Document:

Exhibit 10.1

 

SECOND AMENDMENT TO REVOLVING CREDIT
AGREEMENT

 

THIS
SECOND AMENDMENT TO REVOLVING
CREDIT AGREEMENT (this “Amendment”) is made as of the
29th day of September, 2003, by and among NEW PLAN EXCEL REALTY TRUST, INC., a Maryland corporation (the
“Borrower”), the entities executing this Amendment as guarantors (collectively,
the “Guarantors”), each lender a party hereto (each a “Lender” and,
collectively, the “Lenders”), and FLEET
NATIONAL BANK (“Fleet”), as administrative agent (in such capacity, the
“Administrative Agent”).

 

RECITALS.

 

WHEREAS,
Borrower, Administrative Agent and certain of the Lenders entered into that
certain Revolving Credit Agreement, dated as of April 26, 2002, as amended
by that certain First Amendment to Revolving Credit Agreement dated as of
November 6, 2002 between Borrower, Guarantors, Administrative Agent and
certain of the Lenders (as amended, the “Credit Agreement”); and

 

WHEREAS,
the Guarantors executed that certain Guaranty dated as of April 26, 2002
in favor of Administrative Agent and Lenders (the “Guaranty”); and

 

WHEREAS,
Borrower has
requested that Administrative Agent and the Lenders make certain modifications
to the Credit Agreement; and

 

WHEREAS, the
Administrative Agent and the Lenders have agreed to such modifications to the
Credit Agreement subject to the execution and delivery by Borrower and the
Guarantors of this Amendment;

 

NOW,
THEREFORE, for and in consideration of the sum of TEN
and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto do
hereby covenant and agree as follows:

 

1.                                       Definitions.  All terms used herein which are not
otherwise defined herein shall have the meanings set forth in the Credit
Agreement.

 

2.                                       Modification
Fee.  Borrower hereby agrees to pay
to the Administrative Agent for the account of each Lender who delivers an
original executed counterpart of this Amendment to Administrative Agent on or
prior to September 5, 2003 (each such Lender, a “Consenting Lender”) a
non-refundable cash fee (the “Modification Fee”) in an amount equal to
$5,000.00, which Modification Fee shall be fully earned when paid and
non-refundable under any circumstances.

 

3.                                       Modification
of the Credit Agreement.  Borrower, Guarantors,
the Lenders, and Administrative Agent do hereby modify and amend the Credit
Agreement as follows:

 

(a)                                  By
adding the following new §2.20 to the Credit Agreement:

 

“2.20 
Leverage Event.  Upon the
occurrence of a Leverage Event (as defined in Section 8.15), the Loans
shall bear interest on the

 

 

outstanding principal balance thereof at the applicable rate or rates
per annum as set forth in Section 8.15.”

 

(b)                                 By
deleting clause (x) of §8.1 of the Credit Agreement in its entirety, appearing
on page 66 thereof, and inserting in lieu thereof the following new clause (x)
of §8.1:

 

“(x)                             Liens on the interests of
Borrower or any Subsidiary of Borrower in any Joint Venture or in any
Subsidiary of Borrower, provided that the existence of such Liens, and the
Indebtedness secured thereby, does not cause the Borrower to be in violation of
Section 8.15,”

 

(c)                                  By
deleting §8.14 of the Credit Agreement in its entirety, appearing on page 72
thereof, and inserting in lieu thereof the following new §8.14:

 

“8.14                     Minimum Tangible Net Worth.

 

Permit the Tangible Net Worth of the Borrower
and its Subsidiaries on a Consolidated basis at any time to be less than the
sum of (i) $1,278,400,000, plus (ii) 80% of the aggregate net proceeds received
by the Borrower from and after September    , 2003, in
connection with the issuance of any capital stock of the Borrower.”

 

(d)                                 By
deleting §8.15 of the Credit Agreement in its entirety, appearing on page 72
thereof, and inserting in lieu thereof the following new §8.15:

 

“8.15                     Maximum Total Indebtedness.

 

(a)                                  Permit at any time
Consolidated Total Indebtedness to be more than 57.5% of Adjusted Consolidated
Total Assets at such time, or

 

(b)                                 Permit at any time the
portion of the Consolidated Total Indebtedness (which shall exclude
Indebtedness of Joint Ventures that are not Subsidiaries) consisting of
Consolidated secured Indebtedness of Borrower and its Subsidiaries at such time
to exceed 40% of Adjusted Consolidated Total Assets at such time.

 

In the event that the Consolidated Total
Indebtedness shall exceed 55% of the Adjusted Consolidated Total Assets at any
time (a “Leverage Event”), then upon the occurrence and during the continuance
of such Leverage Event, the outstanding principal balance of (a) the LIBOR Rate
Loans shall bear interest at a rate per annum equal to LIBOR for the applicable
Interest Period plus the Applicable Margin plus 0.10%, and (b) the Prime Rate
Loans shall bear interest at a rate per annum equal to the Prime Rate plus the
Applicable Margin plus 0.10%.”

 

(e)                                  By
deleting Paragraph 3 of Exhibit “G” to the Credit Agreement in its entirety and
inserting in lieu thereof the following new Paragraph 3 of Exhibit “G”:

 

2

 

“3.                                 Minimum Tangible
Net Worth.  The Tangible Net Worth
of the Borrower and its Subsidiaries on a Consolidated basis is
$               .  Eighty percent of the aggregate net proceeds
received by the Borrower from and after
September     , 2003 in connection with the issuance
of capital stock of the Borrower is
$           .  Accordingly, Tangible Net Worth exceeds
Minimum Tangible Net Worth, which is
$              .  [Minimum
Tangible Net Worth is the sum of $1,278,400.00 plus 80% of such proceeds.]”

 

(f)                                    By
deleting Paragraphs 4(a) and 4(b) of Exhibit “G” to the Credit Agreement in
their entirety and inserting in lieu thereof the following new Paragraphs 4(a)
and 4(b) of Exhibit “G”:

 

“4.                                 Maximum Total
Indebtedness.

 

(a)                                  Consolidated Total
Indebtedness is
$            and
Adjusted Consolidated Total Assets is
$         .  Accordingly, Consolidated Total Indebtedness
is       % of Adjusted Consolidated Total Assets [Consolidated Total Indebtedness must not be more than
57.5% of Adjusted Consolidated Total Assets at any time].”

 

(b)                                 The portion of Consolidated
Total Indebtedness (which shall exclude Indebtedness of Joint Ventures that are
not Subsidiaries) consisting of secured Indebtedness of the Borrower and its
Subsidiaries is
$              .  Accordingly, such portion of Consolidated
Total Indebtedness consisting of secured Indebtedness of the Borrower and its
Subsidiaries is          % of
Adjusted Consolidated Total Assets.  [Such portion of Consolidated Total Indebtedness
consisting of secured Indebtedness of the Borrower and its Subsidiaries must
not be more than 40% of Adjusted Consolidated Total Assets.]”

 

4.                                       References
to Loan Documents.  All references
in the Loan Documents to the Credit Agreement shall be deemed a reference to
the Credit Agreement as modified and amended herein.

 

5.                                       Consent
of Guarantors.  By execution of this
Amendment, Guarantors hereby expressly consent to the modifications and
amendments relating to the Credit Agreement as set forth herein, and Guarantors
hereby acknowledge, represent and agree that the Guaranty and the other Loan
Documents to which each is a party remain in full force and effect and
constitute the valid and legally binding obligation of Guarantors enforceable
against Guarantors in accordance with their terms except as enforceability is
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors’ rights and
except to the extent that availability of the remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any
proceeding therefor may be brought, that the Guaranty and the other Loan
Documents to which each is a party extend to and apply to the Credit Agreement
as modified and amended, and that the execution and delivery of this Amendment
does not constitute, and shall not be deemed to constitute, a release, waiver
or

 

3

 

satisfaction of Guarantors’
obligations under  the Credit Agreement,
the Guaranty or the other Loan Documents.

 

6.                                       Representations
and Warranties.  Borrower and
Guarantors represent and warrant to the Lenders and Administrative Agent as
follows:

 

(a)                                  Authorization.  The execution, delivery and performance of
this Amendment and the transactions contemplated hereby and thereby (i) are
within the authority of Borrower and the Guarantors, (ii) have been duly
authorized by all necessary proceedings on the part of such Persons, (iii) do
not and will not conflict with or result in any breach or contravention of any
provision of law, statute, rule or regulation to which any of such Persons is
subject or any judgment, order, writ, injunction, license or permit applicable
to such Persons, (iv) do not and will not conflict with or constitute a
default (whether with the passage of time or the giving of notice, or both)
under any provision of the partnership agreement or certificate, certificate of
formation, operating agreement, articles of incorporation or other charter
documents or bylaws of, or any mortgage, indenture, agreement, contract or
other instrument binding upon, any of such Persons or any of its properties or
to which any of such Persons is subject, and (v) do not and will not
result in or require the imposition of any lien or other encumbrance on any of
the properties, assets or rights of such Persons.

 

(b)                                 Enforceability.  This Amendment constitutes the valid and
legally binding obligations of Borrower and Guarantors enforceable in
accordance with the respective terms and provisions hereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium
or other laws relating to or affecting generally the enforcement of creditors’
rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought.

 

(c)                                  Approvals.  The execution, delivery, and performance of
this Amendment and the transactions contemplated hereby do not require the
approval or consent of any Person or the authorization, consent, approval of or
any license or permit issued by, or any filing or registration with, or the
giving of any notice to, any court, department, board, commission or other
governmental agency or authority other than those already obtained.

 

(d)                                 Reaffirmation.  The representations and warranties made in
the Loan Documents by and with respect to Borrower or the Guarantors are true
and correct in all material respects as if such representations and warranties
were made as of the date hereof.

 

7.                                       No
Default.  By execution hereof, each
of the Borrower and Guarantors certify that it is and will be in compliance
with all of its respective covenants under the Loan Documents after the
execution and delivery of this Amendment, and that no Default or Event of
Default has occurred and is continuing.

 

8.                                       Waiver
of Claims.  Borrower and Guarantors
acknowledge, represent, and agree that Borrower and Guarantors have no
defenses, setoffs, claims, counterclaims or causes of action of any kind or nature
whatsoever with respect to the Loan Documents, the administration or funding of
the Loans or any acts or omissions of Administrative Agent or any of the
Lenders,

 

4

 

or any past or present
officers, agents or employees of Administrative Agent or any of the Lenders,
and each of Borrower and Guarantors does hereby expressly waive, release and
relinquish any and all such defenses, setoffs, claims, counterclaims and causes
of action, if any.

 

9.                                       Ratification.  Except as hereinabove set forth, all terms,
covenants, and provisions of the Credit Agreement, the Guaranty and the other
Loan Documents remain unaltered and in full force and effect, and the parties
hereto do hereby expressly ratify and confirm the Credit Agreement as modified
and amended herein.  Nothing in this
Amendment shall be deemed or construed to constitute, and there has not
otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment,
or substitution of the indebtedness evidenced by the Notes or the other
obligations of Borrower and Guarantors under the Loan Documents.

 

10.                                 Amendment
as Loan Document.  This Amendment
shall constitute a Loan Document.

 

11.                                 Effectiveness
of Amendment.  This Amendment shall
be effective upon the execution and delivery hereof by Borrower, Guarantors,
Administrative Agent and the Required Lenders.

 

12.                                 Counterparts.  This Amendment may be executed in any number
of counterparts which shall together constitute but one and the same agreement.

 

13.                                 Miscellaneous.  This Amendment shall be construed and
enforced in accordance with the laws of the State of New York.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective permitted
successors, successors-in-title and assigns as provided in the Credit
Agreement.

 

5

 

IN WITNESS WHEREOF, the parties hereto have hereto set their hands and
affixed their seals as of the day and year first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW PLAN EXCEL REALTY TRUST, INC.,
  a

  Maryland corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW PLAN REALTY TRUST,
  a Massachusetts

  business trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST-ST, INC.,
  a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
							

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

6

 

	
   

  	
  NEW PLAN FACTORY MALLS, INC.,
  a

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET PARTNERSHIP IV,

  L.P., a Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CA New Plan Asset, Inc., a Delaware

  corporation, its sole general partner

  
	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST – NC,
  a North

  Carolina general partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NC Properties #1 Inc., a Delaware

  corporation, its managing Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  [CORPORATE SEAL]

  	
   

  
												

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

7

 

	
   

  	
  NP OF TENNESSEE, L.P.,
  a Delaware limited

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New Plan of Tennessee, Inc., a Delaware

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
								

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

8

 

	
   

  	
  POINTE ORLANDO DEVELOPMENT

  COMPANY, a California general partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Development Corporation, a Delaware corporation, general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Pointe Orlando, Inc., a New York

  corporation, general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [CORPORATE SEAL]

  
								

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

9

 

	
   

  	
  CA NEW PLAN FLOATING RATE

  PARTNERSHIP, L.P., a Delaware limited

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CA NEW PLAN FLOATING RATE SPE, INC., a Delaware corporation, its sole
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY

  OWNER I, LLC, a Delaware limited liability

  company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW PLAN OF ILLINOIS, LLC,
  a Delaware

  limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW PLAN PROPERTY HOLDING

  COMPANY, a Maryland real estate investment

  trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roche

  	
   

  
	
   

  	
  Name:

  	
  John Roche

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
											

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

10

 

	
   

  	
  LENDERS AND AGENTS:

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET NATIONAL BANK,
  a national banking

  association, individually and as Administrative

  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bill Lamb

  	
   

  
	
   

  	
  Name:

  	
  Bill Lamb

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

11

 

	
   

  	
  CITICORP NORTH AMERICA, INC.,

  individually and as Co-Managing Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Chiopak

  	
   

  
	
   

  	
   

  	
  Michael Chiopak

  
	
   

  	
   

  	
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

12

 

	
   

  	
  BANK OF AMERICA, N.A.,
  individually and as

  Co-Documentation Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Edwards

  	
   

  
	
   

  	
   

  	
  Michael Edwards

  
	
   

  	
   

  	
  Managing Director

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

13

 

	
   

  	
  BANK ONE, NA,
  individually and as Co-

  Syndication Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Rulla

  	
   

  
	
   

  	
   

  	
  Robert Rulla

  
	
   

  	
   

  	
  Assistant Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

14

 

	
   

  	
  KEYBANK NATIONAL ASSOCIATION,
  a

  national banking association, individually and as

  Co-Managing Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Scott

  	
   

  
	
   

  	
   

  	
  John C. Scott

  
	
   

  	
   

  	
  Assistant Vice-President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

15

 

	
   

  	
  THE BANK OF NEW YORK,
  individually and as

  Co-Syndication Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rick Laudisi

  	
   

  
	
   

  	
   

  	
  Name: 
  Rick Laudisi

  
	
   

  	
   

  	
  Title: 
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

16

 

	
   

  	
  WELLS FARGO BANK, N.A.,
  individually and

  as Co-Documentation Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher B. Wilson

  	
   

  
	
   

  	
   

  	
  Christopher B. Wilson

  
	
   

  	
   

  	
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

17

 

	
   

  	
  CHANG HWA COMMERCIAL BANK, LTD.,

  NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ming-Hsien Lin

  	
   

  
	
   

  	
   

  	
  Ming-Hsien Lin

  
	
   

  	
   

  	
  Senior Vice President and General Manager

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

18

 

	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nancy B. Richards

  	
   

  
	
   

  	
   

  	
  Name: Nancy B. Richards

  
	
   

  	
   

  	
  Title: 
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

19

 

	
   

  	
  ISRAEL DISCOUNT BANK OF NEW YORK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary Solomon

  	
   

  
	
   

  	
   

  	
  Name: 
  Gary Solomon

  
	
   

  	
   

  	
  Title: 
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc G. Cooper

  	
   

  
	
   

  	
   

  	
  Name: 
  Marc G. Cooper

  
	
   

  	
   

  	
  Title: 
  Vice President

  
						

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

20

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas Nastarowicz

  	
   

  
	
   

  	
   

  	
  Thomas Nastarowicz

  
	
   

  	
   

  	
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

21

 

	
   

  	
  COMPASS BANK, an
  Alabama corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Luke J. Nolan

  	
   

  
	
   

  	
   

  	
  Luke J. Nolan

  
	
   

  	
   

  	
  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

22

 

	
   

  	
  CITIZENS BANK OF RHODE ISLAND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig E. Schermerhorn

  	
   

  
	
   

  	
  Name:  Craig E. Schermerhorn

  
	
   

  	
  Title:  Vice President

  
					

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit
Agreement

 

23

 

	
   

  	
  CHEVY CHASE BANK, F.S.B.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric Lawrence

  	
   

  
	
   

  	
  Name:  Eric Lawrence

  
	
   

  	
  Title:  Group Vice President

  
					

 

Signature Page to New Plan Second Amendment
to $350MM Revolving Credit Agreement

 

24Exhibit 10.2

 

 

SECURED TERM LOAN
AGREEMENT

 

BY AND AMONG

 

NEW PLAN EXCEL
REALTY TRUST, INC.,

 

THE LENDERS PARTY
HERETO,

 

FLEET NATIONAL
BANK

 

AS ADMINISTRATIVE
AGENT, AND

 

FLEET SECURITIES,
INC. AS SOLE LEAD ARRANGER

 

AND SYNDICATION AGENT

 

DATED AS OF SEPTEMBER
29, 2003

 

 

	
  1.

  	
  DEFINITIONS

  
	
   

  	
   

  	
   

  
	
   

  	
  1.1

  	
  Defined Terms

  
	
   

  	
  1.2

  	
  Other Definitional
  Provisions

  
	
   

  	
   

  	
   

  
	
  2.

  	
  AMOUNT AND TERMS OF LOANS

  
	
   

  	
   

  	
   

  
	
   

  	
  2.1

  	
  Loans

  
	
   

  	
  2.2

  	
  Notes

  
	
   

  	
  2.3

  	
  Procedure for Loan
  Borrowings

  
	
   

  	
  2.4

  	
  Intentionally Omitted

  
	
   

  	
  2.5

  	
  Intentionally Omitted

  
	
   

  	
  2.6

  	
  Repayment of
  Loans; Evidence of Debt

  
	
   

  	
  2.7

  	
  Prepayments of the Loans

  
	
   

  	
  2.8

  	
  Conversions

  
	
   

  	
  2.9

  	
  Interest Rate and
  Payment Dates

  
	
   

  	
  2.10

  	
  Substituted Interest Rate

  
	
   

  	
  2.11

  	
  Taxes; Net Payments

  
	
   

  	
  2.12

  	
  Illegality

  
	
   

  	
  2.13

  	
  Increased Costs

  
	
   

  	
  2.14

  	
  Indemnification
  for Break Funding Losses

  
	
   

  	
  2.15

  	
  Use of Proceeds

  
	
   

  	
  2.16

  	
  Capital Adequacy

  
	
   

  	
  2.17

  	
  Administrative Agent’s
  Records

  
	
   

  	
  2.18

  	
  Leverage Event

  
	
   

  	
  2.19

  	
  Increase of Commitment

  
	
   

  	
   

  	
   

  
	
  3.

  	
  FEES; PAYMENTS

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  FNB
  Fee

  
	
   

  	
  3.2

  	
  Payments;
  Application of Payments

  
	
   

  	
   

  	
   

  
	
  4.

  	
  REPRESENTATIONS AND WARRANTIES

  
	
   

  	
   

  	
   

  
	
   

  	
  4.1

  	
  Existence and Power

  
	
   

  	
  4.2

  	
  Authority

  
	
   

  	
  4.3

  	
  Binding Agreement

  
	
   

  	
  4.4

  	
  Subsidiaries; DownREIT Partnerships

  
	
   

  	
  4.5

  	
  Litigation

  
	
   

  	
  4.6

  	
  Required Consents

  
	
   

  	
  4.7

  	
  No Conflicting Agreements

  
	
   

  	
  4.8

  	
  Compliance with
  Applicable Laws

  
	
   

  	
  4.9

  	
  Taxes

  
	
   

  	
  4.10

  	
  Governmental Regulations

  
	
   

  	
  4.11

  	
  Federal Reserve
  Regulations; Use of Loan Proceeds

  
	
   

  	
  4.12

  	
  Plans;
  Multiemployer Plans

  
	
   

  	
  4.13

  	
  Financial Statements

  
	
   

  	
  4.14

  	
  Property

  
	
   

  	
  4.15

  	
  Franchises, Intellectual Property, Etc

  

 

i

 

	
   

  	
  4.16

  	
  Environmental Matters

  
	
   

  	
  4.17

  	
  Labor Relations

  
	
   

  	
  4.18

  	
  Setoff

  
	
   

  	
  4.19

  	
  Solvency

  
	
   

  	
  4.20

  	
  REIT Status

  
	
   

  	
  4.21

  	
  List of Unencumbered Assets

  
	
   

  	
  4.22

  	
  Operation of Business

  
	
   

  	
  4.23

  	
  No Misrepresentation

  
	
   

  	
   

  	
   

  
	
  5.

  	
  CONDITIONS TO LOANS

  
	
   

  	
   

  	
   

  
	
   

  	
  5.1

  	
  Evidence of Action

  
	
   

  	
  5.2

  	
  This Agreement

  
	
   

  	
  5.3

  	
  Notes

  
	
   

  	
  5.4

  	
  Guaranty

  
	
   

  	
  5.5

  	
  Security Documents

  
	
   

  	
  5.6

  	
  Instruction Letter

  
	
   

  	
  5.7

  	
  Litigation

  
	
   

  	
  5.8

  	
  Opinion of Counsel
  to the Borrower

  
	
   

  	
  5.9

  	
  Fees

  
	
   

  	
  5.10

  	
  Fees and Expenses of Special Counsel

  
	
   

  	
  5.11

  	
  Compliance

  
	
   

  	
  5.12

  	
  Loan Closing

  
	
   

  	
  5.13

  	
  Documentation and
  Proceedings

  
	
   

  	
  5.14

  	
  Required Acts and
  Conditions

  
	
   

  	
  5.15

  	
  Approval of Special Counsel

  
	
   

  	
  5.16

  	
  Other Documents

  
	
   

  	
  5.17

  	
  Loan to Value

  
	
   

  	
   

  	
   

  
	
  6.

  	
  COLLATERAL SECURITY; RESTRICTED
  INTERESTS

  
	
   

  	
   

  	
   

  
	
   

  	
  6.1

  	
  Collateral

  
	
   

  	
  6.2

  	
  Substitution
  or Addition of Restricted Interests

  
	
   

  	
  6.3

  	
  Sale of a Subject Property

  
	
   

  	
   

  	
   

  
	
  7.

  	
  AFFIRMATIVE COVENANTS

  
	
   

  	
   

  	
   

  
	
   

  	
  7.1

  	
  Financial
  Statements

  
	
   

  	
  7.2

  	
  Certificates; Other Information

  
	
   

  	
  7.3

  	
  Legal Existence

  
	
   

  	
  7.4

  	
  Taxes

  
	
   

  	
  7.5

  	
  Insurance

  
	
   

  	
  7.6

  	
  Payment of Indebtedness
  and Performance of Obligations

  
	
   

  	
  7.7

  	
  Maintenance of Property;
  Environmental Investigations

  
	
   

  	
  7.8

  	
  Observance of Legal
  Requirements

  
	
   

  	
  7.9

  	
  Inspection of Property; Books
  and Records; Discussions

  
	
   

  	
  7.10

  	
  Licenses,
  Intellectual Property

  
	
   

  	
  7.11

  	
  Additional Guarantors

  
	
   

  	
  7.12

  	
  REIT
  Status; Operation of Business

  

 

ii

 

	
   

  	
  7.13

  	
  More Restrictive Agreements

  
	
   

  	
   

  	
   

  
	
  8.

  	
  NEGATIVE COVENANTS

  
	
   

  	
   

  	
   

  
	
   

  	
  8.1

  	
  Liens

  
	
   

  	
  8.2

  	
  Merger,
  Consolidation and Certain Dispositions of Property

  
	
   

  	
  8.3

  	
  Investments, Loans, Etc

  
	
   

  	
  8.4

  	
  Business Changes

  
	
   

  	
  8.5

  	
  Amendments to Organizational
  Documents

  
	
   

  	
  8.6

  	
  Intentionally
  Omitted

  
	
   

  	
  8.7

  	
  Sale and Leaseback

  
	
   

  	
  8.8

  	
  Transactions with
  Affiliates

  
	
   

  	
  8.9

  	
  Issuance of Additional
  Capital Stock by Subsidiary Guarantors

  
	
   

  	
  8.10

  	
  Hedging Agreements

  
	
   

  	
  8.11

  	
  Restricted Payments

  
	
   

  	
  8.12

  	
  Unencumbered Assets
  Coverage Ratio

  
	
   

  	
  8.13

  	
  Fixed Charge Coverage Ratio

  
	
   

  	
  8.14

  	
  Minimum Tangible Net Worth

  
	
   

  	
  8.15

  	
  Maximum Total Indebtedness

  
	
   

  	
  8.16

  	
  Indebtedness to
  Unencumbered Assets Ratio

  
	
   

  	
  8.17

  	
  Maximum Book Value of Ancillary
  Assets

  
	
   

  	
  8.18

  	
  Development Activity

  
	
   

  	
  8.19

  	
  Debt Service Coverage

  
	
   

  	
  8.20

  	
  Restricted Interests Ratio

  
	
   

  	
   

  	
   

  
	
  9.

  	
  DEFAULT

  
	
   

  	
   

  	
   

  
	
   

  	
  9.1

  	
  Events of Default

  
	
   

  	
  9.2

  	
  Default under Subject Property
  Loan Documents

  
	
   

  	
   

  	
   

  
	
  10.

  	
  THE AGENT

  
	
   

  	
   

  	
   

  
	
   

  	
  10.1

  	
  Appointment

  
	
   

  	
  10.2

  	
  Delegation of Duties

  
	
   

  	
  10.3

  	
  Exculpatory Provisions

  
	
   

  	
  10.4

  	
  Reliance by Administrative
  Agent

  
	
   

  	
  10.5

  	
  Notice of Default

  
	
   

  	
  10.6

  	
  Non-Reliance on Administrative Agent
  and Other Lenders

  
	
   

  	
  10.7

  	
  Indemnification

  
	
   

  	
  10.8

  	
  Administrative Agent in Its
  Individual Capacity

  
	
   

  	
  10.9

  	
  Successor Administrative
  Agent

  
	
   

  	
   

  	
   

  
	
  11.

  	
  OTHER PROVISIONS

  
	
   

  	
   

  	
   

  
	
   

  	
  11.1

  	
  Amendments and Waivers

  
	
   

  	
  11.2

  	
  Notices

  
	
   

  	
  11.3

  	
  No
  Waiver; Cumulative Remedies

  
	
   

  	
  11.4

  	
  Survival of Representations
  and Warranties

  
	
   

  	
  11.5

  	
  Payment of Expenses and Taxes

  

 

iii

 

	
   

  	
  11.6

  	
  Lending Offices

  
	
   

  	
  11.7

  	
  Successors and Assigns

  
	
   

  	
  11.8

  	
  [Intentionally Omitted]

  
	
   

  	
  11.9

  	
  Counterparts

  
	
   

  	
  11.10

  	
  Adjustments; Set-off

  
	
   

  	
  11.11

  	
  Lenders’ Representations

  
	
   

  	
  11.12

  	
  Indemnity

  
	
   

  	
  11.13

  	
  Governing Law

  
	
   

  	
  11.14

  	
  Headings Descriptive

  
	
   

  	
  11.15

  	
  Severability

  
	
   

  	
  11.16

  	
  Integration

  
	
   

  	
  11.17

  	
  Consent to Jurisdiction

  
	
   

  	
  11.18

  	
  Service of Process

  
	
   

  	
  11.19

  	
  No Limitation on
  Service or Suit

  
	
   

  	
  11.20

  	
  Waiver Of Trial By Jury

  
	
   

  	
  11.21

  	
  Termination

  
	
   

  	
  11.22

  	
  Replacement Notes

  

 

iv

 

LIST OF EXHIBITS AND SCHEDULES

 

	
  EXHIBITS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  -

  	
  Assignment and Assumption

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
  -

  	
  Commitments and Domestic LIBOR Lending Offices

  
	
   

  	
   

  	
   

  
	
  Exhibit
  C-1

  	
  -

  	
  Equity
  Interests Owners and Equity Interests Properties

  
	
   

  	
   

  	
   

  
	
  Exhibit
  C-2

  	
  -

  	
  Distributions
  Interests Owners and Distributions Interests Properties

  
	
   

  	
   

  	
   

  
	
  Exhibit
  C-3

  	
  -

  	
  Additional
  Interests Owners and Additional Interests Properties

  
	
   

  	
   

  	
   

  
	
  Exhibit D

  	
  -

  	
  Compliance Certificate

  
	
   

  	
   

  	
   

  
	
  Exhibit E

  	
  -

  	
  Instruction Letter

  
	
   

  	
   

  	
   

  
	
  Exhibit F

  	
  -

  	
  Guaranty

  
	
   

  	
   

  	
   

  
	
  Exhibit G

  	
  -

  	
  [Intentionally Omitted]

  
	
   

  	
   

  	
   

  
	
  Exhibit H

  	
  -

  	
  Note

  
	
   

  	
   

  	
   

  
	
  Exhibit I

  	
  -

  	
  Secretary’s Certificate Borrower

  
	
   

  	
   

  	
   

  
	
  Exhibit J

  	
  -

  	
  Secretary’s Certificate Guarantor

  
	
   

  	
   

  	
   

  
	
  Exhibit K

  	
  -

  	
  Secretary’s Certificate Assignor

  
	
   

  	
   

  	
   

  
	
  Exhibit L

  	
  -

  	
  [Intentionally Omitted]

  
	
   

  	
   

  	
   

  
	
  Exhibit M

  	
  -

  	
  Form of Notice of Conversion

  
	
   

  	
   

  	
   

  
	
  Exhibit N

  	
  -

  	
  [Intentionally Omitted]

  
	
   

  	
   

  	
   

  
	
  SCHEDULES:

  
	
   

  	
   

  	
   

  
	
  Schedule 4.4

  	
  -

  	
  Subsidiaries (including Subsidiary Guarantors)

  
	
   

  	
   

  	
   

  
	
  Schedule 4.5

  	
  -

  	
  Litigation

  
	
   

  	
   

  	
   

  
	
  Schedule 4.12

  	
  -

  	
  Plans

  
	
   

  	
   

  	
   

  
	
  Schedule 4.21

  	
  -

  	
  List of Unencumbered Assets

  

 

v

 

SECURED TERM
LOAN AGREEMENT, dated as of September 29, 2003, by and among NEW PLAN EXCEL
REALTY TRUST, INC., a Maryland corporation (the “Borrower”), each lender party
hereto or which becomes a “Lender” pursuant to the provisions of Section 11.7
(each a “Lender” and, collectively, the “Lenders”), and FLEET NATIONAL BANK
(“FNB”), as administrative agent (in such capacity, the “Administrative
Agent”).

 

RECITALS

 

WHEREAS,
Borrower has requested that the Lenders and Administrative Agent provide a
secured term loan to Borrower; and

 

WHEREAS, the
Lenders and Administrative Agent are willing to provide such loan to Borrower
on the terms and conditions set forth herein;

 

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

 

1.             DEFINITIONS.

 

1.1           Defined Terms. 
As used in this Agreement, terms defined in the preamble have the meanings
therein indicated, and the following terms have the following meanings:

 

“Account
Agreement”: the Account Security, Pledge, Assignment and Control Agreement
dated of even date herewith among Borrower, the Administrative Agent and FNB,
as depository bank with respect to the payment of the Excess Funds to the Fleet
Account, as the same may be modified, amended or restated from time to time.

 

“Accountants”:  any of PricewaterhouseCoopers LLP; Deloitte
& Touche LLP; Ernst & Young LLP; KPMG LLP; or any successor to any of
the foregoing; or such other firm of certified public accountants selected by
the Borrower and satisfactory to the Administrative Agent.

 

“Account”:  that certain account maintained by Account
Bank, designated as account number 0013-9010-0211 and any replacement account
hereafter established by Borrower pursuant to the Account Agreement.

