credit Collateral or (ii) create or permit to exist any lien,
security interest 

 65
 

or other charge or encumbrance upon or with respect to any of the
Letter of Credit Collateral, except for the security interest created by this
Section 6.4.

(f)            If
any Event of Default shall have occurred and be continuing:

(i)            The
Administrative Agent may, in its sole discretion, without notice to the
Borrower except as required by law and at any time from time to time, charge,
set off or otherwise apply all or any part of first, (x) amounts
previously drawn on any Letter of Credit that have not been reimbursed by the
Borrower and (y) any Letter of Credit Usage described in clause (ii) of the
definition thereof that are then due and payable and second, any other
unpaid Obligations then due and payable against the Letter of Credit Collateral
Account or any part thereof, in such order as the Administrative Agent shall
elect. The rights of the Administrative Agent under this Section 6.4 are in
addition to any rights and remedies which any Bank may have.

(ii)           The Administrative
Agent may also exercise, in its sole discretion, in respect of the Letter of
Credit Collateral Account, in addition to the other rights and remedies
provided herein or otherwise available to it, all the rights and remedies of a
secured party upon default under the Uniform Commercial Code in effect in the
State of New York at that time.

(g)           The Administrative Agent shall be deemed to have exercised
reasonable care in the custody and preservation of the Letter of Credit
Collateral if the Letter of Credit Collateral is accorded treatment
substantially equal to that which the Administrative Agent accords its own
property, it being understood that, assuming such treatment, the Administrative
Agent shall not have any responsibility or liability with respect thereto.

(h)           At
such time as all Events of Default have been cured or waived in writing, all
amounts remaining in the Letter of Credit Collateral Account (unless deposited
pursuant to Section 2.19), shall be promptly returned to the Borrower. Absent
such cure or written waiver, any surplus of the funds held in the Letter of
Credit Collateral Account and remaining after payment in full of all of the
Obligations of the Borrower hereunder and under any other Loan Document after
the Maturity Date shall be paid promptly to the Borrower or to whomsoever may
be lawfully entitled to receive such surplus.

SECTION
6.5.        Distribution of
Proceeds after Default. Notwithstanding anything contained herein to the
contrary, from and after an Event of Default, to the extent proceeds are
received by Administrative Agent, such proceeds will be distributed to the
Banks pro rata in accordance with the unpaid principal amount of the Loans and
Letter of Credit reimbursement obligations (giving effect to any participations
granted therein pursuant to Section 2.3, Section 2.17 and Section 9.6).

 66

ARTICLE
VII

THE
AGENTS; CERTAIN MATTERS RELATING TO THE LENDERS

SECTION
7.1.        Appointment and
Authorization. Each Bank irrevocably appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement and the other Loan Documents as are delegated
to the Administrative Agent by the terms hereof or thereof, together with all
such powers as are reasonably incidental thereto. Except as set forth in
Section 7.8 hereof, the provisions of this Article VII are solely for the
benefit of Administrative Agent and the Banks, and Borrower shall not have any
rights to rely on or enforce any of the provisions hereof.  In performing its functions and duties under this
Agreement, Administrative Agent shall act solely as an agent of the Banks and
will not assume and shall not be deemed to have assumed any obligation toward
or relationship of agency or trust with or for the Borrower.

SECTION
7.2.        Agency and
Affiliates. JPMorgan Chase Bank, N.A. and Bank of America, N.A. each has
the same rights and powers under this Agreement as any other Bank and may
exercise or refrain from exercising the same as though it were not the
Administrative Agent or Syndication Agent, as applicable, and JPMorgan Chase
Bank, N.A. and Bank of America, N.A. and each of their affiliates may accept
deposits from, lend money to, and generally engage in any kind of business with
the Borrower or any Subsidiary or affiliate of the Borrower as if they were not
the Administrative Agent or Syndication Agent, as applicable, hereunder, and
the term “Bank” and “Banks” shall include each of JPMorgan Chase Bank, N.A. and
Bank of America, N.A., each in its individual capacity.

SECTION
7.3.        Action by Agents.
The obligations of each of the Agents hereunder are only those expressly set
forth herein.  Without limiting the
generality of the foregoing, each of the Agents shall not be required to take
any action with respect to any Default or Event of Default, except as expressly
provided in Article VI.  The duties of
each Agent shall be administrative in nature. 
Subject to the provisions of Sections 7.1, 7.5 and 7.6, each Agent shall
administer the Loans in the same manner as each administers its own loans.

SECTION
7.4.        Consultation with
Experts. As between Administrative Agent on the one hand and the Banks on
the other hand, the Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted
to be taken by it in good faith in accordance with the advice of such counsel,
accountants or experts.

SECTION
7.5.        Liability of
Agents. As between each Agent on the one hand and the Banks on the other
hand, none of the Agents nor any of their affiliates nor any of their
respective directors, officers, agents or employees shall be liable for any
action taken or not taken by it in connection herewith (i) with the consent or
at the request of the Required Banks or (ii) in the absence of its own gross
negligence or willful misconduct. As between each Agent on the one hand and the
Banks on the other hand, none of the Agents nor any of their respective
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 this Agreement or any Borrowing
hereunder; (ii) the performance or observance of any of the 

 67
 

covenants or agreements
of the Borrower; (iii) the satisfaction of any condition specified in Article
III, except receipt of items required to be delivered to such Agent, or (iv)
the validity, effectiveness or genuineness of this Agreement, the other Loan
Documents or any other instrument or writing furnished in connection herewith.
As between each Agent on the one hand and the Banks on the other hand, none of
the Agents shall incur any liability by acting in reliance upon any notice,
consent, certificate, statement, or other writing (which may be a bank wire,
telex or similar writing) believed by it to be genuine or to be signed by the
proper party or parties.

SECTION
7.6.        Indemnification.
Each Bank shall, ratably in accordance with its Commitment, indemnify the
Agents and the named “Managing Agents” and their affiliates and their
respective directors, officers, agents and employees (to the extent not
reimbursed by the Borrower) against any cost, expense (including, without
limitation, counsel fees and disbursements), claim, demand, action, loss or liability
(except such as result from such indemnitee’s gross negligence or willful
misconduct) that such indemnitee may suffer or incur in connection with its
duties as Agent or “Managing Agent” under this Agreement, the other Loan
Documents or any action taken or omitted by such indemnitee hereunder.  In the event that any Agent shall, subsequent
to its receipt of indemnification payment(s) from Banks in accordance with this
section, recoup any amount from the Borrower, or any other party liable
therefor in connection with such indemnification, such Agent shall reimburse
the Banks which previously made the payment(s) pro rata, based upon the actual
amounts which were theretofore paid by each Bank.  Each Agent shall reimburse such Banks so
entitled to reimbursement within two (2) Business Days of its receipt of such
funds from the Borrower or such other party liable therefor.

SECTION
7.7.        Credit Decision.
Each Bank acknowledges that it has, independently and without reliance upon the
Administrative Agent, the Syndication Agent or any other Bank, and based on
such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Bank also
acknowledges that it will, independently and without reliance upon the
Administrative Agent, Syndication Agent or any other Bank, 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 any action under this
Agreement.

