Document:

Exhibit 4.2

PENN WEST ENERGY TRUST

AMENDED AND RESTATED

DISTRIBUTION REINVESTMENT AND

OPTIONAL TRUST UNIT PURCHASE PLAN

(as amended and restated as of July 30, 2007)

PURPOSE

The Distribution
Reinvestment and Optional Trust Unit Purchase Plan, as amended and restated as
of July 30, 2007 (the “Plan”)
provides eligible holders (“Unitholders”)
of trust units (“Units”) of Penn
West Energy Trust (“Penn West”, “we” or “our”)
the advantage of acquiring additional Units at potentially lower prices by
reinvesting their distributions without paying any commissions, service charges
or brokerage fees.  At the discretion of
Penn West Petroleum Ltd. (the “Corporation”),
the administrator of Penn West, Units will be acquired with distributions
either at prevailing market rates or issued from treasury at 95% of the Average
Market Price.  Generally, Penn West
expects to issue Units from treasury at a discount to satisfy the distribution
reinvestment component of the Plan.

Eligible Unitholders may
also make optional cash payments of a minimum of $500 up to a maximum of $5,000
per month  to purchase additional
Units.  Units purchased with optional
cash payments will be acquired at prevailing market rates or issued from
treasury at the Average Market Price (without a discount).

The Corporation will
determine prior to each distribution payment date the amount of equity, if any,
that will be made available from treasury under the Plan on that date.  No assurances can be made that Units will be
made available from treasury on a regular basis, or at all.

Unitholders
who are residents of Canada are eligible to participate in the distribution
reinvestment component of the Plan and to purchase new Units with optional cash
payments.  Commencing with the
distribution payable on September 14, 2007 to Unitholders of record on August
31, 2007, Unitholders that are resident in the United States are eligible to
participate in the distribution reinvestment component of the Plan.  United States residents are not eligible to
make optional cash payments to purchase additional Units pursuant to the
Plan.  With the exception of the
foregoing, unless otherwise announced by Penn West, Unitholders who are not
residents of Canada are not entitled to participate, directly or indirectly, in
the Plan.

DEFINITIONS

“Agent” means CIBC Mellon Trust Company, or
such other company as is appointed by Penn West from time to time to act as
Agent under the Plan.

“Average Market Price” means the arithmetic
average (calculated to four decimal places) of the daily volume weighted
average trading prices of the Units on the Toronto Stock Exchange for the ten
(10) trading days immediately preceding a distribution payment date on which at
least a board lot of Units is traded, appropriately adjusted for certain
capital changes (including Unit subdivisions, Unit consolidations, certain
rights offerings and certain distributions).

“CDS & Co.” means The Canadian
Depositary for Securities which acts as a nominee for many Canadian brokerage
firms.

“DTC” means The Depository Trust Company,
which acts as a nominee for many United States investment dealers and brokerage
firms.

“Nominees” refers to brokers, investment
dealers, financial institutions or other nominees who hold Units registered in
their own names on behalf of eligible beneficial owners of Units.

“Participants” means registered holders or
beneficial owners of at least one Unit who, on the applicable record date for a
cash distribution, are eligible to participate in the Plan and elect to do so
by, in the case of registered holders, completing and delivering the
appropriate authorization form to the Agent or, in the case of beneficial
owners having their Nominee register through CDS & Co. or DTC, as
applicable, as more particularly described in the Plan.

ADVANTAGES

The Plan provides
eligible Unitholders with the advantage of acquiring additional Units at
potentially lower prices by reinvesting their distributions without paying any
commissions, service charges or brokerage fees. 
An eligible Unitholder may, by enrolling in the Plan, direct that cash
distributions on all Units registered in the name of such Unitholder, together
with cash distributions on Units held for the account of such Unitholder under
the Plan, be applied to the purchase of additional Units.  Units acquired with cash distributions will,
at the discretion of the Corporation, either be acquired at prevailing market
rates or issued from treasury at 95% of the Average Market Price.  Distributions paid on additional Units
purchased with reinvested distributions that are held under the Plan will
automatically be reinvested in additional Units in accordance with the Plan and
the current election of the Participant.

A Canadian resident
Participant in the distribution reinvestment component of the Plan may also
purchase additional Units under the Plan with optional cash payments, subject
to a maximum of $5,000 per month and a minimum of $500 per remittance.  Optional cash payments may be submitted
monthly by Canadian resident Participants. 
Optional cash payments will, in the discretion of the Corporation, be
used to purchase additional Units through the facilities of the Toronto Stock
Exchange at prevailing market rates or be issued from treasury at the Average
Market Price (without a discount), following each distribution payment date.

Full investment of funds
is possible because the Plan permits fractions of Units (to four decimal
places) as well as whole Units to be credited to Participants’ accounts.

The
Corporation will determine prior to each distribution payment date the amount
of equity, if any, that will be made available for issuance from treasury under
the distribution reinvestment and optional cash payment components of the Plan
on that date and the Corporation will also determine if additional Units will
be purchased on the market.  While it is
Penn West’s general expectation to issue Units from treasury at a discount to
satisfy the distribution reinvestment component of the Plan, no assurances can
be made that Units will be made available for issuance from treasury on a
regular basis, or at all.  No assurances
can be made that if the determination is made to purchase additional Units on
the market that a sufficient number of additional Units will be available for
purchase on the market.  In such an
event, distributions will be paid out in cash.

ADMINISTRATION

CIBC Mellon Trust Company
has been appointed as Agent under the Plan. 
If CIBC Mellon Trust Company ceases to act as Agent for any reason,
another qualified trust company will be designated by Penn West to act as Agent
and Participants will be promptly notified of the change.

The Agent acts for and on
behalf of the Participants.  On each
distribution payment date, Penn West will pay to the Agent all cash
distributions made on the Units registered in the name of, or held under the
Plan for the account of, Participants who have enrolled in the Plan.  Subject to proration described below under
the heading “Proration In Certain Events”, the Agent will use such funds
together with all optional cash payments received from such Participants that
are eligible to be invested on that distribution payment date, to purchase
additional Units in accordance with the Plan. 
Additional Units purchased under the Plan will be registered in the name
of the Agent, or its nominee, as agent for the Participants, and will be
credited to the Participant’s account.

Under the Plan, the Agent
will purchase, on each distribution payment date, for each Participant’s
account that number of Units, including fractions computed to four decimal places,
equal to the amount of the distribution for each Participant invested under the
Plan for such Participant’s account divided by 95% of the Average Market Price
of a Unit if issued from treasury or, in the discretion of the Corporation, the
Agent will purchase Units at prevailing 

 2
 

market prices through the
facilities of the Toronto Stock Exchange following the distribution payment
date.  The Agent will purchase Units with
optional cash payments following each distribution payment date at prevailing
market prices through the facilities of the Toronto Stock Exchange or from
treasury at the Average Market Price (without a discount).

New Units purchased
pursuant to the distribution reinvestment component of the Plan, or with
optional cash payments, will be held by the Agent in the Participant’s account
in accordance with the Plan.

All funds received by the
Agent under the Plan, whether cash distributions received from Penn West or
optional cash payments received from Participants, will be applied to the
purchase of new Units.

The
amount of any distribution designated by a Non-Resident Participant (as defined
herein) for reinvestment under the Plan will be reduced by the non-Canadian
resident withholding tax applicable thereto. 
See “Canadian Federal Income Tax Considerations – Non-Residents of
Canada” below for further information.

In no
event will interest be paid to Participants on any funds held for investment
under the Plan.

PARTICIPATION

Registered holders or
beneficial owners may participate in the Plan. 
Except as noted below, registered holders of at least one Unit may enrol
directly in the Plan at any time by completing and delivering to the Agent a
duly completed Form A - Distribution Reinvestment
Authorization.  The Form A -
Distribution Reinvestment Authorization directs Penn West to forward to the
Agent all cash distributions on Units registered in the name of the
Participant, and directs the Agent to reinvest such distributions, together
with cash distributions on Units held by the Agent for the Participant’s
account under the Plan, in additional Units in accordance with the Plan.

Beneficial owners of
Units that are held by a Nominee may not directly enrol in the Plan, but may
participate in the Plan through their Nominee. 
Beneficial owners of Units may only participate in the Plan if they
(i) transfer their Units into their own name and then enrol in the Plan
directly, or (ii) arrange for their Nominee to enrol in the Plan on their
behalf by registering with CDS & Co. or DTC.  Beneficial owners of Units should contact the
Nominee who holds their Units to provide instructions on how they would like to
participate in the Plan.

By completing an Optional
Cash Payment Authorization in Form B or Form C, a Canadian resident
Participant may also, at the time of enrolling in the Plan, direct that the
Agent invest an optional cash payment in additional Units in accordance with
the Plan.  See “Optional Cash Payments”
below.

A Canadian resident
registered owner may make optional cash payments directly by completing and
signing “Form B – Optional Cash Payment Authorization – Registered
Holder”.

A Canadian resident
beneficial owner on whose behalf a Nominee holder has enrolled in the Plan, may
only make optional cash payments directly by completing and signing “Form C -
Optional Cash Payment Authorization - Beneficial Owner”.  As a result of completing Form C, a
beneficial owner will become a registered holder with respect to those Units
purchased, as the new Units purchased will be issued in the name of the
beneficial owner.  See “Optional Cash
Payments” below.

An
initial Form A-Distribution Reinvestment Authorization must be received by
the Agent from the registered holder on or before the distribution record date
in order for the cash distribution to which such record date relates to be
reinvested under the Plan. 
Beneficial owners of Units which are held through a Nominee in the name
of CDS & Co. or DTC, must have their Nominee register with
CDS & Co. or DTC on or before such distribution record date or
prior to such other deadline as may be set by CDS & Co. or DTC
from time to time.  If an initial
Form A - Distribution Reinvestment Authorization is received by
the Agent from a registered holder after a distribution record date, or the
Nominee of a beneficial owner registers with CDS & Co. or DTC after the
distribution record date, the distribution to which such record date relates
will not be reinvested under the Plan 

 3
 

and the Form A -
Distribution Reinvestment Authorization or registration with CDS & Co. or
DTC will only be effective for purposes of subsequent distributions.

The Forms may be obtained
from the Agent at any time or from Penn West’s website at www.pennwest.com - “Investors –
Distributions – DRIP - DRIP Overview”.

Once a Unitholder has
enrolled in the distribution reinvestment component of the Plan, participation
in the manner elected by the Participant continues automatically until the
Participant’s participation in the Plan is terminated.  The time at which a termination of Plan
participation becomes effective is described under “Termination of
Participation” below.  The result of
these provisions is that unless a Participant provides written notice of
termination at least three (3) business days prior to a distribution record
date, termination will only be effective for the next distribution record date.

The Corporation reserves
the right to determine, from time to time, a minimum number of Units that a
Participant must hold in order to qualify for or continue enrolment in the Plan
and reserves the right to refuse participation to, or cancel participation of,
any person who, in the opinion of the Corporation, is participating in the Plan
primarily with a view to arbitrage trading.

ELIGIBLE
PARTICIPANTS

Unitholders
who are residents of Canada are eligible to participate in the distribution
reinvestment component of the Plan and to purchase new Units with optional cash
payments.  Commencing with the
distribution payable on September 14, 2007 to Unitholders of record on August
31, 2007, Unitholders that are resident in the United States are eligible to
participate in the distribution reinvestment component of the Plan.  United States residents are not eligible to
make optional cash payments to purchase additional Units pursuant to the
Plan.  With the exception of the
foregoing, unless otherwise determined by Penn West, Unitholders who are not
residents of Canada are not entitled to participate, directly or indirectly, in
the Plan.

The Corporation and the
Agent reserve the right to deny participation in the Plan to, and to not accept
Authorization Forms from, any person or agent of such person who appears to be
or who the Corporation or the Agent has reason to believe is subject to the
laws of any jurisdiction which do not permit participation in the Plan in the
manner sought by such person.

OPTIONAL
CASH PAYMENTS

Optional cash payments
may either be made by Canadian resident registered holders of Units or Canadian
resident beneficial owners of Units enrolled in the Plan.  Participants who are Canadian resident registered
holders  may make an optional cash
payment when first enrolling in the Plan by (i) completing a Form  B -
Optional Cash Payment Authorization - Registered Holder, (ii) enclosing
with the Form a Canadian dollar certified personal cheque made payable to the
Agent, (iii) completing and signing a CIBC Mellon Participant Declaration Form,
and (iv) delivering all these items to the Agent together with the Participant’s
initial Form A - Distribution Reinvestment Authorization.  (See “Federal Anti-Terrorism and Anti-Money
Laundering Legislation” below.) 
Thereafter, optional cash payments may be made monthly by certified
cheque or bank draft delivered to the Agent at least five (5) business days
prior to the distribution payment date together with either a new
Form B - Optional Cash Payment Authorization – Registered
Holder or the portion from the Participant’s statement of account.  A Form B-Optional Cash Payment
Authorization-Registered Holder may be obtained from the Agent or from
Penn West’s website at www.pennwest.com - “Investors - Distributions –
DRIP - DRIP Overview”.

Canadian resident
beneficial owners of Units held by a Nominee once enrolled in the Plan may only
make optional cash payments directly by completing and signing a
Form C - Optional Cash Payment Authorization – Beneficial Owner
and sending such Form together with the optional cash payment directly to the
Agent.  Optional cash payments and the
applicable Form C must be received by the Agent at least five (5) business
days prior to the distribution payment date to be invested in new Units.  A beneficial holder who wishes to make
optional cash payments directly must make the declaration set forth in Form
C - Optional Cash Payment Authorization - Beneficial Owner
that (i) they are a Canadian resident beneficial holder of Units and state who
holds the Units for 

 4
 

them; and (ii) they have
been enrolled in the Plan by their Nominee. 
A Canadian resident beneficial owner will become a registered holder for
those Units purchased using Form C. 
Subsequent optional cash payments may be made by completing
Form B - Optional Cash Payment Authorization - Registered
Owner or returning the portion from the Participant’s statement of account
together with a certified cheque or bank draft for the optional cash payment
amount.