 

 “Account Bank”:  initially, Bank of America, N.A., and any
subsequent or replacement holder of the Account pursuant to the Account
Agreement.

 

“Acknowledgments”:  collectively, the Acknowledgments executed
by the Companies and the Subsidiaries of the Companies in favor of the
Administrative Agent.

 

“Additional
Interests”:  collectively, one
hundred percent (100%) of the Borrower’s direct or indirect ownership interests
in a Subject Property (or one hundred percent (100%) of the Borrower’s direct
or indirect interests in the applicable Subject Property in the case of a
Subject Property owned by a DownREIT Partnership), other than interests
constituting Collateral Interests.

 

1

 

“Additional
Interests Owners”:  collectively,
Borrower, the Subsidiaries of Borrower set forth on Exhibit C-3 and any
other Subsidiary of Borrower that becomes an Additional Interests Owner after
the date hereof pursuant to Section 6.2 hereof.

 

“Additional
Interests Properties”: 
collectively, the Subject Properties owned by the Additional Interests
Owners more particularly described on Exhibit C-3 and any other Subject
Property owned by an Additional Interest Owner which becomes an Additional
Interests Property after the date hereof pursuant to Section 6.2.

 

“Additional
Interests Subsidiaries”: 
collectively, the Subsidiaries of Borrower that are Additional Interests
Owners.

 

“Adjusted
Consolidated Total Assets”:  on a
consolidated basis for Borrower and its Subsidiaries, the sum (without
duplication) of the following:

 

(i)            the
Operating Property Value; plus

 

(ii)           the book
value of Land Assets, Redevelopment Assets, New Construction Assets and Notes
Receivable of Borrower and its Subsidiaries (including, without limitation, all
capitalized costs incurred in connection therewith) on the last day of the
fiscal quarter just ended; plus

 

(iii)          to
the extent not included pursuant to (ii) above, Borrower’s pro rata share of
the book value of Land Assets, New Construction Assets, Redevelopment Assets
and Notes Receivable of Joint Ventures (including, without limitation, all
capitalized costs incurred in connection therewith) on the last day of the
fiscal quarter just ended; plus

 

(iv)          the
aggregate amount of the unpledged portion of (x) all unrestricted cash and
marketable securities of Borrower and its Subsidiaries (including, without
limitation, Investments described in Sections 8.3(a) through 8.3(f)) plus
(y) all restricted cash held by any Person serving as a “qualified
intermediary” for purposes of an exchange pursuant to Section 1031 of the Code
on behalf of Borrower or any of its Subsidiaries.

 

Adjusted
Consolidated Total Assets shall be calculated on a pro forma basis as if assets
acquired during the relevant period were owned as of the beginning of the
relevant period, and all assets disposed of during the relevant period were not
owned during any portion of the relevant period.

 

“Adjusted
Net Operating Income”:  for any
period, the aggregate amount of the Net Operating Income from each Unencumbered
Asset or Operating Property, as applicable, during such period, less the
Capital Expense Reserve for such Unencumbered Asset or Operating Property, as
applicable, during such period.

 

“Advance”:  a Prime Rate Loan or a LIBOR Loan, as the
case may be.

 

“Affected
Advance”:  as defined in Section
2.10.

 

“Affected
Principal Amount”:  in the event
that (i) the Borrower shall fail for any reason to borrow or convert after it
shall have notified the Administrative Agent of its intent to do so in

 

2

 

any instance in which it shall have requested a LIBOR Loan on the
Effective Date or pursuant to Section 2.8, an amount equal to the principal
amount of such LIBOR Loan; (ii) a LIBOR Loan shall terminate for any reason
prior to the last day of the Interest Period applicable thereto, an amount
equal to the principal amount of such LIBOR Loan; or (iii) the Borrower shall
prepay or repay all or any part of the principal amount of a LIBOR Loan prior
to the last day of the Interest Period applicable thereto (including, without
limitation, any mandatory prepayment or a prepayment resulting from
acceleration or illegality), an amount equal to the principal amount of such
LIBOR Loan so prepaid or repaid.

 

“Affiliate”:  as to any Person, any other Person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person.  For purposes
of this definition, control of a Person shall mean the power, direct or
indirect, (i) to vote 10% or more of the securities having ordinary voting
power for the election of directors of such Person or (ii) to direct or cause
the direction of the management and policies of such Person, whether by
contract or otherwise.

 

“Agreement”:  this Secured Term Loan Agreement, as the
same may be amended, supplemented or otherwise modified from time to time.

 

“Agreement
Regarding Fees”:  that certain
Agreement Regarding Fees dated of even date herewith between FNB and the
Borrower.

 

“Ancillary
Assets”:  at any time (without
duplication), (a) all Real Property of the Borrower and its Subsidiaries which
is (i) a mortgage, (ii) a New Construction Asset, or (iii) any other Real
Property other than an open air shopping center (including single tenant retail
properties) or a residential apartment building or a residential apartment
community (and appurtenant amenities), and (b) all Investments of the Borrower
and its Subsidiaries of the type described in Section 8.3(h) and (q).

 

“Applicable
Lending Office”:  in respect of any
Lender, (A) in the case of such Lender’s Prime Rate Loans, its Domestic Lending
Office and (B) in the case of such Lender’s LIBOR Loans, its LIBOR Lending
Office.

 

“Applicable
Margin”:  with respect to the unpaid
principal balance of Prime Rate Loans or LIBOR Loans, at all times during which
the applicable Pricing Level set forth below is in effect, the respective
percentage set forth below next to such Pricing Level:

 

	
  Pricing Level

  	
   

  	
  LIBOR Loans

  	
   

  	
  Prime Rate Loans

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pricing Level I

  	
   

  	
  0.95

  	
  %

  	
  0

  	
  %

  
	
  Pricing Level II

  	
   

  	
  1.05

  	
  %

  	
  0

  	
  %

  
	
  Pricing Level III

  	
   

  	
  1.25

  	
  %

  	
  0

  	
  %

  
	
  Pricing Level IV

  	
   

  	
  1.50

  	
  %

  	
  0

  	
  %

  
	
  Pricing Level V

  	
   

  	
  1.85

  	
  %

  	
  0.25

  	
  %

  

 

Changes in the
Applicable Margin resulting from a change in a Pricing Level shall become
effective as of the opening of business upon the date of any change in the
Senior Debt

 

3

 

Rating of the Borrower, as determined by S&P or Moody’s, as the
case may be, which would affect the applicable Pricing Level.

 

“Assignment
and Assumption Agreement”:  an
assignment and assumption agreement executed by an assignor and an assignee
pursuant to which such assignor assigns to such assignee all or any portion of
such assignor’s Notes and Commitments, substantially in the form of Exhibit A,
with such changes thereto as shall be reasonably acceptable to the
Administrative Agent.

 

“Assignment
Fee”:  as defined in Section
11.7(b).

 

“Assignment
of Interests”:  collectively, (i)
the Assignment of Interests (Distributions Interests Companies) dated of even
date herewith from Borrower to the Administrative Agent, as the same may be
modified, amended or restated, pursuant to which there shall be granted to the
Administrative Agent a first priority lien and security interest in the
interests of the Borrower in the Collateral described therein, (ii) the
Assignment of Interests (Pledged Interests Companies) dated of even date
herewith from Borrower and HK New Plan STH Upper Tier II Company to the
Administrative Agent, as the same may be modified, amended or restated,
pursuant to which there shall be granted to the Administrative Agent a first
priority lien and security interest in the interests of Borrower and HK New
Plan STH Upper Tier II Company in the Collateral described therein, and (iii)
each additional Assignment of Interests in favor of Administrative Agent
delivered pursuant to the terms hereof, as the same may be modified or amended,
and any further assignments, certificates, powers, consents, acknowledgments,
estoppels or UCC-1 financing statements that may be delivered in connection
therewith.

 

“Assignors”:  collectively, Borrower, HK New Plan STH
Upper Tier II Company and each Person executing an Assignment of Interests as
an assignor after the date hereof.

 

“Authorized
Signatory”:  the chairman of the
board, the chief executive officer, the president, any executive vice
president, the Chief Financial Officer or any other duly authorized officer
(acceptable to the Administrative Agent) of the Borrower.

 

“Benefited
Lender”:  as defined in Section
11.10.

 

“Borrower’s
Interest”:  for any period, (i) with
respect to Unencumbered Assets or Operating Properties, as applicable, owned by
a DownREIT Partnership, a fraction, expressed as a percentage, the numerator of
which is the Net Operating Income of such Unencumbered Assets or Operating
Properties, as applicable, for such period, less any distributions required to
be made to partners or members of such DownREIT Partnership, other than the
Borrower and its Subsidiaries, and the denominator of which is the Net
Operating Income of such Unencumbered Assets or Operating Properties, as
applicable, for such period, and (ii) with respect to any Ancillary Asset or
Redevelopment Asset, the percentage of profits and losses with respect thereto
which the Borrower or its Subsidiaries, directly or indirectly, may be entitled
to receive for such period.

 

“Borrowing
Date”:  the date on which the
Borrower requests the Lenders to make Loans, which date shall be the Effective
Date.

 

4

 

“Business
Day”:  for all purposes other than
as set forth in clause (ii) below, (i) any day other than a Saturday, a Sunday
or a day on which commercial banks located in Boston, Massachusetts or New York
City, New York, are authorized or required by law or other governmental action
to close and (ii) with respect to all notices and determinations in connection
with, and payments of principal and interest on, LIBOR Loans, any day which is
also a LIBOR Business Day.

 

“CA New
Plan”:  CA New Plan Fixed Rate
Partnership, L.P., a Delaware limited partnership.

 

“Capital
Expense Reserve”:  during any
period, (i) with respect to each Unencumbered Asset, Operating Property or
Subject Property, as applicable, other than a residential apartment building or
residential apartment community, an amount equal to (A) a per annum rate of
$.20 times (B) the total Net Rentable Area of such Unencumbered Asset,
Operating Property or Subject Property, as applicable, and (ii) with respect to
each Unencumbered Asset, Operating Property or Subject Property, as applicable,
that is a residential apartment building or residential apartment community, an
amount equal to (A) $150 times (B) the number of apartment units in such
residential apartment building or community (in each case whether or not such
reserves are actually established by the Borrower).

 

“Capital
Leases”:  leases which have been, or
under GAAP are required to be, capitalized.

 

“Change of
Control”:  the occurrence of any one
of the following events:

 

(a)           any
Person or Persons acting as a group shall acquire direct or indirect ownership
of 30% or more of the Borrower’s common Stock; or

 

(b)           during
any twelve month period on or after the Effective Date, individuals who at the
beginning of such period constituted the Board of Directors of the Borrower
(together with any new directors whose election by the Board of Directors or
whose nomination for election by the shareholders of the Borrower was approved
by a vote of at least a majority of the members of the Board of Directors then
in office who either were members of the Board of Directors at the beginning of
such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the members of the
Board of Directors then in office; or

 

(c)           there
occurs a change of control of the Borrower of a nature that would be required
to be reported in response to Item 1a of Form 8-K filed pursuant to Section 13
or 15 under the Securities Exchange Act of 1934, or in any other filing by the
Borrower with the Securities and Exchange Commission; or

 

(d)           the
Borrower consolidates with, is acquired by, or merges into or with any Person (other
than a merger permitted by Section 8.2).

 

“Chief
Financial Officer”:  at any time,
the chief financial officer of the Borrower, or if the Borrower does not have a
chief financial officer at such time, the officer designated by the

 

5

 

Borrower as its principal financial officer or such other officer of
the Borrower that is acceptable to the Administrative Agent.

 

“Code”:  the Internal Revenue Code of 1986, as the
same may be amended from time to time, or any successor thereto, and the rules
and regulations issued thereunder, as from time to time in effect.

 

“Collateral”:  all of the property, rights and interests of
the Borrower and its Subsidiaries which are subject to the security interests
and liens created by the Security Documents.

 

“Collateral
Interests”:  collectively, the
Distributions Interests and the Equity Interests, but excluding Additional
Interests.

 

“Collateral
Interests Owners”:  collectively,
the Distributions Interests Owners and the Equity Interests Owners.

 

“Collateral
Interests Properties”: 
collectively, the Distributions Interests Properties and the Equity
Interests Properties.

 

“Commitment”:  in respect of any Lender, such Lender’s
undertaking to make Loans, subject to the terms and conditions hereof, in an
aggregate outstanding principal amount not exceeding such Lender’s Commitment
Amount.

 

“Commitment
Amount”:  the amount set forth next
to the name of such Lender in Exhibit B under the heading
“Commitments” as such Lender’s Commitment Amount.

 

“Commitment
Percentage”:  on any day, and as to
any Lender, the quotient of (i) such Lender’s Commitment Amount on such day,
divided by (ii) the Commitments of all Lenders on such day.

 

“Company”:  shall have the meaning ascribed to such term
in the Assignment of Interests.

 

“Compliance
Certificate”:  a certificate
substantially in the form of Exhibit D.

 

“Consolidated”:  the Borrower and its Subsidiaries which are
consolidated for financial reporting purposes.

 

“Consolidated
EBITDA”:  with respect to any period
an amount equal to the EBITDA of Borrower and its Subsidiaries for such period,
Consolidated in accordance with GAAP.

 

“Consolidated
Fixed Charges”:  during any period,
the sum of each of the following with respect to the Borrower and its
Subsidiaries (without duplication), determined on a Consolidated basis in
accordance with GAAP:  (i) the aggregate
amount of all interest expense, both expensed and capitalized (including
Consolidated Interest Expense) for such period, (ii) the aggregate of all
scheduled principal amounts that become payable during such period in respect
of any Indebtedness of the Borrower or its Subsidiaries (excluding balloon
payments at maturity) and (iii) the aggregate amount of all cash dividends paid
during such period in respect of preferred stock of the Borrower or its
Subsidiaries.

 

6

 

“Consolidated
Interest Expense”:  for any period,
interest and fees accrued, accreted or paid by the Borrower and its Subsidiaries
during such period in respect of Consolidated Total Indebtedness, determined in
accordance with GAAP, including (a) the amortization of debt discounts to the
extent included in interest expense in accordance with GAAP, (b) the
amortization of all fees (including fees with respect to Hedging Agreements
entered into by the Borrower or any of its Subsidiaries) payable in connection
with the incurrence of any Indebtedness to the extent included in interest
expense in accordance with GAAP and (c) the portion of any rents payable under
capital leases allocable to interest expense in accordance with GAAP.

 

“Consolidated
Total Indebtedness”:  as of any
date, the aggregate principal amount of all Indebtedness of the Borrower and
its Subsidiaries determined on a Consolidated basis in accordance with GAAP,
plus, if not otherwise required to be reflected in the Borrower’s Consolidated
balance sheet (and without duplication) (i) Contingent Obligations of the
Borrower and its Subsidiaries on such date which are required in accordance
with GAAP to be disclosed in a footnote to any such balance sheet, and (ii) any
guarantee by the Borrower of any Indebtedness of an unconsolidated Subsidiary
or Joint Venture in which the Borrower is a direct or indirect investor (to the
full extent of the amount of such guaranteed Indebtedness on such date);
provided, however, that with respect to Joint Ventures in which Borrower is a
direct or indirect investor that are not consolidated in the Borrower’s
Consolidated balance sheet, Consolidated Total Indebtedness shall also include
(x) the aggregate principal amount of all Indebtedness of such Joint Ventures
if such Indebtedness is recourse to the Borrower or one of its Subsidiaries,
and (y) Borrower’s pro rata share of the aggregate principal amount of all
Indebtedness of such Joint Ventures if such Indebtedness is Non-Recourse
Indebtedness.  Notwithstanding the
foregoing, unfunded portions of any Indebtedness (and any Contingent
Obligations relating solely to such unfunded amounts) shall not be included in
Consolidated Total Indebtedness.

 

“Contingent
Obligation”:  as to any Person, any
obligation of such Person guaranteeing or in effect guaranteeing any
Indebtedness, leases, dividends or other obligations (“Primary Obligations”) of
any other Person (the “Primary Obligor”) in any manner, whether directly or
indirectly, and whether arising from partnership or keep-well agreements,
including, without limitation, any obligation of such Person, whether
contingent or not contingent (a) to purchase any such Primary Obligation or any
Property constituting direct or indirect security therefor, (b) to advance or
supply funds (i) for the purchase or payment of any such Primary Obligation or
(ii) to maintain working capital or equity capital of the Primary Obligor or
otherwise to maintain net worth, solvency or other financial statement
condition of the Primary Obligor, (c) to purchase Property, securities or
services primarily for the purpose of assuring the beneficiary of any such
Primary Obligation of the ability of the Primary Obligor to make payment of
such Primary Obligation or (d) otherwise to assure, protect from loss or hold
harmless the beneficiary of such Primary Obligation against loss in respect
thereof; provided, however, that the term Contingent Obligation shall not
include (a) the endorsement of instruments for deposit or collection in
the ordinary course of business, or (b) guarantees or carve-outs with
respect to claims of the types referenced in (i)-(iv) of the definition of Non-Recourse
Exclusions until a claim is made with respect thereto, and then shall be
included only to the extent of the amount of such claim.  The term Contingent Obligation shall also
include the liability of a general partner in respect of the liabilities of the
partnership in which it is a general partner, but shall not include the
liability of a member (managing or otherwise) of a limited liability company in
respect of the liabilities of

 

7

 

such limited liability company to the extent not imposed by agreement
or by law.  The amount of any Contingent
Obligation of a Person shall be deemed to be an amount equal to the stated or
determinable amount of the Primary Obligation in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by such
Person in good faith.

 

“Conversion
Date”:  the date on which a LIBOR
Loan is converted to a Prime Rate Loan, or the date on which a Prime Rate Loan
is converted to a LIBOR Loan, or the date on which a LIBOR Loan is converted to
a new LIBOR Loan, all in accordance with Section 2.8.

 

“Credit
Party”:  the Administrative Agent,
the Lead Arranger, each Lender and their successors and assigns.

 

“Debt
Service”: for any period, the sum of all interest (including capitalized
interest) and mandatory or scheduled principal payments due and payable during
such period (including any payments due under any capitalized lease) excluding
any balloon payments due upon maturity of any Indebtedness.

 

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

 

“Defaulting
Lender”:  at any time, any Lender
that, at such time, (i) has failed to comply with any of its obligations to
make a Loan as required pursuant to Section 2.3 of this Agreement, (ii) has
failed to pay to the Administrative Agent or any Lender an amount owed by such
Lender pursuant to the terms of this Agreement or any of the other Loan
Documents, or (iii) has advised the Administrative Agent that it does not
intend to comply with its obligations under Section  2.3 by reason of having been deemed insolvent or having become
subject to a bankruptcy or insolvency proceeding.

 

“Distribution”:  With respect to any Person, the declaration
or payment of any cash dividend or distribution on or in respect of any shares
of any class of capital stock or other beneficial interest of such Person; the
purchase, redemption, exchange or other retirement by such Person of any shares
of any class of capital stock or other beneficial interest of such Person,
directly or indirectly through a Subsidiary of such Person or otherwise; the
return of capital by such Person to its shareholders, members or partners as
such; or any other distribution on or in respect of any shares of any class of
capital stock or other beneficial interest of such Person.

 

“Distributions
Interests”:  collectively, one
hundred percent (100%) of the Borrower’s right, title and interest in and to
Distributions received from any Distribution Interests Owner and, to the extent
not prohibited by the Subject Property Loan Documents, one hundred percent
(100%) of the Borrower’s legal, equitable and beneficial right, title and
interest in and to Distributions from any Distributions Interests Owner.

 

“Distributions
Interests Owners”:  collectively,
the Subsidiaries of Borrower set forth on Exhibit C-2, and any other
Subsidiary of Borrower whose Distributions to Borrower become the subject of a
Distributions Interest after the date hereof pursuant to Section 6.2.

 

8

 

“Distributions
Interests Properties”: 
collectively, the Subject Properties directly or indirectly owned by the
Distributions Interests Owners more particularly described on Exhibit C-2
and any other Subject Property directly or indirectly owned by a Distributions
Interests Owner which becomes a Distributions Interests Property after the date
hereof pursuant to Section 6.2.

 

“Dollars”
and “$”:  lawful currency of the
United States of America.

 

“Domestic
Lending Office”:  in respect of any
Lender, initially, the office or offices of such Lender designated as such on Exhibit
B; thereafter, such other office of such Lender through which it shall be
making or maintaining Prime Rate Loans, as reported by such Lender to the
Administrative Agent and the Borrower.

 

“Domestic
Reference Lender”:  FNB or such
other Lender as may become the Administrative Agent hereunder.

 

“DownREIT
Partnership”:  Excel Realty
Partners, L.P. and any other partnership or limited liability company hereafter
created by the Borrower for the purpose of acquiring assets qualifying as “real
estate assets” under Section 856(c) of the Code through the issuance of
partnership or limited liability company units in such partnership or limited
liability company to third parties, provided that, in the case of each such
entity (including Excel Realty Partners, L.P.) (i) the Borrower or a
wholly owned Subsidiary of the Borrower is the sole general partner or managing
member of such partnership or limited liability company, as the case may be,
and (ii) the Borrower or its wholly owned Subsidiary shall be entitled to
receive not less than 99% of the net income and gains before depreciation, if
any, from such partnership or limited liability company after the limited
partners or non-managing members of such partnership or limited liability company
receive a stipulated distribution. Any partnership or limited liability company
created after the Effective Date must be approved by the Administrative Agent
as a “DownREIT Partnership” for purposes of being included in this definition.

 

“EBITDA”:  with respect to a Person or a Subsidiary of
a Person (or any asset of a Person or a Subsidiary of such Person) for any
period, an amount equal to the sum of (a) the net income (or loss) of such
Person (or attributable to such asset) for such period plus (b) depreciation
and amortization, interest, and any extraordinary or non-recurring losses or
charges for impairment of real estate deducted in calculating such net income minus
(c) any extraordinary or non-recurring gains included in calculating such net
income, all as determined in accordance with GAAP.  EBITDA shall be calculated on a pro forma basis as if assets
acquired during the relevant period were owned as of the beginning of the
relevant period, and all assets disposed of during the relevant period were not
owned during any portion of the relevant period.  Adjustments for unconsolidated partnerships and Joint Ventures
will be calculated to reflect EBITDA on the same basis.

 

“Effective
Date”:  the date on which the
conditions specified in Section 5 are satisfied.

 

“Environmental
Laws”:  any and all federal, state
and local laws relating to the environment, the use, storage, transporting,
manufacturing, handling, discharge, disposal or recycling of hazardous
substances, materials or pollutants or industrial hygiene and including,
without limitation, (i) the Comprehensive Environmental Response, Compensation
and Liability Act, as amended, 42 USCA §9601 et seq.; (ii) the Resource
Conservation and Recovery Act of

 

9

 

1976, as amended, 42 USCA §6901 et seq.; (iii) the Toxic Substance
Control Act, as amended, 15 USCA §2601 et seq.; (iv) the Water Pollution
Control Act, as amended, 33 USCA §1251 et seq.; (v) the Clean Air Act, as
amended, 42 USCA §7401 et seq.; (vi) the Hazardous Material Transportation Act,
as amended, 49 USCA §1801 et seq. and (viii) all rules, regulations, judgments,
decrees, injunctions and restrictions thereunder and any analogous state law.

 

“Environmental
Risk Property”:  any Real Property
of the Borrower, a Subsidiary or a DownREIT Partnership in respect of which, at
any time:

 

(i)            Hazardous
Substances are (A) generated or manufactured on, transported to or from,
treated at, stored at or discharged from such Real Property in violation of any
Environmental Laws; (B) discharged into subsurface waters under such Real
Property in violation of any Environmental Laws; or (C) discharged from such
Real Property on or into property or waters (including subsurface waters)
adjacent to such Real Property in violation of any Environmental Laws, and any
of the foregoing events in (A), (B) or (C) has an Adverse Environmental Impact;
or

 

(ii)           there
exists with respect to such Real Property (A) a claim, demand, suit, action,
proceeding, condition, report, directive, lien, violation, or non-compliance
concerning any liability (including, without limitation, potential liability
for enforcement, investigatory costs, cleanup costs, government response costs,
removal costs, remedial costs, natural resources damages, property damages,
personal injuries or penalties) arising in connection with:  (x) any non-compliance with or violation of
the requirements of any applicable Environmental Laws, or (y) the presence of
any Hazardous Substance on such Real Property or the release of any Hazardous
Substance into the environment from such Real Property, or (B) any actual
liability in connection with the presence of any Hazardous Substance on such
Real Property or the release of any Hazardous Substance into the environment
from such Real Property, and any of the foregoing events in (A) or (B) has an
Adverse Environmental Impact.

 

For purposes
of this definition, the term “Adverse Environmental Impact” shall mean
any event described in clauses (A), (B) or (C) of paragraph (i) above or
clauses (A) or (B) of paragraph (ii) above which could reasonably be expected
to have a material adverse effect on (1) the value of such Real Property,
(2) the marketability of such Real Property, or (3) the ability to finance or
refinance such Real Property.

 

“Equity
Interests”:  collectively, one
hundred percent (100%) of the legal, equitable and beneficial ownership
interests in any Subsidiary of Borrower that is a direct or indirect owner of
an Equity Interests Property.

 

“Equity
Interests Owners”:  collectively,
the Subsidiaries of Borrower set forth on Exhibit C-1, and any other
Subsidiary of Borrower whose entire ownership interest becomes the subject of
an Equity Interest after the date hereof pursuant to Section 6.2.

 

“Equity
Interests Properties”: 
collectively, the Subject Properties directly or indirectly owned by the
Equity Interests Owners more particularly described on Exhibit C-1 and
any other Subject Property directly or indirectly owned by an Equity Interests
Owner which becomes an Equity Interests Property after the date hereof pursuant
to Section 6.2.

 

10

 

“ERISA”:  the Employee Retirement Income Security Act
of 1974, as amended from time to time, and the rules and regulations issued
thereunder, as from time to time in effect.

 

“ERISA
Affiliate”:  any Person which is a
member of any group of organizations (i) described in Section 414(b) or (c) of
the Code of which the Borrower is a member, or (ii) solely for purposes of
potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of
the Code and the Lien created under Section 302(f) of ERISA and Section 412(n)
of the Code, described in Section 414(m) or (o) of the Code of which the
Borrower is a member.

 

“ERISA
Liabilities”:  without duplication,
the aggregate of all unfunded vested benefits under all Plans and all potential
withdrawal liabilities under all Multiemployer Plans.

 

“Event of
Default”:  any of the events
specified in Section 9, provided that any requirement for the giving of notice,
the lapse of time or any other condition specified in Section 9 has
occurred or been satisfied.

 

“Excess
Funds”:  as defined in the Account
Agreement.

 

“Excluded
Collateral Interests Subsidiary”: 
HK New Plan Exchange Property Owner I, LLC, a Delaware limited liability
company, HK New Plan Exchange Property Owner II, LP and HK New Plan Exchange
Property Holdings I LLC, a Delaware limited liability company.

 

“Excluded
Subject Property”:  as defined in
the definition of Subject Property Adjusted Net Operating Income.

 

“Excluded
Subsidiary”:  (i) Excel Realty
Partners, L.P., a Delaware limited partnership and CA New Plan Fixed Rate
Partnership, L.P., a Delaware limited partnership, (ii) any Subsidiary all
of the Real Property of which is encumbered in favor of a Person other than
Borrower or any of its Subsidiaries, (iii) any Consolidated Joint Venture
or any Subsidiary, the sole asset of which is an interest as a partner, member
or similar interest in an unconsolidated or Consolidated Joint Venture,
(iv) any Subsidiary that does not directly own any Real Property, or (v)
any Subsidiary which is established as a special purpose entity to own Real
Property or equity interests related thereto in a bankruptcy remote manner to
secure secured Indebtedness permitted by this Agreement.

 

“Existing
Credit Agreement”:  that certain
Revolving Credit Agreement dated as of April 26, 2002 among the Borrower,
FNB as Administrative Agent, and the lenders signatory thereto, as subsequently
amended from time to time, and any restatements, consolidations, replacements
or refinancings thereof.

 

“Existing
Term Loan”: that certain $155,000,000 term loan from FNB and certain other
lenders to Borrower pursuant to that certain First Amended and Restated Term
Loan Agreement dated as of November 6, 2002, among Borrower, FNB as
Administrative Agent, and the lenders signatory thereto, as subsequently
amended from time to time.

 

“Federal
Funds Rate”:  for any day, a rate
per annum (expressed as a decimal, rounded upwards, if necessary, to the next
higher 1/100 of 1%), equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System arranged

 

11

 

by federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day, provided
that (i) if the day for which such rate is to be determined is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (ii) if such rate is not so published for any day,
the Federal Funds Rate for such day shall be the average of the quotations for
such day on such transactions received by FNB as determined by FNB and reported
to the Administrative Agent.

 

“Financial
Statements”:  as defined in Section
4.13.

 

“Fixed
Charge Coverage Ratio”:  on any date
of determination, for the period of four (4) fiscal quarters just ended prior
to the date of determination, the ratio of (i) Consolidated EBITDA for
such period to (ii) Consolidated Fixed Charges for such period.

 

“Fleet
Account”:  that certain account
maintained by FNB, designated as account number 94181-45005 and any replacement
account hereafter established by Borrower with the prior written consent of
Administrative Agent.

 

“FNB”:  Fleet National Bank.

 

“FNB Fee”:  as defined in Section 3.1.

 

“Funds from
Operations”:  with respect to any
Person for any fiscal period, the sum of (i) the net income of such Person
for such fiscal period (computed in accordance with GAAP), excluding gains (or
losses) from debt restructuring and sales of property, (ii) depreciation and
amortization, and (iii) other non-cash items, and after adjustments for
unconsolidated partnerships and Joint Ventures.  Adjustments for unconsolidated partnerships and Joint Ventures
will be calculated to reflect funds from operations on the same basis.

 

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

 

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

 

“Ground
Lease”:  a ground lease in favor of
the Borrower, a wholly owned Subsidiary or a DownREIT Partnership which has an
unexpired term of 30 years or more (inclusive of any tenant-controlled renewal
options) and which includes within its terms those rights customarily required
by mortgagees making a loan secured by the interest of the holder of the
leasehold estate demised pursuant to such ground lease.

 

“Guaranty”:  collectively, (i) a Guaranty substantially
in the form of Exhibit F executed by each of the Subsidiary Guarantors
identified on Schedule 4.4 and delivered to the

 

12

 

Administrative Agent for the benefit of the Lenders on or prior to the
Effective Date, and (ii) each additional Guaranty substantially in the form of Exhibit
F executed by each Required Additional Guarantor and delivered to the
Administrative Agent for the benefit of the Lenders after the Effective Date.

 

“Hazardous
Substance”:  any hazardous or toxic
substance, material or waste, including, but not limited to, (i) those
substances, materials, and wastes listed in the United States Department of
Transportation Hazardous Materials Table (49 CFR 172.101) or by the
Environmental Protection Agency as hazardous substances (40 CFR Part 302) and
amendments thereto and replacements therefor and (ii) any substance, pollutant
or material defined as, or designated in, any Environmental Law as a “hazardous
substance,” “toxic substance,” “hazardous material,” “hazardous waste,”
“restricted hazardous waste,” “pollutant,” “toxic pollutant” or words of
similar import.

 

“Hedging
Agreement”:  any interest rate
protection agreement, foreign currency exchange agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity
price hedging arrangement.

 

“Highest
Lawful Rate”:  with respect to any
Lender, the maximum rate of interest, if any, that at any time or from time to
time may be contracted for, taken, charged or received by such Lender on its
Note or which may be owing to such Lender pursuant to this Agreement under the
laws applicable to such Lender and this Agreement.

 

“Implied
Debt Service”:  As of any date of
determination, the annual Debt Service of the Borrower and the Subject Property
Owners that would be payable on a loan amount equal to the sum of (a) the
Loans, and (b) the Subject Property Indebtedness (excluding any Subject
Property Indebtedness for any Excluded Subject Property), payable on a 25-year
mortgage style amortization schedule and assuming an interest rate equal to the
greater of (i) the then current yield on ten (10) year obligations issued by
the United States Treasury most recently prior to the date of determination
plus two percent (2.00%), and (ii) 6.00%. 
The Implied Debt Service shall be determined by Administrative Agent and
any such determination, so long as the same shall be made by Administrative
Agent in the exercise of its good faith business judgment, shall be conclusive
and binding absent manifest error.