SECTION
7.8.        Successor Agent.
The Administrative Agent may resign at any time by giving notice thereof to the
Banks, the Borrower and each other, and the Administrative Agent shall resign
in the event its Commitment (without giving effect to any Participants) is
reduced to less than Ten Million Dollars ($10,000,000) unless as a result of a
cancellation or reduction in the aggregate Commitments. Upon any such
resignation, the Required Banks shall have the right to appoint a successor
Administrative Agent, which successor Administrative Agent shall, provided no
Event of Default has occurred and is then continuing, be subject to Borrower’s
approval, which approval shall not be unreasonably withheld or delayed. If no
successor Administrative Agent shall have been so appointed by the Required
Banks and approved by the Borrower, and shall have accepted such appointment,
within 30 days after the retiring Administrative Agent gives notice of
resignation, then the retiring Administrative Agent may, on behalf of the
Banks, appoint a successor Administrative Agent, which shall be the
Administrative Agent, who shall act until the Required Banks shall appoint an
Administrative Agent.  Any appointment of
a successor Administrative Agent by Required Banks or the retiring 

 68
 

Administrative Agent
pursuant to the preceding sentence shall, provided no Event of Default has
occurred and is then continuing, be subject to the Borrower’s approval, which
approval shall not be unreasonably withheld or delayed.  Upon the acceptance of its appointment as the
Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested
with all the rights and duties of the retiring Administrative Agent and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. The rights and duties of the Administrative Agent to be vested in
any successor Administrative Agent shall include, without limitation, the
rights and duties as Swingline Lender. After any retiring Administrative Agent’s
resignation hereunder, the provisions of this Article shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the
Administrative Agent.  For gross
negligence or willful misconduct, as determined by all the Banks (excluding for
such determination Administrative Agent in its capacity as a Bank),
Administrative Agent may be removed at any time by giving at least thirty (30)
Business Days’ prior written notice to Administrative Agent and Borrower.  Such resignation or removal shall take effect
upon the acceptance of appointment by a successor Administrative Agent, in
accordance with the provisions of this Section 7.8.

SECTION
7.9.        Consents and
Approvals. All communications from Administrative Agent to the Banks
requesting the Banks’ determination, consent, approval or disapproval (i) shall
be given in the form of a written notice to each Bank, (ii) shall be
accompanied by a description of the matter or item as to which such
determination, approval, consent or disapproval is requested, or shall advise
each Bank where such matter or item may be inspected, or shall otherwise
describe the matter or issue to be resolved, (iii) shall include, if reasonably
requested by a Bank and to the extent not previously provided to such Bank,
written materials and a summary of all oral information provided to
Administrative Agent by Borrower in respect of the matter or issue to be
resolved, and (iv) shall include Administrative Agent’s recommended course of
action or determination in respect thereof ). 
Each Bank shall reply promptly, but in any event within ten (10)
Business Days after receipt of the request therefor from Administrative Agent
(the “Bank Reply Period”). With respect to decisions requiring the
approval of the Required Banks, or all the Banks, Administrative Agent shall
submit its recommendation or determination for approval of or consent to such
recommendation or determination to all Banks and upon receiving the required
approval or consent shall follow the course of action or determination of the
Required Banks or all the Banks, as the case may be.

ARTICLE
VIII

CHANGE
IN CIRCUMSTANCES

SECTION
8.1.        Basis for
Determining Interest Rate Inadequate or Unfair. If on or prior to the first
day of any Interest Period for any Euro-Currency Borrowing or Money Market IBOR
Loan the Administrative Agent determines in good faith that deposits in Dollars
or the applicable Alternate Currency (in the applicable amounts) are not being
offered in the relevant market for such Interest Period, the Administrative
Agent shall forthwith give notice thereof to the Borrower and the Banks,
whereupon until the Administrative Agent notifies the Borrower that the
circumstances giving rise to such suspension no longer exist, the obligations
of the Banks to make Euro-Currency Loans in Dollars or the applicable Alternate
Currency, as the case may be, shall be suspended.  In such event (a) unless the Borrower
notifies the Administrative 

 69
 

Agent on or before the second
(2nd)
Euro-Currency Business Day before, but excluding, the date of (i) any
Euro-Currency Borrowing for which a Notice of Borrowing has previously been
given that it elects not to borrow on such date, such Borrowing shall instead
be made as a Base Rate Borrowing, or (ii) any Money Market IBOR Borrowing for
which a Notice of Money Market Borrowing has previously been given, the Money
Market IBOR Loans comprising such Borrowing shall bear interest for each day
from and including the first day to but excluding the last day of the Interest
Period applicable thereto at the Base Rate for such day, and (b) if Borrowings
of Alternate Currency Loans are affected, any Notice of Borrowing for a
Euro-Currency Borrowing denominated in an Alternate Currency shall be ineffective.

SECTION
8.2.        Illegality.
If, on or after the date of this Agreement, the adoption of any applicable law,
rule or regulation, or any change in any applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Bank (or its Euro-Currency Lending
Office) with any request or directive (whether or not having the force of law)
made after the Closing Date of any such authority, central bank or comparable
agency shall make it unlawful for any Bank (or its Euro-Currency Lending
Office) (x) to make, maintain or fund its Euro-Currency Loans in a particular
currency, or (y) to participate in any Letter of Credit issued in a particular
currency by the Fronting Bank, or, with respect to the Fronting Bank, to issue
a Letter of Credit in a particular currency, the Administrative Agent shall
forthwith give notice thereof to the other Banks and the Borrower, whereupon
until such Bank notifies the Borrower and the Administrative Agent that the
circumstances giving rise to such suspension no longer exist, the obligation of
such Bank in the case of the event described in clause (x) above to make
Euro-Currency Loans in such currency, or in the case of the event described in
clause (y) above, to participate in any Letter of Credit issued in such
currency by the Fronting Bank or, with respect to the Fronting Bank, to issue
any Letter of Credit in such currency, shall be suspended. With respect to
Euro-Currency Loans, before giving any notice to the Administrative Agent
pursuant to this Section, such Bank shall designate a different Euro-Currency
Lending Office if such designation will avoid the need for giving such notice
and will not, in the reasonable judgment of such Bank, be otherwise
commercially disadvantageous to such Bank.

If at any time, it
shall be unlawful for any Bank to make, maintain or fund any of its
Euro-Currency Loans, the Borrower shall have the right, upon five (5) Business
Days’ notice to the Administrative Agent, to either (x) cause a bank,
reasonably acceptable to the Administrative Agent, to offer to purchase the
Commitments of such Bank for an amount equal to such Bank’s outstanding Loans,
together with accrued and unpaid interest and fees thereon and all other
amounts due to such Bank are concurrently therewith paid in full to such Bank,
and to become a Bank hereunder, or obtain the agreement of one or more existing
Banks to offer to purchase the Commitments of such Bank for such amount, which
offer such Bank is hereby required to accept, or (y) to repay in full all Loans
then outstanding of such Bank, together with interest due thereon and any and
all fees and other amounts due hereunder, upon which event, such Bank’s
Commitments shall be deemed to be canceled pursuant to Section 2.11(e).

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SECTION
8.3.        Increased Cost
and Reduced Return.