Nominees holding Units
registered in the name of CDS & Co. will
not be able to participate in the optional cash payment component of the Plan
unless they withdraw their position from CDS & Co.  Participation by CDS & Co. participants
is currently limited to the distribution reinvestment component of the
Plan.  However, Form C - Optional
Cash Payment Authorization – Beneficial Owner allows a beneficial holder to
participate directly as described above.

Optional cash payments
cannot exceed $5,000 per Participant per month, or be less than $500 per
remittance, and must be received by the Agent (together with a completed Form B
or Form C - Optional Cash Payment Authorization, as
applicable) at least five (5) business days prior to the distribution payment
date in order to be invested in new Units. 
Optional cash payments received by the Agent after such time will not be
invested in new Units until the next month. 
All purchases of Units with optional cash payments will, at the
discretion of the Corporation, be made through the facilities of the Toronto
Stock Exchange at prevailing market rates or issued from treasury at the
Average Market Price (without a discount). 
See “Price of New Units” below.

Certified
cheques or bank drafts for optional cash payments cannot be post-dated, and
interest will not be paid on optional cash payments pending their investment in
new Units.

Distributions paid on new
Units purchased with optional cash payments will automatically be reinvested in
additional Units in accordance with the Plan.

There is no obligation to
make an optional cash payment and the amount (subject to the maximum and
minimum limits specified herein) may vary from time to time.  However, a direction to purchase new Units
with optional cash payments is irrevocable once received by the Agent, and
funds will only be returned to a Participant, without interest or deduction
thereon, if such funds are not invested in new Units for any reason.

Non-residents
of Canada

United
States residents are permitted to participate in the Plan only in respect of
the distribution reinvestment component of the Plan and are not entitled to
make optional cash payments to purchase additional Units pursuant to the Plan.  Residents of any jurisdiction other than
Canada and the United States may only participate in the Plan if permitted by
the laws of Canada and the jurisdiction in which they reside and the Trust
specifically extends the Plan to such jurisdiction.  The Trust is not responsible for providing
advice on which countries’ residents may be permitted to participate.  Distributions to be reinvested under the Plan
on behalf of Unitholders who are not residents of Canada, including residents
of the United States, will be subject to applicable Canadian non-resident
withholding tax.  See “Canadian Federal
Income Tax Considerations - Non-Residents of Canada” below for
further information.

The Trust, the Plan Agent
and any Nominee reserve the right to deny participation in the Plan to, and to
not accept an Authorization Form from any person or agent of such person who
appears to be, or who the Trust, the Plan Agent or such Nominee has reason to
believe is, subject to the laws of any jurisdiction which do not permit
participation in the Plan in the manner sought by or on behalf of such
person.  Unitholders should be aware that
certain Nominees may not allow participation in the Plan and the Trust is not
responsible for monitoring or advising which Nominees allow participation.

The Plan
Agent shall not acquire Units on behalf of a non-resident of Canada if the Plan
Agent has received written notice from the Trust that it has determined
pursuant to the Trust’s trust indenture either that the Trust’s ability to
continue to rely on certain provisions of the Income
Tax Act (Canada) for purposes of qualifying as a “mutual fund trust”
thereunder is in jeopardy or that it is otherwise in the best interests of the
Trust.

 5
 

FEDERAL
ANTI-TERRORISM AND ANTI-MONEY LAUNDERING LEGISLATION

Federal anti-terrorism
and anti-money laundering legislation requires that certain personal
information be provided by Participants wishing to make optional cash
payments.  If an optional cash payment is
being made, Participants will initially be required to complete a declaration
on CIBC Mellon’s Participant Declaration Form, provide a certified personal
cheque and submit these items to the Agent with their completed Form A,
and Form B or C Authorization Forms, as applicable.  Authorization
Forms with an optional cash payment component will not be processed without a
certified personal cheque and a duly completed and signed Participant
Declaration Form.

PRORATION
IN CERTAIN EVENTS

If, in respect of any
distribution payment date, fulfilling all of the elections under the Plan would
result in Penn West exceeding the limit on new equity set by the Corporation in
its discretion or the aggregate annual limit on new Units issuable, then
elections for the purchase of new Units on that distribution payment date will
be prorated among all Participants in the distribution reinvestment component
of the Plan according to the number of additional Units sought to be purchased.

If the Corporation
determines not to issue any equity through the Plan on a particular
distribution payment date and the Agent does not purchase Units in the market
at prevailing market prices in accordance with the Plan, then all Participants
will receive the cash distribution to which they would otherwise be entitled to
on such distribution payment date or a refund for optional cash purchases not
invested under the Plan (without interest or deduction thereon).

PRICE
OF NEW UNITS

Distributions due to
Participants and amounts paid under the optional cash payment component of the
Plan will be paid to the Agent and will be applied to the purchase of Units.

Subject to the
restrictions on the acquisition of additional Units described herein,
additional Units may be acquired, at the election of the Corporation, either
through the facilities of the Toronto Stock Exchange or from treasury.  The price of Units purchased with
distributions will, at the discretion of the Corporation, be either 95% of the
Average Market Price (for Units issued from treasury) or the prevailing market
rates on the Toronto Stock Exchange.  The
price of Units purchased with optional cash payments will, at the discretion of
the Corporation, be either purchased at prevailing market rates (i.e. no
discount) through the facilities of the Toronto Stock Exchange or issued from
treasury at the Average Market Price (without a discount).

With respect to purchases
through the Toronto Stock Exchange, additional Units may be acquired through
the facilities of the Toronto Stock Exchange at any time during the fifteen
(15) business day period following the relevant distribution payment date.

COSTS

No commissions, service
charges or brokerage fees are payable by Participants in connection with the
purchase of additional Units under the Plan. 
All administrative costs of the Plan, including the fees and expenses of
the Agent, will be borne by the Corporation. 
However, Participants who enrol in the Plan through a Nominee may be
subject to fees in accordance with their Nominee.

ACCOUNTS
AND REPORTS TO PARTICIPANTS

An account will be
maintained by the Agent for each registered Participant other than those held
through CDS & Co. or DTC.  Unaudited
statements of account will be mailed to each Participant on a monthly
basis.  These statements are a
Participant’s continuing record of purchases of Units made for such Participant’s
account under the Plan and should be retained for income tax purposes.  The Agent will also send annually to each
Participant certain tax forms for tax reporting purposes.  Adjusted cost base calculations for tax
reporting purposes will be the 

 6
 

responsibility of each
Participant as the averaging rules may apply so that such calculations may
depend on the cost of other Units held by the Participant.

CERTIFICATES
FOR UNITS

Units purchased and held
under the Plan will be registered in the name of the Agent or its nominee, as
agent for the Participants, and certificates for such Units will not normally
be issued to Participants unless specifically requested in writing.

A Participant may, upon
written request to the Agent and without terminating participation in the Plan,
have a Unit certificate issued and registered in the Participant’s name for any
number of whole Units held for the Participant’s account under the Plan.  Certificates will normally be issued within
three (3) weeks of receipt by the Agent of the Participant’s written request
for a certificate.  Any remaining whole
Units and any fraction of a Unit will continue to be held for the Participant’s
account under the Plan.  This does not
apply to Participants who are participating via CDS & Co. or DTC or another
Nominee.

Accounts under the Plan are
maintained in the names in which Units are registered at the time the
Participants entered the Plan, and certificates for whole Units will be exactly
as registered when issued.

Units held by the Agent
for a Participant under the Plan may not be pledged, sold or otherwise disposed
of by the Participant while so held.

TERMINATION
OF PARTICIPATION

A Participant may
voluntarily terminate participation in the Plan by delivering to the Agent a
written notice of termination signed by such Participant or by having such
Participant’s Nominee terminate through CDS & Co. or DTC, if
applicable.  If the Agent does not
receive the notice of termination at least three (3) business days before a
distribution record date, settlement of a Participant’s account will not commence
until after the next investment has been completed.  In such event, the Participant will receive a
certificate for the number of whole Units held by the Agent in such Participant’s
account and a cheque for any remaining fraction of a Unit so held and any
optional cash payments held by the Agent that had not yet been invested
(without interest or deduction thereon). 
Any fractional Unit interest will be paid based on the closing market
price of a Unit on the Toronto Stock Exchange on the date participation is
terminated by the Agent after receipt by the Agent of the notice of
termination.

Participation in the Plan
will be terminated by the Agent after receipt of a written notice of the death
of a Participant and instructions to terminate from anyone acting in a
representative or fiduciary capacity. 
Such request must be accompanied by satisfactory evidence of the
appointment and authority to act.  A
certificate for the number of whole Units held for the account of a deceased
Participant under the Plan will be issued by Penn West in the name of the
estate of the deceased Participant or the deceased Participant’s Nominee, as
appropriate, and the Agent will send to the authorized representative or
Nominee of the deceased Participant such certificate and a cheque in payment
for any remaining fraction of a Unit in the deceased Participant’s account and
any optional cash payments held by the Agent that had not yet been invested
(without interest or deduction).

If a written termination
notice or notice of a Participant’s death is received by the Agent less than
three (3) business days before a distribution record date, then the Participant’s
account will not be closed, and participation in the Plan will not be
terminated, until after the distribution payment date to which such record date
relates.

RIGHTS
OFFERING

In the event that Penn
West makes available to its Unitholders rights to subscribe for additional
Units or other securities, rights certificates will be issued by Penn West to
each Participant in respect of whole Units held in a Participant’s account
under the Plan on the record date for such rights issue.

There will be no rights
issuable on a fraction of a Unit held for a Participant’s account.

 7
 

SUBDIVISIONS

If Units of Penn West are
distributed pursuant to a subdivision of Units, such Units received by the
Agent for Participants under the Plan will be held by the Agent and credited by
the Agent proportionately to the accounts of the Participants in the Plan.  A certificate for any Units resulting from
such a subdivision of Units that are registered in the name of a Participant,
rather than the name of the Agent, will be sent directly to the Participant in
the same manner as to Unitholders who are not participating in the Plan.

UNITHOLDER
VOTING

Whole Units held for a
Participant’s account under the Plan on the record date for a vote of
Unitholders will be voted in accordance with the instructions of the
Participant given on a form to be furnished to the Participant.  Units for which instructions are not received
will not be voted.  No voting rights will
attach to any fraction of a Unit held for a Participant’s account under the
Plan.

RESPONSIBILITIES
OF PENN WEST AND THE AGENT

Neither Penn West nor the
Agent shall be liable for any act or for any omission to act in connection with
the operation of the Plan including, without limitation, any claims for
liability:

(a)                                  arising
out of the failure to terminate a Participant’s account upon such Participant’s
death prior to receipt of notice in writing of such death;

(b)                                 with
respect to the prices and times at which Units are purchased for the account of
or on behalf of a Participant;

(c)                                  with
respect to decisions by the Corporation to raise or not raise equity through
the Plan in any given month, or the amount of equity raised, if any;

(d)                                 arising
out of a prorating, for any reason, of the amount of equity available under the
Plan in the circumstances described herein; and

(e)                                  arising
out of a failure by the Agent to purchase additional Units with an optional
cash payment.

Participants
should recognize that neither Penn West nor the Agent can assure a profit or
protect them against a loss on the Units purchased under the Plan.

Unitholders should also
be aware that certain Nominees may not allow participation in the Plan, and
neither the Trust nor the Agent is responsible for monitoring or advising which
Nominees allow participation.

AMENDMENT,
SUSPENSION OR TERMINATION OF THE PLAN

Penn West reserves the
right to amend, suspend or terminate the Plan at any time, but such action
shall have no retroactive effect that would prejudice the interests of the
Participants.  Where required, amendments
to the Plan will be subject to the prior approval of the Toronto Stock Exchange
or the New York Stock Exchange.  All
Participants will be sent written notice of any such amendment, suspension or
termination.  In the event of termination
of the Plan by Penn West, the Agent will send to the Participants (or to their
Nominees, as applicable) certificates for whole Units held for Participants’
accounts under the Plan and cheques in payment for any remaining fractions of
Units in Participants’ accounts or for any optional cash payments held by the
Agent that had not yet been invested (without interest or deduction
thereon).  In the event of suspension of
the Plan by Penn West, no investment will be made by the Agent on the
distribution payment date immediately following the effective date of such
suspension.  Any optional cash payments
which are not invested as of the effective date of such suspension and any Unit
distributions subject to the Plan and paid after the effective date of such
suspension will be remitted by the Agent to the Participants (without interest
or deduction thereon).

 8
 

CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS

The
following is a summary only of certain Canadian federal income tax
considerations relevant to participation in the Plan for purposes of the Income
Tax Act (Canada) (the “Tax Act”).  This summary is based upon the current
provisions of the Tax Act and the Regulations thereunder, the current
provisions of the Canada – United States Income Tax Convention (1980) (the “Canada – U.S. Tax Treaty”) and our
understanding of current published administrative practices of the Canada
Revenue Agency.  Subject to the following
sentence, this summary also takes into account all specific proposals to amend
the Tax Act and the Regulations publicly announced by or on behalf of the
Minister of Finance (Canada) prior to the date hereof (the “Proposed Amendments”).  This summary does not take into account the
amendments to the Tax Act implementing the new tax on publicly traded income
trusts and limited partnerships, which are described in our Form F-3
Registration Statement under the Securities Act of 1933 filed in respect of
this Plan on August 9, 2007.  This
summary does not otherwise take into account or anticipate any changes in law,
whether by judicial, regulatory or legislative action, or in administrative
practice, nor does it take into account the provincial or territorial laws of
Canada or the tax laws of any foreign country. 
No assurances can be given that the Proposed Amendments will be enacted
as proposed or that legislative, judicial or administrative changes will not
modify or change the statements expressed herein after the effective date of
this Plan.  This summary is not intended to be legal or tax advice to any particular
Unitholder and Unitholders are urged to consult their tax advisors as to their
particular tax position.

Residents of Canada

The fact that distributions
are reinvested under the terms of the Plan does not relieve Unitholders of any
liability for taxes that may be payable on such distributions.  To the extent that a distribution from the
Trust would be included in the income of Unitholders for the purposes of the
Tax Act, such amount will be included in the income of Unitholders who elect to
reinvest such amount in new Units under the Plan.

The cost to a Unitholder
of Units acquired pursuant to the optional cash payment component of the Plan
will be equal to the amount of optional cash payments made by the Unitholder.