 

“Increase
Amount”:  as defined in Section
2.19.

 

“Increase
Notice”:  as defined in Section
2.19.

 

“Indebtedness”:  as to any Person, at a particular time, all
items which constitute, without duplication, (a) indebtedness for borrowed
money (including, without limitation, indebtedness under this Agreement and the
Notes) or the deferred purchase price of Property (other than trade payables
incurred in the ordinary course of business), (b) indebtedness evidenced by
notes, bonds, debentures or similar instruments, (c) obligations with respect
to any conditional sale or title retention agreement, (d) indebtedness arising
under acceptance facilities and the amount available to be drawn under all
letters of credit issued for the account of such Person and, without
duplication, all drafts drawn thereunder to the extent such Person shall not
have reimbursed the issuer in respect of the issuer’s payment of such drafts,
(e) all liabilities secured by any Lien on any Property owned by such Person
even though such Person has not assumed or

 

13

 

otherwise become liable for the payment thereof (other than carriers’,
warehousemen’s, mechanics’, repairmen’s or other like non-consensual statutory
Liens arising in the ordinary course of business), (f) obligations under
Capital Leases, (g) Contingent Obligations and (h) ERISA Liabilities;
provided, however, that the term Indebtedness shall not include guarantees or
carve-outs with respect to claims of the types referenced in (i)-(iv) of the
definition of Non-Recourse Exclusions until a claim is made with respect thereto,
and then shall be included only to the extent of the amount of such claim.

 

“Indemnified
Person”:  as defined in Section
11.12.

 

“Instruction
Letter”: a letter agreement in the form attached hereto as Exhibit E
executed by Borrower, the Administrative Agent and the Servicer pursuant to
which the Servicer will agree to disburse the Excess Funds to the Fleet
Account.

 

“Intellectual
Property”:  all copyrights,
trademarks, patents, trade names and service names.

 

“Interest
Payment Date”:  as to any Loan, the
first day of each month, commencing with the first day of the first month
following the date hereof.

 

“Interest
Period”:  with respect to any LIBOR
Loans requested by the Borrower, the period commencing on, as the case may be,
the Effective Date or Conversion Date with respect to such LIBOR Loans and
ending one, two or three months thereafter, as selected by the Borrower in its
irrevocable request to Administrative Agent with respect to the Loans to be
made on the Effective Date or its irrevocable notice of conversion as provided
in Section 2.8; provided, however, that all of the foregoing provisions
relating to Interest Periods are subject to the following:

 

(a)           if
any Interest Period pertaining to a LIBOR Loan would otherwise end on a day
which is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless the result of such extension would be to carry
such Interest Period into another calendar month, in which event such Interest
Period shall end on the immediately preceding Business Day;

 

(b)           if,
with respect to the borrowing of any Loan as a LIBOR Loan or the conversion of
one Advance to another pursuant to Section 2.8, the Borrower shall fail to give
due notice with respect to the Loans to be made on the Effective Date or with
respect to a conversion as provided in Section 2.8, as the case may be, the
Borrower shall be deemed to have elected that such Loan or Advance shall be
made as a Prime Rate Loan;

 

(c)           any
Interest Period pertaining to a LIBOR Loan that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period)
shall end on the last Business Day of a calendar month;

 

(d)           with
respect to any Interest Period applicable to a LIBOR Loan, no such Interest
Period shall end after the Maturity Date; and

 

14

 

(e)           the
Borrower shall select Interest Periods so as not to have more than five (5)
different Interest Periods outstanding at any one time with respect to LIBOR
Loans.

 

“Investments”:  as defined in Section 8.3.

 

“Joint
Venture”:  an Investment by Borrower
or any of its Subsidiaries with third persons in joint ventures, general
partnerships, limited partnerships, limited liability companies or any other
business association.  Joint Ventures
include non-wholly owned Subsidiaries of Borrower.

 

“Land
Assets”:  any land of the Borrower
or its Subsidiaries, or in which the Borrower or any of its Subsidiaries has an
interest (either directly or indirectly, through a Joint Venture or otherwise)
with respect to which the commencement of grading, construction of improvements
or infrastructure has not yet commenced, and all unimproved land according to
GAAP.

 

“Lead Arranger”:  Fleet Securities, Inc.

 

“Leverage
Event”: as defined in Section 8.15.

 

“LIBOR”:  as applicable to any Interest Period for any
LIBOR Loan, the rate per annum (rounded upwards, if necessary, to the nearest
1/32nd of one percent) as determined on the basis of the offered rates for
deposits in Dollars, for the period of time comparable to such Interest Period
which appears on the Telerate page 3750 as of 11:00 a.m. London time on the day
that is two (2) LIBOR Business Days preceding the first day of such Interest
Period; provided, however, if the rate described above does not appear on the
Telerate system on any applicable interest determination date, LIBOR shall be
the rate (rounded upwards as described above, if necessary) for deposits in
Dollars for a period substantially equal to the Interest Period on the Reuters
Page “LIBO” (or such other page as may replace the LIBO Page on that service
for the purpose of displaying such rates), as of 11:00 a.m. (London Time), on
the day that is two (2) LIBOR Business Days prior to the beginning of such
Interest Period.  If both the Telerate
and Reuters systems are unavailable, then the rate for that date will be
determined on the basis of the offered rates for deposits in Dollars for a
period of time comparable to such Interest Period which are offered by four
major banks in the London interbank market at approximately 11:00 a.m. London
time, on the day that is two (2) LIBOR Business Days preceding the first day of
such Interest Period as selected by Administrative Agent.  The principal London office of each of the
four major London banks will be requested to provide a quotation of its U.S.
dollar deposit offered rate.  If at
least two such quotations are provided, the rate for that date will be the
arithmetic mean of the quotations.  If
fewer than two quotations are provided, the rate for that date will be
determined on the basis of the rates quoted for loans in Dollars to leading
European banks for a period of time comparable to such Interest Period offered
by major banks in New York City at approximately 11:00 a.m. (New York City
time), on the day that is two (2) LIBOR Business Days preceding the first day
of such Interest Period.  In the event
that Administrative Agent is unable to obtain any such quotation as provided
above, it will be deemed that LIBOR pursuant to a LIBOR Loan cannot be
determined and the provisions of Section 2.10 shall apply.  In the event that the Board of Governors of
the Federal Reserve System shall impose a Reserve Percentage with respect to
LIBOR deposits of Administrative Agent, then for any period during which such
Reserve Percentage shall apply, LIBOR shall be equal to the amount determined
above divided by an amount equal to 1 minus the Reserve Percentage.

 

15

 

“LIBOR
Business Day”:  any day on which
commercial banks are open for international business (including dealings in
Dollar deposits) in London, England.

 

“LIBOR
Lending Office”:  initially, the
office of each Lender designated as such in Exhibit B hereto;
thereafter, such other office of such Lender, if any, that shall be making or
maintaining LIBOR Loans.

 

“LIBOR
Loans”:  loans bearing interest
calculated by reference to a LIBOR.

 

“Lien”:  any mortgage, pledge, hypothecation, assignment,
deposit or preferential arrangement, encumbrance, lien (statutory or other), or
other security agreement or security interest of any kind or nature whatsoever,
including, without limitation, any conditional sale or other title retention
agreement and any capital or financing lease having substantially the same
economic effect as any of the foregoing.

 

“Loan”
and “Loans”:  an individual term
loan or the aggregate term loans as the case may be, to be made by the Lenders
hereunder.  All Loans shall be made in
Dollars.

 

“Loan
Documents”:  collectively, this
Agreement, the Security Documents, the Guaranty (and each Guaranty subsequently
delivered pursuant to Section 7.11), the Notes, the Acknowledgments and all
other documents, instruments or agreements now or hereafter executed or
delivered by or on behalf of the Borrower, any Subsidiary Guarantor or any of
their respective Subsidiaries evidencing, securing or otherwise relating to the
Loans to which Administrative Agent and/or the Lenders are a party or an
intended beneficiary.

 

“Margin
Stock”:  any “margin stock”, as said
term is defined in Regulation U of the Board of Governors of the Federal
Reserve System, as the same may be amended or supplemented from time to time.

 

“Material
Adverse Effect”:  a material adverse
effect on (i) the financial condition, operations, business, or Properties of
(A) the Borrower or (B) the Borrower and its Subsidiaries taken as a whole,
(ii) the ability of the Borrower to perform any of its material obligations
under the Loan Documents, (iii) the ability of the Administrative Agent and the
Lenders to enforce the Loan Documents, (iv) the Collateral or (v) any of the
Subject Properties.

 

“Maturity
Date”:  the earlier of
(i) September 29, 2006, or (ii) the date on which the Notes shall
become due and payable, whether by acceleration or otherwise.

 

“Moody’s”:  Moody’s Investors Services, Inc.

 

“Multiemployer
Plan”:  a plan defined as such
Section 3(37) of ERISA to which contributions have been made by the Borrower or
any ERISA Affiliate and which is covered by Title IV of ERISA.

 

“Net
Operating Income”:  for any period
and with respect to all assets which are Unencumbered Assets, Operating
Properties or Subject Properties, as applicable, during such period, the sum of
(a) net income for such period, determined in accordance with GAAP,
attributable to Unencumbered Assets, Operating Properties or Subject
Properties, as applicable, plus (b) depreciation and amortization,
interest expense and any extraordinary or non-recurring

 

16

 

losses or charges for impairment of real estate deducted in calculating
such net income, minus (c) extraordinary or non-recurring gains and
payments (including rent insurance proceeds and condemnation awards) included
in such net income, minus (d) any portion of such net income
attributable to rents paid by any tenant which is an Affiliate of the Borrower,
minus (e) an amount (but not less than zero) equal to the excess
(if any) of (i) 3% of operating income for such period, over
(ii) management fees payable in respect of such Unencumbered Assets,
Operating Properties or Subject Properties, as applicable, during such
period.  For purposes of any calculation
of Net Operating Income, real estate taxes, ground rent and insurance shall be
included only at their stabilized, recurring levels.

 

“Net
Rentable Area”:  with respect to any
Real Property, the floor area of any buildings, structures or improvements
thereof (expressed in square feet) available for leasing to tenants, as
determined in accordance with the leases or site plans or leasing plans for
such Real Property, or if such leases or site plans or leasing plans do not set
forth the floor area demised thereunder (or if such Real Property is not
subject to a lease), then as determined by the Borrower in accordance with an
industry-accepted protocol approved by the Administrative Agent.

 

“New
Construction Asset”:  any Property
of the Borrower or its Subsidiaries, or in which the Borrower or any of its
Subsidiaries has an interest (either directly or indirectly, through a Joint
Venture or otherwise) (i) which is new ground-up construction (but not
including an expansion of an existing Property), and (ii) for which a
certificate of occupancy, whether temporary or permanent, or the functional
equivalent thereof, has not been issued with respect to such construction or
expansion (if required by law to occupy the same).  Notwithstanding the foregoing, any such new construction which
shall have been a New Construction Asset under the criteria of this definition
shall no longer be a New Construction Asset upon such time as (A) the same
is an income-producing Property in operating condition, and (B) at least 60% of
the Net Rentable Area (determined on an “as completed” basis) of such
construction is initially leased to tenants who have taken possession thereof.

 

“Non-Recourse
Exclusions”:  with respect to any
Non-Recourse Indebtedness of any Person, any usual and customary exclusions
from the non-recourse limitations governing such Indebtedness, including,
without limitation, exclusions for claims that (i) are based on fraud,
intentional misrepresentation, misapplication of funds, gross negligence or
willful misconduct, (ii) result from intentional mismanagement of or waste at the
Real Property securing such Non-Recourse Indebtedness, (iii) arise from the
presence of Hazardous Substances on the Real Property securing such
Non-Recourse Indebtedness; or (iv) are the result of any unpaid real estate
taxes and assessments.

 

“Non-Recourse
Indebtedness”:  at any time,
Indebtedness of the Borrower, its Subsidiaries or a Joint Venture at such time
which is secured by one or more parcels of Real Property or interests therein
and which is not a general obligation of the Borrower or such Subsidiary, the
holder of such Indebtedness having recourse solely to the parcels of Real
Property, or interests therein, securing such Indebtedness, the leases thereon
and the rents, profits and equity thereof (except for recourse against the
general credit of the Borrower or its Subsidiaries for any Non-Recourse
Exclusions), provided that in calculating the amount of Non-Recourse
Indebtedness at any time, the amount of any Non-Recourse Exclusions which are
the subject of a final judgment shall not be included in Non-Recourse
Indebtedness.

 

17

 

“Note”
and “Notes”:  as defined in
Section 2.2.

 

“Notes
Receivable”:  mortgage and notes
receivable and reimbursement agreements (to the extent obligations are payable
under such reimbursement agreements), including interest payments thereunder,
of Borrower or any Subsidiary in a Person (other than Borrower or its
Subsidiaries).

 

“Operating
Property”:  any Real Property which
at any time (i) is an income-producing property in operating condition and in
respect of which no material part thereof has been damaged by fire or other
casualty (unless such damage has been repaired) or condemned (unless such
condemnation has been restored), (ii) is a retail shopping center (including
single tenant retail properties), and (iii) for which a certificate of
occupancy, whether temporary or permanent, or the functional equivalent
thereof, has been issued for the operating portions of the improvements
comprising the same (if required by law to occupy the same) and are in full
force and effect, and “Operating Properties” means all such Operating
Properties, collectively.  An Operating
Property shall not include any Redevelopment Asset or any New Construction
Asset.

 

“Operating
Property Value”:  as of any date the
quotient of (i) an amount equal to the Adjusted Net Operating Income for all
Operating Properties in the aggregate for the four fiscal quarters of the
Borrower most recently ending as of such date, divided by (ii) 9.5%. For
purposes of any determination of Operating Property Value, the following
limitations and methodology shall apply: 
(A) the Adjusted Net Operating Income of any Operating Property owned by
a DownREIT Partnership shall be based on the Borrower’s Interest in the Adjusted
Net Operating Income for each such Operating Property for the four fiscal
quarters having most recently ended as of such date; (B) in the event more than
15% of the gross base rents payable under all leases for Properties of the
Borrower, its Subsidiaries or a DownREIT Partnership (including the Borrower’s
Interest in any Properties) shall be payable by one tenant and its
Subsidiaries, then Operating Property Value shall be reduced by the percentage
amount of such excess multiplied by the Operating Property Value attributable
to the Properties leased or controlled by such tenant and its Subsidiaries; and
(C) in the event that the Borrower or a Subsidiary of the Borrower shall not
have owned an Operating Property for the entire previous four fiscal quarters,
then for the purposes of determining the Operating Property Value with respect
to such Operating Property, the Adjusted Net Operating Income for such
Operating Property shall be annualized in a manner reasonably satisfactory to
the Administrative Agent, provided, however, that to the extent that a New
Construction Asset or Redevelopment Asset becomes an Operating Property during
the relevant period, the Adjusted Net Operating Income of such Operating
Property during such period and the following periods shall be annualized until
such time as such Operating Property has performed as an Operating Property for
four (4) full fiscal quarters.

 

“PBGC”:  the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA, or any Governmental
Authority succeeding to the functions thereof.

 

“Permitted
Liens”:  Liens permitted to exist
under Section 8.1.

 

“Person”:  an individual, a partnership, a corporation,
a business trust, a limited liability company, a joint stock company, a trust,
an unincorporated association, a joint venture, a Governmental Authority or any
other entity of whatever nature.

 

18

 

“Plan”:  any employee benefit or other plan
established or maintained by the Borrower or any ERISA Affiliate and which is
covered by or subject to the minimum funding standards of Title IV of ERISA,
other than a Multiemployer Plan.

 

“Potential
Properties”:  any Real Properties of
Borrower or any Subsidiary of Borrower which are not at the time included as
Subject Properties and which consist of Real Properties which are capable of
becoming Subject Properties upon satisfaction of the conditions set forth in
Section 6.2.

 

“Pricing
Level”:  one of the following five
pricing levels, as applicable, provided that if the ratings by S&P and
Moody’s in any such Pricing Level are split by one equivalent rating level, the
operative rating would be deemed to be the higher of the two ratings, and if
the ratings by S&P and Moody’s in any such Pricing Level are split by more
than one equivalent rating level, the operative rating would be deemed to be
one rating level higher than the lower of the two ratings, and provided,
further, that during any period that the Borrower has no Senior Debt Rating,
Pricing Level V would be the applicable Pricing Level:

 

“Pricing
Level I”:  the Pricing Level which
would be applicable for so long as the Senior Debt Rating is greater than or
equal to A- by S&P or A3 by Moody’s;

 

“Pricing
Level II”:  the Pricing Level which
would be applicable for so long as the Senior Debt Rating is equal to BBB+ by
S&P or Baa1 by Moody’s and Pricing Level I is not applicable;

 

“Pricing
Level III”:  the Pricing Level which
would be applicable for so long as the Senior Debt Rating is equal to BBB by S&P
or Baa2 by Moody’s and Pricing Levels I and II are not applicable;

 

“Pricing
Level IV”:  the Pricing Level which
would be applicable for so long as the Senior Debt Rating is equal to BBB- by
S&P or Baa3 by Moody’s and Pricing Levels I, II and III are not applicable;
and

 

“Pricing
Level V”:  the Pricing Level which
would be applicable for so long as the Senior Debt Rating is less than BBB- by
S&P or Baa3 by Moody’s and Pricing Levels I, II, III and IV are not
applicable.

 

“Prime Rate”:  the greater of (a) the variable annual rate
of interest announced from time to time by Administrative Agent at
Administrative Agent’s Domestic Lending Office as its “Prime Rate” or (b)
one-half of one percent (0.5%) above the Federal Funds Rate (rounded upwards,
if necessary, to the next one-eighth of one percent).  The Prime Rate is a reference rate and does not necessarily
represent the lowest or best rate being charged to any customer.  Any change in the rate of interest payable
hereunder resulting from a change in the Prime Rate shall become effective as
of the opening of business on the day on which such change in the Prime Rate
becomes effective, without notice or demand of any kind.

 

“Prime Rate
Loans”:  those Loans bearing
interest calculated by reference to the Prime Rate.

 

“Property”:  all types of real, personal, tangible,
intangible or mixed property.

 

19

 

“Real
Property”:  all real Property, and
all interests in real Property, now or hereafter owned, leased or held by the
Borrower or any Subsidiary of the Borrower.

 

“Redevelopment
Asset”:  any Property of the
Borrower or its Subsidiaries, or in which the Borrower or any of its
Subsidiaries has an interest (either directly or indirectly, through a Joint
Venture or otherwise) (i) which is not a New Construction Asset,
(ii) which is undergoing an expansion which will increase the Net Rentable
Area of such Property by 20,000 square feet or more (provided that with respect
to any Property which is under expansion, if the balance thereof is a fully
integrated, rentable property, then only the portion of such Property that is
under expansion shall be a Redevelopment Asset), and (iii) for which a
certificate of occupancy, whether temporary or permanent, or the functional
equivalent thereof, has not been issued with respect to such construction or
expansion (if required by law to occupy the same).  Notwithstanding the foregoing, any such expansion which shall
have been a Redevelopment Asset under the criteria of this definition shall no
longer be a Redevelopment Asset upon such time as (A) the same is an
income-producing Property in operating condition, and (B) at least 60% of
the Net Rentable Area (determined on an “as completed” basis) of such expansion
is initially leased to tenants who have taken possession thereof.  A Property shall not be considered a
Redevelopment Asset solely because such Property is being restored to its prior
condition following a casualty or condemnation.

 

“REIT”:  a Person qualifying as a real estate investment
trust under sections 856-859 of the Code and the regulations and rulings of the
Internal Revenue Service issued thereunder.

 

“Remaining
Interest Period”:  (i) in the event
that the Borrower shall fail for any reason to borrow a Loan in respect of
which it shall have requested a LIBOR Loan or to convert an Advance to a LIBOR
Loan after it shall have notified the Administrative Agent of its intent to do
so with respect to the Loans to be made on the Effective Date or with respect
to a conversion pursuant to Section 2.8, a period equal to the Interest Period
that the Borrower elected in respect of such LIBOR Loan; or (ii) in the event
that a LIBOR Loan shall terminate for any reason prior to the last day of the
Interest Period applicable thereto, a period equal to the remaining portion of
such Interest Period if such Interest Period had not been so terminated; or
(iii) in the event that the Borrower shall prepay or repay all or any part of
the principal amount of a LIBOR Loan, (including, without limitation, any
mandatory prepayment or a prepayment resulting from acceleration or illegality)
prior to the last day of the Interest Period applicable thereto, a period equal
to the period from and including the date of such prepayment or repayment to
but excluding the last day of such Interest Period.

 

“Rent Roll”:  a schedule prepared by the Borrower from
time to time identifying (i) the Real Property owned by the Borrower or its
Subsidiaries and stating whether such items of Real Property are Unencumbered Assets
or Subject Property at such time, (ii) the annual base rent payable under each
lease of Real Property owned by the Borrower or any of its Subsidiaries, (iii)
the commencement and termination dates of the term of each such lease, (iv) any
renewal options with respect to such lease, (v) the Net Rentable Area of the
space demised under each such lease and (vi) such other information as the
Administrative Agent may reasonably require.

 

“Required
Additional Guarantors”:  any
Subsidiary required to execute and deliver a Guaranty pursuant to Section
7.11(a).

 

20

 

“Required
Lenders”:  the Lenders (including
the Lender serving as Administrative Agent) whose aggregate Commitment
Percentage exceeds fifty percent (50%).

 

“Required
Payments”:  as defined in Section
2.7(d).

 

“Reserve
Percentage”:  for any day with
respect to a LIBOR Loan, the maximum rate (expressed as a decimal) at which any
lender subject thereto would be required to maintain reserves (including, without
limitation, all base, supplemental, marginal and other reserves) under
Regulation D of the Board of Governors of the Federal Reserve System (or any
successor or similar regulations relating to such reserve requirements) against
“Eurocurrency Liabilities” (as that term is used in Regulation D or any
successor or similar regulation), if such liabilities were outstanding.  The Reserve Percentage shall be adjusted
automatically on and as of the effective date of any change in the Reserve
Percentage.

 

“Responsible
Official”: (a) when used with reference to a Person other than an
individual, any corporate officer of such Person, general partner or managing
member of such Person, corporate officer of a corporate general partner or
managing member of such Person, or corporate officer of a corporate general
partner of a partnership that is a general partner of such Person or corporate
managing member of a limited liability company that is a managing member of
such Person, or any other responsible official thereof duly acting on behalf
thereof, and (b) when used with reference to a Person who is an
individual, such Person.

 

“Restricted
Interests”:  collectively, the
Additional Interests, the Distributions Interests and the Equity Interests.

 

“Restricted
Payment”:  as to any Person, any
dividend or other distribution by such Person (whether in cash, securities or
other property) with respect to any shares of any class of equity securities or
beneficial interests of such Person, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account
of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such shares or beneficial interests or any option, warrant
or other right to acquire any such shares or beneficial interests.

 

“Restricted
Subsidiaries”:  collectively, the
Subsidiaries of Borrower that are direct or indirect owners of the Subject
Properties

 

“Security
Documents”:  the Assignment of
Interests (and each Assignment of Interests subsequently delivered pursuant to
Section 6.2 or Section 8.2), the Account Agreement and any further collateral
assignments to the Administrative Agent for the benefit of the Lenders,
including, without limitation, any UCC-1 financing statements delivered in
connection therewith.

 

“Senior
Debt Rating”:  the senior unsecured
non-credit-enhanced debt rating of the Borrower as determined by S&P and/or
Moody’s from time to time.

 

“Servicer”:  Midland Loan Services, Inc., and any
subsequent or replacement servicer of the Account pursuant to the Account
Agreement.

 

“Special
Counsel”:  McKenna Long &
Aldridge LLP, special counsel to FNB.

 

21

 

“S&P”:  Standard & Poor’s Ratings Group.

 

“Stock”:  any and all shares, rights, interests,
participations, warrants, depositary receipts or other equivalents (however
designated) of corporate stock, including, without limitation, so-called
“phantom stock,” preferred stock and common stock.

 

“Subject
Properties”:  collectively, those
certain Real Properties that are wholly owned in fee simple by Borrower, direct
or indirect wholly owned Subsidiaries of Borrower or a DownREIT Partnership (or
is the subject of a Ground Lease) consisting of retail shopping center assets
more particularly described on Exhibit “C-1”, C-2” and “C-3” and any
other Real Property from time to time wholly owned by Borrower, a direct or
indirect wholly owned Subsidiary of Borrower or a DownREIT Partnership which
becomes a Subject Property after the date hereof pursuant to Section 6.2
(or is the subject of a Ground Lease).

 

“Subject
Property Adjusted Net Operating Income”: 
for any period, the aggregate amount of the Net Operating Income from
each Subject Property during such period, less the Capital Expense Reserve for
such Subject Property during that period. 
The Borrower acknowledges and agrees that no Subject Property shall be
utilized in the calculation of Subject Property Adjusted Net Operating Income
(and the Subject Property Adjusted Net Operating Income attributable to such
Subject Property shall be $0.00) (a) if there shall have occurred and be
continuing (i) a failure to pay when due (including any applicable period of
grace) any obligation under any Subject Property Indebtedness with respect to such
Subject Property, or (ii) a failure to observe or perform any term,
covenant or agreement under any of the loan documents evidencing such Subject
Property Indebtedness for such period of time as would permit (assuming the
giving of appropriate notice if required) the holder or holders thereof or of
any obligations issued thereunder to accelerate the maturity thereof
(including, without limitation, the acceleration of any bonds relating to any
Subject Property or demand for payment or reimbursement by any “credit
enhancer” or bond issuer) or (b) upon the occurrence of any of the events
described in Sections 9.1(h) or 9.1(i) with respect to Borrower or any
Restricted Subsidiary that is the direct or indirect owner of such Subject
Property (such Subject Property being considered an “Excluded Subject
Property”).

 

“Subject
Property Adjusted Consolidated Total Assets”:  on a consolidated basis for Borrower and its Subsidiaries, the
sum (without duplication) of the following:

 

(i)            the
Subject Property Operating Property Value; plus

 

(ii)           the
book value of Land Assets, Redevelopment Assets and New Construction Assets
that are Subject Properties (including, without limitation, all capitalized
costs incurred in connection therewith) on the last day of the fiscal quarter
just ended.

 

Subject
Property Adjusted Consolidated Total Assets shall be calculated on a pro forma
basis as if assets acquired during the relevant period were owned as of the
beginning of the relevant period, and all assets disposed of during the relevant
period were not owned during any portion of the relevant period.

 

“Subject
Property Indebtedness”:  any
Indebtedness secured by a Lien encumbering a Subject Property.

 

22

 

“Subject
Property Loan Documents”:  the
agreements, documents and instruments evidencing, securing or otherwise
relating to the Subject Property Indebtedness to which the holder of such
Subject Property Indebtedness is a party or intended beneficiary other than
Subject Property Indebtedness encumbering an Additional Interests Property.

 

“Subject
Property Operating Property Value”: 
as of any date the quotient of (i) an amount equal to the Subject
Property Adjusted Net Operating Income for all Operating Properties that are
Subject Properties in the aggregate for the four fiscal quarters of the
Borrower most recently ending as of such date, divided by (ii) 9.5%.  For purposes of any determination of Subject
Property Operating Property Value, the following limitations and methodology
shall apply:  (A) the Subject
Property Adjusted Net Operating Income of any Operating Property that is a
Subject Property owned by a DownREIT Partnership shall be based on the
Borrower’s Interest in the Subject Property Adjusted Net Operating Income for
each such Operating Property that is a Subject Property for the four fiscal
quarters having most recently ended as of such date; (B) in the event more
than 15% of the gross base rents payable under all leases for Properties of the
Borrower, its Subsidiaries or a DownREIT Partnership (including the Borrower’s
Interest in any Properties) shall be payable by one tenant and its
Subsidiaries, then Subject Property Operating Property Value shall be reduced
by the percentage amount of such excess multiplied by the Subject Property
Operating Property Value attributable to the Subject Properties leased or
controlled by such tenant and its Subsidiaries; and (C) in the event that
the Borrower or a Subsidiary of the Borrower shall not have owned a Subject
Property for the entire previous four fiscal quarters, then for the purposes of
determining the Subject Property Operating Property Value with respect to such
Operating Property that is a Subject Property, the Subject Property Adjusted
Net Operating Income for such Operating Property that is a Subject Property
shall be annualized in a manner reasonably satisfactory to the Administrative
Agent, provided, however, that to the extent that a New Construction Asset or
Redevelopment Asset becomes a Subject Property during the relevant period, the
Subject Property Adjusted Net Operating Income of such Operating Property that
is a Subject Property during such period and the following periods shall be
annualized until such time as such Operating Property that is a Subject
Property has performed as an Operating Property for four (4) full fiscal
quarters.

 

“Subject
Property Owners”:  the Borrower, the
wholly owned Subsidiaries of Borrower and DownREIT Partnerships indicated on Exhibits
“C-1”, “C-2” and “C-3” as the owners (or ground lessees) of the Subject
Properties and any other wholly owned Subsidiary of the Borrower or DownREIT
Partnership that owns fee title to any Real Property (or the leasehold interest
with respect to Real Property that is the subject of a Ground Lease) which becomes
a Subject Property after the date hereof pursuant to Section 6.2.

 

“Subsidiary”:  as to any Person, any corporation,
association, partnership, limited liability company, joint venture or other
business entity (A) which is required pursuant to GAAP to be consolidated
with such Person for financial reporting purposes, and (B) of which such
Person, directly or indirectly, either (i) in respect of a corporation, owns or
controls more than 50% of the outstanding Stock having ordinary voting power to
elect a majority of the board of directors or similar managing body,
irrespective of whether a class or classes shall or might have voting power by
reason of the happening of any contingency, or (ii) in respect of an
association, partnership, limited liability company, joint venture or other
business entity (other than a corporation which is provided for in
(i) above), is entitled to share, either directly or indirectly

 

23

 

through an entity described in clause (i) above, in more than 50% of
the profits and losses, however determined (without taking into account returns
of capital to such Person as an equity investor or payment of fees to such
Person for services rendered to such entity).

 

“Subsidiary
Guarantor”: the Subsidiaries of the Borrower listed on Schedule 4.4
and designated thereon as a Subsidiary Guarantor, each Required Additional
Guarantor, and their successors and assigns; and “Subsidiary Guarantors” shall
mean all such guarantors, collectively.

 

“Supermajority Lenders”: the Lender or Lenders whose aggregate
Commitment Percentage exceeds sixty-six and two-thirds percent (66.67%).

 

“Tangible
Net Worth”:  as of any date of
determination thereof with respect to the Borrower and its Subsidiaries,
determined on a Consolidated basis in accordance with GAAP, the remainder of
(i) the amounts which would, in conformity with GAAP, be included under
“shareholder’s equity” (or any like caption) on a Consolidated balance sheet of
the Borrower and its Subsidiaries as at such date, minus (ii) the net book
value of all assets of the Borrower and its Subsidiaries on a Consolidated
basis (to the extent reflected in the Consolidated balance sheet of the
Borrower at such date) which would be treated as intangibles under GAAP, including,
without limitation, goodwill (whether representing the excess cost over book
value of assets acquired or otherwise), patents, trademarks, trade names,
franchises, copyrights, licenses, service marks, rights with respect to the
foregoing and deferred charges (including, without limitation, unamortized debt
discount and expense, organization costs and research and development costs).

 

“Taxes”:  any present or future income, stamp or other
taxes, levies, imposts, duties, fees, assessments, deductions, withholdings, or
other charges of whatever nature, now or hereafter imposed, levied, collected,
withheld, or assessed by any Governmental Authority.

 

“Total
Commitment Amount”:  on any day, the
sum of the Commitment Amounts of all Lenders on such day.