(a)           If, on or after (x) the date hereof in the case of
Committed Loans made pursuant to Section 2.1, or (y) the date of the related
Money Market Quote (in each case, the “Loan Effective Date”), in the
case of any Money Market Loan, the adoption of any applicable law, rule or
regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Bank (or its Applicable Lending
Office) with any request or directive (whether or not having the force of law)
made after the Closing Date of any such authority, central bank or comparable
agency, shall impose, modify or deem applicable any reserve (including, without
limitation, any such requirement imposed by the Board of Governors of the
Federal Reserve System (but excluding with respect to any Euro-Currency Loan
any such requirement reflected in an applicable Euro-Currency Reserve
Percentage)), special deposit, insurance assessment or similar requirement
against assets of, deposits with or for the account of, or credit extended by,
any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its
Applicable Lending Office) or on the interbank market any other condition
materially more burdensome in nature, extent or consequence than those in
existence as of the Loan Effective Date affecting such Bank’s Euro-Currency
Loans or its obligation to make Euro-Currency Loans, and the result of any of
the foregoing is to increase the cost to such Bank (or its Applicable Lending
Office) of making or maintaining any Euro-Currency Loan, or to reduce the
amount of any sum received or receivable by such Bank (or its Applicable
Lending Office) under this Agreement or under its Note with respect to such
Euro-Currency Loans, by an amount reasonable determined by such Bank to be
material, then, within 15 days after demand by such Bank (with a copy to the
Administrative Agent), the Borrower shall pay to such Bank such additional
amount or amounts (based upon a reasonable allocation thereof by such Bank to
the Euro-Currency Loans made by such Bank hereunder) as will compensate such
Bank for such increased cost or reduction to the extent such Bank generally
imposes such additional amounts on other borrowers of such Bank in similar
circumstances.

(b)           If
any Bank shall have reasonably determined that, after the date hereof, the
adoption of any applicable law, rule or regulation regarding capital adequacy,
or any change in any such law, rule or regulation, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or any request or directive regarding capital adequacy (whether or not
having the force of law) made after the Closing Date of any such authority,
central bank or comparable agency, has or would have the effect of reducing the
rate of return on capital of such Bank (or its Parent) as a consequence of such
Bank’s obligations hereunder to a level below that which such Bank (or its
Parent) could have achieved but for such adoption, change, request or directive
(taking into consideration its policies with respect to capital adequacy) by an
amount reasonably deemed by such Bank to be material, then from time to time,
within 15 days after demand by such Bank (with a copy to the Administrative
Agent), the Borrower shall pay to such Bank such additional amount or amounts
as will compensate such Bank (or its Parent) for such reduction to the extent
such Bank generally imposes such additional amounts on other borrowers of such
Bank in similar circumstances.

(c)           Each
Bank will promptly notify the Borrower and the Administrative Agent of any
event of which it has knowledge, occurring after the date hereof, which will
entitle such Bank to compensation pursuant to this Section and will designate a
different Applicable 

 71
 

Lending Office if such designation will avoid the need for, or reduce
the amount of, such compensation and will not, in the reasonable judgment of
such Bank, be otherwise disadvantageous to such Bank. Notwithstanding the
foregoing, if such Bank shall fail to notify Borrower of any such event within
ninety (90) days following the end of the month during which such event
occurred, then Borrower’s liability for any amounts described in this Section
incurred by such Bank as a result of such event shall be limited to those
attributable to the period occurring subsequent to the ninetieth (90th) day prior to, but excluding,
the date upon which such Bank actually notified Borrower of the occurrence of
such event. A certificate of any Bank claiming compensation under this Section
and setting forth a reasonably detailed calculation of the additional amount or
amounts to be paid to it hereunder shall be conclusive in the absence of
demonstrable error.  In determining such
amount, such Bank may use any reasonable averaging and attribution methods.

(d)           If
at any time, any Bank has demanded compensation pursuant to this Section 8.3,
the Borrower shall have the right, upon five (5) Business Day’s notice to the
Administrative Agent to either (x) cause a Qualified Institution, reasonably
acceptable to the Administrative Agent, to offer to purchase the Commitments of
such Bank for an amount equal to such Bank’s outstanding Loans plus accrued
interest, fees and other amounts due to such Bank, and to become a Bank
hereunder, or to obtain the agreement of one or more existing Banks to offer to
purchase the Commitments of such Bank for such amount, which offer such Bank is
hereby required to accept, or (y) to repay in full all Loans then outstanding
of such Bank, together with interest and all other amounts due thereon, upon
which event, such Bank’s Commitment shall be deemed to be canceled pursuant to
Section 2.11(e).

SECTION
8.4.        Taxes.

(a)           Any and all payments by the Borrower to or for the account
of any Bank or the Administrative Agent hereunder or under any other Loan
Document shall be made free and clear of and without deduction for any and all
present or future taxes, duties, levies, imposts, deductions, charges or
withholdings, and all liabilities with respect thereto, excluding, in the case
of each Bank and the Administrative Agent, taxes imposed on its income, and
franchise taxes imposed on it, by the jurisdiction under the laws of which such
Bank or the Administrative Agent (as the case may be) is organized or any
political subdivision thereof and, in the case of each Bank, taxes imposed on
its income, and franchise or similar taxes imposed on it, by the jurisdiction
of such Bank’s Applicable Lending Office or any political subdivision thereof
or by any other jurisdiction (or any political subdivision thereof) as a result
of a present or former connection between such Bank or Administrative Agent and
such other jurisdiction or by the United States, except to the extent that such
connection would not have arisen but for entering into the transactions
contemplated hereby (all such non-excluded taxes, duties, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to
as “Non-Excluded Taxes”). If the Borrower shall be required by law to
deduct any Non-Excluded Taxes from or in respect of any sum payable hereunder
or under any Note or Letter of Credit, (i) the sum payable shall be increased
as necessary so that after making all required deductions (including, without
limitation, deductions applicable to additional sums payable under this Section
8.4) such Bank, the Fronting Bank 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, (ii) the Borrower shall make such deductions, (iii) the
Borrower shall pay the full amount deducted to the relevant taxation 

 72
 

authority or other authority in accordance
with applicable law and (iv) the Borrower shall furnish to the Administrative
Agent, at its address referred to in Section 9.1, the original or a certified
copy of a receipt evidencing payment thereof.

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

(c)           In
the event that Non-Excluded Taxes not imposed on the Closing Date are imposed,
or Non-Excluded Taxes imposed on the Closing Date increase, the applicable Bank
shall notify the Administrative Agent and the Borrower of such event in writing
within a reasonable period following receipt of knowledge thereof.
Notwithstanding the foregoing, if such Bank shall fail to notify Borrower of
any such event within ninety (90) days following the end of the month during
which such event occurred, then Borrower’s liability for such additional
Non-Excluded Taxes incurred by such Bank as a result of such event (including
payment of a make whole amount under Section 8.4(a)(i)) shall be limited to
those attributable to the period occurring subsequent to the ninetieth (90th) day prior to, but excluding,
the date upon which such Bank actually notified Borrower of the occurrence of
such event.

(d)           The
Borrower agrees to indemnify each Bank, the Fronting Bank and the
Administrative Agent for the full amount of Non-Excluded Taxes or Other Taxes
(including, without limitation, any Non-Excluded Taxes or Other Taxes imposed
or asserted by any jurisdiction on amounts payable under this Section 8.4) paid
by such Bank, the Fronting Bank or the Administrative Agent (as the case may
be) and, so long as such Bank, the Fronting Bank or Administrative Agent has
promptly paid any such Non-Excluded Taxes or Other Taxes, any liability for
penalties and interest arising therefrom or with respect thereto.  This indemnification shall be made within 15
days from the date such Bank, the Fronting Bank or the Administrative Agent (as
the case may be) makes demand therefor.