The Canada Revenue Agency
(the “CRA”) generally takes the
position that the amount, if any, by which the fair market value of any Units
acquired pursuant to the distribution reinvestment component of the Plan on the
date of purchase of such Units exceeds the purchase price therefor must be
included in the income of the Unitholder. 
Unitholders should note that neither the Trust nor the Agent is required
to provide, and will not be providing, any notice or report to Unitholders in
respect of such income.

Where the Units acquired
pursuant to the distribution reinvestment component of the Plan are capital
property to the Unitholder, the amount added to the Unitholder’s income will be
added in computing the cost to the Unitholder of such Units for purposes of
determining the adjusted cost base and capital gain or loss on the disposition
of such Units.  The cost of such Units
held as capital property by the Unitholder must be averaged with the cost of
all other Units held by the Unitholder as capital property for the purpose of
determining the adjusted cost base of all Units held by the Unitholder as
capital property pursuant to the averaging provisions of the Tax Act.

If a Unitholder disposes
of Units acquired under the Plan which are capital property, the Unitholder
will recognize a capital gain (or a capital loss) to the extent that the
proceeds of disposition exceed (or are less than) such adjusted cost base of
the Units held by the Unitholder immediately before the disposition.  One-half of the capital gain (the “taxable capital gain”) must be included in
income of the Unitholder for the year in which the disposition occurs and
one-half of a capital loss (the “allowable
capital loss”) generally may be deducted by the Unitholder against
taxable capital gains for the year of disposition, in any of the three
preceding years, or in any subsequent year, subject to the detailed provisions
of the Tax Act.

Non-Residents of Canada

The following is a
summary of the principal Canadian federal income tax considerations generally
applicable to a Participant in the Plan who, for purposes of the Tax Act and
any applicable tax treaty, and at all relevant times, is not resident or deemed
to be resident in Canada, does not use or hold (and is not deemed under the Tax
Act to use or 

 9
 

hold) Units in, or in the
course of, carrying on a business in Canada, and is not an insurer who carries
on an insurance business in Canada and elsewhere (a “Non-Resident Unitholder”).

Generally, that portion
of the distributions paid by Penn West to a Non-Resident Unitholder that
constitutes a portion of the net income of Penn West for a taxation year that
is paid or becomes payable to the Non-Resident Unitholder in that particular
taxation year is subject to Canadian withholding tax under the Tax Act at a
rate of 25%, subject to reduction under an applicable bilateral tax
treaty.  In the case of a Non-Resident
Unitholder who is a resident of the United States for purposes of the Canada –
U.S. Tax Treaty, the rate of such withholding is generally reduced to 15%.

All other distributions
paid by Penn West to a Non-Resident Unitholder are subject to Canadian
withholding tax under the Tax Act at a rate of 15%.  This rate generally is not reduced under any
of Canada’s tax treaties.  A Non-Resident
Unitholder who disposes of Units (or units of other mutual fund trusts similar
to Penn West) at a loss (calculated in Canadian dollars and pursuant to the
rules of the Tax Act) may be entitled to obtain a refund of all or a portion of
any such withholding tax paid.

It is not certain whether
the amount by which the fair market value of the Units received by a
Non-Resident Unitholder on a reinvestment of cash distributions pursuant to the
Plan exceeds the amount of the cash reinvested (that is, the 5% discount) is
subject to this 15% withholding tax.  In
the event that Penn West determines that it is, Penn West will withhold such
tax and remit it to the Canadian government.

As a consequence of these
withholding taxes, the amount that may be reinvested in the Plan by a
Non-Resident Unitholder, and the number of Units received by a Non-Resident
Unitholder on a reinvestment of cash distributions, will be reduced by the
amount of taxes withheld.

Generally, subject to the
comments in the next paragraph with respect to an in specie redemption of
Units, no Canadian taxes will be payable by a Non-Resident Unitholder in
respect of the disposition by the Non-Resident Unitholder of Units, provided
the Units do not constitute “taxable Canadian property” (within the meaning of
the Tax Act) to the Non-Resident Unitholder. 
Generally, Units will not constitute taxable Canadian property to a
Non-Resident Unitholder at a particular time provided the Non-Resident Unitholder,
persons with whom the Non-Resident Unitholder does not deal at arm’s length
(within the meaning of the Tax Act), or the Non-Resident Unitholder, together
with such persons did not own 25% or more of the issued Units at any time
during the 60 month period that ends at that particular time, and provided
further that Penn West qualifies as a “mutual fund trust” under the Tax Act at
the time of the disposition.

If a Non-Resident
Unitholder requests a redemption of his or her Units, the Non-Resident
Unitholder may, as a consequence, receive a direct interest in notes of the
Corporation.  The Canadian income tax
consequences to a Non-Resident Unitholder of owning and disposing of such
securities are not described herein. 
Moreover, it is unclear whether proceeds received on a redemption of
Units will be subject to the 15% withholding tax discussed above.  Non-resident unitholders are urged to
consult their own tax advisors before requesting redemption of their Units.

UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS

The following is a
general description of the material United States federal income tax
consequences of the ownership and disposition of our Units to a Unitholder who
is a United States person and who holds our Units as capital assets (referred
to as a “United States unitholder”).  This description is for general information
purposes only and is based on the United States Internal Revenue Code of 1986,
as amended (referred to as the “Code”),
Treasury regulations promulgated under the Code, and judicial and administrative
interpretations of the Code and those regulations, all as in effect on August
9, 2007 and all of which are subject to change, possibly with retroactive
effect.  The tax treatment of a United
States unitholder may vary depending upon his particular situation.  Some holders (including persons that are not
United States persons, banks, insurance companies, tax-exempt organizations,
financial institutions, persons whose functional currency is not the U.S. dollar,
persons subject to the alternative minimum tax and broker-dealers) may be
subject to special rules not discussed below. 
The discussion below does not address the effect of any state, local or
foreign tax law on a United States unitholder. 
There can be no assurance that the United States Internal Revenue
Service (the “IRS”) will take a
similar view as to any of the tax 

 10
 

consequences described in
this summary.  Purchasers of our Units
are advised to consult their own tax advisors with respect to an investment in
our Units.

For purposes of this
description, a “United States person” means any one of the following:

·                                         an
individual who is a citizen or resident of the United States;

·                                         a
corporation (including any entity treated as a corporation for U.S. federal
income tax purposes) organized in or under the laws of the United States or of
any political subdivision of the United States;

·                                          an
estate that is subject to United States federal income taxation without regard
to the source of its income; or

·                                         a
trust, if a United States court has primary supervision over its administration
and one or more United States persons have the authority to control all
substantial decisions of the trust, or the trust has made a valid election to
be treated as a United States person.

If a partnership
(including any entity treated as a partnership or other pass through entity for
United States federal income tax purposes) is a holder of Units, the United
States federal income tax treatment of a partner in the partnership generally
will depend on the status of the partner and the activities of the
partnership.  Partners and partnerships
should consult their tax advisors as to the particular federal income tax
consequences applicable to them.

REQUIRED
NOTICE

TO
ENSURE COMPLIANCE WITH INTERNAL REVENUE SERVICE CIRCULAR 230, UNITHOLDERS ARE
HEREBY NOTIFIED THAT: (A) ANY DISCUSSION OF FEDERAL TAX ISSUES IN THIS PLAN IS
NOT INTENDED OR WRITTEN TO BE RELIED UPON, AND CANNOT BE RELIED UPON BY
UNITHOLDERS, FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON
UNITHOLDERS UNDER THE INTERNAL REVENUE CODE; (B) SUCH DISCUSSION IS WRITTEN IN
CONNECTION WITH THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS
ADDRESSED HEREIN; AND (C) EACH UNITHOLDER SHOULD SEEK ADVICE BASED ON ITS
PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

Our Classification as a Foreign Corporation

Although we are organized
as an unincorporated open-end investment trust under Canadian law, we should be
classified as a foreign corporation for United States federal income tax
purposes under current Treasury regulations. 
Accordingly, our Units should be treated as shares of stock of a foreign
corporation for United States federal tax purposes.  The discussion below reflects this
classification and employs terminology consistent with this classification,
including references to “dividends” and “earnings and profits”.

Amount Capable of Inclusion in Income

For United States federal
income tax purposes, a United States unitholder who is a participant in the
Plan will be treated as receiving a distribution equal to the sum of (i) the
fair market value as of the distribution payment date of Units acquired
pursuant to the Plan, and (ii) any Canadian taxes which we withhold with
respect to the distribution.  The amount
treated as a distribution will be capable of inclusion in the United States
unitholder’s income as a taxable dividend to the extent of Penn West’s current
and accumulated earnings and profits, as determined for United States federal
income tax purposes.  These dividends
will not be eligible for the dividends received deduction, which is generally
allowed to United States corporate shareholders on dividends received from a
domestic corporation.  Any portion of the
distribution in excess of Penn West’s earnings and profits will first be
treated as a tax-free return of capital to the extent of the United States
unitholder’s tax basis in its Units and will be applied against and reduce 

 11
 

that basis on a
dollar-for-dollar basis (thereby increasing the amount of gain and decreasing
the amount of loss recognized on a subsequent disposition of the Units).  To the extent that the distribution exceeds
the United States unitholder’s tax basis, the excess will constitute gain from
a sale or exchange of the Units.  A
United States unitholder will generally recognize gain or loss upon the sale or
exchange of our Units equal to the difference (if any) between the amount the
United States unitholder realizes on the sale or exchange and its adjusted tax
basis in our Units.  Subject to the
passive foreign investment company rules discussed below, any gain or loss will
be capital gain or loss and will be long-term capital gain or loss if the
United States unitholder’s holding period for the Units is more than one year
at the time of the sale or exchange.

For taxable years
beginning on or before January 1, 2011, a dividend paid by us generally will be
taxed at the preferential tax rates applicable to long-term capital gains if
(a) we are a “qualified foreign corporation” (as defined below), (b) the United
States unitholder receiving such dividend is an individual, estate or trust,
and (c) such dividend is paid on our Units that have been held by such United
States unitholder for at least 61 days during the 121-day period
beginning 60 days before the “ex-dividend date.”

We will generally be a “qualified
foreign corporation” under Section 1(h)(11) of the Code (a “QFC”) if (a) we are eligible for the
benefits of the Canada-U.S. Tax Treaty, or (b) our Units are readily tradable
on an established securities market in the U.S. 
However, even if we satisfy one or more of such requirements, we will
not be treated as a QFC if we are a “passive foreign investment company” (as
defined below) for the taxable year during which we pay a dividend or for the
preceding taxable year.

As discussed below, we do
not believe that we were a “passive foreign investment company” for the taxable
year ended December 31, 2006, and based on current business plans and financial
projections, we do not expect that we will be a “passive foreign investment
company” for the taxable year ending December 31, 2007.  (See “Passive Foreign Investment Company
Considerations” below).  Accordingly, we
expect to be a QFC for the taxable year ending December 31, 2007.

If we are not a QFC, a
dividend paid by us to a United States unitholder, including a United States
unitholder that is an individual, estate or trust, generally will be taxed at
ordinary income tax rates (and not at the preferential tax rates applicable to
long-term capital gains).  The dividend
rules are complex, and each United States unitholder should consult its own tax
advisor regarding the dividend rules.

Foreign Currency Gains

Taxable dividends with
respect to our Units that are paid in Canadian dollars will be included in the
gross income of a United States unitholder as translated into U.S. dollars
calculated by reference to the exchange rate in effect on the day the dividend
is received by the unitholder regardless of whether the Canadian dollars are
converted into U.S.  dollars at that
time.  A United States unitholder who
receives a payment in Canadian dollars and converts Canadian dollars into U.S.
dollars at a conversion rate other than the rate in effect on the day of the
distribution may have a foreign currency exchange gain or loss that would be
treated as United States source ordinary income or loss.  United States unitholders are urged to
consult their own tax advisors concerning the United States tax consequences of
acquiring, holding and disposing of Canadian dollars.

In the case of a cash
basis United States unitholder who receives Canadian dollars, or another
foreign currency, in connection with a sale, exchange or other disposition of
our Units, the amount realized will be based on the U.S.  dollar value of the foreign currency received
with respect to the Units as determined on the settlement date of the sale or
exchange.  An accrual basis United States
unitholder may elect the same treatment required of cash basis taxpayers with
respect to a sale or exchange of Units, provided that the election is applied
consistently from year to year.  This
election may not be changed without the consent of the IRS.  If an accrual basis United States unitholder
does not elect to be treated as a cash basis taxpayer, that United States
unitholder may have a foreign currency gain or loss for United States federal
income tax purposes equal to the difference between the U.S. dollar value of
the currency received on the date of the sale or exchange of the Units and the
date of payment.  This currency gain or
loss would be treated as ordinary income or loss and would be in addition to
gain or loss, if any, recognized by that United States unitholder on the sale,
exchange or other disposition of the Units.

 12
 

Basis and Holding Period

The tax basis of Units
received by a United States unitholder pursuant to the Plan will equal the fair
market value as of the distribution payment date of those Units, and the
holding period for those Units will begin on the day after the distribution
payment date.

Passive Foreign Investment Company
Considerations

Special, generally
unfavorable, rules apply to the ownership and disposition of the stock of a
passive foreign investment company (“PFIC”).  In the absence of any qualified electing fund
(“QEF”) or mark to market
election, if Penn West were to be treated as a PFIC for any year during which a
United States unitholder held Units, the United States unitholder would be
taxed under generally unfavorable rules that apply if a shareholder recognizes
a gain on the sale or other disposition of PFIC stock or receives certain
distributions with respect to the stock. 
Among the consequences would be a loss of favorable capital gains rates
and the imposition of an interest charge. 
We do not believe that Penn West has been a PFIC during the prior
taxable year and, based on our current operations and projections, do not
believe that Penn West is or will become a PFIC during the taxable year ended
December 31, 2007.  We note, however,
that passive foreign investment company status is fundamentally factual in
nature, generally cannot be determined until the close of the taxable year in
question and is determined annually. 
Consequently, we can provide no assurance that we will not be a passive
foreign investment company for either the current taxable year or for any
subsequent taxable year.  United States
unitholders are urged to consult their own tax advisors regarding our possible
classification as a passive foreign investment company and the consequences if
that classification were to occur, and the availability of the QEF election or
mark to market election.