 

“Unencumbered
Asset”:  any Operating Property
which Borrower desires to have treated as an Unencumbered Asset and which at
any time (i) is wholly owned in fee simple by the Borrower, a direct or
indirect wholly owned Subsidiary of the Borrower or a DownREIT Partnership (or
is the subject of a Ground Lease), (ii) is free and clear of all Liens,
including any Liens on any direct or indirect interest of Borrower or any
Subsidiary therein (other than Liens permitted under clauses (i), (ii), (iii),
(iv), (v) (vi), (ix) and (x) of Section 8.1), (iii) does not have applicable to
it (or to any such Ground Lease) any restriction on the pledge, transfer,
mortgage or assignment of such Operating Property or Ground Lease (including
any restriction imposed by the organizational documents of any such Subsidiary
or DownREIT Partnership, but excluding any requirement in a Ground Lease that
such Ground Lease be assumed upon the assignment thereof), (iv) if owned by any
such Subsidiary or DownREIT Partnership, the Stock, partnership interests or
membership interests, as the case may be, of such Subsidiary or DownREIT
Partnership that are owned by the Borrower or any Subsidiary are not subject to
any pledge or security interest in favor of any Person other than the Borrower
or a Subsidiary Guarantor, (v) is not an Environmental Risk Property; (vi) does
not have, to the best of the Borrower’s knowledge, any title, survey, or other
defect which could reasonably be expected to materially and adversely affect
the value, use, financeability or marketability thereof, and (vii) is located
within the contiguous 48 states of the continental United States; and “Unencumbered
Assets”

 

24

 

means all such Unencumbered Assets, collectively.  The Unencumbered Assets (X) which are
retail shopping centers shall on an aggregate basis have an occupancy level of
tenants in possession and operating and which are paying base, minimum or
similar regularly scheduled fixed payments of rent (but not pass-throughs of
common area maintenance charges, operating expenses, taxes, insurance and
similar charges) in accordance with the terms of their leases of at least
eighty percent (80%) of the Net Rentable Area within such Unencumbered Assets
based on bona fide arms-length tenant leases requiring current rental payments,
and (Y) which are residential apartments shall on an aggregate basis have
an occupancy level of tenants in possession and which are paying rent in
accordance with the terms of their leases of at least eighty percent (80%) of
the number of apartment units in such residential apartments within such
Unencumbered Assets based on bona fide arm’s-length tenant leases requiring
current rental payments.  .

 

“Unencumbered
Assets Coverage Ratio”:  on any date
of determination the ratio of (i) the sum of all Adjusted Net Operating Income
for all Unencumbered Assets of the Borrower and its Subsidiaries on a
Consolidated basis, plus (without duplication) the Borrower’s Interest in all
Adjusted Net Operating Income for all Unencumbered Assets owned by a DownREIT
Partnership, in each case, for the period of four (4) fiscal quarters just
ended prior to the date of determination, to (ii) the portion of the
Consolidated Interest Expense (which excludes interest on unsecured
Indebtedness of Joint Ventures that are not Subsidiaries) consisting of
interest on all unsecured Indebtedness of the Borrower and its Subsidiaries for
such period.

 

“Unencumbered
Asset Value”:  as of any date the
quotient of (i) an amount equal to the Adjusted Net Operating Income for all
Unencumbered Assets in the aggregate for the four fiscal quarters of the
Borrower most recently ending as of such date, divided by (ii) 9.5%. For
purposes of any determination of Unencumbered Asset Value, the following limitations
and methodology shall apply:  (A) the
Adjusted Net Operating Income of any Unencumbered Asset owned by a DownREIT
Partnership shall be based on the Borrower’s Interest in the Adjusted Net
Operating Income for each such Unencumbered Asset for the four fiscal quarters
having most recently ended as of such date; (B) in the event more than 15% of
the gross base rents payable under all leases for Properties of the Borrower,
its Subsidiaries or a DownREIT Partnership (including the Borrower’s Interest in
any Properties) shall be payable by one tenant and its Subsidiaries, then
Unencumbered Asset Value shall be reduced by the percentage amount of such
excess multiplied by the Unencumbered Asset Value attributable to the
Properties leased or controlled by such tenant and its Subsidiaries; and (C) in
the event that the Borrower or a Subsidiary of the Borrower shall not have
owned an Unencumbered Asset for the entire previous four fiscal quarters, then
for the purposes of determining the Unencumbered Asset Value with respect to
such Unencumbered Asset, the Adjusted Net Operating Income for such
Unencumbered Asset shall be annualized in a manner reasonably satisfactory to
the Administrative Agent, provided, however, that to the extent that a New
Construction Asset or Redevelopment Asset becomes an Operating Property during
the relevant period, the Adjusted Net Operating Income of such Operating
Property during such period and the following periods shall be annualized until
such time as such Operating Property has performed as an Operating Property for
four (4) full fiscal quarters.

 

25

 

1.2           Other Definitional Provisions.

 

(a)           All
terms defined in this Agreement shall have the meanings given such terms herein
when used in the Loan Documents or any certificate, opinion or other document
made or delivered pursuant hereto or thereto, unless otherwise defined therein.

 

(b)           As
used in the Loan Documents and in any certificate, opinion or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
Section 1.1, and accounting terms partly defined in Section 1.1, to the extent
not defined, shall have the respective meanings given to them under GAAP.

 

(c)           The
words “hereof”, “herein”, “hereto” and “hereunder” and similar words when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section, schedule and exhibit
references contained herein shall refer to Sections hereof or schedules or
exhibits hereto unless otherwise expressly provided herein.

 

(d)           The
word “or” shall not be exclusive; “may not” is prohibitive and not permissive.

 

(e)           Unless
the context otherwise requires, words in the singular number include the
plural, and words in the plural include the singular.

 

(f)            Unless
specifically provided in a Loan Document to the contrary, references to time
shall refer to Boston, Massachusetts time.

 

2.             AMOUNT AND TERMS OF LOANS.

 

2.1           Loans.  Subject to
the terms and conditions set forth in this Agreement, each of the Lenders
severally agrees to lend to the Borrower on the Effective Date the aggregate
principal amount of such Lender’s Commitment Amount, for the purposes set forth
in Section 2.15.  On the Effective
Date, the Total Commitment Amount as of the Effective Date shall be disbursed
to Borrower in a single advance.  The
Loans shall be made pro rata in accordance with each Lender’s Commitment
Percentage.  The acceptance by Borrower
of the Loans hereunder shall constitute a representation and warranty by the
Borrower that all of the conditions set forth in Section 5 have been
satisfied.  No Lender shall have any
obligation to make a Loan to the Borrower of more than the principal face amount
of its Note.

 

2.2           Notes.

 

(a)           Notes
as Evidence of Indebtedness.  The
Loan of each Lender shall be evidenced by a promissory note of the Borrower,
substantially in the form of Exhibit H, with appropriate insertions
therein as to date and principal amount (each, as endorsed or modified from time
to time, a “Note” and, collectively with the Notes of all other Lenders,
the “Notes”), payable to the order of such Lender for the account of its
Applicable Lending Office in the initial principal face amount equal to the
original amount of the Commitment of such Lender and representing the
obligation of the Borrower to pay the lesser of (a) the original amount of the
Commitment of such Lender and (b) the aggregate unpaid principal balance of all
Loans of such

 

26

 

Lender, plus interest and other amounts due and owing to the Lenders
under the Loan Documents (provided that, without increasing the Commitment
Amount of FNB, the initial Note delivered to FNB shall be in the principal
amount equal to the sum of FNB’s Commitment Amount and the Increase
Amount).  The face amount of FNB’s Note
includes the Increase Amount, which as of the date hereof is not available to
be borrowed by the Borrower.

 

(b)           The
Notes Generally.  Each Note shall
bear interest from the date thereof on the unpaid principal balance thereof at
the applicable interest rate or rates per annum determined as provided in
Section 2.9 and shall be stated to mature on the Maturity Date.  The following information shall be recorded
by each Lender on its books:  (i) the
date and amount of the Loan of such Lender; (ii) its character as a Prime Rate
Loan, a LIBOR Loan or a combination thereof; (iii) the interest rate and
Interest Period applicable to LIBOR Loans; and (iv) each payment and prepayment
of the principal thereof; provided, that the failure of such Lender to make any
such recordation or endorsement shall not affect the obligations of the
Borrower to make payment when due of any amount owing under the Loan Documents.

 

(c)           By
delivery of the Notes, there shall not be deemed to have occurred, and there
has not otherwise occurred, any payment, satisfaction or novation of the
indebtedness evidenced by the “Notes” as defined in the Original Loan
Agreement, which indebtedness is instead allocated among the Banks as of the
date hereof and evidenced by the Notes in accordance with their respective
Commitment Percentages.

 

2.3           Procedure for Loan Borrowings.

 

(a)           Intentionally
Omitted.

 

(b)           Intentionally
Omitted.

 

(c)           Intentionally
Omitted.

 

(d)           Funding
of Loans.  Each Lender will make its
Loan, in an amount equal to its Commitment Amount, available to the
Administrative Agent for the account of the Borrower at the office of the
Administrative Agent set forth in Section 11.2 not later than 12:00 noon, Massachusetts
time, on the Borrowing Date in funds immediately available to the
Administrative Agent at such office. 
The amounts so made available to the Administrative Agent on the
Borrowing Date will then, subject to the satisfaction of the terms and conditions
of this Agreement, as determined by the Administrative Agent, be made available
on such date to the Borrower by the Administrative Agent at the office of the
Administrative Agent specified in Section 11.2 by crediting the account of the
Borrower on the books of such office with the aggregate of said amounts
received by the Administrative Agent.

 

(e)           Intentionally
Omitted.

 

(f)            Administrative
Agent’s Assumption.  Unless the
Administrative Agent shall have received prior notice from a Lender (by
telephone or otherwise, such notice to be promptly confirmed by telecopy or
other writing) that such Lender will not make available to the Administrative
Agent such Lender’s pro rata share of the Loans, the Administrative Agent may
assume that such Lender has made such share available to the Administrative
Agent on the

 

27

 

Borrowing Date in accordance with this Section, provided that such
Lender received notice of the proposed borrowing from the Administrative Agent,
and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on the Borrowing Date a corresponding amount.  If and to the extent such Lender shall not
have so made such pro rata share available to the Administrative Agent, such
Lender and the Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount (to the extent not previously
paid by the other), together with interest thereon for each day from the date
such amount is made available to the Borrower until the date such amount is
paid to the Administrative Agent, at a rate per annum equal to, in the case of
the Borrower, the applicable interest rate set forth in Section 2.9 for Prime
Rate Loans or LIBOR Loans, as initially requested by Borrower, and, in the case
of such Lender, the Federal Funds Rate in effect on each such day (as
determined by the Administrative Agent). 
Such payment by the Borrower, however, shall be without prejudice to its
rights against such Lender.  If such
Lender shall pay to the Administrative Agent such corresponding amount, such
amount so paid shall constitute such Lender’s Loan as part of the Loans for
purposes of this Agreement, which Loan shall be deemed to have been made by
such Lender on the Borrowing Date applicable to such Loans, but without
prejudice to the Borrower’s rights against such Lender.

 

2.4           Intentionally Omitted.

 

2.5           Intentionally Omitted.

 

2.6           Repayment of Loans; Evidence of Debt.

 

(a)           Promise
to Pay.  The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender the
then unpaid principal amount of each Loan on the Maturity Date.

 

(b)           Lenders’
Accounts.  Each Lender shall
maintain in accordance with its usual practice an account or accounts
evidencing the debt of the Borrower to such Lender resulting from each Loan
made by such Lender, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder.

 

(c)           Administrative
Agent’s Accounts.  The
Administrative Agent shall maintain accounts in which it shall record (i) the
amount of each Loan made hereunder, the type of Advance thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each
Lender hereunder and (iii) the amount of any other sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s
share thereof.

 

(d)           Entries
Made in Accounts.  The entries made
in the accounts maintained pursuant to paragraphs (b) and (c) of this Section
shall, to the extent not inconsistent with any entries made in any Note and
absent manifest error, be prima facie evidence of the existence and amounts of
the obligations recorded therein, provided that the failure of any Lender, or
the Administrative Agent to maintain such accounts or any error therein shall
not in any manner affect the obligation of the Borrower to repay the Loans in
accordance with the terms of this Agreement.

 

28

 

(e)           Loans
Evidenced by Notes.  The Loans and
interest thereon shall at all times (including after assignment pursuant to
Section 11.7) be represented by one or more Notes in like form payable to the
order of the payee named therein and its registered assigns.

 

2.7           Prepayments of the Loans.

 

(a)           Voluntary
Prepayments. The Borrower may, at its option, prepay the Prime Rate Loans
and LIBOR Loans, in whole or in part, without premium or penalty (other than
any indemnification amounts, as provided for in Section 2.14) at any time and
from time to time by notifying the Administrative Agent in writing at least one
Business Day prior to the proposed prepayment date in the case of Loans
consisting of Prime Rate Loans and at least three Business Days prior to the
proposed prepayment date in the case of Loans consisting of LIBOR Loans,
specifying the Loans to be prepaid consisting of Prime Rate Loans, LIBOR Loans
or a combination thereof, the amount to be prepaid and the date of
prepayment.  Such notice shall be
irrevocable and the amount specified in such notice shall be due and payable on
the date specified, together with accrued interest to the date of such payment
on the amount prepaid.  Upon receipt of
such notice, the Administrative Agent shall promptly notify each Lender in
respect thereof.  Partial prepayments of
Prime Rate Loans and/or LIBOR Loans shall be in an aggregate minimum principal
amount of $5,000,000 or such amount plus a whole multiple of $1,000,000 in
excess thereof, or, if less, the outstanding principal balance thereof.  Notwithstanding the foregoing, if the
outstanding principal balance of the Loans would be reduced below $25,000,000
as a result of any such partial prepayment, then such prepayment shall only be
permitted if the Borrower prepays the entire outstanding principal balance of
the Loans.  After giving effect to any
partial prepayment with respect to LIBOR Loans which were converted on the same
date and which had the same Interest Period, the outstanding principal amount
of such LIBOR Loans shall be at least (subject to this Section 2.7(a) and
Section 2.8(a)) $1,000,000 or
such amount plus a whole multiple of $100,000 in excess thereof.  Any Loans prepaid shall not be readvanced.

 

(b)           In
General. If any prepayment is made in respect of any Advance, in whole or
in part, prior to the last day of the applicable Interest Period, the Borrower
agrees to indemnify the Lenders in accordance with Section 2.14.

 

(c)           Partial
Prepayments.  Each partial
prepayment of the Loans (other than Prime Rate Loans) under Section 2.7(a)
shall be accompanied by the payment of accrued interest on the principal
prepaid to the date of payment and, after payment of such interest, shall be
applied, in the absence of instruction by the Borrower, to the Lenders in
accordance with the provisions of Section 3.2.

 

2.8           Conversions.

 

(a)           Conversion
Elections.  The Borrower may elect
from time to time to convert LIBOR Loans to Prime Rate Loans by giving the
Administrative Agent at least one Business Day’s prior irrevocable notice of
such election, specifying the amount to be so converted, provided, that any
such conversion of LIBOR Loans shall only be made on the last day of the
Interest Period applicable thereto.  In
addition, the Borrower may elect from time to time to convert Prime Rate Loans
to LIBOR Loans or to convert LIBOR Loans to new LIBOR Loans by giving the
Administrative Agent at least two Business Days’ prior irrevocable notice of

 

29

 

such election, specifying the amount to be so converted and the initial
Interest Period relating thereto, provided that any such conversion of Prime
Rate Loans to LIBOR Loans shall only be made on a Business Day and any such
conversion of LIBOR Loans to new LIBOR Loans shall only be made on the last day
of the Interest Period applicable to the LIBOR Loans which are to be converted
to such new LIBOR Loans.  Each such
notice shall be in the form of Exhibit M and must be delivered to the
Administrative Agent prior to 12:00 noon on the Business Day required by this
Section for the delivery of such notices to the Administrative Agent.  The Administrative Agent shall promptly
provide the Lenders with notice of any such election.  Prime Rate Loans and LIBOR Loans may be converted pursuant to
this Section in whole or in part, provided that conversions of Prime Rate Loans
to LIBOR Loans, or LIBOR Loans to new LIBOR Loans, shall be in an aggregate
principal amount of $5,000,000 or such amount plus a whole multiple of $100,000
in excess thereof.

 

(b)           Effect
on Conversions if an Event of Default. 
Notwithstanding anything in this Section to the contrary, no Prime Rate
Loan may be converted to a LIBOR Loan, and no LIBOR Loan may be converted to a
new LIBOR Loan, if a Default or Event of Default has occurred and is continuing
either (i) at the time the Borrower shall notify the Administrative Agent of
its election to convert or (ii) on the requested Conversion Date.  In such event, such Prime Rate Loan shall be
automatically continued as a Prime Rate Loan or such LIBOR Loan shall be
automatically converted to a Prime Rate Loan on the last day of the Interest
Period applicable to such LIBOR Loan.

 

(c)           Conversion
not a Borrowing.  Each conversion
shall be effected by each Lender by applying the proceeds of its new Prime Rate
Loan or LIBOR Loan, as the case may be, to its Advances (or portion thereof)
being converted (it being understood that such conversion shall not constitute
a borrowing for purposes of Sections 4 or 5).

 

2.9           Interest Rate and Payment Dates.

 

(a)           Prior
to Maturity.  Except as otherwise
provided in Section 2.9(b), prior to the Maturity Date, the Loans shall bear
interest on the outstanding principal balance thereof at the applicable interest
rate or rates per annum set forth below:

 

	
  ADVANCES

  	
   

  	
  RATE

  
	
   

  	
   

  	
   

  
	
  Each Prime Rate Loan

  	
   

  	
  Prime Rate plus the Applicable Margin.

  
	
   

  	
   

  	
   

  
	
  Each LIBOR Loan

  	
   

  	
  LIBOR for the applicable Interest Period plus the Applicable Margin.

  

 

(b)           Event
of Default.  After the occurrence
and during the continuance of an Event of Default, the outstanding principal
balance of (a) the LIBOR Rate Loans and any overdue interest with respect
thereto shall bear interest, whether before or after the entry of any judgment
thereon, at a rate per annum equal to LIBOR for the applicable Interest Period
plus the Applicable Margin plus 2% (b) the Prime Rate Loans and any overdue
interest with respect thereto or other amount payable under the Loan Documents
shall bear interest, whether before or after the entry of any judgment thereon,
at a rate per annum equal to the Prime Rate plus 2%.

 

30

 

(c)           Interest
Payment Dates.  Accrued interest on
each Loan shall be payable in arrears on each Interest Payment Date for such
Loan, provided that (i) interest accrued pursuant to paragraph (b) of this
Section shall be payable on demand, (ii) in the event of any repayment or
prepayment of any Loan, accrued interest on the principal amount repaid or
prepaid shall be payable on the date of such repayment or prepayment and (iii)
in the event of any conversion of any LIBOR Loans prior to the end of the
current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion.

 

(d)           General.  Interest on (i) Prime Rate Loans shall be
calculated on the basis of a 365-day year and (ii) LIBOR Loans shall be
calculated on the basis of a 360-day year, in each case for the actual number
of days elapsed, including the first day but excluding the last.  Any change in the interest rate on the Loans
resulting from a change in the Prime Rate or a Pricing Level shall become
effective as of the opening of business on the day on which such change shall
become effective.  The Administrative
Agent shall, as soon as practicable, notify the Borrower and the Lenders of the
effective date and the amount of each such change in the Prime Rate or a
Pricing Level, but any failure to so notify shall not in any manner affect the
obligation of the Borrower to pay interest on the Loans in the amounts and on
the dates required.  Each determination
of the Prime Rate, a LIBOR or a Pricing Level by the Administrative Agent
pursuant to this Agreement shall be conclusive and binding on the Borrower and
the Lenders absent manifest error.  At
no time shall the interest rate payable on the Loans of any Lender, together
with the Facility Fee and all other amounts payable under the Loan Documents,
to the extent the same are construed to constitute interest, exceed the Highest
Lawful Rate.  If interest payable to a
Lender on any date would exceed the maximum amount permitted by the Highest
Lawful Rate, such interest payment shall automatically be reduced to such
maximum permitted amount, and interest for any subsequent period, to the extent
less than the maximum amount permitted for such period by the Highest Lawful
Rate, shall be increased by the unpaid amount of such reduction.  Any interest actually received for any
period in excess of such maximum allowable amount for such period shall be
deemed to have been applied as a prepayment of the Loans.  The Borrower acknowledges that the Prime
Rate is only one of the bases for computing interest on loans made by the
Lenders, and by basing interest payable on Prime Rate Loans on the Prime Rate,
the Lenders have not committed to charge, and the Borrower has not in any way
bargained for, interest based on a lower or the lowest rate at which the
Lenders may now or in the future make loans to other borrowers.

 

2.10         Substituted Interest Rate.  In the event that (i) the Administrative
Agent shall have reasonably determined (which determination shall be conclusive
and binding upon the Borrower) that by reason of circumstances affecting the
interbank eurodollar market adequate and reasonable means do not exist for
ascertaining the LIBOR applicable pursuant to Section 2.9 or (ii) the Required
Lenders shall have notified the Administrative Agent that they have reasonably
determined (which determination shall be conclusive and binding on the
Borrower) that the applicable LIBOR will not adequately and fairly reflect the
cost to such Lenders of maintaining or funding loans bearing interest based on
such LIBOR, with respect to any portion of the Loans that the Borrower has
requested be made as LIBOR Loans or LIBOR Loans that will result from the
requested conversion of any portion of the Advances into LIBOR Loans (each, an
“Affected Advance”), the Administrative Agent shall promptly notify the
Borrower and the Lenders (by telephone or otherwise, to be promptly confirmed
in writing) of such determination, on or, to the extent practicable, prior to
the requested Borrowing Date or Conversion Date for such Affected

 

31

 

Advances.  If the Administrative
Agent shall give such notice, (a) any Affected Advances shall be made as Prime
Rate Loans, (b) the Advances (or any portion thereof) that were to have been
converted to Affected Advances shall be converted to or continued as Prime Rate
Loans and (c) any outstanding Affected Advances shall be converted, on the last
day of the then current Interest Period with respect thereto, to Prime Rate
Loans.  Until any notice under clauses
(i) or (ii), as the case may be, of this Section has been withdrawn by the Administrative
Agent (by notice to the Borrower promptly upon either (x) the Administrative
Agent having determined that such circumstances affecting the LIBOR market no
longer exist and that adequate and reasonable means do exist for determining
the LIBOR pursuant to Section 2.9 or (y) the Administrative Agent having been
notified by such Required Lenders that circumstances no longer render the
Advances (or any portion thereof) Affected Advances), no further LIBOR Loans
shall be required to be made by the Lenders nor shall the Borrower have the
right to convert all or any portion of the Loans to LIBOR Loans.

 

2.11         Taxes; Net Payments.

 

(a)           All
payments made by the Borrower or any Subsidiary Guarantor under the Loan
Documents shall be made free and clear of, and without reduction for or on
account of, any taxes, levies, imposts, deductions, charges or withholdings
required by law to be withheld from any amounts payable under the Loan
Documents.  A statement setting forth
the calculations of any amounts payable pursuant to this paragraph submitted by
a Lender to the Borrower shall be conclusive absent manifest error.  The obligations of the Borrower under this
Section shall survive the termination of this Agreement and the Commitments and
the payment of the Notes and all other amounts payable under the Loan
Documents.

 

(b)           Each
Lender which is a foreign corporation within the meaning of Section 1442 of the
Code shall deliver to the Borrower such certificates, documents or other
evidence as the Borrower may reasonably require from time to time as are
necessary to establish that such Lender is not subject to withholding under
Section 1441 or 1442 of the Code or as may be necessary to establish, under any
law hereafter imposing upon the Borrower, an obligation to withhold any portion
of the payments made by the Borrower under the Loan Documents, that payments to
the Administrative Agent on behalf of such Lender are not subject to
withholding.

 

2.12         Illegality. 
Notwithstanding any other provisions herein, if any law, regulation,
treaty or directive hereafter enacted, promulgated, approved or issued, or any
change in any presently existing law, regulation, treaty or directive, or in
the interpretation or application thereof, shall make it unlawful for any
Credit Party to make or maintain its LIBOR Loans as contemplated by this
Agreement, such Credit Party shall so notify the Administrative Agent and the
Administrative Agent shall forthwith give notice thereof to the other Credit
Parties and the Borrower, whereupon (i) the commitment of such Credit Party
hereunder to make LIBOR Loans or convert Prime Rate Loans to LIBOR Loans shall
forthwith be suspended and (ii) such Credit Party’s Loans then outstanding as
LIBOR Loans affected hereby, if any, shall be converted automatically to Prime
Rate Loans on the last day of the then current Interest Period applicable
thereto or within such earlier period as required by law.  If the commitment of any Credit Party with
respect to LIBOR Loans is suspended pursuant to this Section and thereafter it
is once again legal for such Credit Party to make or maintain LIBOR Loans, such
Credit Party’s commitment to make or maintain LIBOR Loans shall be reinstated
and such Credit Party shall notify the Administrative Agent and the Borrower of
such event.  Notwithstanding the
foregoing, to the

 

32

 

extent that the conditions giving rise to the notice requirement set
forth in this Section can be eliminated by the transfer of such Credit Party’s
Loans or Commitment to another of its branches, and to the extent that such
transfer is not inconsistent with such Credit Party’s internal policies of
general application and only if, as determined by such Credit Party in its sole
discretion, the transfer of such Loan or Commitment, as the case may be, would
not otherwise adversely affect such Loans or such Credit Party, the Borrower
may request, and such Credit Party shall use reasonable efforts to effect, such
transfer.

 

2.13         Increased Costs.  In the event that any law, regulation, treaty or directive
hereafter enacted, promulgated, approved or issued or any change in any
presently existing law, regulation, treaty or directive therein or in the
interpretation or application thereof by any Governmental Authority charged
with the administration thereof or compliance by any Credit Party (or any
corporation directly or indirectly owning or controlling such Credit Party)
with any request or directive, whether or not having the force of law, from any
central bank or other Governmental Authority, agency or instrumentality:

 

(a)           does
or shall subject any Credit Party to any Taxes of any kind whatsoever with
respect to any LIBOR Loans or its obligations under this Agreement to make
LIBOR Loans, or change the basis of taxation of payments to any Credit Party of
principal, interest or any other amount payable hereunder in respect of its
LIBOR Loans, including any Taxes required to be withheld from any amounts
payable under the Loan Documents (except for (i) imposition of, or change
in the rate of, tax on the overall net income of such Credit Party or its
Applicable Lending Office for any of such Advances by any jurisdiction,
including, in the case of Credit Parties incorporated in any State of the
United States, such tax imposed by the United States and (ii) any franchise,
unincorporated business or gains taxes); or

 

(b)           does
or shall impose, modify or make applicable any reserve, special deposit,
compulsory loan, assessment, increased cost or similar requirement against
assets held by, or deposits of, or advances or loans by, or other credit
extended by, or any other acquisition of funds by, any office of such Credit
Party in respect of its LIBOR Loans, which, in the case of LIBOR Loans, is not
otherwise included in the determination of the LIBOR;

 

and the result
of any of the foregoing is to increase the cost to such Credit Party of making,
issuing, renewing, converting or maintaining its LIBOR Loans or its commitment
to make such LIBOR Loans, or to reduce any amount receivable hereunder in
respect of its LIBOR Loans, then, in any such case, the Borrower shall pay such
Credit Party, upon its demand, any additional amounts necessary to compensate
such Credit Party for such additional cost or reduction in such amount
receivable which such Credit Party deems to be material as reasonably
determined by such Credit Party; provided, however, that nothing in this
Section shall require the Borrower to indemnify the Credit Parties with respect
to withholding Taxes for which the Borrower has no obligation under Section
2.11.  No failure by any Credit Party to
demand compensation for any increased cost during any Interest Period shall
constitute a waiver of such Credit Party’s right to demand such compensation at
any time.  A statement setting forth the
calculations of any additional amounts payable pursuant to the foregoing
sentence submitted by a Credit Party to the Borrower shall be conclusive absent
manifest error.  The obligations of the
Borrower under this Section shall survive the termination of this Agreement and
any of the Commitments or the payment of the Notes and all other amounts
payable under the Loan Documents for a period of one hundred eighty (180) days
and shall thereafter terminate forever. 
Failure to demand

 

33

 

compensation pursuant to this Section shall not constitute a waiver of
such Credit Party’s right to demand such compensation.  To the extent that any increased costs of
the type referred to in this Section are being incurred by a Credit Party and
such costs can be eliminated or reduced by the transfer of such Credit Party’s
Loans or Commitment to another of its branches, and to the extent that such
transfer is not inconsistent with such Credit Party’s internal policies of general
application and only if, as determined by such Credit Party in its sole
discretion, the transfer of such Loan or Commitment, as the case may be, would
not otherwise materially adversely affect such Loan or such Credit Party, the
Borrower may request, and such Lender shall use reasonable efforts to effect,
such transfer.

 

2.14         Indemnification for Break Funding
Losses.  Notwithstanding
anything contained herein to the contrary, if (i) the Borrower shall fail to
borrow on the Borrowing Date, if it shall have requested a LIBOR Loan, or shall
fail to convert on a Conversion Date, after it shall have given notice to do so
in which it shall have requested a LIBOR Loan pursuant to Section 2.8, or (ii)
a LIBOR Loan shall be terminated or prepaid for any reason prior to the last
day of the Interest Period applicable thereto (including, without limitation,
any mandatory prepayment or a prepayment resulting from acceleration or
illegality), the Borrower agrees to indemnify each Credit Party against, and to
pay on demand directly to such Credit Party, any loss or expense suffered by
such Credit Party as a result of such failure to borrow or convert, or such
termination or repayment, including, without limitation, an amount, if greater
than zero, equal to:

 

A x (B-C) x  D

360

 

where:

 

“A” equals
such Credit Party’s pro rata share of the Affected Principal Amount;

 

“B” equals the
applicable LIBOR;

 

“C” equals the
applicable LIBOR (expressed as a decimal) in effect on or about the first day
of the applicable Remaining Interest Period, based on the applicable rates
offered or bid, as the case may be, on or about such date, for deposits in an
amount equal approximately to such Credit Party’s pro rata share of the
Affected Principal Amount with an Interest Period equal approximately to the
applicable Remaining Interest Period, as determined by such Credit Party;

 

“D” equals the
number of days from and including the first day of the applicable Remaining
Interest Period to but excluding the last day of such Remaining Interest
Period;

 

and any other
out-of-pocket loss or expense (including any internal processing charge
customarily charged by such Credit Party) suffered by such Credit Party in
connection with such LIBOR Loan including, without limitation, in liquidating
or employing deposits acquired to fund or maintain the funding of its pro rata
share of the Affected Principal Amount, or redeploying funds prepaid or repaid,
in amounts which correspond to its pro rata share of the Affected Principal
Amount.  A statement setting forth the
calculations of any amounts payable pursuant to

 

34

 

this Section submitted by a Credit Party to the Borrower shall be
conclusive and binding on the Borrower absent manifest error.  The obligations of the Borrower under this
Section shall survive the termination of this Agreement and the Commitments and
the payment of the Notes and all other amounts payable under the Loan
Documents.

 

2.15         Use of Proceeds. 
The proceeds of Loans shall be used solely (i) to refinance the Existing
Term Loan; (ii) to repay other Indebtedness; and (iii) for general
business purposes, including, without limitation, working capital.