(e)           Each
Bank or Administrative Agent that is a United States person for U.S. federal
income tax purposes, on or prior to the date of its execution and delivery of
this Agreement in the case of each Bank and Administrative Agent listed on the
signature pages hereof and on or prior to the date on which it becomes a Bank
or the Administrative Agent in the case of each other Bank or Administrative
Agent, shall provide the Borrower with two duly completed copies of Internal
Revenue Service Form W-9 or any successor form prescribed by the Internal
Revenue Service and shall provide Borrower with two further copies of any such
form on or before the date any such form or certification expires or becomes
obsolete and after the occurrence of any event requiring a change in the most recent
form previously delivered to Borrower. 
Each Bank and Administrative Agent that is not a United States person
for U.S. federal income tax purposes, on or prior to the date of its execution
and delivery of this Agreement in the case of each Bank and Administrative
Agent listed on the signature pages hereof and on or prior to the date on which
it becomes a Bank or the Administrative Agent in the case of each other Bank or
Administrative Agent, shall provide the Borrower with two duly completed copies
of an Internal Revenue Service Form W-8BEN or W-8ECI, as applicable to such
Bank or Administrative Agent, or any successor form prescribed by the Internal
Revenue 

 73
 

Service, and shall provide Borrower with two further copies of any such
form on or before the date that any such form expires or becomes obsolete and
after the occurrence of any event requiring a change in the most recent form
previously delivered by it to Borrower. 
A Bank that provides copies of the Internal Revenue Service Form W-8BEN
and that is legally entitled to claim the portfolio interest exemption pursuant
to Section 881(c) of the Internal Revenue Code of 1986, as amended (the “Code”),
shall further provide Borrower with, together with such Internal Revenue
Service Form W-8BEN, a written confirmation of its entitlement to such
exemption.  To the extent that it is
legally entitled to do so, a Bank shall properly claim that such Bank is
entitled to benefits under an income tax treaty to which the United States is a
party which reduces the rate of, or eliminates, withholding tax on payments of
interest hereunder.  A Bank that is not a
United States person and that grants a participating interest in a Loan or
Commitment to any other person shall provide, in addition to its own forms
specified above, Borrower with two duly completed copies of the Internal
Revenue Service form applicable to such other person, each under the cover of
an Internal Revenue Service Form W-8IMY and a withholding statement prepared in
the manner prescribed by the Internal Revenue Service, or such other forms
and/or certificates that it is legally entitled to provide evidencing such
participant’s entitlement to any exemption from, or reduction in the rate of
U.S. withholding tax, and shall provide Borrower with two further copies of any
such forms and statements on or before the date any such forms or statements
expire or become obsolete and after the occurrence of any event requiring a
change in the most recent form or statement previously delivered to Borrower.  If a Bank fails to timely and properly
provide or update such forms or statements or if the form or statement provided
by a Bank at the time such Bank first becomes a party to this Agreement
indicates a United States withholding tax rate in excess of zero, then backup
withholding or withholding tax resulting from the foregoing shall be considered
excluded from “Non-Excluded Taxes” as defined in Section 8.4(a).

(f)            Upon
reasonable demand by, and at the expense of, Borrower to the Administrative
Agent or any Bank, the Administrative Agent or Bank, as the case may be, shall
deliver to the Borrower, or to such government or taxing authority as the
Borrower may reasonably direct, any form or document that may be required or
reasonably requested in writing in order to allow the Borrower to make a
payment to or for the account of such Bank or the Administrative Agent
hereunder or under any other Loan Document without any deduction or withholding
for or on account of any Non-Excluded Taxes or with such deduction or withholding
at a reduced rate (so long as the completion, execution or submission of such
form or document would not materially prejudice the legal or commercial
position of the party in receipt of such demand), with any such form or
document to be accurate and completed in a manner reasonably satisfactory to
the Borrower making such demand and to be executed and to be delivered with any
reasonably required certification.

(g)           For
any period with respect to which a Bank has failed to provide the Borrower with
the appropriate form pursuant to (and to the extent required by) Section 8.4(e)
(unless such failure is due to a change in treaty, law or regulation occurring
subsequent to the date on which a form originally was required to be provided),
such Bank shall not be entitled to indemnification under Section 8.4(d) with
respect to Non-Excluded Taxes imposed by the United States; provided, however,
that should a Bank, which is otherwise exempt from or subject to a reduced rate
of withholding tax, become subject to Non-Excluded Taxes because of its failure
to deliver a form required hereunder, the Borrower shall take such steps as
such Bank shall 

 74
 

reasonably request to assist such Bank to recover such Taxes so long as
Borrower shall incur no cost or liability as a result thereof.

(h)           If
the Borrower is required to pay additional amounts to or for the account of any
Bank pursuant to this Section 8.4, then such Bank will change the jurisdiction
of its Applicable Lending Office so as to eliminate or reduce any such
additional payment which may thereafter accrue if such change, in the
reasonable judgment of such Bank, is not otherwise disadvantageous to such
Bank.

(i)            If
at any time, any Bank has demanded compensation pursuant to Section 8.3 or 8.4
or the obligation of such Bank of make Euro-Currency Loans has been suspended
pursuant to Section 8.2, in any such case, the Borrower shall have the right,
upon five (5) Business Day’s notice to the Administrative Agent to either (x)
cause a Qualified Institution, reasonably acceptable to the Administrative
Agent, to offer to purchase the Commitments of such Bank for an amount equal to
such Bank’s outstanding Loans plus accrued interest, fees and other amounts due
to such Bank, and to become a Bank hereunder, or to obtain the agreement of one
or more existing Banks to offer to purchase the Commitments of such Bank for
such amount, which offer such Bank is hereby required to accept, or (y) to
repay in full all Loans then outstanding of such Bank, together with interest
and all other amounts due thereon, upon which event, such Bank’s Commitment
shall be deemed to be canceled pursuant to Section 2.11(e).

SECTION
8.5.        Base Rate Loans
Substituted for Affected Euro-Currency Loans. If (i) the obligation of any
Bank to make Euro-Currency Loans has been suspended pursuant to Section 8.2 or
(ii) any Bank has demanded compensation under Section 8.3 or 8.4 with respect
to its Euro-Currency Loans and the Borrower shall, by at least five Business
Days’ prior notice to such Bank through the Administrative Agent, have elected
that the provisions of this Section shall apply to such Bank, then, unless and
until such Bank notifies the Borrower that the circumstances giving rise to
such suspension or demand for compensation no longer exist:

(a)           Borrower shall be deemed to have delivered a Notice of
Interest Rate Election with respect to such affected Euro-Currency Loans and
thereafter all Loans which would otherwise be made by such Bank to the Borrower
as Euro-Currency Loans shall be made instead as Base Rate Loans, and no
Borrowing from such Bank would take effect with respect to Loans denominated in
an Alternate Currency; and

(b)           after
each of its Euro-Currency Loans has been repaid, all payments of principal
which would otherwise be applied to repay such Euro-Currency Loans shall be
applied to repay its Base Rate Loans instead; and

(c)           Borrower
will not be required to make any payment which would otherwise be required by
Section 2.14 with respect to such Euro-Currency Loans converted to Base Rate
Loans pursuant to clause (a) above.