Foreign Tax Credits

Regardless of whether the
distribution to a United States unitholder under the Plan is subject to tax
under the passive foreign investment company rules or as described in “Amount
Capable of Inclusion in Income”, any tax withheld by Canadian taxing
authorities with respect to the distribution under the Plan may, subject to a
number of complex limitations, be claimed as a foreign tax credit against a
United States unitholder’s United States federal income tax liability or may be
claimed as a deduction for United States federal income tax purposes.  The limitation on foreign taxes eligible for
credit is calculated separately with respect to specific classes of
income.  For this purpose, dividends the
trust distributes with respect to Units will generally be “passive category
income” for purposes of computing the foreign tax credit allowable to a United
States unitholder.  Because of the
complexity of those limitations, each United States unitholder should consult
its own tax advisor with respect to the amount of foreign taxes that may be
claimed as a credit.

United States Information Reporting and Backup
Withholding

Dividends on our Units
paid within the United States or through some U.S.-related financial
intermediaries are subject to information reporting and may be subject to
backup withholding, currently at a 28% rate, unless the holder is a corporation
or other exempt recipient or provides a taxpayer identification number and
certifies that no loss of exemption from backup withholding has occurred.  Information reporting requirements and backup
withholding may also apply to the cash proceeds of a sale of our Units.

Backup withholding is not
an additional tax.  Amounts withheld
under the backup withholding rules may be credited against a United States
unitholder’s U.S. tax liability, and a United States unitholder may obtain a
refund of any excess amounts withheld under the backup withholding rules by
filing the appropriate claim for refund with the IRS.

INTERPRETATION

Any issues of
interpretation arising in connection with the Plan or its application shall be
conclusively determined by the Corporation.

 13
 

NOTICES

All notices or other
documents required to be given to Participants under the Plan, including
certificates for Units and cheques, shall be mailed to Participants at the
addresses shown on the records of the Agent.

Notices to the
Agent shall be sent to:

	
  

  	
  CIBC Mellon
  Trust Company

  	
   

  	
   

  
	
   

  	
  600, 333 – 7
  Avenue S.W.

  	
   

  	
   

  
	
   

  	
  Calgary, Alberta

  	
   

  	
   

  
	
   

  	
  T2P 2Z1

  
	
   

  	
  Attention:

  	
   

  	
  Dividend Reinvestment Services

  
	
   

  	
  Facsimile:

  	
   

  	
  (403) 264-2100

  
						

 

Notices to Penn
West Energy Trust shall be sent to:

	
  

  	
  Penn West
  Petroleum Ltd.

  	
   

  	
   

  
	
   

  	
  2200, 425 – 1st Street S.W.

  	
   

  	
   

  
	
   

  	
  Calgary, Alberta

  	
   

  	
   

  
	
   

  	
  T2P 3L8

  
	
   

  	
  Attention:

  	
   

  	
  Investor Relations

  
	
   

  	
  Facsimile:

  	
   

  	
  (403) 777-2699

  
						

 

EFFECTIVE
DATE OF THE PLAN

The effective date of the
Plan (excluding the amendments contemplated by this amended and restated Plan)
is December 8, 2005.

The effective date of the
amendments contemplated by this amended and restated Plan is July 30, 2007.

 14

PENN WEST ENERGY TRUST

Distribution Reinvestment  -  Authorization Form

Relating to the Amended
and Restated Distribution Reinvestment and Optional Trust Unit Purchase Plan
(the “Plan”) of Penn West Energy
Trust (“Penn West”) dated
December 8, 2005, as amended and restated on July 30, 2007 (as further
amended from time to time).

To be
completed by the REGISTERED HOLDER of trust units of Penn West.

If you
are a BENEFICIAL OWNER of trust units of Penn West and wish to participate in
the Plan, contact your broker, investment dealer, financial institution or
other nominee who holds your units to provide instructions on how you would
like to participate in the Plan, including participation as to less than 100
percent of your units.

If
you are a REGISTERED HOLDER of trust units of Penn West and wish to participate
in the Plan as to less than 100 percent of your units, you should arrange to
transfer registration of such units to a broker, investment dealer, financial
institution or other nominee who can accommodate such arrangements.

FORM
A - DISTRIBUTION REINVESTMENT AUTHORIZATION

(Canadian and United States Residents Only)

Please
complete this section, sign below and return this form to CIBC Mellon Trust
Company at the address or facsimile number set forth below if you wish to
reinvest your distributions in accordance with the Plan and have the additional
units of Penn West issued on such reinvestment held for your account under the
Plan.

I have received and read
a copy of the text describing the Plan. 
I hereby apply to participate in the Plan and direct Penn West to
forward to CIBC Mellon Trust Company, as Agent under the Plan, all cash
distributions paid on all units of Penn West registered in my name now or in
the future, and direct CIBC Mellon Trust Company to reinvest such
distributions, together with cash distributions on units held by the Agent for
my account under the Plan, in additional units of Penn West, all in accordance
with the distribution reinvestment component of the Plan and subject to
proration and any applicable withholding tax as provided therein.

I represent and warrant
to the Trust and CIBC Mellon Trust Company that I am, and when trust units of
Penn West are purchased for my account in accordance with this direction I will
be, a resident of Canada or the United States and, to the extent I hold trust
units on behalf of a beneficial owner of trust units, such beneficial owner is,
and when the trust units are purchased for such beneficial owner’s account in
accordance with this direction such beneficial owner will be, a resident of
Canada or the United States.

	
   

  	
   

  	
   

  
	
  SIGNATURE OF REGISTERED
  UNITHOLDER

  	
   

  	
  NAME OF
  REGISTERED UNITHOLDER

  
	
   

  	
   

  	
  (PLEASE PRINT)

  
	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ADDRESS
  INCLUDING MUNICIPALITY OF RESIDENCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  HOLDER ACCOUNT #
  (if known): 

  	
   

  	
   

  	
  TELEPHONE #:

  	
   

  
							

 

Note:  Authorization Forms must be
received on or before the distribution record date in order to be effective for
the monthly distribution payment date to which such record date relates.  Authorization Forms not received on or before
such distribution record date will not be effective until the next month.

For further information,
please contact:

	
  CIBC Mellon Trust Company

  	
   

  	
  OR

  	
   

  	
  PENN WEST PETROLEUM LTD.

  
	
  P.O. Box 7010

  	
   

  	
   

  	
   

  	
  Administrator of Penn West Energy Trust

  
	
  Adelaide Street Station

  	
   

  	
   

  	
   

  	
  2200, 425 – 1st Street S.W.

  
	
  Toronto, Ontario M5C 2W9

  	
   

  	
   

  	
   

  	
  Calgary, Alberta T2P 3L8

  
	
  Attention:

  	
  Dividend Reinvestment Services

  	
   

  	
   

  	
   

  	
  Attention:

  	
  Investor Relations

  
	
  Fax:

  	
  (416) 643-5020

  	
   

  	
   

  	
   

  	
  Telephone:

  	
  (403) 777-2666

  
	
  Toll Free:

  	
  1-800-387-0825

  	
   

  	
   

  	
   

  	
  Fax:

  	
  (403) 777-2699

  
	
  www.cibcmellon.com

  	
   

  	
   

  	
   

  	
  www.pennwest.com

  

 

PENN WEST ENERGY TRUST

Optional Cash Payment – Authorization Form (Registered)

Relating to the Amended
and Restated Distribution Reinvestment and Optional Trust Unit Purchase Plan
(the “Plan”) of Penn West Energy
Trust (“Penn West”) dated December
8, 2005, as amended and restated on July 30, 2007 (as further amended from time
to time).

To be
completed by the REGISTERED HOLDER of trust units of Penn West.  Residents of countries other than Canada who
are registered holders of trust units are NOT eligible to make optional cash
payments.

FORM
B - OPTIONAL CASH PAYMENT AUTHORIZATION - REGISTERED HOLDER

(Canadian Residents Only)

If you
wish to make an optional cash payment in accordance with the Plan, please
complete this section, sign below and return this form to CIBC Mellon Trust
Company at the address set forth below, together with a certified personal
cheque made payable to “CIBC Mellon Trust Company” and CIBC Mellon’s
Participant Declaration Form.  In order
to be able to make an optional cash payment you must have previously enrolled
in the Plan.

I have received and read
a copy of the text describing the Plan. 
Enclosed is an optional cash payment in the amount of $                    
in the form of a certified personal cheque* payable to “CIBC Mellon Trust Company”
(which payment must be at least $500 per remittance and not more than $5,000
per month and can be made monthly).  I
hereby direct CIBC Mellon Trust Company, as Agent under the Plan, to invest the
enclosed payment in additional units of Penn West in accordance with the Plan.
I hereby confirm my understanding that any distributions received on units of
Penn West held for my account under the Plan will automatically be reinvested
in additional units of Penn West in accordance with the Plan.  I hereby represent and warrant to the Trust
and CIBC Mellon Trust Company that I am, and when the trust units are purchased
for my account in accordance with this direction I will be, a resident of
Canada.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SIGNATURE OF REGISTERED UNITHOLDER

  	
   

  	
  NAME OF REGISTERED UNITHOLDER

  	
   

  	
   

  
	
   

  	
   

  	
  (PLEASE PRINT)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ADDRESS INCLUDING MUNICIPALITY OF RESIDENCE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DRIP ACCOUNT # (if known): 

  	
   

  	
   

  	
   

  	
  TELEPHONE #:

  	
   

  	
   

  	
   

  
										

 

Note:
An optional cash payment must be received (together with a
completed Optional Cash Payment Form) at least five (5) business days prior to
a distribution payment date in order to be invested in additional units of Penn
West.  Optional cash payments not
received on or before such distribution payment date will not be invested in
additional units of Penn West until the next month.  No interest will be paid on optional cash
payments received but not yet invested in additional units of Penn West.

For further information,
please contact:

	
  CIBC Mellon Trust Company

  	
   

  	
  OR

  	
   

  	
  PENN WEST PETROLEUM LTD.

  
	
  P.O. Box 7010

  	
   

  	
   

  	
   

  	
  Administrator of Penn West Energy Trust

  
	
  Adelaide Street Station

  	
   

  	
   

  	
   

  	
  2200, 425 – 1st Street S.W.

  
	
  Toronto, Ontario M5C 2W9

  	
   

  	
   

  	
   

  	
  Calgary, Alberta T2P 3L8

  
	
  Attention:

  	
  Dividend Reinvestment Services

  	
   

  	
   

  	
   

  	
  Attention:

  	
  Investor Relations

  
	
  Fax:

  	
  (416) 643-5020

  	
   

  	
   

  	
   

  	
  Telephone:

  	
  (403) 777-2666

  
	
  Toll Free:

  	
  1-800-387-0825

  	
   

  	
   

  	
   

  	
  Fax:

  	
  (403) 777-2699

  
	
  www.cibcmellon.com

  	
   

  	
   

  	
   

  	
  www.pennwest.com

  

 

At least
five (5) business days prior to a distribution payment date, please return to
CIBC Mellon Trust Company at the address set forth above:

1.                                      this
completed Optional Cash Payment Form B;

2.                                      certified
personal cheque in the amount of your optional cash payment; and

3.                                      CIBC
Mellon’s Participant Declaration Form (first time only).

*     Additional optional cash
payments may be made following your initial payment by returning the portion
from your statement  of account along
with a certified cheque or bank draft for the optional payment amount.

PENN WEST ENERGY TRUST

Optional Cash Payment – Authorization Form (Beneficial)

Relating to the Amended
and Restated Distribution Reinvestment and Optional Trust Unit Purchase Plan
(the “Plan”) of Penn West Energy
Trust (“Penn West”) dated December
8, 2005, as amended and restated on July 30, 2007 (as further amended from time
to time).

To be
completed by the BENEFICIAL OWNER of trust units of Penn West.  Residents of countries other than Canada who
are beneficial owners of trust units are NOT eligible to make optional cash
payments.

FORM
C  - OPTIONAL CASH PAYMENT AUTHORIZATION –
BENEFICIAL OWNER

(Canadian Residents Only)

If you
wish to make an optional cash payment in accordance with the Plan, please
complete this section, sign below and return this form to CIBC Mellon Trust
Company at the address set forth below, together with a certified personal
cheque made payable to “CIBC Mellon Trust Company” and CIBC Mellon’s
Participant Declaration Form.  In order
to be able to make an optional cash payment you must be previously enrolled in
the Plan.

I have received and read
a copy of the text describing the Plan. 
Enclosed is an optional cash payment in the amount of $                     
in the form of a certified personal cheque* payable to “CIBC Mellon Trust Company”
(which payment must be at least $500 per remittance and not more than $5,000
per month and can be made monthly).  I
hereby direct CIBC Mellon Trust Company, as Agent under the Plan, to invest the
enclosed payment in additional units of Penn West in accordance with the Plan.
I hereby confirm my understanding that any distributions received on units of
Penn West held for my account under the Plan will automatically be reinvested
in additional units of Penn West in accordance with the Plan.

CERTIFICATE
OF BENEFICIAL OWNERSHIP

The undersigned hereby
certifies, represents and warrants to Penn West and to CIBC Mellon Trust
Company, and acknowledges that you are relying upon such certification,
representation and warranty, that the undersigned: (i) is the beneficial owner
of                   
trust units of Penn West, which are held on behalf of the undersigned by the
following intermediary; (ii) is, and when trust units are purchased for my
account in accordance with this direction I will be, a resident of Canada; and
(iii) has been enrolled in the Plan by its broker, investment dealer, financial
institution or other nominee:

	
   

  	
   

  	
   

  
	
  Name of Brokerage Firm or
  Other Intermediary

  	
   

  	
  Name of Registered
  Representative (please print or type)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account No.

  	
   

  	
  Branch Location/City

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Intermediary’s Telephone #

  	
   

  	
  Intermediary’s Fax #

  

 

The undersigned
hereby authorizes the above-named intermediary to disclose and to confirm to
Penn West or CIBC Mellon Trust Company the ownership of trust units of Penn
West by the undersigned.  The undersigned
acknowledges that by executing this certificate, it is authorizing CIBC Mellon
Trust Company as Agent for the Plan to enroll the undersigned directly as a
participant in the Plan.