 

2.16         Capital Adequacy.  If (i) after the date hereof, the enactment or promulgation of,
or any change or phasing in of, any United States or foreign law or regulation
or in the interpretation thereof by any Governmental Authority charged with the
administration thereof, (ii) compliance with any directive or guideline from
any central bank or United States or foreign Governmental Authority (whether or
not having the force of law) promulgated or made after the date hereof, or
(iii) compliance with the Risk-Based Capital Guidelines of the Board of
Governors of the Federal Reserve System as set forth in 12 CFR Parts 208 and
225, or of the Comptroller of the Currency, Department of the Treasury, as set
forth in 12 CFR Part 3, or similar legislation, rules, guidelines, directives
or regulations under any applicable United States or foreign Governmental
Authority affects or would affect the amount of capital required to be
maintained by a Credit Party (or any lending office of such Credit Party) or
any corporation directly or indirectly owning or controlling such Credit Party
or imposes any restriction on or otherwise adversely affects such Credit Party
(or any lending office of such Credit Party) or any corporation directly or
indirectly owning or controlling such Credit Party and such Credit Party shall
have reasonably determined that such enactment, promulgation, change or
compliance has the effect of reducing the rate of return on such Credit Party’s
capital or the asset value to such Credit Party of any Loan made by such Credit
Party as a consequence, directly or indirectly, of its obligations to make and
maintain the funding of its Loans at a level below that which such Credit Party
could have achieved but for such enactment, promulgation, change or compliance
(after taking into account such Credit Party’s policies regarding capital
adequacy) by an amount deemed by such Credit Party to be material, then, upon
demand by such Credit Party, the Borrower shall promptly pay to such Credit
Party such additional amount or amounts as shall be sufficient to compensate
such Credit Party for such reduction in such rate of return or asset
value.  A certificate in reasonable
detail as to such amounts submitted to the Borrower and the Administrative
Agent setting forth the determination of such amount or amounts that will compensate
such Credit Party for such reductions shall be presumed correct absent manifest
error.  No failure by any Credit Party
to demand compensation for such amounts hereunder shall constitute a waiver of
such Credit Party’s right to demand such compensation at any time.  Such Credit Party shall, however, use
reasonable efforts to notify the Borrower of such claim within 90 days after
the officer of such Credit Party having primary responsibility for this
Agreement has obtained knowledge of the events giving rise to such claim.  The obligations of the Borrower under this
Section shall survive the termination of this Agreement and the Commitments and
the payment of the Notes and all other amounts payable under the Loan
Documents.

 

2.17         Administrative Agent’s Records.  The Administrative Agent’s records with
respect to the Loans, the interest rates applicable thereto, each payment by
the Borrower of principal and interest on the Loans, and fees, expenses and any
other amounts due and payable in connection with this Agreement shall be
presumptively correct absent manifest error as to the

 

35

 

amount of the Loans, and the amount of principal and interest paid by
the Borrower in respect of such Loans and as to the other information relating
to the Loans, and amounts paid and payable by the Borrower hereunder and under
the Notes.  The Administrative Agent
will when requested by the Borrower advise the Borrower of the principal and
interest outstanding under the Loans as of the date of such request and the dates
on which such payments are due.

 

2.18         Leverage Event. 
Upon the occurrence of a Leverage Event (as defined in Section 8.15),
the Loans shall bear interest on the outstanding principal balance thereof at
the applicable rate or rates per annum as set forth in Section 8.15.

 

2.19         Increase of Commitment.

 

(a)           Provided
that no Default or Event of Default shall have occurred and be continuing, the
Borrower shall have the one-time option at any time before June 30, 2004, by
giving written notice to the Administrative Agent before such date (the
“Increase Notice”), subject to the terms and conditions set forth in this
Agreement, to increase the Total Commitment Amount by an amount up to
$50,000,000.00 (the “Increase Amount”), which, assuming there has been no previous
reduction in the Commitment Amounts, would result in a maximum Total Commitment
Amount of up to $150,000,000.00.

 

(b)           The
obligation of the Administrative Agent and the Lenders to increase the Total
Commitment Amount pursuant to this Section 2.19 shall be conditioned upon and
subject to satisfaction of the following conditions precedent:

 

(i)            The
Borrower shall have paid to the Administrative Agent and the Lenders acquiring
the Increase Amount such fees as the Administrative Agent and such Lenders may
require in connection therewith, which fees shall, when paid, be fully earned
and non-refundable under any circumstances; and

 

(ii)           On
the date such Increase Notice is given and on the date such increase becomes
effective, both immediately before and after the Total Commitment Amount is
increased, there shall exist no Default or Event of Default; and

 

(iii)          The representations and warranties made by
the Borrower and any of its Subsidiaries in the Loan Documents or otherwise
made by or on behalf of the Borrower and any of its Subsidiaries in connection
therewith or after the date thereof shall be true and correct in all material
respects on the date of such Increase Notice and on the date the Total
Commitment Amount is increased, both immediately before and after the Total
Commitment Amount is increased; and

 

(iv)          Borrower
shall have submitted to the Administrative Agent and the Lenders acquiring the
Increase Amount a Compliance Certificate prepared on a proforma basis (and
adjusted in the best good faith estimate of the Borrower, based on advice of
the Accountants, to give effect to such Increase Amount) demonstrating that
both before and after giving effect to such Increase Amount no Default or Event
of Default shall exist; and

 

(v)           The
Borrower shall have executed and delivered to the Administrative Agent and the
Lenders such additional documents, instruments, certifications and

 

36

 

opinions as the Administrative Agent may reasonably require, including,
without limitation, replacement Notes, and any amendments to Security Documents
or the other Loan Documents, as Administrative Agent may reasonably request,
and the Borrower shall upon demand pay the cost of any updated UCC searches,
all recording costs and fees, and any and all intangible taxes or other
documentary or mortgage taxes, assessments or charges or any similar fees,
taxes or expenses which are demanded in connection with such increase; and

 

(vi)          One
or more Lenders or potential assignees shall have agreed to acquire the
Increase Amount, provided, however, that no Lender (including, specifically,
but without limitation, FNB) shall be obligated to acquire such increase
without the express written consent of such Lender, which consent may be withheld
in such Lender’s sole and absolute discretion. 
Upon the request of Borrower, FNB shall endeavor to solicit Lenders to
acquire the Increase Amount.  Borrower
shall cooperate and actively assist with FNB in connection with any such
solicitation and shall reimburse FNB for any reasonable fees or expenses
incurred in connection with such solicitation.

 

(c)           Upon
satisfaction of the terms and conditions set forth above, (i) the Increase
Amount shall become a part of the Commitments and Total Commitment Amount and
shall be disbursed subject to the terms of this Agreement and effective with
such increase, and, subject to the payment of any breakage costs pursuant to
Section 2.14, the Lenders shall make such adjustments to the outstanding Loans
and Commitment Percentages of such Lenders, so that, after giving effect to
such increase, the outstanding Loans and Commitment Percentages are consistent
with their respective Commitment Amounts; and (ii) FNB will assign a portion of
its Note equal to the Increase Amount to the Lender or assignee acquiring such
Increase Amount and such Increase Amount will become a part of the Total
Commitment Amount.

 

3.             FEES; PAYMENTS.

 

3.1           FNB Fee.

 

(a)           The
Borrower agrees to pay to FNB and Lead Arranger on the Effective Date a
commitment and loan structuring fee (the “FNB Fee”), as provided in the
Agreement Regarding Fees.  FNB shall pay
to the other Lenders a commitment and loan structuring fee in accordance with
their separate agreement.

 

(b)           The
Borrower agrees to pay any other fees payable to any Credit Party under any
separate agreement at the times so agreed upon in such separate agreements.

 

(c)           The
FNB Fee shall be paid on the date due, in immediately available funds, to
FNB.  The FNB Fee and all other fees and
amounts paid shall not be refundable under any circumstances.

 

3.2           Payments; Application of Payments.  Each payment, including each prepayment, of
principal and interest on the Loans and the FNB Fee, the Administrative Agent’s
fees, and any other amounts due hereunder shall be made by the Borrower to the
Administrative Agent or FNB, as applicable, without set-off, deduction or
counterclaim, at its office set forth in Section 11.2 in funds immediately
available to the Administrative Agent at such office by 12:00 noon on the due date
for such payment.  Promptly upon receipt
thereof by the Administrative Agent, the

 

37

 

Administrative Agent shall remit, in like funds as received, to the
Lenders who maintain any of their Loans as Prime Rate Loans or LIBOR Loans,
each such Lender’s pro rata share of such payments which are in respect of
principal or interest due on such Prime Rate Loans or LIBOR Loans.  The failure of the Borrower to make any such
payment by such time shall not constitute a default hereunder, provided that
such payment is made on such due date, but any such payment made after 12:00
noon on such due date shall be deemed to have been made on the next Business
Day for the purpose of calculating interest on amounts outstanding on the
Loans.  If any payment hereunder or
under the Notes shall be due and payable on a day which is not a Business Day,
the due date thereof (except as otherwise provided in the definition of
Interest Period) shall be extended to the next Business Day and interest shall
be payable at the applicable rate specified herein during such extension.  If any payment is made with respect to any
LIBOR Loans prior to the last day of the applicable Interest Period, the Borrower
shall indemnify each Lender in accordance with Section 2.14.

 

4.             REPRESENTATIONS
AND WARRANTIES.

 

In order to
induce the Administrative Agent and the Lenders to enter into this Agreement
and to make the Loans the Borrower makes the following representations and
warranties to the Administrative Agent and each Lender:

 

4.1           Existence and Power.

 

(a)           The
Borrower (i) is a Maryland corporation duly organized and validly existing
and in good standing under the laws of Maryland, (ii) has all requisite
power and authority to own its Property and to carry on its business as now
conducted, and (iii) is in good standing and authorized to do business in
each jurisdiction in which the nature of the business conducted therein or the
Property owned therein make such qualification necessary, except where such
failure to qualify could not reasonably be expected to have a Material Adverse
Effect.

 

(b)           Each
Subsidiary of the Borrower (including each Subsidiary Guarantor) (i) is a
corporation, partnership, limited liability company, real estate investment
trust or business trust, is validly existing and in good standing under the
laws of the jurisdiction of its organization and has all requisite power and
authority to own its Property and to carry on its business as now conducted,
and (ii) is in good standing and authorized to do business in each other
jurisdiction in which the nature of the business conducted therein or the
Property owned therein make such qualification necessary, except where such
failure to qualify could not reasonably be expected to have a Material Adverse
Effect.

 

4.2           Authority.

 

(a)           The
Borrower has full legal power and authority to enter into, execute, deliver and
perform the terms of the Loan Documents to which it is a party and to make the
borrowings contemplated thereby, to execute, deliver and carry out the terms of
the Notes and to incur the obligations provided for herein and therein, all of
which have been duly authorized by all proper and necessary corporate action.

 

38

 

(b)           Each
Assignor has full legal power and authority to enter into, execute and deliver
and perform the terms of the Loan Documents to which it is a party, all of
which have been duly authorized by all proper and necessary partnership or
limited liability company action, as applicable.

 

4.3           Binding Agreement.

 

(a)           The
Loan Documents to which the Borrower or any of its Subsidiaries is a party
constitute the valid and legally binding obligations of such Person,
enforceable in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally.

 

(b)           The
execution, delivery and performance by the Borrower and its Subsidiaries of the
Loan Documents to which any such Person is a party do not violate the
provisions of any applicable statute, law (including, without limitation, any
applicable usury or similar law), rule or regulation of any Governmental
Authority.

 

4.4           Subsidiaries; DownREIT Partnerships.  As of the Effective Date, the Borrower has
only the Subsidiaries set forth on Schedule 4.4.  Schedule 4.4 sets forth the name of,
and the ownership interest of the Borrower in, each Subsidiary of the Borrower
and identifies each Subsidiary that is a Subsidiary Guarantor, in each case as
of the Effective Date. The shares of each corporate Subsidiary of the Borrower
that are owned by the Borrower are duly authorized, validly issued, fully paid
and nonassessable and are owned free and clear of any Liens.  The interest of the Borrower in each
non-corporate Subsidiary is owned free and clear of any Liens (other than Liens
applicable to a partner under the terms of any partnership agreement, or those
applicable to a member under the terms of any limited liability company
operating agreement, to secure the Borrower’s obligation to make capital
contributions or similar payments thereunder). 
As of the Effective Date, the only DownREIT Partnership is Excel Realty
Partners, L.P.  As of the Effective
Date, there is no Subsidiary of the Borrower (other than ERT Development
Corporation) that is a guarantor of any unsecured Indebtedness of Borrower
(other than the Loans) that is not also a Subsidiary Guarantor.

 

4.5           Litigation.

 

(a)           There
are no actions, suits or proceedings at law or in equity or by or before any
Governmental Authority (whether or not purportedly on behalf of the Borrower or
any Subsidiary of the Borrower) pending or, to the knowledge of the Borrower,
threatened against the Borrower or any Subsidiary of the Borrower or any of
their respective Properties or rights, which (i) if adversely determined, could
reasonably be expected to have a Material Adverse Effect, (ii) call into
question the validity or enforceability of any of the Loan Documents, or (iii)
could reasonably be expected to result in the rescission, termination or
cancellation of any franchise, right, license, permit or similar authorization
held by the Borrower or any Subsidiary of the Borrower, which rescission,
termination or cancellation could reasonably be expected to have a Material
Adverse Effect.

 

(b)           As
of the date hereof, Schedule 4.5 sets forth all actions, suits and
proceedings at law or in equity or by or before any Governmental Authority
(whether or not

 

39

 

purportedly on behalf of the Borrower or any Subsidiary of the
Borrower) pending or, to the knowledge of the Borrower, threatened against the
Borrower, any Subsidiary of the Borrower or any of their respective Properties
or rights which, if adversely determined, could have a Material Adverse Effect.

 

4.6           Required Consents.  No consent, authorization or approval of, filing with, notice to,
or exemption by, stockholders, any Governmental Authority or any other Person not
obtained is required to be obtained by the Borrower or any of its Subsidiaries
to authorize, or is required in connection with the execution, delivery and
performance of the Loan Documents or is required to be obtained by the Borrower
or any of its Subsidiaries as a condition to the validity or enforceability of
the Loan Documents.

 

4.7           No Conflicting Agreements.  Neither the Borrower nor any Subsidiary of
the Borrower is in default beyond any applicable grace or cure period under any
mortgage, indenture, contract or agreement to which it is a party or by which
it or any of its Property is bound, the effect of which default could
reasonably be expected to have a Material Adverse Effect.  The execution, delivery or carrying out of
the terms of the Loan Documents will not constitute a default under, or result
in the creation or imposition of, or obligation to create, any Lien upon any
Property of the Borrower or any Subsidiary of the Borrower pursuant to the
terms of any such mortgage, indenture, contract or agreement.

 

4.8           Compliance with Applicable Laws.  Neither the Borrower nor any Subsidiary of
the Borrower is in default with respect to any judgment, order, writ,
injunction, decree or decision of any Governmental Authority which default
could reasonably be expected to have a Material Adverse Effect. The Borrower
and each Subsidiary of the Borrower is in compliance in all material respects
with all statutes, regulations, rules and orders applicable to Borrower or such
Subsidiary of all Governmental Authorities, including, without limitation, (i)
Environmental Laws and ERISA, a violation of which could reasonably be expected
to have a Material Adverse Effect and (ii) §§856-860 of the Code, compliance
with which is required to preserve the Borrower’s status as a REIT.

 

4.9           Taxes.  Each of
the Borrower and its Subsidiaries has filed or caused to be filed all tax
returns required to be filed and has paid, or has filed appropriate extensions
and has made adequate provision for the payment of, all taxes shown to be due
and payable on said returns or in any assessments made against it (other than
those being contested as permitted under Section 7.4) in which the failure to
pay could reasonably be expected to have a Material Adverse Effect, and no tax
Liens have been filed with respect thereto. 
The charges, accruals and reserves on the books of the Borrower and each
Subsidiary of the Borrower with respect to all federal, state, local and other
taxes are, to the best knowledge of the Borrower, adequate for the payment of
all such taxes, and the Borrower knows of no unpaid assessment which is due and
payable against it or any of its Subsidiaries or any claims being asserted
which could reasonably be expected to have a Material Adverse Effect.

 

4.10         Governmental Regulations.  Neither the Borrower nor any Subsidiary of
the Borrower is subject to regulation under the Public Utility Holding Company
Act of 1935, as amended, the Federal Power Act, as amended, or the Investment
Company Act of 1940, as amended, and neither the Borrower nor any Subsidiary of
the Borrower is subject to any statute or regulation which prohibits or
restricts the incurrence of Indebtedness under the Loan

 

40

 

Documents, including, without limitation, statutes or regulations
relative to common or contract carriers or to the sale of electricity, gas,
steam, water, telephone, telegraph or other public utility services.

 

4.11         Federal Reserve Regulations; Use
of Loan Proceeds.  Neither the
Borrower nor any Subsidiary of the Borrower is engaged principally, or as one
of its important activities, in the business of extending credit for the
purpose of purchasing or carrying any Margin Stock.  No part of the proceeds of the Loans will be used, directly or
indirectly, for a purpose which violates any law, rule or regulation of any
Governmental Authority, including, without limitation, the provisions of
Regulations T, U or X of the Board of Governors of the Federal Reserve System,
as amended.  No part of the proceeds of
the Loans will be used, directly or indirectly, to purchase or carry Margin
Stock or to extend credit to others for the purpose of purchasing or carrying
Margin Stock.

 

4.12         Plans; Multiemployer Plans.  As of the Effective Date, each of the
Borrower and its ERISA Affiliates maintains or makes contributions only to the
Plans and Multiemployer Plans listed on Schedule 4.12.  Each Plan, and, to the best knowledge of the
Borrower, each Multiemployer Plan, is in compliance in all material respects
with, and has been administered in all material respects in compliance with,
the applicable provisions of ERISA, the Code and any other applicable Federal
or state law, and no event or condition is occurring or exists concerning which
the Borrower would be under an obligation to furnish a report to the
Administrative Agent and each Lender as required by Section 7.2(d).  As of September 30, 2002, each Plan was
“fully funded”, which for purposes of this Section means that the fair market
value of the assets of such Plan is not less than the present value of the
accrued benefits of all participants in the Plan, computed on a plan
termination basis.  To the best
knowledge of the Borrower, no Plan has ceased being fully funded.

 

4.13         Financial Statements.  The Borrower has heretofore delivered to the
Administrative Agent and the Lenders (i) copies of the audited Consolidated
Balance Sheet of the Borrower and its Consolidated Subsidiaries as of
December 31, 2002, and the Consolidated Statements of Operations, Stockholders’
Equity and Cash Flows for the Borrower and its Consolidated Subsidiaries for
the three months ended June 30, 2003, (ii) the Consolidated Statements of
Income and Cash Flows for the Borrower and its Consolidated Subsidiaries for
the six months ending June 30, 2003, certified by its Chief Financial Officer
(collectively, with the related notes and schedules, the “Financial
Statements”).  The Financial
Statements fairly present in all material respects the Consolidated financial
condition and results of the operations of the Borrower and its Consolidated
Subsidiaries as of the dates and for the periods indicated therein and have
been prepared in conformity with GAAP. 
Except as reflected in the Financial Statements or in the notes thereto,
neither the Borrower nor any Subsidiary of the Borrower (including any Subject
Property Owner) has any obligation or liability of any kind (whether fixed,
accrued, contingent, unmatured or otherwise) involving material amounts which,
in accordance with GAAP, should have been shown on the Financial Statements and
was not.  Since June 30, 2003 there has
been no material adverse change in the condition (financial or otherwise),
operations, prospects or business of the Borrower and its Subsidiaries taken as
a whole.

 

4.14         Property.  Each
of the Borrower and its Subsidiaries has good and marketable title to all of
its Property, title to which is material to the Borrower or such Subsidiary,
subject to no

 

41

 

Liens, except Permitted Liens. 
There are no unpaid or outstanding real estate or similar taxes or
assessments on or against any Real Property other than (i) real estate or other
taxes or assessments that are not yet due and payable, and (ii) such taxes as
the Borrower or any Subsidiary of the Borrower is contesting in good faith or
which individually or in the aggregate could not reasonably be expected to have
a Materially Adverse Effect.  There are
no pending eminent domain proceedings against any Real Property, and, to the
knowledge of the Borrower, no such proceedings are presently threatened or
contemplated by any Governmental Authority against any Real Property, which
pending, threatened or contemplated proceedings individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.  None of the Real Property is now damaged as
a result of any fire, explosion, accident, flood or other casualty which
individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect.

 

4.15         Franchises, Intellectual Property, Etc.  Each of the Borrower and its Subsidiaries
possesses or has the right to use all franchises, Intellectual Property,
licenses and other rights, in each case that are material and necessary for the
conduct of its business, with no known conflict with the valid rights of others
which could reasonably be expected to have a Material Adverse Effect.  No event has occurred which permits or, to
the best knowledge of the Borrower, after notice or the lapse of time or both,
or any other condition, could reasonably be expected to permit, the revocation
or termination of any such franchise, Intellectual Property, license or other
right and which revocation or termination could reasonably be expected to have
a Material Adverse Effect.

 

4.16         Environmental Matters.

 

(a)           The
Borrower and each of its Subsidiaries is in compliance with the requirements of
all applicable Environmental Laws except for such non-compliance which could
not, either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(b)           No
Hazardous Substances have been (i) generated or manufactured on, transported to
or from, treated at, stored at or discharged from any Real Property in
violation of any Environmental Laws; (ii) discharged into subsurface waters
under any Real Property in violation of any Environmental Laws; or (iii)
discharged from any Real Property on or into property or waters (including
subsurface waters) adjacent to any Real Property in violation of any
Environmental Laws, which violation, in the case of any of (i), (ii) or (iii)
could, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

(c)           Neither
the Borrower nor any of its Subsidiaries (i) has received notice (written or
oral) or otherwise learned of any claim, demand, suit, action, proceeding,
event, condition, report, directive, lien, violation, non-compliance or
investigation indicating or concerning any potential or actual liability
(including, without limitation, potential liability for enforcement,
investigatory costs, cleanup costs, government response costs, removal costs,
remedial costs, natural resources damages, property damages, personal injuries
or penalties) arising in connection with (x) any non-compliance with or
violation of the requirements of any applicable Environmental Laws, or (y) the
presence of any Hazardous Substance on any Real Property (or any Real Property
previously owned by the Borrower or any Subsidiary of the Borrower) or the
release or threatened release of any Hazardous Substance into the environment

 

42

 

which, in either case, could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (ii) has any
threatened or actual liability in connection with the presence of any Hazardous
Substance on any Real Property (or any Real Property previously owned by the
Borrower or any Subsidiary of the Borrower) or the release or threatened
release of any Hazardous Substance into the environment which, in either case,
could, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect, (iii) has received notice of any federal or state
investigation evaluating whether any remedial action is needed to respond to
the presence of any Hazardous Substance on any Real Property (or any Real
Property previously owned by the Borrower or any Subsidiary of the Borrower) or
a release or threatened release of any Hazardous Substance into the environment
for which the Borrower or any Subsidiary of the Borrower is or may be liable
the results of which could, in either case, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, or (iv)
has received notice that the Borrower or any Subsidiary of the Borrower is or
may be liable to any Person under any Environmental Law which liability could,
either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(d)           To
the best of the Borrower’s knowledge, no Real Property is located in an area
identified by the Secretary of Housing and Urban Development as an area having
special flood hazards, or if any such Real Property is located in such a
special flood hazard area, then the Borrower has obtained all insurance that is
required to be maintained by law or which is customarily maintained by Persons
engaged in similar businesses and owning similar Properties in the same general
areas in which the Borrower operates.

 

4.17         Labor Relations.  Neither the Borrower nor any of its Subsidiaries is a party to
any collective bargaining agreement, other than the collective bargaining
agreement covering fewer than 25 employees at the Roosevelt Mall Shopping Center
in Philadelphia, Pennsylvania, and, to the best knowledge of the Borrower, no
petition has been filed or proceedings instituted by any employee or group of
employees with any labor relations board seeking recognition of a bargaining
representative with respect to the Borrower or such Subsidiary.  There are no material controversies pending
between the Borrower or any Subsidiary and any of their respective employees,
which could reasonably be expected to have a Material Adverse Effect.

 

4.18         Setoff.  The
rights of the Administrative Agent and the Lenders with respect to the
Collateral are not subject to any setoff, withholdings or other defenses.  The Borrower and the Assignors are the
owners of the Collateral free from any lien, security interest, encumbrance,
setoff or other claim or demand other than Liens expressly permitted pursuant
to Section 8.1 and setoff rights of financial institutions against
deposits of Borrower and its Subsidiaries held by such financial institutions.

 

4.19         Solvency.  On
the Effective Date and immediately following the making of the Loans, and after
giving effect to the application of the proceeds of such Loans:  (a) the fair value of the assets of the
Borrower and its Subsidiaries, taken as a whole, at a fair valuation, will
exceed the debts and liabilities, including Contingent Obligations, of the
Borrower and its Subsidiaries, taken as a whole; (b) the present fair saleable
value of the Property of the Borrower and its Subsidiaries, taken as a whole,
will be greater than the amount that will be required to pay the probable
liability of the debts and other liabilities, subordinated, contingent or
otherwise of the Borrower and its Subsidiaries, as such debts and other
liabilities become absolute and mature; (c) the Borrower and its Subsidiaries,
taken as a whole, will be able to pay its debts and

 

43

 

liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and mature; and (d) the Borrower and its
Subsidiaries, taken as a whole, will not have unreasonably small capital with
which to conduct the business in which they are engaged as such business is now
conducted and is proposed to be conducted hereafter.

 

4.20         REIT Status. 
The Borrower (i) has made an election pursuant to Section 856 of the
Code to qualify as a REIT, (ii) has satisfied and continues to satisfy all of
the requirements under §§ 856-859 of the Code and the regulations and rulings
issued thereunder which must be satisfied for the Borrower to maintain its status
as a REIT, and (iii) is in compliance in all material respects with all Code
sections applicable to REITs generally and the regulations and rulings issued
thereunder.

 

4.21         List of Unencumbered Assets.  A list of all the Unencumbered Assets as of
the date of this Agreement is attached hereto as Schedule 4.21.

 

4.22         Operation of Business.  The Borrower is a self-advised, and
self-managed REIT.

 

4.23         No Misrepresentation.  No representation or warranty contained
herein and no certificate or report furnished or to be furnished by the
Borrower or any Subsidiary of the Borrower in connection with the transactions
contemplated hereby, contains or will contain a misstatement of material fact,
or, to the best knowledge of the Borrower, omits or will omit to state a
material fact required to be stated in order to make the statements herein or
therein contained not misleading in the light of the circumstances under which
made.

 

5.             CONDITIONS TO
LOANS.

 

The obligation
of each Lender to make its Loan shall be subject to the fulfillment of the
following conditions precedent:

 

5.1           Evidence of Action.

 

(a)           The
Administrative Agent shall have received a certificate, dated the Effective
Date, of the Secretary or Assistant Secretary of the Borrower substantially in
the form of Exhibit I (i) attaching a true and complete copy of the
resolutions of its Board of Directors authorizing the execution and delivery of
the Loan Documents by the Borrower and the performance of the Borrower’s
obligations thereunder, and of all other documents evidencing other necessary
action (in form and substance reasonably satisfactory to the Administrative
Agent) taken by it to authorize the Loan Documents and the transactions
contemplated thereby, (ii) attaching a true and complete copy of its articles
of incorporation and by-laws, (iii) setting forth the incumbency of its officer
or officers who may sign the Loan Documents, including therein a signature
specimen of such officer or officers, and (iv) certifying that said corporate
charter and by-laws are true and complete copies thereof, are in full force and
effect and have not been amended or modified.

 

(b)           The
Administrative Agent shall have received a certificate, dated the Effective
Date, of the Secretary or Assistant Secretary of each Subsidiary Guarantor (or
such Subsidiary Guarantor’s managing partner, general partner or managing
member, as applicable) substantially in the form of Exhibit J (i)
attaching a true and complete copy of the resolutions of

 

44

 

its Board of Directors, Trustees or Managers, as the case may be,
authorizing its execution and delivery of the Guaranty and the performance of
its obligations thereunder, and of all other documents evidencing other
necessary action (in form and substance reasonably satisfactory to the
Administrative Agent) taken by it to authorize the Guaranty and the
transactions contemplated thereby, (ii) attaching a true and complete copy of
its articles of incorporation or corporate charter, declaration of trust or
certificate of formation and, if applicable, by-laws, operating agreement or
agreement of limited liability company, and if such certificate is from such
Subsidiary Guarantor’s managing partner, general partner or managing member,
attaching a true and complete copy of the applicable Subsidiary Guarantor’s
partnership agreement or operating agreement and other organizational
documents, (iii) setting forth the incumbency of its officer or officers who
may sign the Guaranty, including therein a signature specimen of such officer
or officers, and (iv) certifying that said organizational documents are true
and complete copies thereof, are in full force and effect and have not been
amended or modified.

 

(c)           The
Administrative Agent shall have received a certificate, dated the Effective
Date, of the Secretary or Assistant Secretary of each Assignor substantially in
the form of Exhibit K (i)
attaching a true and complete copy of the resolutions of its Board of Directors, Trustees or Managers, as
the case may be (or such Assignor’s
managing partner, general partner or managing member), authorizing its
execution and delivery of the Assignment of Interests and the performance of
its obligations thereunder, and of all other documents evidencing other
necessary action (in form and substance reasonably satisfactory to the
Administrative Agent) taken by it to authorize the Assignment of Interests and
the transactions contemplated thereby, (ii) attaching a true and complete
copy of its articles of incorporation or corporate charter, declaration of
trust or certificate of formation and, if applicable, by-laws, operating
agreement or agreement of limited liability company, and if such certificate is
from such Assignor’s managing partner, general partner or managing member, attaching
a true and complete copy of the applicable Assignor’s partnership agreement or
operating agreement and other organizational agreements, (iii) setting
forth the incumbency of its officer or officers who may sign the Assignment of
Interests, including therein a signature specimen of such officer or officers,
and (iv) certifying that said organizational documents are true and complete
copies thereof, are in full force and effect and have not been amended or
modified.

 

(d)           The
Administrative Agent shall have received certificates of good standing for the
Borrower from the Maryland State Department of Assessments and Taxation and for
each Subsidiary Guarantor and each Assignor from the Secretary of State for the
State in which such Subsidiary Guarantor and such Assignor is incorporated or
formed, as applicable, and for the Borrower from each jurisdiction other than
Maryland in which the Borrower is qualified to do business, provided that such
Secretaries issue such certificates with respect to the Borrower.

 

5.2           This Agreement. 
The Administrative Agent shall have received counterparts of this
Agreement signed by each of the parties hereto (or receipt by the
Administrative Agent from a party hereto of a facsimile signature page signed
by such party which shall have agreed to promptly provide the Administrative
Agent with originally executed counterparts hereof).

 

5.3           Notes.  The
Administrative Agent shall have received the Notes, duly executed by an
Authorized Signatory of the Borrower.

 

45

 

5.4           Guaranty.  The
Administrative Agent shall have received counterparts of the Guaranty signed by
each of the Subsidiary Guarantors (or receipt by the Administrative Agent from
a party hereto of a facsimile signature page signed by such party which shall
have agreed to promptly provide the Administrative Agent with originally
executed counterparts thereof).

 

5.5           Security Documents.  The Administrative Agent shall have received counterparts of the
Security Documents signed by each of the parties thereto (or receipt by the
Administrative Agent from a party thereto of a facsimile signature page signed
by such party which shall have agreed to promptly provide the Administrative
Agent with the originally executed counterparts thereof). Additionally, the
Administrative Agent shall have received, at the Borrower’s expense, evidence
in form and substance satisfactory to the Administrative Agent that the
Security Documents are effective to create in favor of the Administrative Agent
a legal, valid and enforceable first security interest in the Collateral
described in the Security Documents and that all filings, recordings,
deliveries of instruments and other actions necessary or desirable to protect
and preserve such security interests have been duly effected and that any and
all consents necessary or desirable with respect to such security interest,
have been received and remain in full force and effect as of the Effective
Date. 

 

5.6           Instruction Letter.  The Administrative Agent shall have received counterparts of the
Instruction Letter duly executed by an authorized officer of the Servicer and
by the Borrower.

 

5.7           Litigation. 
There shall be no injunction, writ, preliminary restraining order or
other order of any nature issued by any Governmental Authority in any respect
affecting the transactions provided for herein and no action or proceeding by
or before any Governmental Authority shall have been commenced and be pending
or, to the knowledge of the Borrower, threatened, seeking to prevent or delay
the transactions contemplated by the Loan Documents or challenging any other
terms and provisions hereof or thereof or seeking any damages in connection
therewith and the Administrative Agent shall have received a certificate of an
Authorized Signatory of the Borrower to the foregoing effects.