 75
 

ARTICLE
IX

MISCELLANEOUS

SECTION
9.1.        Notices. All
notices, requests and other communications to any party hereunder shall be in
writing (including bank wire, facsimile transmission followed by telephonic
confirmation or similar writing) and shall be given to such party:  (x) in the case of the Borrower and the
Administrative Agent, at its address or facsimile number set forth on Exhibit F
attached hereto with duplicate copies thereof, in the case of the Borrower, to
the Borrower, at its address set forth on the signature page hereof, to its
General Counsel and Chief Financial Officer, (y) in the case of any Bank, at
its address or facsimile number set forth in its Administrative Questionnaire
or (z) in the case of any party, such other address or facsimile number as such
party may hereafter specify for the purpose by notice to the Administrative
Agent and the Borrower.  Each such
notice, request or other communication shall be effective (i) if given by telex
or facsimile transmission, when such facsimile is transmitted to the facsimile
number specified in this Section and the appropriate answerback or facsimile
confirmation is received, (ii) if given by certified registered mail, return
receipt requested, with first class postage prepaid, addressed as aforesaid,
upon receipt or refusal to accept delivery, (iii) if given by a nationally
recognized overnight carrier, 24 hours after such communication is deposited
with such carrier with postage prepaid for next day delivery, or (iv) if given
by any other means, when delivered at the address specified in this Section;
provided that notices to the Administrative Agent under Article II or Article
VIII shall not be effective until actually received.

SECTION
9.2.        No Waivers.
No failure or delay by the Administrative Agent or any Bank in exercising any
right, power or privilege hereunder or under any Note shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law.

SECTION
9.3.        Expenses;
Indemnification.

(a)           The Borrower shall pay within thirty (30) days after
written notice from the Administrative Agent, (i) all reasonable out-of-pocket
costs and expenses of the Administrative Agent (including, without limitation,
reasonable and documented fees and disbursements of special counsel Simpson
Thacher & Bartlett LLP ), in connection with any waiver or consent
hereunder or any amendment hereof or any Default or alleged Default hereunder,
(ii) all reasonable and documented fees and disbursements of special counsel in
connection with the syndication of the Loans, and (iii) if an Event of Default
occurs, all reasonable out-of-pocket expenses incurred by the Administrative
Agent and each Bank, including, without limitation, reasonable and invoiced
fees and disbursements of counsel for the Administrative Agent and each of the
Banks, in connection with the enforcement of the Loan Documents and the
instruments referred to therein and such Event of Default and collection,
bankruptcy, insolvency and other enforcement proceedings resulting therefrom
(provided, however, that the attorneys’ fees and disbursements for which
Borrower is obligated under this subsection (a)(iii) shall be limited to the
reasonable and invoiced non-duplicative fees and disbursements of (A) counsel
for Administrative Agent and (B) counsel for all of the Banks as a 

 76
 

group; and provided, further, that all other
costs and expenses for which Borrower is obligated under this subsection
(a)(iii) shall be limited to the reasonable and invoiced non-duplicative costs
and expenses of Administrative Agent). For purposes of this subsection
9.3(a)(iii), (1) counsel for Administrative Agent shall mean a single outside
law firm representing Administrative Agent and (2) counsel for all of the Banks
as a group shall mean a single outside law firm representing such Banks as a
group (which law firm may or may not be the same law firm representing the
Administrative Agent).

(b)           The
Borrower agrees to indemnify the Administrative Agent and each Bank, their
respective affiliates and the respective directors, officers, agents and
employees of the foregoing (each an “Indemnitee”) and hold each
Indemnitee harmless from and against any and all liabilities, losses, damages,
costs and expenses of any kind, including, without limitation, the reasonable
fees and disbursements of counsel, which may be incurred by such Indemnitee in
connection with any investigative, administrative or judicial proceeding that
may at any time (including, without limitation, at any time following the
payment of the Obligations) be asserted against any Indemnitee, as a result of,
or arising out of, or in any way related to or by reason of, (i) any of the
transactions contemplated by the Loan Documents or the execution, delivery or
performance of any Loan Document, (ii) any violation by the Borrower or the
Environmental Affiliates of any applicable Environmental Law, (iii) any
Environmental Claim arising out of the management, use, control, ownership or
operation of property or assets by the Borrower or any of the Environmental
Affiliates, including, without limitation, all on-site and off-site activities
of Borrower or any Environmental Affiliate involving Materials of Environmental
Concern, (iv) the breach of any environmental representation or warranty set
forth herein, but excluding those liabilities, losses, damages, costs and
expenses (a) for which such Indemnitee has been compensated pursuant to the
terms of this Agreement or that are excluded under Section 8.3, (b) incurred
solely by reason of the gross negligence, willful misconduct, bad faith or
fraud of such Indemnitee as finally determined by a court of competent
jurisdiction, (c) arising from any violation of Environmental Law relating to a
Property, which violation is caused by the act or omission of such Indemnitee
after such Indemnitee takes possession of such Property or (d) owing by such
Indemnitee to any third party based upon contractual obligations of such
Indemnitee owing to such third party which are not expressly set forth in the
Loan Documents. In addition, the indemnification set forth in this Section
9.3(b) in favor of any director, officer, agent or employee of Administrative
Agent or any Bank shall be solely in their respective capacities as such
director, officer, agent or employee. The Borrower’s obligations under this
Section shall survive the termination of this Agreement and the payment of the
Obligations. Without limitation of the other provisions of this Section 9.3,
Borrower shall indemnify and hold each of the Administrative Agent and the
Banks free and harmless from and against all loss, costs (including reasonable
and documented attorneys’ fees and expenses), expenses, taxes, and damages
(including consequential damages) that the Administrative Agent and the Banks
may suffer or incur by reason of the investigation, defense and settlement of
claims and in obtaining any prohibited transaction exemption under ERISA or the
Code necessary in the Administrative Agent’s reasonable judgment by reason of
the inaccuracy of the representations and warranties, or a breach of the provisions,
set forth in Section 4.6(b).

SECTION
9.4.        Sharing of
Set-Offs. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights,
upon the occurrence and during the continuance of any Event of Default, each
Bank is hereby 

 77
 

authorized at any time or
from time to time, without presentment, demand, protest or other notice of any
kind to the Borrower or to any other Person, any such notice being hereby
expressly waived, but subject to the prior consent of the Administrative Agent,
which consent shall not be unreasonably withheld, to set off and to appropriate
and apply any and all deposits (general or special, time or demand, provisional
or final) and any other indebtedness at any time held or owing by such Bank
(including, without limitation, by branches and agencies of such Bank wherever
located) to or for the credit or the account of the Borrower against and on
account of the Obligations of the Borrower then due and payable to such Bank
under this Agreement or under any of the other Loan Documents, including,
without limitation, all interests in Obligations purchased by such Bank.  Each Bank agrees that if it shall, by
exercising any right of set-off or counterclaim or otherwise, receive payment
of a proportion of the aggregate amount of principal and interest due with
respect to any Loan made by it or Letter of Credit participated in by it or, in
the case of the Fronting Bank, Letter of Credit issued by it, which is greater
than the proportion received by any other Bank or Letter of Credit issued or
participated in by such other Bank, the Bank receiving such proportionately
greater payment shall purchase such participations in the Loans made by the
other Banks, and such other adjustments shall be made, as may be required so
that all such payments of principal and interest with respect to the Loans made
by the Banks or Letter of Credit issued or participated in by such other Bank
shall be shared by the Banks pro rata; provided that nothing in this Section
shall impair the right of any Bank to exercise any right of set-off or
counterclaim it may have to any deposits not received in connection with the
Loans and to apply the amount subject to such exercise to the payment of
indebtedness of the Borrower other than its indebtedness under the Loans or the
Letters of Credit.  The Borrower agrees,
to the fullest extent it may effectively do so under applicable law, that any
holder of a participation in a Commitment, a Loan or a Letter of Credit,
whether or not acquired pursuant to the foregoing arrangements, may exercise
rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct
creditor of the Borrower in the amount of such participation. Notwithstanding
anything to the contrary contained herein, any Bank may, by separate agreement
with the Borrower, waive its right to set off contained herein or granted by
law and any such written waiver shall be effective against such Bank under this
Section 9.4.