	
  DATE:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of Beneficial Unitholder

  	
   

  	
  Name and Address of
  Beneficial Unitholder (please print or type)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title of Officer Signing, if applicable

  	
   

  	
  Telephone # of
  Beneficial Unitholder

  

 

Note:
An optional cash payment must be received (together with a
completed Optional Cash Payment Form) at least five (5) business days prior to
a distribution payment date in order to be invested in additional units of Penn
West.  Optional cash payments not
received on or before such distribution payment date will not be invested in
additional units of Penn West until the next month.  No interest will be paid on optional cash
payments received but not yet invested in additional units of Penn West.

For further information,
please contact:

	
  CIBC Mellon Trust Company

  	
   

  	
  OR

  	
   

  	
  PENN WEST PETROLEUM LTD.

  
	
  P.O. Box 7010

  	
   

  	
   

  	
   

  	
  Administrator of Penn West Energy Trust

  
	
  Adelaide Street Station

  	
   

  	
   

  	
   

  	
  2200, 425 – 1st Street S.W.

  
	
  Toronto, Ontario M5C 2W9

  	
   

  	
   

  	
   

  	
  Calgary, Alberta T2P 3L8

  
	
  Attention:

  	
  Dividend Reinvestment Services

  	
   

  	
   

  	
   

  	
  Attention:

  	
  Investor Relations

  
	
  Fax:

  	
  (416) 643-5020

  	
   

  	
   

  	
   

  	
  Telephone:

  	
  (403) 777-2666

  
	
  Toll Free:

  	
  1-800-387-0825

  	
   

  	
   

  	
   

  	
  Fax:

  	
  (403) 777-2699

  
	
  www.cibcmellon.com

  	
   

  	
   

  	
   

  	
  www.pennwest.com

  

 

At least
five (5) business days prior to a distribution payment date, please return to
CIBC Mellon Trust Company at the address set forth above:

1.                                      this
completed Optional Cash Payment Form C;

2.                                      certified
personal cheque in the amount of your optional cash payment; and

3.                                      CIBC
Mellon’s Participant Declaration Form (first time only).

*     Additional optional cash
payments may be made following your initial payment by returning the portion
from your statement of account along with a certified cheque or bank draft for
the optional payment amount.

	
  Participant
  Declaration Form

  	
  

  	 

	
  IMPORTANT: THIS FORM MUST BE
  FULLY COMPLETED if you have not submitted one previously and want to make
  an optional cash purchase under the terms of your plan.

  The Proceeds of Crime (Money
  Laundering) and Terrorist Financing Act (Canada) and the
  regulations made thereunder (collectively the “Act”) require that CIBC Mellon
  Trust Company (CIBC Mellon) collect and record certain information relating
  to certain accounts it maintains for individuals or entities under a plan.
  These requirements apply to participants
  who want to make optional cash payments to their plan.  

   

  	 

	
  Please read the instructions on the back before
  completing this form.

  	 

	
   

  	 

	
  Part A –
  Account Information

  	 

	
  PLAN
  SPONSOR/ISSUER OF SECURITIES

  	
  ACCOUNT NUMBER

  	 

	
   

  	
   

  	 

	
  ACCOUNT HOLDER’S
  ADDRESS

  	
  TELEPHONE  NUMBER/E-MAIL ADDRESS (Optional)

  	 

	
   

  	 

	
  Part B –
  Participant Declaration

  	 

	
   

  	 

	
  I/We the account holder(s) named below (or, if applicable, the parent
  or legal guardian or authorized signing officers), hereby declare(s) as
  follows:

  	 

	
  ACCOUNT HOLDER
  NAME

  	
  2nd ACCOUNT HOLDER
  NAME (IF APPLICABLE)

  	
	
	
  NAME  OF PARENT OR LEGAL GUARDIAN OF THE ACCOUNT
  HOLDER OR AUTHORIZED SIGNING OFFICER(S) OF THE ACCOUNT HOLDER (IF APPLICABLE)

  	
	
   

  	
	
  DATE OF BIRTH OF
  INDIVIDUAL SIGNING THIS FORM (DD/MM/YYYY)

   

  	
  DATE OF BIRTH OF
  2nd INDIVIDUAL SIGNING THIS FORM (DD/MM/YYYY)

   

  	
	
  PRINCIPAL
  BUSINESS OR OCCUPATION OF ACCOUNT HOLDER

  	
  PRINCIPAL
  BUSINESS OR OCCUPATION of 2nd ACCOUNT HOLDER

  	
	
  And that (if applicable, check the appropriate box below):

  	 

	
   

  	 

	
  o

  	
  The account holder is a minor (under age 12) and the under-signed is
  his/her parent or legal guardian. 

  	
  o

  	
  The account holder is a corporation, partnership, trust or other
  entity (supporting documents and personal cheque(s) specified on the back of
  this form are enclosed)

  	
  o

  	
  The account holder is a financial entity or securities dealer and is
  exempt from third party verification in Part B below (proceed to Part
  C).  

  	
	
   

  	 

	
  Part C –
  Third Party Verification

  	 

	
   

  	 

	
  Check one of the two boxes below. If the second box is marked, you
  must provide the information requested.

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  o

  	
  This plan account is not
  intended to be used by, or on behalf of, a third party (proceed to Part D)

  	
  o

  	
  This plan account is intended
  to be used by, or on behalf of a third party, and I have completed the
  applicable information fields immediately below. 

  	 

	
   

  	
   

  	 

	
  NAME OF THIRD
  PARTY

   

  	
  ADDRESS OF THIRD
  PARTY

  	 

	
   

  	
   

  	 

	
  PRINCIPAL
  BUSINESS OR OCCUPATION OF THIRD PARTY

   

  	
  IF THIRD PARTY IS
  A CORPORATION, PROVIDE INCORPORATION NUMBER AND PLACE OF ISSUE

   

  	 

	
   

  	 

	
  DESCRIBE THE
  NATURE OF THE RELATIONSHIP BETWEEN THE ACCOUNT HOLDER AND THE THIRD PARTY

   

  	 

	
  Part D –
  Contribution

  	 

	
   

  	 

	
  Amount of contribution (please note the
  important instructions about payment methods on 

  the back of this form)

  	
  $

  	
	
  

  By participating in the plan, I/we agree to be bound by the terms and
  conditions in the prospectus or brochure that governs the plan which I/we
  have read and fully understand. I/we further agree that participation in the
  plan will continue until I/we notify CIBC Mellon in writing that I/we desire to
  terminate participation in the plan. I/we acknowledge that withdrawals from
  the plan will be subject to terms and conditions of the plan. I/we agree to
  inform CIBC Mellon if the information in Part C changes. I/we have attached
  the personal cheque if required as per the instructions on the back of this
  form.

  	 

	
  SIGNATURE

   

   

  	
  SIGNATURE OF 2ndACCOUNT HOLDER

  	
  DATE (DD/MM/YYYY)

  	 

																	 

 

Participant Declaration Form: 13-07-2005

 

Instructions

If
you have not previously completed and submitted a Participant Declaration form
or the information in Part C has changed you must complete Parts A, B, C and
(if applicable) D. Once you have filed an acceptable form, your account will be
coded as ‘compliant’ and you will not have to submit another form for that
account unless the information in Part C has changed.

This
form must be signed by all account holders listed (or their parent or guardian
if applicable).
Without a valid Participant Declaration, CIBC Mellon cannot process further
optional cash payments and will return your contribution.  This form ONLY applies to the plan account
noted.

Once
your account is ‘compliant’ you can use the form on the dividend reinvestment
statement or complete Parts A and D of this form to make future optional cash
payments.

Part A – Account Information

Enter
the ACCOUNT NUMBER, COMPANY NAME (PLAN SPONSOR/ISSUER OF SECURITIES) and
ACCOUNT HOLDER’S ADDRESS in the space provided. The account number can be found
on a dividend reinvestment statement or dividend cheque. 

Part B – Participant Declaration

The
Act requires CIBC Mellon to validate the identity of account holders or their
representatives.  The only viable way to
do that under the Act is to obtain a personal cheque payable to CIBC Mellon
drawn on an acceptable institution (see below), from
all account holders or, if they are minors or corporate or other entities,
their parent(s), legal guardian(s) or authorized signatories.  An acceptable institution
is a Canadian financial institution or a foreign bank authorized in Canada
under The Bank Act (Canada).

·    If the account is in the name of an individual who is a non-minor (12
and over) the account holder must provide his or her NAME, DATE OF
BIRTH and PRINCIPAL BUSINESS OR OCCUPATION. The account holder must also,
provide a personal cheque and sign and date the form.

·    If the account is in the name of an individual who is a minor (under
12) his/her parent or legal guardian must provide the NAME of the
account holder.  The parent or legal
guardian must provide their NAME and DATE OF BIRTH.  Under PRINCIPAL BUSINESS OR OCCUPATION
indicate “minor child” or “student” and check the box indicating that the
account holder is a minor. Each parent or legal guardian must also provide a
personal cheque drawn on his/her own account, and sign and date the form.

·    If the account is in more than one name each account holder
must provide their NAME, DATE OF BIRTH and PRINCIPAL BUSINESS OR OCCUPATION.
Each individual must also provide a personal cheque unless both the plan and
bank accounts are joint accounts in the same names.  Each account holder must also sign this form.
This form provides for two account holders. If the plan is in the name of 3 or
more account holders, please photocopy this form to provide for the additional
holders.

·    If the account is in the name of a corporation, partnership, trust or
other entity all individuals authorized by the corporation,
partnership, trust or other entity to have signing authority over the account
and give instructions with respect of the account must provide their NAME and DATE
OF BIRTH.  They need not provide their
PRINCIPAL BUSINESS OR OCCUPATION. Each authorized individual (up to a maximum
of three) must provide a personal cheque payable to CIBC Mellon Trust Company
for one dollar. Please note that the dollar is non-refundable.  Each authorized individual must also sign the
form. This form provides for two authorized officers. If there are more than
two, please photocopy this form to provide for the additional authorized
officers.

A corporation must provide (i) a copy of corporate
authority to operate the account (e.g. excerpts from articles, by-laws or board
resolutions); and (ii) either a
certificate of corporate status and list of directors or
any other record that confirms its existence and includes a list of its directors
(e.g. a filing under securities laws).

A partnership, trust or other entity must
provide (i) description of its principal business or occupation; and (ii) a
copy of a partnership agreement, articles of association or other document that
evidences the entity’s existence.

A corporation, partnership, trust or other
entity must provide a certificate of incumbency with specimen signatures for
authorized individuals. 

Part C – Third Party Verification

To
meet the third-party verification requirements under the Act you must complete
this section if it applies to your situation unless the named account holder is
a financial entity as defined in the Act or a Canadian securities dealer.
Provide the information required in relation to any third parties who may have an
interest in the account.  A third party
may include, without limitation, a spouse, relative, friend, business partner,
employee or trust beneficiary.

Part D - Contribution

If
you wish to make an optional cash purchase with this form, please send your payment
to CIBC Mellon Trust Company with this form. No third
party cheques, bank drafts, money orders or wire transfers will be accepted
unless we have received personal cheques drawn on an acceptable institution
from all those required to provide them as outlined above. Please
write the account number and company number (plan sponsor/ issuer of
securities) on your personal cheque.

Privacy Notice

At
CIBC Mellon, an integral part of our commitment to service excellence is our
commitment to the privacy of personal information entrusted to us.  In the course of providing trustee services
to you and to our corporate clients, CIBC Mellon may collect personal
information which includes name, address, telephone number and other contact
information, occupation, social insurance number or other tax identification
number, financial information concerning investments of the individual and
other information we may collect with consent or as permitted or required by
law.  CIBC Mellon will collect, use and
disclose personal information (including the personal information you have
given us on this form) to process your request, to administer your account and
for other lawful purposes relating to our services – our Privacy Statement
tells you more about this, and about our privacy commitment.  All personal information is collected, used
and disclosed by us in accordance with our Privacy Statement.  It is available on our website at
http://www.cibcmellon.com, or by writing us at: CIBC Mellon Privacy Officer,
P.O. Box 1, 320 Bay Street, Toronto, Ontario M5H 4A6. Your signature on this
form is your consent to the above. 

	
  Please return completed form to:

  	
   

  	
  CIBC Mellon Trust Company 

  Dividend Reinvestment 

  P.O. Box 7010 

  Adelaide Street Postal Station 

  Toronto, ON, M5C 2W9

  
	
  If you
  have any questions please feel free to call our AnswerLine at: Or contact us
  using our secure online form:

  	
   

  	
  416-643-5500 OR 1-800-387-0825
  https://www.cibcmellon.com/investorinquiryEXHIBIT
10.1

EXECUTION COPY

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
dated as of June 12, 2007 by and among U-STORE-IT, L.P. (the “Borrower”),
U-STORE-IT TRUST (the “Parent”), each of the Lenders party hereto, and WACHOVIA
BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

WHEREAS, the Borrower, the Parent, the Lenders, the
Agent and certain other parties have entered into that certain Credit Agreement
dated as of November 21, 2006 (as amended and in effect immediately prior
to the date hereof, the “Credit Agreement”); and

WHEREAS, the Borrower, the Parent, the Lenders, and
the Agent desire to amend certain provisions of the Credit Agreement on the
terms and conditions contained herein.

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

Section 1. 
Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit
Agreement is amended as follows:

(a)                                  The
Credit Agreement is amended by adding the following definitions of “Agent’s
Correspondent”, “Alternate Currency”, “Alternate Currency Commitment”, “Alternate
Currency Equivalent”, “Alternate Currency Lender”, “Alternate Currency Loan”, “Alternate
Currency Note”, “Currency”, “Dollar Equivalent”, “Lower Occupancy Property”, “Mandatory
Cost” “Notice of Alternate Currency Borrowing” and “Refunding Event” in the
appropriate alphabetical location in Section 1.1 thereof:

“Agent’s Correspondent” means Wachovia Bank, National
Association, London Branch, or any other financial institution designated by
the Agent to act as its correspondent hereunder with respect to the
distribution and payment of Alternate Currency Loans.