 

5.8           Opinion of Counsel to the Borrower.  The Administrative Agent shall have received
an opinion of (i) Hogan & Hartson, L.L.P., outside counsel to the Borrower,
and (ii) Steven F. Siegel, Esq., in-house counsel to the Borrower, and (iii)
counsel to each Subsidiary Guarantor and each Assignor, and their respective
general partners, managing partners or managing members, as applicable, each
addressed to the Administrative Agent and the Lenders, and each dated the
Effective Date, and each in form and substance satisfactory to Administrative
Agent, covering such matters as Administrative Agent may reasonably request.

 

5.9           Fees.  The FNB
Fee and all other fees payable to the Administrative Agent, the Lead Arranger
and the Lenders shall have been paid.

 

5.10         Fees and Expenses of Special Counsel.  The fees and expenses of Special Counsel in
connection with the preparation, negotiation and closing of the Loan Documents
shall have been paid.

 

5.11         Compliance. 
On the Effective Date and after giving effect to the Loans to be made or
created, (a) the Borrower shall be in compliance with all of the terms,
covenants and conditions hereof, (b) there shall not exist and be continuing
any Default or Event of Default, (c)

 

46

 

the representations and warranties contained in the Loan Documents
shall be true and correct, and (d) the aggregate outstanding principal balance
of the Loans shall not exceed the Total Commitment Amount.

 

5.12         Loan Closing. 
All documents required by the provisions of the Loan Documents to be
executed or delivered to the Administrative Agent on or before the Effective
Date shall have been executed and shall have been delivered at the office of
the Administrative Agent set forth in Section 11.2 on or before the Effective
Date.

 

5.13         Documentation and Proceedings.  All corporate matters and legal proceedings
and all documents and papers in connection with the transactions contemplated
by the Loan Documents shall be reasonably satisfactory in form and substance to
the Administrative Agent and the Administrative Agent shall have received all
information and copies of all documents which the Administrative Agent or the
Required Lenders may reasonably have requested in connection therewith, such
documents (where appropriate) to be certified by an Authorized Signatory of the
Borrower or proper Governmental Authorities.

 

5.14         Required Acts and Conditions.  All acts, conditions and things (including,
without limitation, the obtaining of any necessary regulatory approvals and the
making of any filings, recordings or registrations) required to be done or
performed by the Borrower and to have happened on or prior to the Effective
Date and which are necessary for the continued effectiveness of the Loan
Documents, shall have been done or performed and shall have happened in due
compliance with all applicable laws.

 

5.15         Approval of Special Counsel.  All legal matters in connection with the
making of each Loan shall be reasonably satisfactory to Special Counsel.

 

5.16         Other Documents.  The Administrative Agent shall have received such other documents
and information with respect to the Borrower and its Subsidiaries or the
transactions contemplated hereby as the Administrative Agent or the Lenders
shall reasonably request.

 

5.17         Loan to Value.  The
Administrative Agent shall have received evidence in form and substance
satisfactory to the Administrative Agent, that the sum of (a) outstanding
principal balance of the Loans on the Effective Date plus (b) the sum of the
Subject Property Indebtedness as of the Effective Date, is not greater than
seventy-five percent (75%) of the then Subject Property Adjusted Consolidated
Total Assets.

 

6.             COLLATERAL
SECURITY; RESTRICTED INTERESTS.

 

6.1           Collateral. 
The obligations of the Borrower under the Loan Documents shall be
secured by (i) a perfected first priority lien or security title and security
interest to be held by the Administrative Agent for the benefit of the Lenders
in the Collateral, and (ii) such additional collateral, if any, as the
Administrative Agent for the benefit of the Lenders from time to time may
accept as security for the obligations of the Borrower under the Loan Documents
(a) with the consent of the Required Lenders, which consent may be given or
withheld in the sole discretion of the Required Lenders, or (b) which is added
pursuant to Section 6.2.  The
obligations of the Borrower under the Loan Documents shall also be guaranteed
pursuant to the terms of the Guaranty.

 

47

 

6.2           Substitution or Addition of
Restricted Interests.  Provided
no Default or Event of Default (other than a Default or Event of Default under
Section 8.19 or 8.20 which is being cured as a result of the transactions
contemplated by this Section 6.2) shall have occurred hereunder or under the
other Loan Documents and be continuing (or would exist immediately after giving
effect to the transactions contemplated by this Section 6.2), the Borrower from
time to time may include certain Potential Properties owned by Borrower, its
wholly owned Subsidiaries or DownREIT Partnerships as additional Subject
Properties for the purpose of replacing existing Subject Properties or
providing additional Subject Properties in order to ensure compliance with or
to cure a breach of the Borrower’s covenants contained in Section 8.19 and
Section 8.20.  Notwithstanding the
foregoing, no Potential Properties shall be included as additional Subject
Properties unless and until the following conditions precedent shall have been
satisfied:

 

(a)           Borrower
shall have indicated to Administrative Agent in writing whether such proposed
Potential Properties are intended to be Equity Interests Properties,
Distribution Interests Properties or Additional Interests Properties and such
Potential Properties shall qualify as Subject Properties;

 

(b)           the
Potential Property shall be owned, directly or indirectly, one hundred percent
(100%) by Borrower, a direct or indirect wholly owned Subsidiary of Borrower or
a DownREIT Partnership and Borrower or a wholly owned Subsidiary of Borrower
shall have (i) total control over all decisions regarding the Potential
Property (other than with respect to a Potential Property owned by a DownREIT
Partnership) (including the operation, financing and disposition thereof) or
(ii) the possession, directly or indirectly, of the power to direct or cause
the direction of management and policies of the entities to which such
Potential Interests relate, whether through the ownership of voting securities,
ownership interests, by contract or otherwise, with respect to DownREIT
Partnerships;

 

(c)           the
Potential Property shall be a retail shopping center;

 

(d)           there
shall be no security interests in, liens on, or other encumbrances affecting
such Potential Property or the Borrower’s and its Subsidiaries’ direct and
indirect interests therein except security interests, liens and encumbrances
expressly permitted under Section 8.1;

 

(e)           solely
with respect to Potential Properties intended to constitute Collateral
Interests Properties, each of the representations set forth in the Assignment
of Interests to be executed pursuant to (f) below shall be true and correct;

 

(f)            solely
with respect to Potential Properties intended to constitute Collateral
Interests Properties, Borrower and any applicable Subsidiary of Borrower shall
have executed and delivered to the Administrative Agent all instruments,
documents, or agreements, including an Assignment of Interests in substantially
the same form as the Assignment of Interests delivered to Administrative Agent
on the date hereof, Acknowledgments in substantially the same form as the
Acknowledgments delivered to Administrative Agent on the date hereof and
Uniform Commercial Code financing statements, as the Administrative Agent shall
deem reasonably necessary or desirable to obtain and perfect a first priority
security interest in, or lien on, the interests related to such Potential
Property which are intended to constitute Collateral Interests;

 

48

 

(g)           prior
to or contemporaneously with such addition or substitution, the Borrower shall
submit to Administrative Agent a Compliance Certificate prepared on a proforma
basis (and adjusted in the best good faith estimate of the Borrower, based on
the advice of the Accountants, to give effect to such addition or substitution)
demonstrating that after giving effect to such addition or substitution, no
Default or Event of Default shall exist with respect to Section 8.19 and
Section 8.20;

 

(h)           the
Administrative Agent, on behalf of the Lenders, shall have received any
certificates, opinions or other information or documentation with respect to
the applicable Potential Property and related proposed Collateral Interest(s)
(if any) as the Administrative Agent, shall deem reasonably necessary or
desirable; and

 

(i)            after
giving effect to the inclusion of such Potential Properties as Subject
Properties, the Borrower shall be in compliance with all covenants contained
herein and in the other Loan Documents.

 

If all of the
foregoing conditions precedent shall have been satisfied, each such Potential
Property shall be deemed a Subject Property and an Equity Interests Property,
Distribution Interests Property or an Additional Interests Property (consistent
with Borrower’s designation pursuant to clause (a) above), and Administrative
Agent may unilaterally amend Exhibits “C-1”, “C-2” and “C-3”, as
applicable, to give effect to such addition.

 

6.3           Sale of a Subject Property.

 

(a)           Provided
no Default or Event of Default shall have occurred hereunder or under the other
Loan Documents and be continuing (or would exist immediately after giving
effect to the transactions contemplated by this Section 6.3(a) and transactions
simultaneously occurring under Section 6.2, if any), a Subject Property Owner
may from time to time sell, transfer or otherwise convey a Subject Property (or
the Borrower or a Subsidiary may sell, transfer or convey the direct or
indirect interests in such Subject Property Owner) to a third party or enter
into a Joint Venture pursuant to which Borrower no longer owns directly or
indirectly 100% of the interests in a Subject Property Owner, provided that,
solely with respect to sales, transfers or conveyances of a Collateral
Interests Property or the Borrower’s or its Subsidiaries’ direct or indirect
interests therein or the consummation of any such Joint Venture, such sale,
transfer, conveyance or consummation of such a Joint Venture shall be upon the
following terms and conditions in either case:

 

(i)            The
Borrower shall deliver to the Agent written notice of the desire to consummate
each such sale, transfer, conveyance or Joint Venture on or before the date on
which each such sale, transfer, conveyance or Joint Venture is to be effected;

 

(ii)           Prior
to or contemporaneously with such sale, transfer or conveyance or the
consummation of such Joint Venture, the Borrower shall submit to Administrative
Agent a Compliance Certificate prepared on a proforma basis (and adjusted in
the best good faith estimate of the Borrower, based on the advice of the
Accountants, to give effect to such sale, transfer or conveyance or Joint
Venture) demonstrating that after giving effect to (a) such sale, transfer
or conveyance or Joint Venture and (b) the prepayment described in (iii)

 

49

 

below, if any, no Default or Event of Default shall exist with respect
to Section 8.19 and Section 8.20; and

 

(iii)          To the extent required to remain in
compliance with Borrower’s covenants set forth in Section 8.19 and Section
8.20, the Borrower shall pay to the Administrative Agent for the account of the
Lenders, which payment shall be applied to reduce the outstanding principal
balance of the Loans, a release price for such Property in an amount necessary
to remain in compliance with Borrower’s covenants set forth in Section 8.19 and
Section 8.20.  Such payments shall be
applied to reduce the outstanding principal balance of the Loans; provided,
that the Borrower shall not be required to make a payment which would reduce
the principal balance below zero.

 

After giving
effect to such sale, transfer or conveyance or Joint Venture, the underlying
Real Property that was the subject of such sale, transfer or conveyance or
Joint Venture shall no longer be a Subject Property.  Nothing in this Section 6.3 shall in any way be applicable to
Additional Interests or Additional Interests Properties.

 

7.             AFFIRMATIVE
COVENANTS.

 

The Borrower
agrees that, so long as any Loan remains outstanding and unpaid, or any other
amount is owing under any Loan Document to any Lender or the Administrative
Agent, the Borrower shall:

 

7.1           Financial Statements.  Maintain a standard system of accounting in
accordance with GAAP, and furnish or cause to be furnished to the
Administrative Agent and each Lender:

 

(a)           Annual
Statements.  As soon as available,
but in any event within 120 days after the end of each fiscal year of the
Borrower, a copy of its Consolidated Balance Sheet as at the end of such fiscal
year, together with the related Consolidated Statements of Income,
Stockholders’ Equity and Cash Flows as of and through the end of such fiscal
year, setting forth in each case in comparative form the figures for the
preceding fiscal year.  The Consolidated
Balance Sheets and Consolidated Statements of Income, Stockholders’ Equity and
Cash Flows shall be audited and certified without qualification by the
Accountants, which certification shall (i) state that the examination by such
Accountants in connection with such Consolidated financial statements has been
made in accordance with generally accepted auditing standards and, accordingly,
includes the examination, on a test basis, of evidence supporting the amounts
and disclosures in such Consolidated financial statements, and (ii) include the
opinion of such Accountants that such Consolidated financial statements present
fairly, in all material respects, the Consolidated financial position of the
Borrower and its Subsidiaries, as of the date of such Consolidated financial
statements, and the Consolidated results of their operations and their cash
flows for each of the years identified therein in conformity with GAAP (subject
to any change in the requirements of GAAP).

 

(b)           Operating Statements and Rent Roll.  As
soon as available, but in any event within 90 days after the end of each fiscal
year of the Borrower and, if requested by Administrative Agent, within sixty
(60) days after the end of the first three fiscal quarters of the Borrower, copies
of (i) the operating statements (in a form reasonably satisfactory to the
Administrative Agent) for all Real Property of the Borrower, and (ii) a Rent
Roll, each of which

 

50

 

shall be certified by the Chief Financial
Officer to be true, correct and complete in all material respects.

 

(c)           Quarterly
Statements.  As soon as available,
but in any event within 60 days after the end of the first three fiscal
quarters of the Borrower, a copy of the unaudited Consolidated Balance Sheet of
the Borrower as at the end of each such quarterly period, together with the
related unaudited Consolidated Statements of Income and Cash Flows for the
elapsed portion of the fiscal year through the end of such period, setting forth
in each case in comparative form the figures for the corresponding periods of
the preceding fiscal year, certified by the Chief Financial Officer as being
true, correct and complete in all material respects and as presenting fairly
the Consolidated financial condition and the Consolidated results of operations
of the Borrower and its Subsidiaries.

 

(d)           Quarterly
Information Regarding Unencumbered Assets and Subject Properties.

 

(i)            As
soon as available, but in any event 60 days after the end of each of the first
three fiscal quarters of the Borrower (120 days after the end of the last
fiscal quarter of the Borrower), a list of all the Unencumbered Assets owned by
the Borrower, any wholly owned Subsidiary of the Borrower and each DownREIT
Partnership as of the last day of such fiscal quarter setting forth the
following information with respect to each such Unencumbered Asset as of such
date:  (i) asset type (i.e., retail
shopping center or residential apartment building); (ii) location; (iii)
percentage of the Unencumbered Asset owned by the Borrower, any wholly owned
Subsidiary of the Borrower and each DownREIT Partnership; and (iv) the Net
Operating Income for such Unencumbered Asset during such fiscal quarter.

 

(ii)           If
required by Administrative Agent, as soon as available, but in any event 60
days after the end of each of the first three fiscal quarters of the Borrower
(120 days after the end of the last fiscal quarter of the Borrower), a list of
all the Subject Properties owned by Subsidiary of the Borrower as of the last
day of such fiscal quarter setting forth the following information with respect
to each such Subject Property as of such date: 
(i) location; (ii) the Net Operating Income for such Subject Property
during such fiscal quarter, and (iii) a list and description of the Subject
Property Indebtedness for such Subject Property.

 

(e)           Compliance
Certificate.  Within 60 days after
the end of each of the first three fiscal quarters of the Borrower (120 days
after the end of the last fiscal quarter of the Borrower), a Compliance
Certificate, certified by the Chief Financial Officer, setting forth in
reasonable detail the computations demonstrating the Borrower’s compliance with
the provisions of Sections 8.12, 8.13, 8.14, 8.15, 8.16, 8.17, 8.18, 8.19 and
8.20.

 

(f)            Rent
Roll.  Upon the request of the
Administrative Agent, a Rent Roll.

 

(g)           Other
Information.  Such other information
as the Administrative Agent or any Lender may reasonably request from time to
time.

 

51

 

7.2           Certificates; Other Information.  Furnish to the Administrative Agent and each
Lender:

 

(a)           Defaults
Under Other Indebtedness.  Prompt
written notice if:  (i) any Indebtedness
of the Borrower or any Subsidiary of the Borrower is declared or shall become
due and payable prior to its stated maturity, or called and not paid when due,
or (ii) a default that extends beyond any applicable notice or grace period
shall have occurred under any note (other than the Notes) or the holder of any such
note, or other evidence of Indebtedness, certificate or security evidencing any
such Indebtedness or any obligee with respect to any other Indebtedness of the
Borrower or any Subsidiary of the Borrower has the right to declare any such
Indebtedness due and payable prior to its stated maturity, and, in the case of
either (i) or (ii), the Indebtedness that is the subject of (i) or (ii) is, in
the aggregate, $15,000,000 or more;

 

(b)           Action
of Governmental Authorities.  Prompt
written notice of:  (i) receipt of
any citation, summons, subpoena, order to show cause or other document naming
the Borrower or any Subsidiary of the Borrower a party to any proceeding before
any Governmental Authority which could reasonably be expected to have a
Material Adverse Effect or which calls into question the validity or
enforceability of any of the Loan Documents, and include with such notice a
copy of such citation, summons, subpoena, order to show cause or other
document; (ii) any lapse or other termination of any Intellectual Property,
license, permit, franchise or other authorization issued to the Borrower or any
Subsidiary of the Borrower by any Person or Governmental Authority, which lapse
or termination could reasonably be expected to have a Material Adverse Effect; and
(iii) any refusal by any Person or Governmental Authority to renew or extend
any such material Intellectual Property, license, permit, franchise or other
authorization, which refusal could reasonably be expected to have a Material
Adverse Effect;

 

(c)           SEC
or other Governmental Reports and Filings. 
Promptly upon becoming available, copies of all regular, periodic or
special reports which the Borrower or any Subsidiary of the Borrower may now or
hereafter be required to file with or deliver to any securities exchange or the
Securities and Exchange Commission, or any other Governmental Authority
succeeding to the functions thereof, pursuant to the Securities Exchange Act of
1934, as amended.

 

(d)           ERISA
Information.  Promptly, and in any
event within ten Business Days, after the Borrower knows or has reason to know
that any of the events or conditions enumerated below with respect to any Plan
or Multiemployer Plan has occurred or exists, a statement signed by the Chief
Financial Officer setting forth details with respect to such event or condition
and the action, if any, which the Borrower or an ERISA Affiliate proposes to
take with respect thereto; provided, however, that if such event or condition
is required to be reported or noticed to the PBGC, such statement, together
with a copy of the relevant report or notice to the PBGC, shall be furnished
promptly and in any event not later than ten days after it is reported or
noticed to the PBGC:

 

(i)            any
reportable event, as defined in Section 4043(b) of ERISA with respect to a
Plan, as to which the PBGC has not by regulation waived the requirement of
Section 4043(a) of ERISA that it be notified within thirty days of the
occurrence of such event (provided that a failure to meet the minimum funding
standard of Section 412 of the Code or of Section 302 of ERISA, including,
without limitation, the failure to make, on or before its due date, a

 

52

 

required installment under Section 412(m) of the Code or Section 302(e)
of ERISA or the disqualification of such Plan for purposes of Section
4043(b)(1) of ERISA, shall be a reportable event regardless of the issuance of
any waivers in accordance with Section 412(d) of the Code) and any request for
a waiver under Section 412(d) of the Code for any Plan;

 

(ii)           the
distribution under Section 4041 of ERISA of a notice of intent to terminate any
Plan or any action taken by the Borrower or any ERISA Affiliate to terminate
any Plan;

 

(iii)          the institution by the PBGC of proceedings
under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Plan, or the receipt by the Borrower or any ERISA
Affiliate of a notice from a Multiemployer Plan that such action has been taken
by the PBGC with respect to such Multiemployer Plan;

 

(iv)          the
complete or partial withdrawal from a Multiemployer Plan by the Borrower or any
ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA
(including the obligation to satisfy secondary liability as a result of a
purchaser default) or the receipt of the Borrower or any ERISA Affiliate of
notice from a Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or
has terminated under Section 4041A of ERISA;

 

(v)           the
institution of a proceeding by a fiduciary of any Multiemployer Plan against
the Borrower or any ERISA Affiliate to enforce Section 515 of ERISA, which
proceeding is not dismissed within thirty days from its commencement;

 

(vi)          the
adoption of an amendment to any Plan pursuant to Section 401(a)(29) of the Code
or Section 307 of ERISA that would result in the loss of the tax-exempt status
of the trust of which such Plan is a part or the Borrower or any ERISA
Affiliate fails to timely provide security to such Plan in accordance with the
provisions of said Sections; and

 

(vii)         any event or circumstance exists which may
reasonably be expected to constitute grounds for the incurrence of material
liability by the Borrower or any ERISA Affiliate under Title IV of ERISA or
under Sections 412(c)(11) or 412(n) of the Code with respect to any employee
benefit plan;

 

(e)           ERISA
Reports.  Promptly after the request
of the Administrative Agent or any Lender therefor, copies of each annual
report filed pursuant to Section 104 of ERISA with respect to each Plan
(including, to the extent required by Section 104 of ERISA, the related
financial and actuarial statements and opinions and other supporting
statements, certifications, schedules and information referred to in Section
103 of ERISA) and each annual report filed with respect to each Plan under
Section 4065 of ERISA; provided, however, that in the case of a Multiemployer
Plan, such annual reports shall be furnished only if they are available to the
Borrower or any ERISA Affiliate;

 

(f)            Notice
of Sales or Transfers.  Quarterly,
on each date that a Compliance Certificate is to be delivered pursuant to
Section 7.1(e), a list of all sales or transfers of any Unencumbered Assets
that occurred during such quarter; provided that, if during any fiscal quarter
of the Borrower any sale or transfer of an Unencumbered Asset, which combined
with all

 

53

 

other such sales or transfers of Unencumbered Assets during such fiscal
quarter, would exceed $100,000,000 in the aggregate, then the Borrower shall
promptly provide such list and a certification of the Chief Financial Officer
as to the Borrower’s compliance with Sections 8.12 and 8.16;

 

(g)           Casualties
or Condemnations.  Prompt written
notice of any casualty or condemnation of any Real Property, if such casualty
or condemnation could reasonably be expected to have a Material Adverse Effect;

 

(h)           Environmental
Law Notices.  Prompt written notice
of any order, notice, claim or proceeding received by, or brought against, the
Borrower or any Subsidiary of the Borrower, or with respect to any of the Real
Property, under any Environmental Law, which could reasonably be expected to
have a Material Adverse Effect;

 

(i)            Management
Letters and Reports.  If requested
by the Administrative Agent, promptly thereafter, copies of all material
management letters and similar material reports provided to the Borrower by the
Accountants;

 

(j)            New
Subsidiary Guarantors.  Notice of
any Subsidiary (i) which Borrower is adding as a Subsidiary Guarantor in the
event that the Borrower and the then current Subsidiary Guarantors contribute
less than 80% of Adjusted Net Operating Income (as further described in
Section 7.11) as of the end of any fiscal quarter of Borrower, or (ii)
that has become a guarantor under any existing or future unsecured Indebtedness
of Borrower (as further described in Section 7.11), such notice to be delivered
to the Administrative Agent concurrently with the delivery of the Compliance
Certificate with respect to such quarter;

 

(k)           Changes
in Name or Fiscal Year.  Prompt
written notice of (i) any change in the Borrower’s name, with copies of all
filings with respect to such name change attached thereto, and (ii) any change
in its fiscal year from that in effect on the Effective Date.

 

(l)            Defaults
or Events of Default.  Prompt
written notice if there shall occur and be continuing a Default or an Event of
Default; and

 

(m)          Other
Information.  Such other information
as the Administrative Agent or any Lender shall reasonably request from time to
time.

 

7.3           Legal Existence.

 

(a)           Borrower’s
Legal Existence.  Maintain its
status as a Maryland corporation in good standing in the State of Maryland and
in each other jurisdiction in which the failure so to do could reasonably be
expected to have a Material Adverse Effect.

 

(b)           Legal
Existence of Subsidiaries.  Cause
each Subsidiary of the Borrower to maintain its status as a real estate
investment trust, business trust, corporation, limited liability company or
partnership, as the case may be, in good standing in its state of formation and
in each other jurisdiction in which the failure so to do could reasonably be
expected to have a Material Adverse Effect; provided, that Borrower may cause
any Subsidiary (other than a Subsidiary

 

54

 

Guarantor or a Restricted Subsidiary, except as allowed by
Section 8.2) to be liquidated or dissolved.

 

7.4           Taxes.  Pay
and discharge when due, and cause each Subsidiary of the Borrower so to do, all
Taxes, assessments and governmental charges, license fees and levies upon, or
with respect to, the Borrower or such Subsidiary and all Taxes upon the income,
profits and Property of the Borrower and its Subsidiaries, which if unpaid,
could reasonably be expected to have a Material Adverse Effect, unless and to
the extent only that such Taxes, assessments, governmental charges, license
fees and levies shall be contested in good faith and by appropriate proceedings
diligently conducted by the Borrower or such Subsidiary and such contest has
the effect of staying the collection of any Lien from any Property of the
Borrower or its Subsidiaries arising from such non-payment, and provided that
the Borrower shall give the Administrative Agent prompt notice of such contest
and that such reserve or other appropriate provision as shall be required in
accordance with GAAP (as determined by the Accountants) shall have been made
therefor.

 

7.5           Insurance. 
Maintain, and cause each Subsidiary of the Borrower to maintain,
insurance on its Property against such risks and in such amounts as is
customarily maintained by Persons engaged in similar businesses and owning
similar Properties in the same general areas in which the Borrower or the
relevant Subsidiary operates, and file with the Administrative Agent within 10
Business Days after request therefor a detailed list of such insurance then in
effect, stating the names of the carriers thereof, the policy numbers, the insureds
thereunder, the amounts of insurance, dates of expiration thereof, and the
Property and risks covered thereby, together with a certificate of the Chief
Financial Officer certifying that in the opinion of such officer such insurance
complies with the obligations of the Borrower under this Section, and is in
full force and effect.

 

7.6           Payment of Indebtedness and Performance
of Obligations.  Pay and discharge
when due, and cause each Subsidiary of the Borrower to pay and discharge, all
lawful Indebtedness, obligations and claims for labor, materials and supplies
or otherwise which, if unpaid, could reasonably be expected to have a Material
Adverse Effect, unless such Indebtedness shall be contested in good faith and
by appropriate proceedings diligently conducted by the Borrower or such
Subsidiary and such contest has the effect of staying the collection of any
Lien from any Property of the Borrower or its Subsidiaries arising from such
non-payment, and provided that the Borrower shall give the Administrative Agent
prompt notice of such contest and that such reserve or other appropriate
provision as shall be required in accordance with GAAP (as determined by the
Accountants) shall have been made therefor.

 

7.7           Maintenance of Property; Environmental
Investigations.

 

(a)           In
all material respects, at all times, maintain, protect and keep in good repair,
working order and condition (ordinary wear and tear excepted), and cause each
Subsidiary of the Borrower so to do, all Property necessary to the operation of
the Borrower’s or such Subsidiary’s business.

 

(b)           In
the event that the Administrative Agent shall have a reasonable basis for
believing that Hazardous Substances may be on, at, under or around any Real
Property in violation of any applicable Environmental Law which, individually
or in the aggregate could

 

55

 

reasonably be expected to have a Material Adverse Effect, promptly
conduct and complete (at the Borrower’s expense) all investigations, studies,
samplings and testings relative to such Hazardous Substances as the
Administrative Agent may reasonably request.

 

7.8           Observance of Legal Requirements.

 

(a)           Observe
and comply in all respects, and cause each Subsidiary of the Borrower so to do,
with all laws, ordinances, orders, judgments, rules, regulations,
certifications, franchises, permits, licenses, directions and requirements of
all Governmental Authorities, which now or at any time hereafter may be
applicable to it, except (i) where noncompliance with any of the foregoing
(individually or in the aggregate) could not reasonably be expected to have a
Material Adverse Effect, or (ii) such thereof as shall be contested in good
faith and by appropriate proceedings diligently conducted by it and such
contest has the effect of staying the collection of any Lien from any Property
of the Borrower or its Subsidiaries arising from such noncompliance, and
provided that the Borrower shall give the Administrative Agent prompt notice of
any contest with respect to clause (ii) to the extent that noncompliance could
reasonably be expected to have a Material Adverse Effect and that such reserve
or other appropriate provision as shall be required in accordance with GAAP (as
determined by the Accountants) shall have been made therefor.

 

(b)           Use
and operate all of its facilities and property in compliance with all
Environmental Laws and cause each of its Subsidiaries so to do, and keep all
necessary permits, approvals, certificates, licenses and other authorizations
relating to environmental matters in effect and remain in compliance therewith
and cause each of its Subsidiaries so to do, and handle all Hazardous Materials
in compliance with all applicable Environmental Laws and cause each of its
Subsidiaries so to do, except where noncompliance with any of the foregoing
(individually or in the aggregate) could not reasonably be expected to have a
Material Adverse Effect.

 

7.9           Inspection of Property; Books and
Records; Discussions.  Keep proper
books of record and account in which full, true and correct entries in
conformity with GAAP and all requirements of law shall be made of all dealings
and transactions in relation to its business and activities and permit
representatives of the Administrative Agent and any Lender during normal business
hours and on reasonable prior notice to visit its offices, to inspect any of
its Property and to examine and make copies or abstracts from any of its books
and records as often as may reasonably be required under the circumstances, and
to discuss the business, operations, prospects, licenses, Property and
financial condition of the Borrower or and its Subsidiaries with the officers
thereof and the Accountants.  Borrower
may have a representative accompany Administrative Agent or any Lender on any such
visit, inspection or discussion.

 

7.10         Licenses, Intellectual Property.  Maintain, and cause each Subsidiary of the
Borrower to maintain, in full force and effect, all licenses, franchises,
Intellectual Property, permits, authorizations and other rights as are
necessary for the conduct of its business, the loss of which could reasonably
be expected to have a Material Adverse Effect.

 

7.11         Additional Guarantors.  At any time after the date hereof, in the
event that, during any fiscal quarter of Borrower, Borrower and the Subsidiary
Guarantors do not own Unencumbered Assets which contribute at least eighty
percent (80%) of the Adjusted Net Operating Income for all Unencumbered Assets
of the Borrower and its Subsidiaries on a

 

56

 

Consolidated basis, then, at the time that Borrower is to provide the
Compliance Certificate with respect to such quarter to Administrative Agent,
Borrower shall cause such Subsidiaries of Borrower, as designated by the
Borrower and approved by Administrative Agent (such approval not to be
unreasonably withheld), to execute and deliver a Guaranty to the Administrative
Agent, for the benefit of the Lenders, duly executed by such Subsidiaries
(together with certificates and attachments of a nature similar to those
described in Section 5.1(b) and (c) with respect to such Subsidiaries
and an opinion of counsel of a nature similar to those in the form required
pursuant to Section 5.8 (iii)) so that Borrower and the Subsidiary
Guarantors will again own Unencumbered Assets which contribute at least 80% of
the Adjusted Net Operating Income for all Unencumbered Assets of the Borrower
and its Subsidiaries on a Consolidated basis. 
Additionally, in the event that any Subsidiary of the Borrower, whether
presently existing or hereafter formed or acquired, which is not a Subsidiary
Guarantor at such time, shall after the date hereof become a guarantor under
any existing or future unsecured Indebtedness of Borrower, then promptly after
the Administrative Agent’s request therefor, Borrower shall cause such
Subsidiary to execute and deliver a Guaranty to the Administrative Agent, for
the benefit of the Lenders, duly executed by such Subsidiaries (together with
certificates and attachments of a nature similar to those described in
Section 5.1(b) and (c) with respect to such Subsidiaries and an
opinion of counsel of a nature similar to those in the form required pursuant
to Section 5.8 (iii)).  Notwithstanding
the foregoing, the foregoing Adjusted Net Operating Income for all Unencumbered
Assets threshold of this Section shall not be applicable from and after the
occurrence of, and during the continuance of, (i) an Event of Default, or
(ii) a reduction by S&P of its Senior Debt Rating below BBB- or a
reduction by Moody’s of its Senior Debt Rating below Baa3 (it being understood
that at such time, the Administrative Agent can require any Subsidiary of the
Borrower (other than an Excluded Subsidiary) which has not executed a Guaranty
to immediately comply with requirements of this Section).

 

7.12         REIT Status; Operation of Business.

 

(a)           Maintain
its status under §§856 et seq. of the Code as a REIT.

 

(b)           Carry
on all business operations of the Borrower as a self-advised, self-managed
REIT.

 

(c)           Manage,
or cause one or more of its Subsidiaries at all times to manage, at least 90%
of all Properties of the Borrower and its Subsidiaries.

 

(d)           Cause
the common stock of Borrower at all times to be listed for trading and to be
traded on the New York Stock Exchange, the American Stock Exchange or another
nationally recognized stock exchange.