SECTION
9.5.        Amendments and
Waivers. Any provision of this Agreement or the Notes or the Letters of
Credit or other Loan Documents may be amended or waived if, but only if, except
as set forth in Section 2.20 hereof, such amendment or waiver is in writing and
is signed by the Borrower and the Required Banks (and, if the rights or duties
of the Administrative Agent or the Swingline Lender in their capacity as
Administrative Agent or the Swingline Lender, as applicable, are affected
thereby, by the Administrative Agent or the Swingline Lender, as applicable);
provided that (A) no amendment or waiver with respect to this Agreement, the
Notes, the Letters of Credit or any other Loan Document shall, unless signed by
each Bank, (i) reduce the principal of or rate of interest on any Loan or any
Letter of Credit reimbursement obligation or any fees hereunder, (ii) postpone
the date fixed for any payment of principal of or interest on any Loan or any
Letter of Credit reimbursement obligation or any fees hereunder or for any
reduction or termination of any Commitment, (iii) change the aggregate unpaid
principal amount of the Loans, or the number of Banks, which shall be required
for the Banks or any of them to take any action under this Section or any other
provision of this Agreement, (iv) release any Letter of Credit Collateral, or
(v) modify the provisions of this Section 9.5, (B) no amendment or waiver of
the provisions of Section 2.13(a) (as it relates to the 

 78
 

Borrower’s payment of
Loans and fees hereunder by not later than 12:00 p.m. (New York City time) on
the date when due) shall be binding upon a Designating Lender as to any Money
Market Loans then outstanding unless signed by such Designating Lender, and (C)
no amendment or waiver with respect to this Agreement or any other Loan
Document shall increase, extend or decrease the Commitment of any Bank (except
for a ratable decrease in the Commitments of all Banks) or subject any Bank to
any additional obligation unless signed by such Bank.

SECTION
9.6.        Successors and
Assigns.

(a)           The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns, except that (i) the Borrower may not assign or otherwise transfer any
of its rights under this Agreement or the other Loan Documents without the
prior written consent of all Banks and the Administrative Agent and (ii) a Bank
may not assign or otherwise transfer any of its interest under this Agreement except
as permitted in subsection (b) and (c) of this Section 9.6.

(b)           Prior
to the occurrence of an Event of Default, any Bank may at any time, grant to a
then existing Bank or any Affiliate thereof, one or more banks, finance
companies, insurance companies or other financial institutions or trusts (a “Participant”)
participating interests in its Commitment or any or all of its Loans. After the
occurrence and during the continuance of an Event of Default, any Bank may at
any time grant to any Person in any amount (also a “Participant”),
participating interests in its Commitment or any or all of its Loans.  Any participation made during the
continuation of an Event of Default shall not be affected by the subsequent
cure of such Event of Default. In the event of any such grant by a Bank of a
participating interest to a Participant, whether or not upon notice to the
Borrower and the Administrative Agent, such Bank shall remain responsible for
the performance of its obligations hereunder, and the Borrower and the Administrative
Agent shall continue to deal solely and directly with such Bank in connection
with such Bank’s rights and obligations under this Agreement.  Any agreement pursuant to which any Bank may
grant such a participating interest shall provide that such Bank shall retain
the sole right and responsibility to enforce the obligations of the Borrower
hereunder including, without limitation, the right to approve any amendment,
modification or waiver of any provision of this Agreement or any other Loan Document;
provided that such participation agreement may provide that such Bank will not
agree to any modification, amendment or waiver of this Agreement described in
clause (i), (ii), (iii) or (iv) of Section 9.5(A) without the consent of the
Participant. The Borrower agrees that each Participant shall, to the extent
provided in its participation agreement, be entitled to the benefits of Article
VIII with respect to its participating interest.

(c)           Any
Bank may at any time assign to a Qualified Institution (in each case, an “Assignee”)
(i) prior to the occurrence of an Event of Default, in minimum amounts of not
less than Five Million Dollars ($5,000,000) and integral multiple of One
Million Dollars ($1,000,000) thereafter (or any lesser amount in the case of assignments
to an existing Bank or any Affiliate thereof or in the case of an assignment of
a Bank’s entire Commitment) and (ii) after the occurrence and during the
continuance of an Event of Default, in any amount, all or a proportionate part
of all, of its rights and obligations under this Agreement, the Notes and the
other Loan Documents, and, in either case, such Assignee shall assume such
rights and obligations, pursuant to a Transfer Supplement in substantially the
form of Exhibit “E” hereto 

 79
 

executed by such Assignee and such transferor Bank; provided, that if
no Event of Default shall have occurred and be continuing, such assignment
shall be subject to the Administrative Agent’s, the Fronting Bank’s (if a
Person other than the Administrative Agent) and the Borrower’s consent, which
consent shall not be unreasonably withheld or delayed; and provided further
that if an Assignee is an affiliate of such transferor Bank or was a Bank or
Affiliate thereof immediately prior to such assignment, no such consent shall
be required from the Borrower, the Administrative Agent or the Fronting Bank;
and provided further that such assignment may, but need not, include rights of
the transferor Bank in respect of outstanding Money Market Loans.  Upon execution and delivery of such
instrument and payment by such Assignee to such transferor Bank of an amount
equal to the purchase price agreed between such transferor Bank and such
Assignee, such Assignee shall be a Bank party to this Agreement and shall have
all the rights and obligations of a Bank with a Commitment as set forth in such
instrument of assumption, and no further consent or action by any party shall
be required and the transferor Bank shall be released from its obligations
hereunder to a corresponding extent. Upon the consummation of any assignment
pursuant to this subsection (c), the transferor Bank, the Administrative Agent
and the Borrower shall make appropriate arrangements so that, if requested or
required, a new Note is issued to the Assignee upon the return to the Borrower
of the old Note, if any, marked “cancelled”. 
In connection with any such assignment (other than an assignment by a
Bank to an affiliate), the transferor Bank shall pay to the Administrative
Agent an administrative fee for processing such assignment in the amount of
$3,500.  If the Assignee is not organized
under the laws of the United States of America or a state thereof, it shall
deliver to the Borrower and the Administrative Agent certification as to
exemption from deduction or withholding of any United States federal income
taxes in accordance with Section 8.4. Any assignment made during the
continuation of an Event of Default shall not be invalidated by any subsequent
cure of such Event of Default.