“Alternate Currency” means Pound Sterling, so long as
(i) such Currency is freely transferable and convertible into Dollars and
(ii) no central bank or other governmental authorization in the country of
issue of such Currency is required to permit use of such Currency by any Lender
for making any Loan and/or to permit the Borrower to borrow and repay the
principal thereof and to pay the interest thereon (unless such authorization
has been obtained and is in full force and effect).

“Alternate Currency Commitment” means the obligation of the
Alternate Currency Lender to make Alternate Currency Loans pursuant to Section 2.18
in an amount up to, but not exceeding, the Alternate Currency Equivalent of $15,000,000,
as such amount may be reduced in accordance with the terms of this Agreement.

“Alternate Currency Equivalent” means, with respect to any
amount in Dollars, the amount of Alternate Currency that could be purchased
with such amount of Dollars using the reciprocal of the foreign exchange
rate(s) specified in the definition of the term “Dollar Equivalent”, as
determined by the Agent or the Agent’s Correspondent.

“Alternate Currency Lender” means Wachovia Bank, National
Association, in its capacity as alternate currency lender hereunder.

“Alternate Currency Loan” means a LIBOR Loan made by the
Alternate Currency Lender denominated in the Alternate Currency.

“Alternate Currency Note” means the promissory note of the
Borrower payable to the order of the Alternate Currency Lender substantially in
the form of Exhibit Q.

“Currency” means Dollars or the Alternate Currency.

“Dollar Equivalent” means with respect to any monetary amount
in the Alternate Currency, at any time for the determination thereof, the
amount of Dollars obtained by converting the Alternate Currency involved in
such computation into Dollars calculated on the basis of the most favorable
spot exchange rate determined by the Agent or the Agent’s Correspondent for the
purchase of Dollars with the Alternate Currency at the relevant time on the
date of determination thereof specified herein or, if the date of determination
thereof is not otherwise specified herein, on the date two Business Days prior
to such determination.

“Lower Occupancy Property” means a
Storage Property that (a) either (i) has been owned for more than six quarters
or (ii) which originally was a Development Property and (b) has an Occupancy
Rate of at least 50% but less than 70%.

“Mandatory Cost” means the cost to the Alternate Currency
Lender of complying with all reserve, special deposit, capital adequacy,
solvency, liquidity ratios, fees or other requirements of or imposed by any
Governmental Authority attributable to each Alternate Currency Loan or any
unpaid sum (rounded up if necessary to 4 decimal places) as determined by the
Alternate Currency Lender.

 2
 

“Notice of Alternate Currency Borrowing” means a notice
substantially in the form of Exhibit R to be delivered to the Agent
pursuant to Section 2.18(b) evidencing the Borrower’s request for an
Alternate Currency Loan.

“Refunding Event” means (a) the occurrence of a Default
or Event of Default or (b) the suspension of the obligation of the
Alternate Currency Lender to make or Continue Alternate Currency Loans pursuant
to Section 2.18(p), 5.1(b) or 5.3.

(b)                                 The
Credit Agreement is amended by restating in full the definitions of “Adjusted
Asset Value”, “Business Day”, “Capitalization Rate”, “Consolidated Adjusted
Asset Value”, “Development Property”, “Eligible Property”, “Interest Period”, “Lender”,
“LIBOR”, “LIBOR Loan”, “Loan”, “Note”, “Requisite Lenders”, “Revolving
Commitment”, “Stabilized Storage Property” and “Unencumbered Property Pool
Value” contained in Section 1.1 thereof as follows:

“Adjusted Asset Value” means, with
respect to any Stabilized Storage Property or Lower Occupancy Property owned in
fee simple or leased by the Borrower or any of its Subsidiaries and on any date
of determination, an amount equal to (a) the Net Operating Income of such
Stabilized Storage Property or Lower Occupancy Property for the 2 full fiscal
quarters of the Parent most recently ended for which financial statements are
available multiplied by (b) 2 and divided by (c) the applicable
Capitalization Rate.

“Business Day” means (a) any day other
than a Saturday, Sunday or other day on which banks in Charlotte, North
Carolina are authorized or required to close and (b) with reference to a LIBOR
Loan or LIBOR Margin Loan (i) any such day that is also a day on which dealings in deposits of the
applicable Currency are carried out in the London interbank market and
(ii) in the case of an Alternate Currency Loan, such days is also a day on
which banks are open for the conduct of their domestic and international
business in the place where the Agent or the Agent’s Correspondent shall make
available Loans in such Currency.

“Capitalization Rate” means (a) 8.00%
with respect to any Stabilized Storage Property and (b) 10.00% with
respect to any Lower Occupancy Property.

“Consolidated Adjusted Asset Value”
means, on any date of determination, the sum (without duplication) of
(a) the aggregate Adjusted Asset Value of all Stabilized Storage
Properties and Lower Occupancy Properties of the Borrower and its Subsidiaries
on such date plus (b) the undepreciated book value (determined in
accordance with GAAP) of all Development Properties plus (c) an
amount equal to the Acquisition Price of all Properties owned in fee simple or
leased by a Loan Party for less than 6 full fiscal quarters ended prior to such
date of determination plus (d) the book value (determined in accordance with
GAAP) of all other tangible assets of the Parent and its Subsidiaries on such
date, provided that, (x) the portion of the Consolidated Adjusted
Asset Value attributable to clause (d) above shall not exceed 5.0% of the Consolidated
Adjusted Asset Value, (y) the portion of the Consolidated Adjusted Asset
Value 

 3
 

attributable
to Development Properties shall not exceed 15% of the Consolidated Adjusted
Asset Value and any excess of such amounts shall be excluded when determining
the Consolidated Adjusted Asset Value and (z) the portion of the Consolidated
Adjusted Asset Value attributable to Lower Occupancy Properties shall not
exceed 15% of the Consolidated Adjusted Asset Value and any excess of such
amounts shall be excluded when determining the Consolidated Adjusted Asset
Value.  The Borrower’s pro rata share of
assets held by Unconsolidated Affiliates will be included in Consolidated
Adjusted Asset Value calculations consistent with the above described treatment
for wholly owned assets.

“Development Property” means a Property
currently under development as a Storage Property that does not have an Occupancy
Rate of 50% or more or, subject to the last sentence of this definition, on
which the improvements (other than tenant improvements on unoccupied space) related
to the development have not been completed. 
A Development Property on which all improvements (other than tenant
improvements on unoccupied space) related to the development of such Property
have been completed for at least 36 months shall cease to constitute a
Development Property notwithstanding the fact that such Property does not have
an Occupancy Rate of at least 50%.

“Eligible Property” means a Property
which satisfies all of the following requirements:  (a) such Property is owned, or leased under
a Ground Lease, by the Borrower or a Subsidiary that is a Guarantor;
(b) such Property is (i) a Stabilized Storage Property, (ii) a
Development Property or (iii) a Lower Occupancy Property; (c) such
Property is located in one of the 48 contiguous states of the United States of
America or in the District of Columbia; (d) neither such Property, nor any
interest of the Borrower or any Subsidiary thereof therein, is subject to any
Lien (other than Permitted Liens described in clauses (a) through (e) of the
definition thereof) or any Negative Pledge; (e) if such Property is owned
by a Subsidiary that is a Guarantor, (i) none of the Borrower’s or the
Parent’s direct or indirect ownership interest in such Subsidiary is subject to
any Lien (other than Permitted Liens described in clauses (a) through (e) of
the definition thereof) or any Negative Pledge and (ii) the Borrower
directly, or indirectly through a Subsidiary, has the right to take the
following actions without the need to obtain the consent of any Person:  (A) to create Liens on such Property as
security for Indebtedness of the Parent, the Borrower or such Subsidiary, and
(B) to sell, transfer or otherwise dispose of such Property; and
(f) such Property is free of all structural defects or major architectural
deficiencies, title defects, environmental conditions or other adverse matters
except for defects, deficiencies, conditions or other matters individually or
collectively which are not material to the profitable operation of such
Property.

 4
 

“Interest Period” means:

(a)                                  with respect to any LIBOR Loan, each period
commencing on the date such LIBOR Loan is made, or in the case of the
Continuation of a LIBOR Loan the last day of the preceding Interest Period for
such Loan, and ending 1, 2, 3 or 6 months thereafter, as the Borrower may
select in a Notice of Borrowing, Notice of Alternate Currency Borrowing, Notice
of Continuation or Notice of Conversion, as the case may be, except that each
Interest Period that commences on the last Business Day of a calendar month, or
on a day for which there is no corresponding day in the appropriate subsequent
calendar month, shall end on the last Business Day of the appropriate
subsequent calendar month.

(b)                                 with
respect to any Bid Rate Loan, the period commencing on the date such Bid Rate
Loan is made and ending on any Business Day not less than 7 nor more than 180
days thereafter, as the Borrower may select as provided in Section 2.3(b).

Notwithstanding
the foregoing:  (i) if any Interest
Period would otherwise end after the Termination Date, such Interest Period
shall end on the Termination Date; and (ii) each Interest Period that
would otherwise end on a day which is not a Business Day shall end on the
immediately following Business Day (or, if such immediately following Business
Day falls in the next calendar month, on the immediately preceding Business
Day).

“Lender” means each financial
institution from time to time party hereto as a “Lender” or a “Designated
Lender,” together with its respective successors and permitted assigns, and as
the context requires, includes the Swingline Lender and the Alternate Currency
Lender; provided, however, that the term “Lender” shall exclude each Designated
Lender when used in reference to any Loan other than a Bid Rate Loan, the Commitments
or terms relating to any Loan other than a Bid Rate Loan and shall further
exclude each Designated Lender for all other purposes under the Loan Documents
except that any Designated Lender which funds a Bid Rate Loan shall, subject to
Section 13.5(h), have the rights (including the rights given to a Lender
contained in Sections 13.2 and 13.9) and obligations of a Lender
associated with holding such Bid Rate Loan.

“LIBOR” means, for any LIBOR Loan or any LIBOR Margin Loan
for any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any
successor page) as the London interbank offered rate for deposits in the
Currency in which such Loan is denominated at approximately 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest Period
for a term comparable to such Interest Period. 
If for any reason such rate is not available, the term “LIBOR” shall
mean, for any LIBOR Loan or LIBOR Margin Loan for any Interest Period therefor,
the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
appearing on the Reuters Screen LIBO Page as the London interbank 

 5
 

offered rate for deposits
in the Currency in which such Loan is denominated at approximately 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest Period
for a term comparable to such Interest Period; provided, however, if more than
one rate is specified on the Reuters Screen LIBO Page, the applicable rate
shall be the arithmetic mean of all such rates. 
If for any reason none of the foregoing rates is available, LIBOR shall
be, for any Interest Period and any Currency, the rate per annum reasonably
determined by the Agent as the rate of interest at which deposits in such
Currency in the approximate amount of the LIBOR Loan comprising part of such
borrowing, LIBOR Margin Loan or Alternate Currency Loan would be offered by the
Agent (or the Agent’s Correspondent) to major banks in the London interbank market
at their request at or about 11:00 a.m. (London time) two Business Days prior
to the first day of such Interest Period for a term comparable to such Interest
Period.

“LIBOR Loan” means a Revolving Loan, a Term
Loan or an Alternate Currency Loan
bearing interest at a rate based on LIBOR.

“Loan” means a Revolving Loan, a
Term Loan, a Bid Rate Loan, a
Swingline Loan, or an Alternate Currency Loan.

“Note” means a Revolving Note, a
Term Note, a Bid Rate Note, a
Swingline Note or an Alternate Currency Note.

“Requisite Lenders” means, as of any
date, Lenders having at least 66-2/3% of the aggregate amount of the
Commitments (not held by Defaulting Lenders who are not entitled to vote), or,
if all of the Commitments have been terminated or reduced to zero, Lenders
holding at least 66-2/3% of the principal amount of the aggregate
outstanding Loans and Letter of Credit Liabilities (not held by Defaulting
Lenders who are not entitled to vote). 
Commitments, Loans and Letter of Credit Liabilities held by Defaulting Lenders
shall be disregarded when determining the Requisite Lenders.  For purposes of this definition, a Lender
(other than the Swingline Lender and the Alternate Currency Lender) shall be
deemed to hold a Swingline Loan, an Alternate Currency Loan or a Letter of
Credit Liability to the extent such Lender has acquired a participation therein
under the terms of this Agreement and has not failed to perform its obligations
in respect of such participation.

“Revolving Commitment” means, as to each Lender (other than
the Swingline Lender and the Alternate Currency Lender), such Lender’s
obligation (a) to make Revolving Loans pursuant to Section 2.1,
(b) to issue (in the case of the Lender then acting as the Agent) or
participate in (in the case of the other Lenders) Letters of Credit pursuant to
Section 2.5(a) and 2.5(i), respectively (but in the case of the Lender
acting as the Agent excluding the aggregate amount of participations in the
Letters of Credit held by the other Lenders), (c) to participate in
Swingline Loans pursuant to Section 2.4(e), and (d) to participate in
Alternate 

 6
 

Currency Loans pursuant
to Section 2.18(d), in each case, in an amount up to, but not exceeding,
the amount set forth for such Lender on its signature page hereto as such
Lender’s “Revolving Commitment Amount” or as set forth in the applicable
Assignment and Acceptance Agreement, as the same may be reduced from time to
time pursuant to Section 2.13 or as appropriate to reflect any assignments
to or by such Lender effected in accordance with Section 13.5.

“Stabilized Storage Property” means a
Storage Property that (a) has been owned for more than six quarters and (b) has
an Occupancy Rate of at least 70%.

“Unencumbered Property Pool Value”
means, with respect to each Unencumbered Pool Property, on any date of
determination (a) if such Property has been owned in fee simple or leased
by a Loan Party for more than 6 full fiscal quarters ended prior to such date
of determination and financial statements are available for such period, an amount
equal to (i) the Net Operating Income of such Property for the 2 full
fiscal quarters of the Borrower most recently ended for which financial
statements are available multiplied by (ii) 2 divided by
(iii) the applicable Capitalization Rate, (b) if such Property is a
Development Property, the book value of such Property determined in accordance
with GAAP, and (c) otherwise, the Acquisition Price of such Property.  Notwithstanding the foregoing, (A) to the
extent that the Unencumbered Property Pool Value attributable to Properties
subject to a Ground Lease would exceed 15% of the Unencumbered Property Pool
Value, such excess shall be excluded from the Unencumbered Property Pool Value,
(B) to the extent that the Unencumbered Property Pool Value attributable to
Development Properties would exceed 10% of the Unencumbered Property Pool
Value, such excess shall be excluded from the Unencumbered Property Pool Value
and (C) to the extent that the Unencumbered Property Pool Value attributable to
Lower Occupancy Properties would exceed 15% of the Unencumbered Property Pool
Value, such excess shall be excluded from the Unencumbered Property Pool Value.