 

7.13         More Restrictive Agreements.  Should Borrower or any Subsidiary Guarantor
after the date hereof enter into any agreement or modify any existing agreement
(a “More Restrictive Agreement”) relating to any unsecured Indebtedness of Borrower or any Subsidiary
Guarantor that includes negative covenants or default provisions (or any
other provision which may have the same practical effect) which are more
restrictive against Borrower or any Subsidiary Guarantor than those set forth
in Section 8, Section 9.1(g) or Section 9.1(j) of this Agreement (the “Original
Provisions”), the Borrower shall promptly notify the Administrative Agent and,
if requested by the Required Lenders, the Borrower, the Administrative Agent,
and

 

57

 

the Required Lenders shall (and if applicable, the Borrower shall cause
any Subsidiary Guarantor to) promptly amend this Agreement and the other Loan
Documents to include some or all of such more restrictive provisions as
determined by the Required Lenders in their sole discretion.  The Borrower and each Subsidiary Guarantor
agree to deliver to the Administrative Agent copies of any agreements or
documents (or modifications thereof) pertaining to any such Indebtedness as the
Administrative Agent from time to time may request.  Notwithstanding the foregoing, any amendments to provisions
contained in this Agreement and the other Loan Documents made pursuant to this
Section 7.13 shall only be effective for such period of time as the applicable
More Restrictive Agreement is in full force and effect (or continues to be more
restrictive), and upon the termination of the effectiveness of such More
Restrictive Agreement (or upon such More Restrictive Agreement becoming less
restrictive than the corresponding Original Provision), the provisions affected
by such amendment shall return to the applicable Original Provisions.

 

8.             NEGATIVE
COVENANTS.

 

The Borrower
agrees that, so long as any Loan remains outstanding and unpaid or any other
amount is owing under any Loan Document to any Lender or the Administrative
Agent the Borrower shall not, directly or indirectly:

 

8.1           Liens.  Create,
incur, assume or suffer to exist any Lien upon any of its Property, whether now
owned or hereafter acquired, or permit any Subsidiary of the Borrower so to do,
except the following “Permitted Liens”: 
(i) Liens for Taxes, assessments or similar charges incurred in the ordinary
course of business which are not delinquent or the existence of which do not
otherwise violate the covenants in Section 7.4, (ii) Liens in connection
with workers’ compensation, unemployment insurance or other social security
obligations (but not ERISA and other types of similar statutory obligations
incurred in the ordinary course of business), (iii) Liens, deposits or pledges
to secure bids, tenders, contracts (other than contracts for the payment of
money), leases, statutory obligations, surety or appeal bonds, performance
bonds, completion bonds or other obligations of like nature arising in the
ordinary course of business upon Property other than the Account, (iv) zoning
ordinances, easements, rights of way, use restrictions, exclusive use
limitations in any lease of Real Property, reciprocal easement agreements,
minor defects, irregularities, and other restrictions, charges or encumbrances
affecting Real Property (whether or not recorded), which do not materially
adversely affect the value of such Real Property or materially impair its use
for the operation of the business of the Borrower or such Subsidiary, (v)
statutory Liens arising by operation of law such as mechanics’, materialmen’s,
carriers’, warehousemen’s liens incurred in the ordinary course of business
which are not delinquent or the existence of which do not otherwise violate the
covenants in Section 7.6, (vi) Liens arising out of judgments or decrees
which are being contested in accordance with Section 7.8 or the existence of
which do not otherwise violate the covenants in Section 7.8 or result in a
default pursuant to Section 9.1(j), (vii) mortgages and related financing
statements and security agreements on Real Property other than the Subject
Properties, provided that the existence of such mortgages, and the Indebtedness
secured thereby, does not cause the Borrower to be in violation of
Section 8.15 or 8.16, (viii) first priority mortgages and related
financing statements and first priority security agreements on the Subject
Properties in existence on the date hereof or encumbering Real Property on or
after the date hereof which becomes a Subject Property after the date hereof
pursuant to Section 6.2 and any first priority mortgages and related

 

58

 

financing statements and first priority security agreements in
connection with a refinancing of any such Subject Property Indebtedness,
provided that the existence of such mortgages and the Indebtedness secured
thereby does not cause the Borrower to be in violation of Section 8.15, 8.16,
8.19 or 8.20, and further provided, however, that prior to Borrower or any of
its Subsidiaries obtaining any such refinancing of any Collateral Interest
Property, Borrower shall provide to Administrative Agent contemporaneously with
or prior to such refinance a Compliance Certificate prepared on a proforma
basis (and adjusted in the best good faith estimate of the Borrower, based on
the advice of the Accountants, to give effect to such refinance) demonstrating
that after giving effect to such refinance, no Default or Event of Default
shall exist with respect to the covenants set forth in Section 8.19 and
Section 8.20, (ix) Liens in favor of the Borrower or any Subsidiary Guarantor
upon Property other than the Collateral, the Account, the Collateral Interest
Properties, and the Borrower’s or Assignor’s direct or indirect interests
therein, provided that the Indebtedness secured by any such Lien is held by the
Borrower or such Subsidiary Guarantor, (x) the interests of lessees and lessors
under leases of real or personal property made in the ordinary course of
business which could not reasonably be expected (individually or in the
aggregate) to have a Material Adverse Effect, (xi) Liens on the interests of Borrower or any Subsidiary of
Borrower in any Joint Venture or in any Subsidiary of Borrower (other than the
direct or indirect interest of Borrower or Assignors in the Account, the
Collateral or any Restricted Subsidiary), provided that the existence of such
Liens, and the Indebtedness secured thereby, does not cause the Borrower to be
in violation of Section 8.15, (xii) Liens under Capital Leases, provided
that the existence of such Capital Lease, and the indebtedness secured thereby,
does not cause the Borrower to be in violation of Section 8.15, (xiii) Liens
in favor of the Administrative Agent and the Lenders under the Loan Documents,
and (xiv) Liens upon Property not otherwise permitted by clauses (i)
through (xiii) of this Section which do not in the aggregate exceed, in
principal amount, $15,000,000, other than Liens on the Collateral, the Account,
the Subject Properties and the Borrower’s direct or indirect interest therein.

 

8.2           Merger, Consolidation and Certain Dispositions of
Property.

 

(a)           Consolidate
with, be acquired by, or merge into or with any Person, or sell, lease or
otherwise dispose of all or substantially all of its Property (in one
transaction or a series of transactions), or permit any Subsidiary Guarantor so
to do, or liquidate or dissolve, except (i) the merger or consolidation of any
Subsidiary Guarantor of the Borrower into or with the Borrower, (ii) the merger
or consolidation of any two or more Subsidiary Guarantors (including any
Subsidiaries that become Subsidiary Guarantors upon the consummation of such a
transaction with a Subsidiary Guarantor), (iii) the merger or consolidation of
the Borrower or a Subsidiary Guarantor with any other Person, provided that (A)
the Borrower or such Subsidiary Guarantor is the surviving entity in such
merger or consolidation, or contemporaneously with the consummation of such
transaction the surviving entity becomes a Subsidiary Guarantor, (B) the total
book value of the assets of the entity which is merged into or consolidated
with the Borrower or such Subsidiary Guarantor is less than 35% of the total
book value of the assets of the Borrower and its Subsidiaries on a Consolidated
basis immediately following such merger or consolidation, (C) immediately
prior to such merger or consolidation the Borrower shall have provided to the
Administrative Agent a Compliance Certificate prepared on a pro-forma basis
(and adjusted in the best good faith estimate of the Borrower, based on the
advice of the Accountants, to give effect to such merger or consolidation)
demonstrating that after giving

 

59

 

effect to such merger or consolidation, no Default shall exist with
respect to any of the covenants set forth in Sections 8.12, 8.13, 8.14, 8.15,
8.16, 8.17, 8.18, 8.19 and 8.20 and (D) after giving effect to such merger
or consolidation, no Event of Default shall then exist, or (iv)  the
merger or consolidation of a Subsidiary Guarantor with any other Person in
which such other Person shall be the surviving entity, the liquidation or
dissolution of a Subsidiary Guarantor, or the sale, lease or other disposition
by a Subsidiary Guarantor of all or substantially all of its Property, so long
as, after giving effect to such transaction, (x) no Default or Event of Default
shall then exist, (y) such transaction does not violate Section 8.2(c) and
(z) Borrower and/or the Subsidiary Guarantors (including any new Subsidiary
Guarantors provided by the Borrower pursuant to Section 7.11 in connection
with such transaction) own Unencumbered Assets which contribute at least 80% of
the Adjusted Net Operating Income for all Unencumbered Assets of the Borrower
and its Subsidiaries on a Consolidated basis. 
In the event that a Subsidiary Guarantor shall engage in a transaction
permitted by Section 8.2(a)(iv) (other than a lease of all or substantially all
of its assets), then such Subsidiary Guarantor shall be released by
Administrative Agent from liability under the Subsidiary Guaranty, provided
that the Borrower shall deliver to Administrative Agent evidence satisfactory
to Administrative Agent that (X) the Borrower will be in compliance with
all covenants of this Agreement after giving effect to such transaction,
(Y) if such transaction involves the sale or disposition by a Subsidiary
Guarantor of all or substantially all of its Property, such Subsidiary
Guarantor shall be legally dissolved after its release from the Subsidiary
Guaranty (provided further that a Subsidiary Guarantor that has transferred
substantially all of its assets may be released from its liability under the
Subsidiary Guaranty without dissolving upon the approval of the Administrative
Agent, which approval may be withheld in its sole discretion) and (Z) the
net cash proceeds from such sale or disposition are being distributed to
Borrower as part of such dissolution. 
Nothing in this Section 8.2(a) shall in any way restrict the activities
of a Subsidiary that is not a Subsidiary Guarantor.

 

(b)           Permit
any Collateral Interests Owner or any Subsidiary of any Collateral Interests
Owner (other than an Excluded Collateral Interests Subsidiary) or any direct or
indirect owner of any Collateral Interests Owner (other than Borrower) to
consolidate with, be acquired by, or merge into or with any Person, or sell,
lease or otherwise dispose of all or substantially all of its Property (in one
transaction or a series of transactions), or liquidate or dissolve, unless (i)
immediately prior to such transaction the Borrower shall have provided to the
Administrative Agent a Compliance Certificate prepared on a pro-forma basis
(and adjusted in the best good faith estimate of the Borrower, based on the
advice of the Accountants, to give effect to such transaction) demonstrating
that after giving effect to such transaction, no Default shall exist with
respect to the covenants set forth in Section 8.19 and Section 8.20,
(ii) after giving effect to such transaction, no Event of Default shall
then exist, (iii) such transaction does not violate Section 8.2(d), and (iv) if
in connection with such transaction additional Collateral Interests are proposed
to be pledged to Administrative Agent or if Administrative Agent deems it
reasonably necessary or desirable in order to maintain, obtain and/or perfect a
first priority security interest in, or lien on, the Collateral Interests
affected by such transaction which are intended to remain Collateral Interests
following such transaction, Borrower and any applicable Subsidiary of Borrower
shall have executed and delivered to the Administrative Agent all instruments,
documents, or agreements, including an Assignment of Interests in substantially
the same form as the Assignment of Interests delivered to Administrative Agent
on the date hereof, Acknowledgments in substantially the same form as the
Acknowledgments delivered to Administrative Agent on the date hereof and
Uniform Commercial Code financing statements, as the Administrative

 

60

 

Agent shall deem reasonably necessary or desirable to obtain and
perfect a first priority security interest in, or lien on, such Collateral
Interests, provided, however, that notwithstanding the foregoing, in no event
shall Borrower permit CA New Plan to (x) consolidate with, be acquired by, or
merge into or with any Subsidiary of Borrower that is not a Collateral
Interests Owner or a Subsidiary of a Collateral Interests Owner (other than an
Excluded Collateral Interests Subsidiary) or (y) sell, lease or otherwise
dispose of all or substantially all of its Property (in one transaction or a
series of transactions) to any Subsidiary of Borrower that is not a Collateral
Interests Owner or a Subsidiary of a Collateral Interests Owner (other than an
Excluded Collateral Interests Subsidiary). 
Nothing in this Section 8.2(b) shall in any way restrict (A) the
activities of a Subsidiary that is not a Collateral Interests Owner, a
Subsidiary of a Collateral Interests Owner or a direct or indirect owner of any
Collateral Interests Owner or (B) the activities of an Excluded Collateral
Interests Subsidiary.

 

(c)           Except
as expressly permitted by Section 8.2(a), sell, transfer, contribute, master
lease or dispose of any of its Property, either directly or indirectly, or
permit any Subsidiary Guarantor so to do, except that if at the time thereof
and immediately after giving effect thereto, no Default shall have occurred and
be continuing, (i) any Subsidiary Guarantor may sell, transfer,
contribute, master lease or otherwise dispose of its assets to the Borrower or
to any other Subsidiary Guarantor, (ii) the Borrower may sell, transfer,
contribute, master lease or otherwise dispose of its assets (other than its
direct or indirect interests in CA New Plan, except as permitted by Section
8.2(b)) to any Subsidiary, provided, however, that solely with respect to
transactions involving Borrower’s direct or indirect interest in a Collateral
Interests Owner, in the event that such sale, transfer, contribution, lease or
other disposition is to a Subsidiary other than a Collateral Interests Owner or
a Subsidiary of a Collateral Interests Owner, immediately prior to such
transaction the Borrower shall have provided to the Administrative Agent a
Compliance Certificate prepared on a pro-forma basis (and adjusted in the best
good faith estimate of the Borrower, based on the advice of the Accountants, to
give effect to such transaction) demonstrating that after giving effect to such
transaction, no Default shall exist with respect to the covenants set forth in
Section 8.19 and Section 8.20, (iii) in connection with any transaction
pursuant to which a Real Property asset of Borrower or any Subsidiary Guarantor
(other than a Collateral Interests Property, except as permitted by Section
8.2(d)) is or will be encumbered with a mortgage (as permitted under
Section 8.1(vii)), the Borrower or any Subsidiary Guarantor may transfer
such asset to any Subsidiary, (iv) Borrower or any Subsidiary Guarantor of
Borrower may sell, transfer, contribute or dispose of worn-out or obsolete
Property, (v) Borrower or any Subsidiary Guarantor may sell, transfer,
contribute, master lease or otherwise dispose of any of its assets (other than
its direct or indirect interests in CA New Plan, except as permitted by Section
8.2(b)) to any Subsidiary Guarantor, so long as, after giving effect to such
transaction, Borrower and/or the Subsidiary Guarantors (including any new
Subsidiary Guarantors provided by the Borrower pursuant to Section 7.11 in
connection with such transaction) own Unencumbered Assets which contribute at
least 80% of the Adjusted Net Operating Income for all Unencumbered Assets of
the Borrower and its Subsidiaries on a Consolidated basis, and (vi) the
Borrower or any Subsidiary of the Borrower may sell, transfer, contribute,
master lease or otherwise dispose of Property in an arm’s length transaction
(or, if the transaction involves an Affiliate of the Borrower, if the
transaction complies with Section 8.8), including, without limitation, a
disposition of Property pursuant to a merger or consolidation (so long as such
merger or consolidation is not prohibited by Section 8.2(a) or 8.2(b)),
provided, that such transaction, as with respect to the Account, any of the
Collateral, any Collateral Interests

 

61

 

Property or any Collateral Interests, or any direct or indirect
interests therein, is not prohibited by Section 8.2(d), and further provided,
however, that for any fiscal year of the Borrower, any sale, transfer, master
lease, contribution or other disposition of Property in reliance on this clause
(vi) which when combined with all other sales, transfers, master leases,
contributions or dispositions of Property in reliance on this clause (vi) made
in such fiscal year shall not exceed 25% of the total book value of all
Property of the Borrower and its Subsidiaries determined as of the date of each
such transaction.  Nothing in this
Section 8.2(c) (other than clause (vi)) shall in any way restrict the
activities of a Subsidiary that is not a Subsidiary Guarantor.

 

(d)           Except
as expressly permitted by Section 8.2(a), Section 8.2(b) or Section 8.2(c),
sell, transfer, contribute, master lease or dispose of the Account, any of the
Collateral, any Collateral Interests Property or any Collateral Interests,
either directly or indirectly, or permit any Collateral Interests Owner, any
Subsidiary of any Collateral Interests Owner or any direct or indirect owner of
a Collateral Interests Owner so to do, except that if at the time thereof and
immediately after giving effect thereto, no Default shall have occurred and be
continuing, (i) any Collateral Interests Owner, any Subsidiary of any
Collateral Interests Owner or any direct or indirect owner of a Collateral
Interests Owner any may sell, transfer, contribute or dispose of worn-out or
obsolete Property, (ii) Borrower (as with respect to any Collateral Interests),
any Collateral Interests Owner, any Subsidiary of any Collateral Interests
Subsidiary or any direct or indirect owner of a Collateral Interests Owner may
sell, transfer, contribute, master lease or otherwise dispose of its assets to
any other Collateral Interests Owner or any other Subsidiary of any Collateral
Interests Subsidiary, provided, however, if in connection with such transaction
Administrative Agent deems it reasonably necessary or desirable in order to
maintain, obtain and/or perfect a first priority security interest in, or lien
on, the Collateral Interests affected by such transaction which are intended to
remain Collateral Interests following such transaction, Borrower and any
applicable Subsidiary of Borrower shall have executed and delivered to the
Administrative Agent all instruments, documents, or agreements, including an
Assignment of Interests in substantially the same form as the Assignment of
Interests delivered to Administrative Agent on the date hereof, Acknowledgments
in substantially the same form as the Acknowledgments delivered to
Administrative Agent on the date hereof and Uniform Commercial Code financing
statements, as the Administrative Agent shall deem reasonably necessary or
desirable to obtain and perfect a first priority security interest in, or lien
on, such Collateral Interests, (iii) in connection with any transaction
pursuant to which a Collateral Interests Property is or will be encumbered with
a mortgage (as permitted under Section 8.1(viii)), any Collateral
Interests Owner and/or any Subsidiary of any Collateral Interests Owner (other
than CA New Plan), as applicable, may transfer such asset to a newly formed
direct or indirect wholly owned Subsidiary of Borrower which is established as
a special purpose entity to own Real Property or equity interests related
thereto in a bankruptcy remote manner, and (iv) Borrower, any Collateral
Interests Owner, any Subsidiary of any Collateral Interests Owner or any direct
or indirect owner of a Collateral Interests Owner may sell, transfer,
contribute, master lease or otherwise dispose of a Collateral Interests
Property or a direct or indirect interest in a Collateral Interests Property in
an arm’s length transaction to a third party, including, without limitation, a
disposition of such Property pursuant to a merger or consolidation (so long as
such merger or consolidation is not prohibited by Section 8.2(a) or (b)),
provided that such sale, transfer, master lease contribution or other
disposition complies with Section 6.3 and Section 8.2(c)(vi).  Nothing in this Section 8.2(d) shall in any
way restrict the activities of (x) Borrower with respect to Borrower’s assets
other than Borrower’s direct or

 

62

 

indirect interests in the Account, any of the Collateral, any
Collateral Interests Property or any Collateral Interests or (y) a Subsidiary
that is not a Collateral Interests Owner, a Subsidiary of a Collateral
Interests Owner or a direct or indirect owner of a Collateral Interests Owner,
or (z) an Excluded Collateral Interests Subsidiary.

 

8.3           Investments, Loans, Etc.  At any time, purchase or otherwise acquire,
hold or invest in the Stock of, or any other interest in, any Person, or make
any loan or advance to, or enter into any arrangement for the purpose of
acquiring, holding or investing in or loaning or advancing to, or make any
other investment, whether by way of capital contribution, time deposit or
otherwise, in or with any Person, or permit any Subsidiary of the Borrower so
to do, (all of which are sometimes referred to herein as “Investments”,
it being understood, without limitation, that the provision by Borrower or any
Subsidiary of guarantees and/or letters of credit to other Persons shall not
constitute Investments but shall instead constitute Indebtedness) except the
following (to the extent that maintaining any thereof would not at any time
violate the requirements of Section 856(c) of the Code):

 

(a)           demand
deposits, certificates of deposit, bankers acceptances and domestic and
eurodollar time deposits with any Lender, or any other commercial bank, trust
company or national banking association incorporated under the laws of the
United States or any State thereof and having undivided capital, surplus and
undivided profits exceeding $500,000,000 and a long term debt rating of A or
A2, as determined, respectively, by S&P and Moody’s;

 

(b)           short-term
direct obligations of the United States of America or agencies thereof whose
obligations are guaranteed by the United States of America;

 

(c)           securities
commonly known as “commercial paper” issued by a corporation organized and
existing under the laws of the United States or any State thereof which at the
time of purchase are rated by S&P or Moody’s at not less than “A1” or “P1,”
respectively;

 

(d)           mortgage-backed
securities guaranteed by the Governmental National Mortgage Association, the
Federal National Mortgage Association or the Federal Home Loan Mortgage
Corporation and other mortgage-backed bonds which at the time of purchase are
rated by S&P or Moody’s at not less than “Aa” or “AA,” respectively;

 

(e)           repurchase
agreements having a term not greater than 90 days and fully secured by
securities described in the foregoing paragraph (b) or (d) with banks described
in the foregoing paragraph (a) or with financial institutions or other
corporations having total assets in excess of $50,000,000;

 

(f)            shares
of “money market funds” registered with the SEC under the Investment Company
Act of 1940 which maintain a level per-share value, invest principally in the
investments described in one or more of the foregoing paragraphs (a) through
(e) and have total assets of in excess of $50,000,000;

 

(g)           Real
Property;

 

(h)           Subject
to Section 8.17, equity investments in any Person (other than Subsidiaries) and
Notes Receivable investments;

 

63

 

(i)            Investments
(debt or equity) in Subsidiaries of the Borrower;

 

(j)            investments
in respect of (1) equipment, inventory and other tangible personal property or
intangible property acquired in the ordinary course of business, (2) current
trade and customer accounts receivable for services rendered in the ordinary
course of business, (3) advances to employees for travel expenses other
company-related expenses, and (4) prepaid expenses made in the ordinary course
of business;

 

(k)           Hedging
Agreements made in connection with any Indebtedness;

 

(l)            repurchases
of any common or preferred stock or other equity interests (or securities
convertible into such interests) in the Borrower that have been previously
issued by the Borrower which do not exceed, in any calendar year, (1) 10% of
the aggregate outstanding shares of common and preferred stock and other equity
interests in Borrower as of the date hereof, in any combination, plus (2) 10%
of the aggregate of any additional shares of common and preferred stock and
other equity interests in Borrower issued after the date hereof, in any
combination;

 

(m)          redemptions
of preferred stock of the Borrower in accordance with the terms thereof;

 

(n)           redemptions
for cash or common Stock of the Borrower of units of limited partner interests
or limited liability company interests in a DownREIT Partnership;

 

(o)           loans
or advances to employees of the Borrower, provided that all such loans in the
aggregate do not at any time exceed $25,000,000 in the aggregate;

 

(p)           Capital
Leases; and

 

(q)           subject
to Section 8.17, any other Investments not included in paragraphs (a) through
(p) deemed appropriate by the Borrower (provided that in no event shall
Investments made in reliance upon the exception set forth in this paragraph (q)
exceed $75,000,000 in any fiscal year of Borrower).

 

8.4           Business Changes.  Change in any material respect the nature of the business of the
Borrower or its Subsidiaries as conducted on the Effective Date.

 

8.5           Amendments to Organizational Documents.  Amend or otherwise modify its corporate
charter or by-laws in any way (other than in connection with the issuance or
classification of preferred stock of the Borrower) which would adversely affect
the interests of the Administrative Agent and the Lenders under any of the Loan
Documents, or permit any Subsidiary of the Borrower to amend its organizational
documents in a manner which could have the same result.

 

8.6           Intentionally Omitted.

 

8.7           Sale and Leaseback.  Enter into any arrangement with any Person providing for the
leasing by it of Property which has been or is to be sold or transferred by it
to such Person or to any other Person to whom funds have been or are to be
advanced by such Person on the

 

64

 

security of such Property or its rental obligations, or permit any
Subsidiary of the Borrower so to do, except for sale and leasing transactions
described herein for which the combined selling price of all Property subject
to all such transactions does not exceed $100,000,000 in any fiscal year of
Borrower.

 

8.8           Transactions with Affiliates.  Become a party to any transaction in an
amount that exceeds $100,000 with an Affiliate unless the terms and conditions
relating thereto (i) have been approved by a majority of the disinterested
directors of the Borrower, (ii) have been approved by a majority of votes cast
by the stockholders of the Borrower, or (iii) are upon fair and reasonable
terms, no less favorable to the Borrower or its Subsidiaries than would be
obtained in a comparable arm’s-length transaction with a Person not an
Affiliate of the Borrower or its Subsidiary, or permit any Subsidiary of the
Borrower so to do.

 

8.9           Issuance of Additional Capital Stock
by Subsidiary Guarantors.  Permit
any Subsidiary Guarantor to issue any additional Stock or other equity interest
of such Subsidiary Guarantor, other than the issuance of partnership or limited
liability company units in a DownREIT Partnership which is a Subsidiary
Guarantor, provided that such units are issued in consideration of the
contribution to the DownREIT Partnership of assets qualifying as “real estate
assets” under Section 856(c) of the Code.

 

8.10         Hedging Agreements.  Enter into, or permit any of its Subsidiaries to enter into, any
Hedging Agreement, other than Hedging Agreements entered into in the ordinary
course of business to hedge or mitigate interest rate risks to which the
Borrower or any Subsidiary of the Borrower is exposed in the conduct of its
business or the management of its liabilities.

 

8.11         Restricted Payments.  Permit the Borrower to make Restricted
Payments, except that:

 

(i)            except
as set forth in clause (ii) below, the Borrower may declare and pay dividends
payable with respect to its equity securities in any fiscal quarter of the
Borrower if after giving effect to such dividend, such dividend, when added to
the amount of all other such dividends paid in the same fiscal quarter and the preceding
three (3) fiscal quarters, would not exceed the greater of (A) ninety-five
percent (95%) of its Funds from Operations for the four fiscal quarters ending
prior to the quarter in which such dividend is paid or (B) the minimum amount
of such dividends required under the Code to enable the Borrower to continue to
maintain its status under the Code as a REIT, as evidenced (in the case of
clause (B)) by a certification of Chief Financial Officer containing
calculations in reasonable detail satisfactory in form and substance to
Administrative Agent;

 

(ii)           if
an Event of Default under Section 9.1(a) or (b) has occurred and is continuing,
the Borrower may declare and pay dividends with respect to its equity
securities which shall not exceed the minimum amount of such dividends required
under the Code to enable the Borrower to continue to maintain its status under
the Code as a REIT, as evidenced by a certification of Chief Financial Officer
containing calculations in reasonable detail reasonably satisfactory in form
and substance to Administrative Agent;

 

(iii)          the Borrower may effect Stock repurchases to
the extent permitted by Sections 8.3(l) or 8.3(m);

 

65

 

(iv)          the
Borrower may effect “cashless exercises” of options granted under the
Borrower’s stock option plans;

 

(v)           the
Borrower may distribute rights or equity securities under any rights plan
adopted by the Borrower; and

 

(vi)          the
Borrower may declare and pay dividends (or effect Stock splits or reverse Stock
splits) with respect to its equity securities payable solely in additional
shares of its equity securities.

 

8.12         Unencumbered Assets Coverage Ratio.  Permit the Unencumbered Assets Coverage
Ratio to be less than 2.0:1.0 at any time.

 

8.13         Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio to be
less than 1.75:1.0 at any time.

 

8.14         Minimum Tangible Net Worth.  Permit the Tangible Net Worth of the
Borrower and its Subsidiaries on a Consolidated basis at any time to be less
than the sum of (i) $1,278,400,00, plus (ii) 80% of the aggregate net
proceeds received by the Borrower from and after the Effective Date in
connection with the issuance of any capital stock of the Borrower.

 

8.15         Maximum Total Indebtedness.

 

(a)           Permit
at any time Consolidated Total Indebtedness to be more than 57.5% of Adjusted
Consolidated Total Assets at such time, or

 

(b)           Permit
at any time the portion of the Consolidated Total Indebtedness (which shall
exclude Indebtedness of Joint Ventures that are not Subsidiaries) consisting of
Consolidated secured Indebtedness of Borrower and its Subsidiaries at such time
to exceed 40% of Adjusted Consolidated Total Assets at such time.

 

In the event
that the Consolidated Total Indebtedness shall exceed 55% of the Adjusted Consolidated
Total Assets at any time (a “Leverage Event”), then upon the occurrence and
during the continuance of such Leverage Event, the outstanding principal
balance of (a) the LIBOR Rate Loans shall bear interest at a rate per annum
equal to LIBOR for the applicable Interest Period plus the Applicable Margin
plus 0.10%, and (b) the Prime Rate Loans shall bear interest at a rate per
annum equal to the Prime Rate plus the Applicable Margin plus 0.10%.

 

8.16         Indebtedness to Unencumbered
Assets Ratio.  Permit at any time
the portion of the Consolidated Total Indebtedness (which shall exclude
Indebtedness of Joint Ventures that are not Subsidiaries) consisting of
Consolidated unsecured Indebtedness of the Borrower and its Subsidiaries at
such time to be more than 55% of Unencumbered Asset Value at such time.

 

8.17         Maximum Book Value of Ancillary Assets.  Permit the book value of the Ancillary
Assets at any time to be more than 25% of the Adjusted Consolidated Total
Assets of the Borrower and its Subsidiaries on a Consolidated basis at such
time.  For purposes of this Section 8.17
the book value of any Ancillary Asset not owned 100%, directly or indirectly,
by the Borrower or any of its Subsidiaries shall be adjusted by multiplying the
same by the

 

66

 

Borrower’s Interest in such Ancillary Asset during the fiscal quarter
of the Borrower ending as of any date of determination of such book value.

 

8.18         Development Activity.  Engage, directly or indirectly, or permit any
Subsidiary or Joint Venture to engage, in the ground-up development of Real
Property except for the ground-up development of New Construction Assets to be
used principally as a retail shopping center, provided that the book value of
New Construction Assets by Borrower and its Subsidiaries and Joint Ventures
shall not at any time exceed fifteen percent (15%) of the Borrower’s Adjusted
Consolidated Total Assets.  For purposes
of this Section 8.18 the book value of any New Construction Assets not
owned 100%, directly or indirectly, by the Borrower or any of its Subsidiaries
shall be adjusted by multiplying the same by the Borrower’s Interest in such
New Construction Asset during the fiscal quarter of the Borrower ending as of
any date of determination of such book value.

 

8.19         Debt Service Coverage.  Permit the aggregate Subject Property
Adjusted Net Operating Income for the prior twelve (12) months to be less than
1.4 times the Implied Debt Service of the Borrower and the Subject Property
Owners for such period.

 

8.20         Restricted Interests Ratio.  Permit at any time the outstanding principal
balance of the Loans to exceed 66 2/3% of the portion of Subject Property
Adjusted Consolidated Total Assets attributable to Collateral Interests
Properties.