(d)           Any
Bank (each, a “Designating Lender”) may at any time designate one
Designated Lender to fund Money Market Loans on behalf of such Designating
Lender subject to the terms of this Section 9.6(d) and the provisions in
Section 9.6(b) and (c) shall not apply to such designation.  No Bank may designate more than one (1)
Designated Lender at any one time.  The
parties to each such designation shall execute and deliver to the
Administrative Agent for its acceptance a Designation Agreement. Upon such receipt
of an appropriately completed Designation Agreement executed by a Designating
Lender and a designee representing that it is a Designated Lender, the
Administrative Agent will accept such Designation Agreement and will give
prompt notice thereof to the Borrower, whereupon, (i) the Borrower shall, if
requested, execute and deliver to the Designating Lender a Designated Lender
Note payable to the order of the Designated Lender, (ii) from and after the
effective date specified in the Designation Agreement, the Designated Lender
shall become a party to this Agreement with a right (subject to the provisions
of Section 2.4) to make Money Market Loans on behalf of its Designating Lender
pursuant to the Designation Agreement after the Borrower has accepted a Money
Market Loan (or portion thereof) of the Designating Lender, and (iii) the
Designated Lender shall not be required to make payments with respect to any
obligations in this Agreement except to the extent of excess cash flow of such
Designated Lender which is not otherwise required to repay obligations of such
Designated Lender which are then due and payable; provided, however, that
regardless of such designation and assumption by the Designated Lender, the
Designating Lender shall be and remain obligated to the Borrower, the
Administrative Agent and the Banks for each and every of the obligations of the
Designating Lender and its related Designated 

 80
 

Lender with respect to this Agreement, including, without limitation,
any indemnification obligations under Section 7.6 hereof and any sums otherwise
payable to the Borrower by the Designated Lender.  Each Designating Lender shall serve as the
administrative agent of the Designated Lender and shall on behalf of, and to
the exclusion of, the Designated Lender: (i) receive any and all payments made
for the benefit of the Designated Lender and (ii) give and receive all
communications and notices and take all actions hereunder, including, without
limitation, votes, approvals, waivers, consents and amendments under or
relating to this Agreement and the other Loan Documents. Any such notice,
communication, vote, approval, waiver, consent or amendment shall be signed by
the Designating Lender as administrative agent for the Designated Lender and
shall not be signed by the Designated Lender on its own behalf and shall be
binding upon the Designated Lender to the same extent as if signed by the
Designated Lender on its own behalf.  The
Borrower, the Administrative Agent and the Banks may rely thereon without any
requirement that the Designated Lender sign or acknowledge the same.  No Designated Lender may assign or transfer
all or any portion of its interest hereunder or under any other Loan Document,
other than assignments to the Designating Lender which originally designated
such Designated Lender.

(e)           Any
Bank may at any time assign all or any portion of its rights under this
Agreement and its Note and the Letter(s) of Credit participated in by such Bank
or, in the case of the Fronting Bank, issued by it, to a Federal Reserve Bank.
No such assignment shall release the transferor Bank from its obligations
hereunder.

(f)            No
Assignee, Participant or other transferee of any Bank’s rights shall be
entitled to receive any greater payment under Section 8.3 or 8.4 than such Bank
would have been entitled to receive with respect to the rights transferred,
unless such transfer is made (i) with the Borrower’s prior written consent or
(ii) by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such Bank
to designate a different Applicable Lending Office under certain circumstances
or at a time when the circumstances giving rise to such greater payment did not
exist.

(g)           No
Assignee of any rights and obligations under this Agreement shall be permitted
to further assign less than all of such rights and obligations. No Participant
in any rights and obligations under this Agreement shall be permitted to sell
subparticipations of such rights and obligations.

(h)           Anything
in this Agreement to the contrary notwithstanding, so long as no Event of
Default shall have occurred and be continuing, no Bank shall be permitted to
enter into an assignment of, or sell a participation interest in, its rights
and obligations hereunder which would result in such Bank holding a Commitment
without participants of less than Five Million Dollars ($5,000,000) unless as a
result of a cancellation or reduction of the aggregate Commitments; provided,
however, that no Bank shall be prohibited from assigning its entire Commitment
so long as such assignment is otherwise permitted under this Section 9.6.

(i)            The
Administrative Agent shall maintain on behalf of Borrower a register of
principal and interest with respect to each Loan and Commitment.

 81
 

SECTION
9.7.        Governing Law;
Submission to Jurisdiction; Judgment Currency. (a) THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF
RELATING TO CONFLICTS OF LAW).

(b)           Any legal action or proceeding with respect to this
Agreement or any other Loan Document and any action for enforcement of any
judgment in respect thereof may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York,
in each case, which are located in New York County, and, by execution and
delivery of this Agreement, the Borrower hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction
of the aforesaid courts and appellate courts from any thereof.  The Borrower irrevocably consents, for
itself, to the service of process out of any of the aforementioned courts in
any such action or proceeding by the hand delivery, or mailing of copies
thereof by registered or certified mail, postage prepaid, to the Borrower at
its address set forth below its signature hereto. The Borrower hereby, for
itself, irrevocably waives any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out
of or in connection with this Agreement or any other Loan Document brought in
the courts referred to above and hereby further irrevocably waives and agrees
not to plead or claim in any such court that any such action or proceeding
brought in any such court has been brought in an inconvenient forum.  Nothing herein shall affect the right of the
Administrative Agent to serve process in any other manner permitted by law or
to commence legal proceedings or otherwise proceed against the Borrower in any
other jurisdiction.

(c)           If
for the purpose of obtaining judgment in any court it is necessary to convert a
sum due hereunder in one currency into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so under applicable
law, that the rate of exchange used shall be the spot rate at which in
accordance with normal banking procedures the first currency could be purchased
in New York City with such other currency by the person obtaining such judgment
on the Business Day preceding that on which final judgment is given.

(d)           The
parties agree, to the fullest extent that they may effectively do so under
applicable law, that the obligations of the Borrower to make payments in any
currency of the principal of and interest on the Loans of the Borrower and any
other amounts due from the Borrower hereunder to the Administrative Agent as
provided herein (i) shall not be discharged or satisfied by any tender, or any
recovery pursuant to any judgment (whether or not entered in accordance with
Section 9.8(c)), in any currency other than the relevant currency, except to
the extent that such tender or recovery shall result in the actual receipt by
the Administrative Agent at its relevant office on behalf of the Banks of the
full amount of the relevant currency expressed to be payable in respect of the
principal of and interest on the Loans and all other amounts due hereunder (it
being assumed for purposes of this clause (i) that the Administrative Agent
will convert any amount tendered or recovered into the relevant currency on the
date of such tender or recovery), (ii) shall be enforceable as an alternative
or additional cause of action for the purpose of recovering in the relevant currency
the amount, if any, by which such actual receipt shall fall short of the full
amount of the relevant currency so expressed to be payable and (iii) 

 82
 

shall not be affected by an unrelated judgment being obtained for any
other sum due under this Agreement.

SECTION
9.8.        Counterparts;
Integration; Effectiveness. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument. This Agreement
constitutes the entire agreement and understanding among the parties hereto and
supersedes any and all prior agreements and understandings, oral or written,
relating to the subject matter hereof. 
This Agreement shall become effective upon receipt by the Administrative
Agent and the Borrower of counterparts hereof signed by each of the parties
hereto (or, in the case of any party as to which an executed counterpart shall
not have been received, receipt by the Administrative Agent in form satisfactory
to it of telegraphic, telex or other written confirmation from such party of
execution of a counterpart hereof by such party).

SECTION
9.9.        WAIVER OF JURY
TRIAL. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE BANKS HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

SECTION
9.10.      Survival. All
indemnities set forth herein shall survive the execution and delivery of this
Agreement and the other Loan Documents and the making and repayment of the
Loans hereunder.

SECTION
9.11.      Domicile of Loans.
Subject to the provisions of Article VIII, each Bank may transfer and carry its
Loans at, to or for the account of any domestic or foreign branch office,
subsidiary or affiliate of such Bank.