(c)                                  The
Credit Agreement is amended by adding to the end of Article II the following
new Section:

Section
2.18.  Alternate Currency Loans.

(a)                                  Alternate
Currency Loans.  Subject to the terms
and conditions hereof, during the period from the Effective Date to but
excluding the Termination Date, the Alternate Currency Lender agrees to make
Alternate Currency Loans in the Alternate Currency to the Borrower in an
aggregate principal amount at any one time outstanding up to, but not
exceeding, the amount of the Alternate Currency Commitment.  Subject to the terms and conditions of this Agreement,
the Borrower may borrow, repay and reborrow Alternate 

 7
 

Currency Loans
hereunder.  The Alternate Currency Loans
shall, in addition to this Agreement, be evidenced by the Alternate Currency
Note.

(b)                                 Procedure
for Borrowing Alternate Currency Loans. 
The Borrower shall give the Agent and the Alternate Currency Lender
notice pursuant to a Notice of Alternate Currency Borrowing or telephonic
notice of each borrowing of Alternate Currency Loans.  Each Notice of Alternate Currency Borrowing
shall be delivered to the Agent no later than 10:00 a.m. on the date four
Business Days prior to the proposed date of such borrowing.  Any such notice given telephonically shall
include all information to be specified in a written Notice of Alternate
Currency Borrowing and shall be promptly confirmed in writing by the Borrower
pursuant to a Notice of Alternate Currency Borrowing sent to the Agent by
telecopy on the same day of the giving of such telephonic notice.  Not later than 11:00 a.m. (the local time of
the Agent’s Correspondent) on the date of the requested Alternate Currency Loan
and subject to satisfaction of the applicable conditions set forth in
Article VI and in any other Loan Document for such borrowing, the
Alternate Currency Lender will make available to the Agent for the account of
the Borrower at the office of the Agent’s Correspondent the proceeds of such
Alternate Currency Loan in immediately available funds and in the Alternate
Currency.

(c)                                  Refunding
of Alternate Currency Loans.  Upon
the occurrence of a Refunding Event, the Alternate Currency Lender may, on
behalf of the Borrower (which hereby irrevocably directs the Alternate Currency
Lender to act on its behalf), request a borrowing of Base Rate Loans from the
Lenders in an amount equal to the Dollar Equivalent of any Alternate Currency
Loan at such time.  The limitations of
Section 3.5(a) shall not apply to any borrowing of Base Rate Loans made
pursuant to this subsection.  The
Alternate Currency Lender shall give notice to the Agent (which shall promptly
notify each Lender) of any such borrowing of Base Rate Loans not later than
12:00 noon on the proposed date of such borrowing.  No later than 3:00 p.m. on such date,
each Lender will make available to the Agent at the Principal Office for the
account of the Alternate Currency Lender, in immediately available funds, the
proceeds of the Base Rate Loan to be made by such Lender and, to the extent of
such Base Rate Loan, such Lender’s participation in the Alternate Currency Loan
so refunded shall be deemed to be funded by such Base Rate Loan.  The Agent shall pay the proceeds of such Base
Rate Loans to the Alternate Currency Lender, which shall apply such proceeds to
repay such Alternate Currency Loan.  The
Borrower shall pay to the Alternate Currency Lender on demand the amount of
such Alternate Currency Loans to the extent amounts received from the Lenders
are not sufficient to refund in full the outstanding Alternate Currency Loans
requested or required to be refunded upon the occurrence of a Refunding Event.

(d)                                 Lenders’
Participations in Alternate Currency Loans. 
At the time each Alternate Currency Loan is made, each Lender shall
automatically (and 

 8
 

without any further
notice or action) be deemed to have purchased from the Alternate Currency
Lender, without recourse or warranty, an undivided interest and participation
to the extent of such Lender’s Commitment Percentage in such Alternate Currency
Loan.  If the Lenders are prohibited from
making Loans required to be made under the immediately preceding
subsection (c) or under Section 2.18(h) for any reason, including
without limitation, the occurrence of any Default or Event of Default described
in Section 11.1(f) or 11.1(g), upon notice from the Agent or the Alternate
Currency Lender, each Lender severally agrees to pay to the Agent in Dollars
for the account of the Alternate Currency Lender in respect of such
participation the amount of such Lender’s Commitment Percentage of the Dollar
Equivalent of each outstanding Alternate Currency Loan.  If such amount is not in fact made available
to the Agent for the benefit of the Alternate Currency Lender by any Lender,
the Alternate Currency Lender shall be entitled to recover such amount on
demand from such Lender, together with accrued interest thereon for each day
from the date of demand thereof, at the Federal Funds Rate.  If such Lender does not pay such amount
forthwith upon the Alternate Currency Lender’s demand therefor, and until such
time as such Lender makes the required payment, the Alternate Currency Lender
shall be deemed to continue to have outstanding Alternate Currency Loans in the
amount of such unpaid participation obligation for all purposes of the Loan
Documents (other than those provisions requiring the other Lenders to purchase
a participation therein).  Further, such
Lender shall be deemed to have assigned any and all payments made of principal
and interest on its Loans, and any other amounts due such Lender hereunder, to
the Alternate Currency Lender to fund Alternate Currency Loans in the amount of
the participation in Alternate Currency Loans that such Lender failed to fund
pursuant to this Section until such amount has been fully funded (as a result
of such assignment or otherwise).  A
Lender’s obligation to make payments in respect of a participation in an
Alternate Currency Loan shall be absolute and unconditional and shall not be
affected by any circumstance whatsoever, including without limitation,
(i) any claim of setoff, counterclaim, recoupment, defense or other right
which such Lender or any other Person may have or claim against the Agent, the
Alternate Currency Lender or any other Person whatsoever, (ii) the
occurrence or continuation of a Default or Event of Default (including without
limitation, any of the Defaults or Events of Default described in Section 11.1(f)
or 11.1(g)) or the termination of any Lender’s Commitment, (iii) the
existence (or alleged existence) of an event or condition which has had or
could have a Material Adverse Effect, (iv) any breach of any Loan Document
by the Agent, any Lender or the Borrower or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

(e)                                Currencies;
Currency Equivalents.  At any time,
any reference in the definition of the term “Alternate Currency” or in any
other provision of this Agreement to the Currency of any particular nation
means the lawful currency of 

 9
 

such nation at such time
whether or not the name of such Currency is the same as it was on the date
hereof.

(f)                                    Rates.  Notwithstanding
anything to the contrary contained in Section 2.6(a)(ii), the Borrower
promises to pay to the Agent for the account of the Alternate Currency Lender
interest on the unpaid principal amount of each Alternate Currency Loan made by
such Lender for the period from and including the date of the making of such
Loan to but excluding the date such Loan shall be paid in full, at LIBOR for
such Loan for the applicable Interest Periods therefor plus the Applicable
Margin (plus Mandatory Costs, if applicable).

(g)                                 Optional Prepayments. 
Notwithstanding anything to the contrary contained in Section 2.9(a),
the Borrower shall give the Agent at least 3 Business Days’ prior notice
of the prepayment of any Alternate Currency Loan.

(h)                                 Mandatory Prepayments.

(i)                                     Notwithstanding anything to the contrary contained
in Section 2.9(b), if on the first Business Day of a calendar month
or on any other date deemed necessary by the Agent in its discretion, either:
(x) the Dollar Equivalent at such time of the outstanding Alternate
Currency Loans exceeds the amount of the Alternate Currency Commitment in
effect at such time, or (y) the aggregate principal amount, based on the Dollar
Equivalent at such time of all outstanding Alternate Currency Loans and of all
outstanding Revolving Loans, together with the aggregate amount of all Letter
of Credit Liabilities and the aggregate principal amount of all outstanding
Swingline Loans, exceeds the aggregate amount of the Commitments in effect at
such time, in either case, solely because of currency fluctuations, then the Alternate
Currency Lender may (in the case of clause (x)) or the Agent may (in the
case of clause (y)), on behalf of the Borrower (which hereby irrevocably
directs the Alternate Currency Lender or the Agent, as the case may be, to act
on its behalf), request a borrowing of Base Rate Loans from the Lenders in an
amount equal to such excess.  The
limitations of Section 3.5(a) shall not apply to any borrowing of Base
Rate Loans made pursuant to this subsection. 
The Alternate Currency Lender shall give notice to the Agent, if
applicable, and the Agent shall in any event promptly notify each Lender, of
any such borrowing of Base Rate Loans not later than 12:00 noon on the proposed
date of such borrowing.  No later than
3:00 p.m. on such date, each Lender will make available to the Agent at
the Principal Office, in immediately available funds, the proceeds of the Base
Rate Loan to be made by such Lender.  In
the case of clause (x), the Agent shall pay the proceeds of such Base Rate
Loans to the Alternate Currency Lender, which shall apply such proceeds to
repay the outstanding principal balance of Alternate Currency Loans in such
manner as the Alternate Currency Lender may reasonably determine 

 10
 

and in the case of
clause (y), such proceeds shall be applied to pay all amounts of principal
outstanding on the Loans and any Reimbursement Obligations in accordance with
Sections 2.18(m) and 3.2 and if any Letters of Credit are outstanding at
such time the remainder, if any, shall be deposited into the Collateral Account
for application as provided in Section 11.5.

(ii)                                  Notwithstanding
anything to the contrary contained in Section 2.9(b), if at any time the
aggregate principal amount, based on the Dollar Equivalent at such time of all
outstanding Alternate Currency Loans, and of all outstanding Revolving Loans,
together with the aggregate amount of all Letter of Credit Liabilities and the
aggregate principal amount of all outstanding Swingline Loans, exceeds the
aggregate amount of the Commitments in effect at such time (other than as a
result of currency fluctuations), the Borrower shall immediately upon demand
from the Agent pay to the Agent for the accounts of the Lenders the amount of
such excess.  Such payment shall be
applied to pay all amounts of principal outstanding on the Loans and any
Reimbursement Obligations in accordance with Sections 2.18(m) and 3.2 and
if any Letters of Credit are outstanding at such time the remainder, if any,
shall be deposited into the Collateral Account for application as provided in
Section 11.5.

(iii)                               If
any outstanding LIBOR Loans are paid by reason of this subsection (h)
prior to the end of the applicable Interest Period therefor, the Borrower shall
pay all amounts due under Section 5.4.

(i)                                     Voluntary Reductions of the Revolving
Commitments.  For purposes of Section 2.13, the use of the
Revolving Commitments shall be deemed to include the Dollar Equivalent
at such time of the aggregate principal amount of all outstanding Alternate
Currency Loans.

(j)                                     Amount Limitations.  Notwithstanding
anything to the contrary contained in
Section 2.16, any other term of this Agreement or any other Loan Document, no Lender shall be required to make
a Loan and no reduction of the
Revolving Commitments pursuant to Section 2.13 shall take effect, if
immediately after the making of such Loan or such reduction in the Revolving
Commitments (i) the Dollar Equivalent at such time of the aggregate
principal amount of all outstanding Alternate Currency Loans would exceed the
Alternate Currency Commitment or (ii) the aggregate principal amount of
all outstanding Revolving Loans made by such Lender, together with the
aggregate principal amount of all outstanding Swingline Loans, the Dollar
Equivalent at such time of the aggregate principal amount of all outstanding
Alternate Currency Loans and the aggregate amount of all Letter of Credit
Liabilities, in each case in which and to the extent 

 11
 

such Lender has acquired
a participation hereunder, would exceed the aggregate amount of such Lender’s
Commitment at such time.

(k)                                  Payments.  Notwithstanding anything to
the contrary contained in Section 3.1 or any other provision of this Agreement,
the Borrower shall make each payment of principal of, and interest on,
Alternate Currency Loans in the Alternate Currency, in immediately available
funds, without deduction, set-off or counterclaim, to the Agent’s
Correspondent for the account of the Alternate Currency Lender, not later than
11:00 a.m. (the local time of the Agent’s Correspondent) on the date on which
such payment shall become due.

(l)                                     Pro Rata Treatment. 
Notwithstanding anything to the contrary contained in Section 3.2
or any other provision of this Agreement, the Lenders’ participation in,
and payment obligations in respect of, Alternate Currency Loans under
Section 2.18(d), shall be pro rata in accordance with their respective
Revolving Commitments.  All payments of
principal, interest, fees and other amounts in respect of Alternate Currency
Loans shall be for the account of the Alternate Currency Lender only (except
for Fees payable under Section 2.18(aa) and except to the extent any
Lender shall have acquired and funded a participating interest in any such
Alternate Currency Loan pursuant to Section 2.18(d), in which case such
payments shall be pro rata in accordance with such participating interests).

(m)                               Minimum Amounts.  For
purposes of Section 3.5, each borrowing, Conversion and Continuation of
Alternate Currency Loans shall be in an aggregate minimum amount of £250,000
and integral multiples of £125,000 in excess of that amount.  Each voluntary repayment of Alternate
Currency Loans shall be in an aggregate minimum amount of £250,000 and integral
multiples of £125,000 in excess thereof (or, if less, the aggregate principal
amount of Alternate Currency Loans then outstanding).

(n)                                 Computations.  Notwithstanding
anything to the contrary contained in Section 3.7 or any other provision
of this Agreement, interest on Alternate Currency Loans shall be
computed on the basis of a year of 365 or 366 days, as applicable, and the actual
number of days elapsed.

(o)                                 Additional Costs; Capital Adequacy.  Notwithstanding
anything to the contrary contained in Section 5.1(b), if the Alternate
Currency Lender shall suspend its obligation to make or Continue Alternate
Currency Loans pursuant to Section 5.1(b), then the provisions of
Section 2.18(c) (and not Section 5.6) shall apply with respect to
Alternate Currency Loans until the applicable Regulatory Change ceases to be in
effect.