SECTION
9.12.      Limitation of
Liability. No claim may be made by the Borrower or any other Person acting
by or through Borrower against the Administrative Agent, the Syndication Agent
or any Bank or the affiliates, directors, officers, employees, attorneys or
agent of any of them for any punitive damages in respect of any claim for
breach of contract or any other theory of liability arising out of or related
to the transactions contemplated by this Agreement or by the other Loan
Documents, or any act, omission or event occurring in connection therewith; and
the Borrower hereby waives, releases and agrees not to sue upon any claim for
any such damages, whether or not accrued and whether or not known or suspected
to exist in its favor.

SECTION
9.13.      Recourse
Obligation. This Agreement and the Obligations hereunder are fully recourse
to the Borrower, each Designated Borrower and each Guarantor. Notwithstanding
the foregoing, no recourse under or upon any obligation, covenant, or agreement
contained in this Agreement shall be had against any officer, director,
shareholder or employee of the Borrower, any Designated Borrower or any
Guarantor except in the event of fraud or misappropriation of funds on the part
of such officer, director, shareholder or employee.

SECTION
9.14.      Confidentiality.
Each of the Administrative Agent, the Syndication Agent, the Joint Lead
Arrangers, the Joint Bookrunners, the Fronting Bank and the 

 83
 

Banks understands that
some of the information furnished to it pursuant to this Agreement and the
other Loan Documents may be received by it prior to the time that such
information shall have been made public, and each of the Administrative Agent,
the Syndication Agent, the Joint Lead Arrangers, the Joint Bookrunners, the
Fronting Bank and the Banks hereby agrees that it will keep all Information (as
defined below) received by it confidential except that the Administrative
Agent, Syndication Agent, the Joint Lead Arrangers, the Joint Bookrunners, the
Fronting Bank and each Bank shall be permitted to disclose Information (i) only
to such of its officers, directors, employees, agents, auditors and buyers as
need to know such information in connection with this Agreement or any other
Loan Document and who will be advised of the confidential nature of such
Information; (ii) to any other party to this Agreement; (iii) to a proposed
Assignee or Participant in accordance with Section 9.6 hereof, provided such
Person agrees in writing to keep such Information confidential on terms
substantially similar to this Section 9.14; (iv) to the extent required by
applicable law and regulations or by any subpoena or other legal process; (v)
to the extent requested by any bank regulatory authority or other regulatory
authority or self-regulatory organization; (vi) to the extent such information
becomes publicly available other than as a result of a breach of this
Agreement; (vii) to the extent the Borrower shall have consented to such
disclosure or (viii) in connection with any legal or other enforcement
proceeding in connection with any Loan Document or any of the transaction
contemplated thereby. For the purposes of this Section, “Information”
means all information received from the Borrower or its respective officers,
directors, employees, agents, auditors, lawyers and Affiliates relating to the
Borrower or any of its Subsidiaries or Affiliates (including Investment
Affiliates) or any of their respective businesses other than information that
is generally available to the public.  In
the event of any required disclosure of Information, any Person required to
maintain the confidentiality of such Information as provided in this Section
9.14 agrees to use reasonable efforts to inform the Borrower as promptly as
practicable of the circumstances and the Information required to be disclosed
to the extent not prohibited by applicable law.

SECTION
9.15.      Intentionally
Omitted.

SECTION
9.16.      No Bankruptcy
Proceedings. Each of the Borrower, the Banks, the Administrative Agent, the
Joint Lead Arrangers and the Joint Bookrunners hereby agrees that it will not
institute against any Designated Lender or join any other Person in instituting
against any Designated Lender any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding under any federal or state bankruptcy or
similar law, until the later to occur of (i) one year and one day after the
payment in full of the latest maturing commercial paper note issued by such
Designated Lender and (ii) the Maturity Date.

SECTION
9.17.      USA Patriot Act.
Each Bank hereby 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 “Patriot Act”), it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name
and address of the Borrower and other information that will allow such Bank to
identify the Borrower in accordance with the Patriot Act.

 84

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above
written.

	
  

  	
  iSTAR FINANCIAL INC., a  Maryland corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James D. Burns

  
	
   

  	
   

  	
  Name:

  	
  James D. Burns

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  Treasurer

  

 

 

	
  

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  as Administrative Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles E.
  Hoagland

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Charles E. Hoagland

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Syndication Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael W. Edwards

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W. Edwards

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
					

 

 

	
  

  	
  CITICORP NORTH AMERICA, INC.,

  
	
   

  	
  as Documentation Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Niraj R.
  Shah

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Niraj R. Shah

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
  DEUTSCHE BANK AG, NEW YORK BRANCH,

  as Documentation Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James Rolison

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James Rolison

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Linda Wang

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Linda Wang

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  

 

 

	
  

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION, as Documentation Agent

  and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  Ricketts

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Matthew Ricketts

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
  BARCLAYS BANK PLC,

  
	
   

  	
  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nicholas
  Bell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Nicholas Bell

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
  

  	
  BEAR STEARNS CORPORATE LENDING INC.,

  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Victor F. Bulzacchelli

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Victor F. Bulzacchelli

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

 

	
  

  	
  LEHMAN COMMERCIAL PAPER INC.

  
	
   

  	
  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rohit Nair

  	
   

  
	
   

  	
  By: Rohit Nair

  
	
   

  	
  Title: Authorized Signatory

  

 

 

	
  

  	
  MERRILL LYNCH BANK USA,

  
	
   

  	
  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis Alder

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Louis Alder

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
  

  	
  MORGAN STANLEY BANK,

  
	
   

  	
  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  Twenge

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daniel Twenge

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  	
   

  	
  Morgan Stanley Bank

  	
   

  
						

 

 

	
  

  	
  GREENWICH CAPITAL MARKETS INC.,

  
	
   

  	
  as agent for the Royal Bank of Scotland plc

  
	
   

  	
  as Managing Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Fergus Smail

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Fergus Smail

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

 

	
  

  	
  UBS LOAN FINANCE LLC,

  
	
   

  	
  as Managing Agent and as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Iria R. Otsa

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Iria R. Otsa

  
	
   

  	
   

  	
  Title:

  	
  Associate Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David B.
  Julie

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David B. Julie

  
	
   

  	
   

  	
  Title:

  	
  Associate Director

  
						

 

 

	
  

  	
  BMO CAPITAL MARKETS FINANCING INC.

  as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary Herron

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gary Herron

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

 

	
  

  	
  NATIONAL AUSTRALIA BANK LIMITED,

  
	
   

  	
  as Co-Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Hummer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Hummer

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
  

  	
  THE ROYAL BANK OF CANADA,

  
	
   

  	
  as Co-Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan LePage

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Dan LePage

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  
					

 

 

	
  

  	
  FORTIS CAPITAL CORP.,

  
	
   

  	
  as Co-Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barry Chung

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Barry Chung

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
						

 

	
  

  	
  By:

  	
  /s/ Michiel V.M.
  Van Der Voori

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michiel V.M. Van Der Voori

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

	
  

  	
  HSBC BANK USA, N.A., as Co-Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter G.
  Nealon

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Peter G. Nealon

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

	
  

  	
  THE BANK OF NOVA SCOTIA,

  
	
   

  	
  as Co-Agent and a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Foote

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Dan Foote

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
  

  	
  SCOTIABANC INC.,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J.F. Todd

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J.F. Todd

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

	
  

  	
  THE BANK OF EAST ASIA LTD., NEW YORK

  BRANCH, as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stanley H.
  Kung

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Stanley H. Kung

  
	
   

  	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Danny Leung

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Danny Leung

  
	
   

  	
   

  	
  Title:

  	
  SVP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]