(p)                                 Suspension of LIBOR Loans.  In
addition to the events contained in Section 5.2 if, on or prior to the
determination of Adjusted LIBOR for any 

 12
 

Interest
Period for any Alternate Currency Loan (i) a fundamental change has
occurred in the foreign exchange or interbank markets with respect to the
Alternate Currency (including, without limitation, changes in national or
international financial, political or economic conditions or currency exchange
rates or exchange controls) or (ii) the Agent or the Agent’s Correspondent has
reasonably determined that it has become materially impractical for the
Alternate Currency Lender to make Alternate Currency Loans, then the Agent
shall give the Borrower and each Lender prompt notice thereof, and so long as
such condition remains in effect, the Alternate Currency Lender shall be under
no obligation to, and shall not, make any additional Alternate Currency Loans
or Continue any Alternate Currency Loans.

(q)                                 Illegality.  Notwithstanding anything to
the contrary contained in Section 5.3, if the Alternate Currency Lender
suspends its obligation to make Alternate Currency Loans pursuant to
Section 5.3, then the provisions of Section 2.18(c) (and not
Section 5.6) shall apply with respect to Alternate Currency Loans.

(r)                                    Affected Lenders.  The
provisions of Section 5.5 shall not apply to the Alternate Currency Lender.

(s)                                  Treatment of Affected Loans.  The
provisions of Section 5.6 shall not apply to the Alternate Currency Loans.

(t)                                    Exchange Indemnification.  The
Borrower shall, upon demand from the Alternate Currency Lender, pay to the
Alternate Currency Lender, the amount of (i) any loss or cost or increased
cost incurred by the Alternate Currency Lender, (ii) any reduction in any
amount payable to or in the effective return on the capital to the Alternate
Currency Lender, or (iii) any currency exchange loss, in any such case that the
Alternate Currency Lender sustains as a result of any payment being made by the
Borrower in a Currency other than that originally extended to the Borrower. A
certificate of the Alternate Currency Lender setting forth the basis for
determining such additional amount or amounts necessary to compensate the
Alternate Currency Lender shall be conclusively presumed to be correct absent
manifest error.

(u)                                 Regulatory Limitation.  If
as a result of increases in the value of the Alternate Currency against the
Dollar or for any other reason, the obligation of the Alternate Currency Lender
to make Alternate Currency Loans (taking into account the amount of the
Obligations and all other indebtedness required to be aggregated under 12
U.S.C.A. §84, as amended, the regulations promulgated thereunder and any other
Applicable Law) is determined by the Alternate Currency Lender to exceed its
then applicable legal lending limit under 12 U.S.C.A. §84, as amended, and the
regulations promulgated thereunder, or any other Applicable Law, the amount of
Alternate Currency Commitment shall immediately be reduced to the 

 13
 

maximum amount which the
Alternate Currency Lender may legally advance (as determined by the Alternate
Currency Lender), and, to the extent necessary under such laws and regulations
(as determined by the Alternate Currency Lender, with respect to the
applicability of such laws and regulations to itself), the Borrower shall
reduce, or cause to be reduced, complying to the extent practicable with the
remaining provisions hereof, the Obligations outstanding hereunder by an amount
sufficient to comply with such maximum amounts.

(v)                                 Conditions Precedent to All Loans and Letters
of Credit.  For purposes of Section 6.2, the obligations
of the Alternate Currency Lender to make an Alternate Currency Loan, is subject
to the further condition precedent that the Agent shall have received a
timely Notice of Alternate Currency Borrowing.

(w)                               Remedies Upon Event of Default.  For
purposes of Section 11.2, upon the occurrence of an Event of Default specified
in Section 11.1(f) or 11.1(g), the obligation of the Alternate Currency
Lender to make Alternate Currency Loans and the Alternate Currency Commitment
shall immediately and automatically terminate.

(x)                                   Notices.  For purposes of Section 13.1,
communications to the Alternate Currency Lender shall be in writing and shall
be mailed, telecopied or delivered as follows:

Wachovia Bank, National Association, London Branch

3 Bishopsgate

London 3C2N 3AB

Attention: Ms. Maureen Hart

Telecopy Number:                       +44 (0) 207 929 4645

Telephone Number:                  +44 (0) 207 956 4309

(y)                                 Amendments.  For purposes of Section 13.6,
any amendment, waiver or consent relating to Section 2.18 or the
obligations of the Alternate Currency Lender under this Agreement or any other
Loan Document shall, in addition to the Lenders required therein to take such
action, require the written consent of the Alternate Currency Lender.

(z)                                   Judgment Currency.  The
obligation of the Borrower to make payments to or for the account of the
Alternate Currency Lender of the principal of and interest on Alternate
Currency Loans in the Alternate Currency shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment, which is expressed in
or converted into any other Currency, except to the extent that such tender or
recovery shall result in the actual receipt by the Agent or the Alternate
Currency Lender, as applicable, of the full amount of the particular Currency
expressed to be payable pursuant to the applicable Loan Document. The Agent or
the Alternate Currency Lender, as applicable, shall, using all amounts 

 14
 

obtained or received from
the Borrower pursuant to any such tender or recovery in payment of principal of
and interest on such Obligations, promptly purchase the applicable Currency at
the most favorable spot exchange rate determined by the Agent or the Agent’s
Correspondent, in the case of the Agent, or by the Alternate Currency Lender,
as applicable, to be available to it. The obligation of the Borrower to make
payments to or for the account of the Alternate Currency Lender in respect of
Alternate Currency Loans in the Alternate Currency shall be enforceable as an
alternative or additional cause of action solely for the purpose of recovering
in the Alternate Currency the amount, if any, by which such actual receipt
shall fall short of the full amount of the Currency expressed to be payable
pursuant to the applicable Loan Document. 
Not in limitation of the foregoing but not in duplication of amounts
payable under Section 2.18(t), the Borrower shall indemnify and hold
harmless the Alternate Currency Lender against any loss incurred by the
Alternate Currency Lender as a result of any payment or recovery described in
this Section and as a result of any variation having occurred in rates of
exchange between the date of any such amount becoming due under this Agreement
or any other Loan Document and the date of actual payment thereof, except to
the extent such loss results from the failure of the Agent or the Alternate
Currency Lender to fulfill its obligations under this Section. The foregoing
indemnity shall constitute a separate and independent obligation of the
Borrower and shall continue in full force and effect notwithstanding any such
payment or recovery.

(aa)                            Alternate
Currency Participation Fee.  In
consideration of each Lender’s purchase from the Alternate Currency Lender of a
participation in the Alternate Currency Loans under Section 2.18(d), the
Alternate Currency Lender shall pay to all of the Lenders a fee in Dollars on
the principal balance of the Alternate Currency Loans outstanding from time to
time determined at a per annum rate equal to (i) the Applicable Margin
applicable to such Alternate Currency Loans minus (ii) five-one
hundredths of one-percent (0.05%).  Such
fee shall payable only upon receipt by the Agent for the account of the
Alternate Currency Lender of interest payable by the Borrower in respect of
Alternate Currency Loans under Section 2.18(f) in which case such fee
shall be payable with respect to the period to which such interest payment
relates.

(d)                                 The
Credit Agreement is amended by adding a new “Exhibit Q” in the form of Exhibit Q
attached to this Amendment.

(e)                                  The
Credit Agreement is amended by adding a new “Exhibit R” in the form of Exhibit R
attached to this Amendment.

Section 2.  Conditions
Precedent.  The effectiveness of this
Amendment is subject to receipt by the Agent of each of the following, each in
form and substance satisfactory to the Agent:

 15
 

(a)                                  A
counterpart of this Amendment duly executed by the Borrower, the Parent, and all
of the Lenders;

(b)                                 An
Alternate Currency Note substantially in the form of Exhibit Q attached
hereto, executed by the Borrower (the “Alternate Currency Note”);

(c)                                  An
Acknowledgement substantially in the form of Exhibit A attached hereto,
executed by each Guarantor (the “Guarantor Acknowledgement”);

(d)                                 An
opinion of counsel to the Borrower regarding the enforceability of this
Amendment, the Credit Agreement as amended by this Amendment and the Alternate
Currency Note, and such other matter as the Agent may reasonably request;

(e)                                  Evidence
that all fees due and payable to the Lenders, and all fees and expenses payable
to the Agent, in connection with this Amendment have been paid; and

(f)                                    Such
other documents, instruments and agreements as the Agent may reasonably
request.

Section 3. 
Representations.  Each of the
Parent and the Borrower represents and warrants to the Agent and the Lenders
that:

(a)                                  Authorization.  Each of the Parent and the Borrower, as
applicable, has the right and power, and has taken all necessary action to
authorize it, to execute and deliver this Amendment and the Alternate Currency
Note and to perform its obligations hereunder and under the Credit Agreement,
as amended by this Amendment, and the Alternate Currency Note in accordance
with their respective terms.  Each of this
Amendment and the Alternate Currency Note has been duly executed and delivered
by a duly authorized officer of the Borrower and the Parent, as applicable, and
each of this Amendment, the Alternate Currency Note and the Credit Agreement,
as amended by this Amendment, is a legal, valid and binding obligation of the
Borrower and the Parent, as applicable, enforceable against such Person in
accordance with its respective terms except as (i) the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditors rights generally and (ii) the availability of equitable remedies for
the enforcement of certain obligations (other than the payment of principal)
contained herein or therein and as may be limited by equitable principles
generally.

(b)                                 Compliance
with Laws, etc.  The execution and
delivery by the Borrower and the Parent, as applicable, of this Amendment and
the Alternate Currency Note and the performance by the Borrower and the Parent,
as applicable, of this Amendment, the Alternate Currency Note and the Credit
Agreement, as amended by this Amendment, in accordance with their respective terms,
do not and will not, by the passage of time, the giving of notice or
otherwise:  (i) require any
Government Approvals or violate any Applicable Laws (including all
Environmental Laws) relating to the Parent, the Borrower or any other Loan
Party; (ii) conflict with, result in a breach of or constitute a default
under the organizational documents of the Parent, the 

 16
 

Borrower
or any other Loan Party, or any indenture, agreement or other instrument to
which the Parent, the Borrower or any other Loan Party is a party or by which
it or any of its respective properties may be bound; or (iii) result in or
require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Parent, the Borrower or any
other Loan Party.

(c)                                  No
Default.  No Default or Event of
Default has occurred and is continuing as of the date hereof nor will exist
immediately after giving effect to this Amendment.

Section 4. 
Reaffirmation of Representations by Borrower and Parent.  Each of the Parent and the Borrower hereby
repeats and reaffirms all representations and warranties made by the Parent and
the Borrower to the Agent and the Lenders in the Credit Agreement and the other
Loan Documents to which it is a party on and as of the date hereof with the
same force and effect as if such representations and warranties were set forth
in this Amendment in full.

Section 5. 
Certain References.  Each
reference to the Credit Agreement in any of the Loan Documents shall be deemed
to be a reference to the Credit Agreement as amended by this Amendment.

Section 6. 
Amendment Fee.  The
Borrower agrees to pay to the Agent for the account of each Lender executing
and delivering this Amendment an amendment fee equal to $2,500.

Section 7. 
Expenses.  The Borrower
shall reimburse the Agent upon demand for all costs and expenses (including
reasonable attorneys’ fees) incurred by the Agent in connection with the
preparation, negotiation and execution of this Amendment and the other
agreements and documents executed and delivered in connection herewith.

Section 8. 
Benefits.  This Amendment
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.

Section 9. 
GOVERNING LAW.  THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

Section 10. 
Effect.  Except as
expressly herein amended, the terms and conditions of the Credit Agreement and
the other Loan Documents remain in full force and effect.  The amendments contained herein shall be
deemed to have prospective application only, unless otherwise specifically
stated herein.

Section 11. 
Counterparts.  This
Amendment may be executed in any number of counterparts, each of which shall be
deemed to be an original and shall be binding upon all parties, their
successors and assigns.

Section 12. 
Definitions.  All
capitalized terms not otherwise defined herein are used herein with the
respective definitions given them in the Credit Agreement.

 17
 

Section 13.   Effectiveness.  To the extent that the amendments contained herein would result in a
change to the Applicable Margin, such change shall become effective on the date
of the effectiveness of this Amendment.

[Signatures on Next Page]

 18

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit
Agreement to be executed as of the date first above written.

	
  

  	
  THE BORROWER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  U-STORE-IT, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  U-Store-It Trust, its sole general partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Christopher P. Marr

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Christopher P. Marr

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
    CFO

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE PARENT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  U-STORE-IT TRUST

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Christopher P. Marr

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Christopher P. Marr

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
    CFO

  	
   

  	
   

  
								

 

[Signatures Continued on Next Page]

[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  THE AGENT AND THE LENDERS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  	
   

  
	
   

  	
    individually and as Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Cynthia A. Bean

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Cynthia A. Bean

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
							

 

[Signatures Continued on Next Page]

[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  KEYBANK NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Michael P. Szuba

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Michael P. Szuba

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  BANK OF AMERICA, N.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Michael W. Edwards

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Michael W. Edwards

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Senior Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  SUNTRUST BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Nancy B. Richards

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Nancy B. Richards

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Senior Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Gregory W. Ward

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Gregory W. Ward

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  CHARTER ONE BANK, N.A.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Florentina Djulvezan

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Florentina Djulvezan

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  BMO CAPITAL MARKETS FINANCING, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Virginia Neale

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Virginia Neale

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  PNC BANK, NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    James A. Colella

  	
   

  
	
   

  	
   

  	
  Name:

  	
    James A. Colella

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Senior Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  LASALLE BANK, NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Luke Elsass

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Luke Elsass

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  THE HUNTINGTON NATIONAL BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Ryan J. Terrane

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Ryan J. Terrane

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

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[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  NATIONAL CITY BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Jason D. Phillips

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jason D. Phillips

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

[Signatures Continued on Next Page]

[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  U.S. BANK NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Renee Lewis

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Renee Lewis

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  
						

 

[Signatures Continued on Next Page]

[Signature
Page to First Amendment to Credit Agreement

for U-Store-It, L.P.]

	
  

  	
  FIRSTMERIT BANK, N.A.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    Jonathan M. Isaacs

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Jonathan M. Isaacs

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

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