 

9.             DEFAULT.

 

9.1           Events of Default.  The following shall each constitute an “Event of Default”
hereunder:

 

(a)           The
failure of the Borrower to pay any installment of principal on any Note on the
date when due and payable; or

 

(b)           The
failure of the Borrower to pay any installment of interest or any other fees,
expenses or other charges payable under any Loan Document within five Business
Days of the date when due and payable; or

 

(c)           The
use of the proceeds of any Loan in a manner inconsistent with or in violation
of Section 2.15; or

 

(d)           The
failure of the Borrower to observe or perform any covenant or agreement
contained in Section 7.12(a), 7.12(b), or 8 (other than Sections 8.1, 8.3, 8.5,
8.7, 8.8 and 8.10 as to which the provisions of paragraph (e) below shall apply);
or

 

(e)           The
failure of Borrower or any of its Subsidiaries to observe or perform any other
term, covenant, or agreement contained in any Loan Document and such failure
shall have continued unremedied for a period of 30 days after notice thereof
from the Administrative Agent to the Borrower, provided that if Borrower shall
have exercised reasonable diligence to cure such failure and such failure
cannot be cured within such 30 day period despite such reasonable diligence,
Borrower shall have the right to cure such failure within 90 days after the
date of such notice from Administrative Agent provided Borrower diligently and
continuously

 

67

 

pursues the completion of such cure (unless any such default is excluded
from any provision of a grace period or cure of defaults contained in any other
Loan Document or unless a shorter cure period is specified in any other Loan
Document with respect to such default); or

 

(f)            Any
representation or warranty of the Borrower or any of its Subsidiaries (or of
any officer of the Borrower or any of its Subsidiaries on their behalf) made in
any Loan Document to which it is a party or in any certificate, report, opinion
(other than an opinion of counsel) or other document delivered or to be
delivered pursuant thereto, shall prove to have been incorrect or misleading
(whether because of misstatement or omission) in any material respect when
made; or

 

(g)           Any
obligation of the Borrower (other than its obligations under the Notes) or any
Subsidiary of the Borrower, whether as principal, guarantor, surety or other
obligor, for the payment of any Indebtedness shall (i) become or shall be
declared to be due and payable prior to the expressed maturity thereof, or (ii)
shall not be paid when due or within any grace period for the payment thereof,
or (iii) shall be subject, by the holder of the obligation evidencing such
Indebtedness, to acceleration (after the expiration of any applicable notice
and cure periods) prior to the expressed maturity thereof, and the sum of all
such Indebtedness which is the subject of paragraphs (i) - (iii) inclusive
exceeds (A) at any time, in the case of Indebtedness other than Non-Recourse
Indebtedness, $15,000,000, and (B) in any calendar year, in the case of Non-Recourse
Indebtedness, $50,000,000 in the aggregate during such year;  or

 

(h)           The
Borrower or any Subsidiary of the Borrower shall (i) suspend or discontinue its
business (except as permitted by Section 7.3 or 8.2), (ii) make an
assignment for the benefit of creditors, (iii) generally not be paying its
debts as such debts become due, (iv) admit in writing its inability to pay its
debts as they become due, (v) file a voluntary petition in bankruptcy, (vi)
become insolvent (however such insolvency shall be evidenced), (vii) file any
petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment of debt, liquidation or dissolution or similar relief
under any present or future statute, law or regulation of any jurisdiction,
(viii) petition or apply to any tribunal for any receiver, custodian or any
trustee for any substantial part of its Property, (ix) be the subject of any
such proceeding filed against it which remains undismissed for a period of 60
days, (x) file any answer admitting or not contesting the material allegations
of any such petition filed against it or any order, judgment or decree
approving such petition in any such proceeding, (xi) seek, approve, consent to,
or acquiesce in any such proceeding, or in the appointment of any trustee,
receiver, custodian, liquidator, or fiscal agent for it, or any substantial
part of its Property, or an order is entered appointing any such trustee,
receiver, custodian, liquidator or fiscal agent and such order remains in effect
for 60 days, or (xii) take any formal action for the purpose of effecting any
of the foregoing; provided that the events described in this Section 9.1(h) as
to any Subsidiary of the Borrower that is not a Subsidiary Guarantor, shall not
constitute an Event of Default unless the aggregate book value of Borrower’s
direct or indirect equity Investment in all such Subsidiaries exceeds
$50,000,000; or

 

(i)            An
order for relief is entered under the United States bankruptcy laws or any
other decree or order is entered by a court having jurisdiction (i) adjudging
the Borrower or any Subsidiary bankrupt or insolvent, (ii) approving as
properly filed a petition seeking reorganization, liquidation, arrangement,
adjustment or composition of or in respect of the Borrower or any Subsidiary
under the United States bankruptcy laws or any other applicable

 

68

 

Federal or state law, (iii) appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the
Borrower or any Subsidiary or of any substantial part of the Property thereof,
or (iv) ordering the winding up or liquidation of the affairs of the Borrower
or any Subsidiary, and any such decree or order continues unstayed and in effect
for a period of 60 days; provided that the events described in this Section
9.1(i) as to any Subsidiary of the Borrower that is not a Subsidiary Guarantor,
shall not constitute an Event of Default unless the aggregate book value of
Borrower’s direct or indirect equity Investment in all such Subsidiaries
exceeds $50,000,000; or

 

(j)            Judgments
or decrees against the Borrower, any Subsidiary of the Borrower, the Collateral
or any of the Subject Properties not covered by insurance aggregating in excess
of $15,000,000 shall not be paid, stayed on appeal, discharged, bonded or
dismissed for a period of 45 days; or

 

(k)           Any
Loan Document shall cease, for any reason, to be in full force and effect, or
the Borrower or any Assignor shall so assert in writing or shall disavow any of
its obligations thereunder; or

 

(l)            An
event or condition specified in Section 7.2(d) shall occur or exist with
respect to any Plan or Multiemployer Plan and, as a result of such event or
condition, together with all other such events or conditions, the Borrower
shall be reasonably likely to incur a liability to a Plan, a Multiemployer
Plan, the PBGC, or any combination thereof, equal to or in excess of
$15,000,000 individually or in the aggregate; or

 

(m)          There
shall occur a Change of Control; or

 

(n)           If
any Loan Document (i) is determined by any court or Governmental Authority to
be illegal, invalid or unenforceable in accordance with its terms, or (ii)
shall be canceled, terminated, revoked or rescinded other than in accordance
with its terms or with the written consent or approval of the Lenders; or

 

(o)           (i) Any
Subsidiary Guarantor shall fail to comply in any material respect with any
covenant made by it in the Guaranty or if at any time any representation or
warranty made by any Subsidiary Guarantor in the Guaranty or in any other
document, statement or writing made to the Administrative Agent, the Lead
Arranger or the Lenders shall prove to have been incorrect or misleading in any
material respect when made, or (ii) if a default by any Subsidiary Guarantor
shall occur under the Guaranty after the expiration of any applicable notice
and grace period; or (iii) if any Subsidiary Guarantor shall revoke or attempt
to revoke, contest, commence any action or raise any defense (other than the defense
of payment) against its obligations under the Guaranty; or

 

(p)           There
shall occur a default or event of default under any of the other Loan Documents
which shall continue to exist beyond any applicable grace or notice or cure
period provided in such other Loan Documents; or

 

(q)           There
shall occur and be continuing an Event of Default under and as defined in the
Existing Credit Agreement.

 

69

 

Upon the
occurrence of an Event of Default or at any time thereafter during the
continuance thereof, (a) if such event is an Event of Default specified in
clause (h) or (i) above, the Loans, all accrued and unpaid interest thereon,
and all other amounts owing under the Loan Documents shall immediately become
due and payable, and the Administrative Agent may, and upon the direction of
the Required Lenders shall, exercise any and all remedies and other rights
provided in the Loan Documents, and (b) if such event is any other Event of
Default with the consent of the Required Lenders, the Administrative Agent may,
and upon the direction of the Required Lenders shall, by notice of default to
the Borrower, declare the Loans, all accrued and unpaid interest thereon and
all other amounts owing under the Loan Documents to be due and payable
forthwith, whereupon the same shall immediately become due and payable, and the
Administrative Agent may, and upon the direction of the Required Lenders shall,
exercise any and all remedies and other rights provided pursuant to the Loan Documents.  Except as otherwise provided in this
Section, presentment, demand, protest and all other notices of any kind are
hereby expressly waived.  The Borrower
hereby further expressly waives and covenants not to assert any appraisement,
valuation, stay, extension, redemption or similar laws, now or at any time
hereafter in force which might delay, prevent or otherwise impede the
performance or enforcement of any Loan Document.

 

In the event
that the Notes shall have been declared due and payable pursuant to the
provisions of this Section, any funds received by the Administrative Agent and
the Lenders from or on behalf of the Borrower, or otherwise with respect to the
realization upon the Collateral, shall be applied by the Administrative Agent
and the Lenders in liquidation of the Loans and the obligations of the Borrower
under the Loan Documents in the following manner and order:  (i) first, to the payment of interest on and
then the principal portion of any Loans which the Administrative Agent may have
advanced on behalf of any Lender (including, without limitation, any protective
advances or other advances in respect of the Collateral) for which the
Administrative Agent has not then been reimbursed by such Lender or the
Borrower; (ii) second, to reimburse the Administrative Agent and the Lenders
for any expenses due from the Borrower pursuant to the provisions of Section
11.5; (iii) third, to the payment of all other fees, expenses and amounts
due under the Loan Documents (other than principal and interest on the Notes);
provided, however, that distributions in respect of such fees and expenses due
to the Administrative Agent from the Borrower shall be made pari passu with
respect to the payment of any other fees, expenses or amounts due the Lenders
from the Borrower; (iv) fourth, to the payment of interest due on the Notes;
(v) fifth, to the payment of principal outstanding on the Notes; and (vi)
sixth, to the payment of any other amounts owing to the Administrative Agent,
the Lead Arranger and the Lenders under any Loan Document or other document or
agreement entered into in connection with the transactions contemplated
thereby.

 

9.2           Default under Subject Property Loan
Documents.  The Borrower hereby
expressly agrees that upon the occurrence and during the continuation of an
Event of Default, the Administrative Agent shall have the right, but not the
obligation, to pay any sums or to take any action, to the extent that the
applicable Subject Property Owner is permitted to take such action under the
terms of the Collateral Property Loan Documents, which the Administrative Agent
deems necessary or advisable to cure any “Default” or alleged “Default” under
the Subject Property Loan Documents (whether or not the Subject Property Owners
are undertaking efforts to cure such “Default” or the same is an “Event of
Default” under the Subject Property Loan Documents or a Default or Event of
Default hereunder), and such payment or such action is

 

70

 

hereby authorized by the Borrower, and any sum so paid and any expense
incurred by the Administrative Agent in taking any such action shall be
evidenced by this Agreement and secured by the Security Documents and shall be
immediately due and payable by Borrower to the Administrative Agent with
interest at the rate for overdue amounts set forth in Section 2.9(b) until
paid.  The Administrative Agent shall be
authorized to take such actions upon the assertion by any holder of any of the
Subject Property Loan Documents of the existence of such “Default” or “Event of
Default” without any duty to inquire or determine whether such “Default” or
“Event of Default” exist.  The Borrower
shall cause the Subject Property Owners to permit the Administrative Agent to
enter upon the Subject Properties for the purpose of curing any “Default” or
alleged “Default” under the Subject Property Loan Documents or hereunder.  The Borrower hereby transfers and assigns
any excess proceeds arising from any foreclosure or sale under power pursuant
to the Subject Property Loan Documents, and the Borrower hereby authorizes and
directs the holder or holders of the Subject Property Loan Documents to pay
such excess proceeds directly to the Administrative Agent up to the amount of
the Obligations.

 

10.           THE AGENT.

 

10.1         Appointment. 
Each Lender hereby irrevocably designates and appoints FNB as the
Administrative Agent of such Lender under the Loan Documents and each such
Lender hereby irrevocably authorizes FNB, as the Administrative Agent for such
Lender, to take such action on its behalf under the provisions of the Loan
Documents and to exercise such powers and perform such duties as are expressly
delegated to the Administrative Agent by the terms of the Loan Documents,
together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the
contrary elsewhere in any Loan Document, the Administrative Agent shall not
have any duties or responsibilities, except those expressly set forth therein,
or any fiduciary or trustee relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into the Loan Documents or otherwise exist against the
Administrative Agent.

 

10.2         Delegation of Duties.  The Administrative Agent may execute any of
its duties under the Loan Documents by or through agents or attorneys-in-fact
and shall be entitled to rely upon the advice of counsel concerning all matters
pertaining to such duties.

 

10.3         Exculpatory Provisions.  Neither the Administrative Agent nor any of
its officers, directors, employees, agents, attorneys-in-fact or affiliates
shall be (i) liable for any action lawfully taken or omitted to be taken by it
or such Person under or in connection with the Loan Documents (except for its own
gross negligence or willful misconduct), or (ii) responsible in any manner to
any of the Credit Parties for any recitals, statements, representations or
warranties made by the Borrower or any officer thereof contained in the Loan
Documents or in any certificate, report, statement or other document referred
to or provided for in, or received by the Administrative Agent under or in
connection with, the Loan Documents or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of any of the Loan Documents or the
Collateral or for any failure of the Borrower or any other Person to perform
its obligations thereunder.  The
Administrative Agent shall not be under any obligation to any Credit Party to
ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, the Loan Documents, or to inspect
the properties, books or records of the Borrower or any of its
Subsidiaries.  The Administrative Agent
shall not be under any liability or responsibility whatsoever, as
Administrative Agent, to the Borrower or any other Person as a

 

71

 

consequence of any failure or delay in performance, or any breach, by
any Credit Party of any of its obligations under any of the Loan Documents.

 

10.4         Reliance by Administrative Agent.  The Administrative Agent shall be entitled
to rely, and shall be fully protected in relying, upon any writing, resolution,
notice, consent, certificate, affidavit, opinion, letter, cablegram, telegram,
telecopy, telex or teletype message, statement, order or other document or
conversation reasonably believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including, without limitation, counsel to the
Borrower), independent accountants and other experts selected by the
Administrative Agent.  The
Administrative Agent may treat each Lender, or the Person designated in the
last notice filed with it under this Section, as the holder of all of the
interests of such Lender in its Loans and in its Note until written notice of
transfer, signed by such Lender (or the Person designated in the last notice
filed with the Administrative Agent) and by the Person designated in such
written notice of transfer, in form and substance satisfactory to the
Administrative Agent, shall have been filed with the Administrative Agent.  The Administrative Agent shall not be under
any duty to examine or pass upon the validity, effectiveness or genuineness of
the Loan Documents or any instrument, document or communication furnished
pursuant thereto or in connection therewith, and the Administrative Agent shall
be entitled to assume that the same are valid, effective and genuine, have been
signed or sent by the proper parties and are what they purport to be.  The Administrative Agent shall be fully
justified in failing or refusing to take any action under the Loan Documents unless
it shall first receive such advice or concurrence of the Required Lenders as it
deems appropriate or as set forth herein. 
The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under the Loan Documents in accordance
with a request or direction of the Required Lenders, and such request or
direction and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders and all future holders of the Notes.

 

10.5         Notice of Default.  The Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default, except with
respect to defaults in the payment of principal, interest and fees required to
be paid to the Administrative Agent for the account of the Lenders, unless the
Administrative Agent has received written notice thereof from a Lender or the
Borrower.  In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall
promptly give notice thereof to the Lenders. 
The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required
Lenders, provided, however, that unless and until the Administrative Agent
shall have received such directions, the Administrative Agent may (but shall
not be obligated to) take such action, or refrain from taking such action, with
respect to such Default or Event of Default as it shall deem to be in the best
interests of the Lenders.

 

10.6         Non-Reliance on Administrative Agent and Other
Lenders.  Each Lender expressly
acknowledges that neither the Administrative Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by the Administrative Agent
hereinafter, including any review of the affairs of the Borrower, any of its
Subsidiaries or the Collateral, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender.  Each Lender represents

 

72

 

to the Administrative Agent that it has, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own evaluation
of and investigation into the business, operations, Property, financial and
other condition and creditworthiness of the Borrower and its Subsidiaries and
made its own decision to enter into this Agreement.  Each Lender also represents that it will, independently and
without reliance upon the Administrative Agent or any other Lender, and based
on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, evaluations and decisions in taking or
not taking action under any Loan Document, and to make such investigation as it
deems necessary to inform itself as to the business, operations, Property,
financial and other condition and creditworthiness of the Borrower and its
Subsidiaries.  Except for notices,
reports and other documents expressly required to be furnished to the Lenders
by the Administrative Agent hereunder, the Administrative Agent shall not have
any duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, Property, financial and other
condition or creditworthiness of the Borrower and its Subsidiaries which may
come into the possession of the Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates.

 

10.7         Indemnification.  Each Lender agrees to indemnify and reimburse the Administrative
Agent in its capacity as such (to the extent not promptly reimbursed by the
Borrower and without limiting the obligation of the Borrower to do so), pro
rata according to its Commitment, from and against any and all liabilities,
obligations, claims, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever including, without
limitation, any amounts paid to the Lenders (through the Administrative Agent)
by the Borrower, any Subsidiary Guarantor pursuant to the terms of the Loan
Documents, that are subsequently rescinded or avoided, or must otherwise be
restored or returned) which may at any time (including, without limitation, at
any time following the payment of the Notes) be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out
of the Loan Documents or any other documents contemplated by or referred to
therein or the transactions contemplated thereby or any action taken or omitted
to be taken by the Administrative Agent under or in connection with any of the
foregoing; provided, however, that no Lender shall be liable for the payment of
any portion of such liabilities, obligations, claims, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements to the
extent resulting solely from the gross negligence or willful misconduct of the
Administrative Agent.  The agreements in
this Section shall survive the payment of all amounts payable under the Loan
Documents.

 

10.8         Administrative Agent in Its Individual
Capacity.  FNB and its affiliates
may make loans to, accept deposits from, issue letters of credit for the
account of, and generally engage in any kind of business with, the Borrower and
its Subsidiaries as though FNB was not Administrative Agent hereunder.  With respect to the Commitment made or
renewed by FNB and the Note issued to FNB, FNB shall have the same rights and
powers under the Loan Documents as any Lender and may exercise the same as
though it was not the Administrative Agent, and the terms “Lender” and
“Lenders” shall in each case include FNB.

 

10.9         Successor Administrative Agent.  If at any time the Administrative Agent
deems it advisable, in its sole discretion, it may submit to each of the
Lenders a written notice of its

 

73

 

resignation as Administrative Agent under this Agreement, such
resignation to be effective upon the earlier of (i) the written acceptance of
the duties of the Administrative Agent under the Loan Documents by a successor
Administrative Agent and (ii) on the 60th day after the date of such
notice.  Upon any such notice of
resignation, the Required Lenders shall have the right to appoint from among
the Lenders a successor Administrative Agent. 
If no successor Administrative Agent shall have been so appointed by the
Required Lenders and accepted such appointment in writing within 45 days after
the retiring Administrative Agent’s giving of notice of resignation, then the
retiring Administrative Agent shall, in consultation with the Borrower, appoint
a successor Administrative Agent on behalf of the Lenders prior to the end of
the 60th day from such notice from among any of the Lenders who shall have at
such time agreed to act as the successor Administrative Agent and shall have at
such time a Commitment of at least $10,000,000 (an “Approved Successor”).  If no Lender has a Commitment of at least
$10,000,000 (or no Lender whose Commitment is at least $10,000,000 shall agree
to accept such appointment), then the retiring Administrative Agent shall, in
consultation with the Borrower (unless an Event of Default has occurred and is
continuing), appoint any other Lender or any other commercial bank organized
under the laws of the United States of America or any State thereof and having
a combined capital and surplus of at least $100,000,000 as a successor
Administrative Agent. Any appointment of a successor Administrative Agent shall
be subject to the approval of the Borrower, which approval shall not be
unreasonably withheld or delayed, and shall be given in any event prior to the
end of the 60th day from the date of the retiring Administrative Agent’s notice
of resignation, provided that during any period in which there exists and is
continuing an Event of Default, no approval from the Borrower to the
appointment of an Approved Successor shall be required. Upon the acceptance of
an appointment as Administrative Agent hereunder by a successor Administrative
Agent and any required approval of such successor Administrative Agent by the
Borrower in accordance with the terms of this Section, such successor
Administrative Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Administrative Agent, and
the retiring Administrative Agent’s rights, powers, privileges and duties as
Administrative Agent under the Loan Documents shall be terminated.  The Borrower and the Lenders shall execute
such documents as shall be necessary to effect such appointment.  After any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the provisions of the Loan
Documents shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent under the Loan Documents.  The Supermajority Lenders may remove the
Administrative Agent from its capacity as administrative agent in the event of
the Administrative Agent’s willful misconduct or gross negligence.  The Commitment of the Lender then acting as
Administrative Agent, if the Administrative Agent is being removed due to
willful misconduct or gross negligence pursuant to this Section 10.9, shall be
disregarded in determining the Supermajority Lenders.  Such removal shall be in accordance with the Intercreditor
Agreement of even date herewith among the Administrative Agent and the Lenders
which provides, among other things, that any successor Administrative Agent
must satisfy the conditions for a successor Administrative Agent contained
above in this Section 10.9.

 

11.           OTHER PROVISIONS.

 

11.1         Amendments and Waivers.  With the written consent of the Required
Lenders, the Administrative Agent and the Borrower may, from time to time,
enter into written amendments, supplements or modifications of the Loan
Documents and, with the consent of the Required

 

74

 

Lenders, the Administrative Agent on behalf of the Lenders may execute
and deliver to any such parties a written instrument waiving or a consent to a
departure from, on such terms and conditions as the Administrative Agent may
specify in such instrument, any of the requirements of the Loan Documents or
any Default or Event of Default and its consequences; provided, however, that
no such amendment, supplement, modification, waiver or consent shall, without
the consent of all of the Lenders: 
(i) increase the Commitment of any Lender or the Total Commitment
Amount other than pursuant to Section 2.19; (ii) extend the Maturity Date;
(iii) decrease the rate, or extend the time of payment, of interest of, or
change or forgive the principal amount of, or change the requirement that
payments and prepayments of principal on, and payments of interest on, the
Notes be made pro rata to the Lenders on the basis of the outstanding principal
amount of the Loans, (iv) amend the definitions of “Required Lender” or
“Supermajority Lenders”, (v) release any Subsidiary Guarantor or Assignor from
its obligations under a Guaranty or the Assignment of Interests except as
provided in Section 8.2, (vi) release any of the Collateral except as provided
in Section 6.2, 6.3 or 8.2, or (vii) change the provisions of Section 3.1
or 11.1; and provided further that no such amendment, supplement, modification,
waiver or consent shall amend, modify, waive or consent to a departure from any
provision of Section 10 or otherwise change any of the rights or obligations of
the Administrative Agent under the Loan Documents without the written consent
of the Administrative Agent.  The
Administrative Agent shall cause a copy of each written request for such an
amendment, supplement or modification delivered by the Borrower to it to be
delivered to each Lender.  Any such
amendment, supplement, modification, waiver or consent shall apply equally to
each of the Lenders and shall be binding upon the parties to the applicable
agreement, the Lenders, the Administrative Agent and all future holders of the
Notes.  In the case of any waiver, the
parties to the applicable agreement, the Lenders and the Administrative Agent
shall be restored to their former position and rights under the Loan Documents,
and any Default or Event of Default waived shall not extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon.  The Administrative Agent and the Lenders
acknowledge and agree that certain rights among the Administrative Agent and
the Lenders, including, without limitation, deemed approval rights with respect
to waivers and amendments, may be governed by and set forth in an Intercreditor
Agreement among the Lenders and the Administrative Agent.

 

11.2         Notices.  All
notices, requests and demands to or upon the respective parties hereto to be effective
shall be in writing and, unless otherwise expressly provided herein, shall be
deemed to have been duly given or made when delivered by hand, or if sent by
certified mail (return receipt requested), when the return receipt is signed on
behalf of the party to whom such notice is given, or in the case of telecopier
notice, when sent with a confirmation received, or if sent by overnight
nationwide commercial courier, the Business Day following the date such notice
is deposited with said courier, and in any case addressed as follows in the
case of the Borrower or the Administrative Agent, and at the Domestic Lending
Office in the case of each Lender, or to such other addresses as to which the
Administrative Agent may be hereafter notified by the respective parties hereto
or any future holders of the Notes:

 

	
  The Borrower:

  	
   

  
	
   

  	
   

  
	
  New Plan
  Excel Realty Trust, Inc.

  	
   

  
	
  1120 Avenue
  of the Americas; 12th Floor

  	
   

  
	
  New York,
  New York 10036

  	
   

  

 

75

 

	
  Attention:

  	
  John B. Roche,

  
	
  Chief
  Financial Officer

  
	
  Telephone:

  	
  (212)
  869-3000

  
	
  Telecopy:

  	
  (212)
  869-3989

  
	
   

  	
   

  
	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
  New Plan
  Excel Realty Trust, Inc.

  	
   

  
	
  1120 Avenue
  of the Americas

  	
   

  
	
  New York,
  New York 10036

  	
   

  
	
  Attention:

  	
  Steven F.
  Siegel, Esq., General Counsel

  
	
  Telephone:

  	
  (212)
  869-3000

  
	
  Telecopy:

  	
  (212)
  869-7460

  
	
   

  	
   

  
	
  The Administrative Agent:

  	
   

  
	
   

  	
   

  
	
  Fleet
  National Bank

  	
   

  
	
  100 Federal
  Street

  	
   

  
	
  Boston,
  Massachusetts 02110

  	
   

  
	
  Attention:

  	
  Real Estate
  Division

  
	
   

  	
   

  
	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
  Fleet
  National Bank

  	
   

  
	
  115
  Perimeter Center Place, N.E.

  	
   

  
	
  Suite 500

  	
   

  
	
  Atlanta,
  Georgia 30346

  	
   

  
	
  Attention:

  	
  William
  Lamb, Vice President

  
	
  Telephone:

  	
  (770)
  390-6547

  
	
  Telecopy:

  	
  (770)
  390-8434

  
			

 

except that
any notice, request or demand by the Borrower to or upon the Administrative
Agent or the Lenders pursuant to Section 2.8 shall not be effective until
received.  Any party to a Loan Document
may rely on signatures of the parties thereto which are transmitted by
telecopier or other electronic means as fully as if originally signed.

 

11.3         No Waiver; Cumulative Remedies.  No failure to exercise and no delay in
exercising any right, remedy, power or privilege under any Loan Document shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege under any Loan Document preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges under the Loan Documents are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

11.4         Survival of Representations and
Warranties.  All representations and
warranties made under the Loan Documents and in any document, certificate or
statement delivered pursuant hereto or in connection therewith shall survive
the execution and delivery of the Loan

 

76

 

Documents.  After the
termination of this Agreement in accordance with its terms, without any
extension thereof, the payment in full of all obligations of the Borrower under
the Loan Documents and the expiration of any obligations of the Borrower
hereunder which survive the termination of this Agreement, the Borrower shall
have no liability to the Lenders under such representations and warranties,
except that the foregoing shall not apply with respect to any claim, action or
proceeding made or brought under any such representations or warranties prior
to such termination or payment.

 

11.5         Payment of Expenses and Taxes.  The Borrower agrees, promptly upon presentation
of a statement or invoice therefor, and whether any Loan is made (i) to pay or
reimburse FNB, Administrative Agent and Lead Arranger for all of their
reasonable out-of-pocket costs and expenses reasonably incurred in connection
with the development, preparation, negotiation and execution of, the Loan
Documents, the syndication of the loan transaction evidenced by this Agreement
(whether or not such syndication is completed) and any amendment, supplement or
modification hereto (whether or not executed), any documents prepared in
connection therewith and the consummation of the transactions contemplated
thereby, including, without limitation, the reasonable fees and disbursements
of Special Counsel, (ii) to pay or reimburse each Credit Party for all of its
respective reasonable costs and expenses, including, without limitation,
reasonable fees and disbursements of counsel, reasonably incurred in connection
with (x) any Default or Event of Default and any enforcement or collection
proceedings resulting therefrom (including, without limitation, any reasonable
costs incurred after the entry of judgment in an attempt to collect money due
in the judgment) or in connection with the negotiation of any restructuring or
“work-out” (whether consummated or not) of the obligations of the Borrower
under any of the Loan Documents, (y) any UCC searches, UCC filings, title
rundowns, title searches and document recordings and (z) the enforcement of
this Section, (iii) to pay, indemnify, and hold each Credit Party harmless from
and against, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any delay in paying, stamp, excise and other
similar taxes, if any, which may be payable or determined to be payable in
connection with the execution, recording, filing, and delivery of, or
consummation of any of the transactions contemplated by, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of,
the Loan Documents and any such other documents, and (iv) to pay, indemnify and
hold each Credit Party and each of their respective officers, directors,
employees, affiliates, agents, controlling persons and attorneys (as used in
this Section, each an “indemnified person”) harmless from and against any
and all other liabilities, obligations, claims, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever (including, without limitation, reasonable counsel fees and
disbursements) with respect to any claim, investigation or proceeding from any
third party relating to this Agreement, the Loan Documents, the Collateral,
Hazardous Substances or the Subject Properties, including the enforcement and
performance of the Loan Documents and the use of the proceeds of the Loans (all
the foregoing, collectively, the “indemnified liabilities”), whether or
not any such indemnified person is a party to this Agreement or the Loan
Documents, and to reimburse each indemnified person for all reasonable legal and
other expenses incurred in connection with investigating or defending any
indemnified liabilities, and, if and to the extent that the foregoing indemnity
may be unenforceable for any reason, the Borrower agrees to make the maximum
payment permitted or not prohibited under applicable law; provided, however,
that the Borrower shall have no obligation hereunder to pay indemnified
liabilities to any Credit Party arising from (A) the gross negligence or
willful

 

77

 

misconduct of such Credit Party or (B) disputes solely between the
Credit Parties and which are not related to any act or failure to act on the
part of the Borrower or the failure of the Borrower to perform any of its
obligations under this Agreement or the Loan Documents.

 

Notwithstanding
the foregoing, the fees and expenses referred to in clause (iv) of the
preceding paragraph shall not be payable by the Borrower if (x) any such
enforcement action brought by such Credit Party is dismissed, with prejudice,
on the pleadings or pursuant to a motion made by the Borrower for summary
judgment, and (y) if such Credit Party appeals such dismissal, such dismissal
is affirmed and the time for any further appeals has expired.  The obligations of the Borrower under this
Section shall survive the termination of this Agreement and the Commitments and
the payment of the Notes and all other amounts payable under the Loan
Documents.

 

11.6         Lending Offices.  Each Lender shall have the right at any time and from time to time
to transfer its Loans to a different office, provided that such Lender shall
promptly notify the Administrative Agent and the Borrower of any such change of
office.  Such office shall thereupon
become such Lender’s Domestic Lending Office or LIBOR Lending Office, as the
case may be; provided, however, that no such Lender shall be entitled to
receive any greater amount under Section 2.13, 2.14 or 2.16 as a result of a
transfer of any such Loans to a different office of such Lender than it would
be entitled to immediately prior thereto unless such claim would have arisen
even if such transfer had not occurred.

 

11.7         Successors and Assigns.

 

(a)           The
Loan Documents shall be binding upon and inure to the benefit of the Borrower,
the Lenders, the Administrative Agent, all future holders of the Notes and
their respective successors and assigns, except that the Borrower may not
assign, delegate or transfer any of its rights or obligations under the Loan
Documents without the prior written consent of the Administrative Agent and all
of the Lenders.

 

(b)           Each
Lender shall have the right at any time, upon written notice to the
Administrative Agent of its intent to do so, to sell, assign, transfer or
negotiate all or any part of such Lender’s rights and/or obligations under the
Loan Documents to one or more of its Affiliates, to one or more of the other
Lenders (or to Affiliates of such other Lenders) or, with the prior written
consent of the Borrower, and the Administrative Agent (which consent, from each
of them, shall not be unreasonably withheld or delayed and shall not be
required from the Borrower upon the occurrence and during the continuance of an
Event of Default), to sell, assign, transfer or negotiate all or any part of
such Lender’s rights and obligations under the Loan Documents to any other
bank, insurance company, pension fund, mutual fund or other financial
institution, provided that (a) any such bank, insurance company, pension
fund, mutual fund or other financial institution shall have a net worth as of the date of such sale, assignment,
transfer or negotiation of not less than $500,000,000, unless otherwise
approved by the Administrative Agent, (b) unless otherwise approved by the
Administrative Agent and the Borrower (which consent from Borrower shall not be
unreasonably withheld or delayed and shall not be required from Borrower upon
the occurrence and during the continuance of an Event of Default), such
assignee shall acquire an interest in the Loans of not less than $5,000,000
unless such assignee is acquiring all of the assigning Lender’s Commitment,
(c) such sale, assignment, transfer or registration is subject to the
terms of the intercreditor agreement dated of even date herewith

 

78

 

among the Lenders and the Administrative Agent, (d) in no event
shall any voting, consent or approval rights of a Lender be assigned to any
Person controlling, controlled by or under common control with, or which is not
otherwise free from influence or control by, the Borrower or any Subsidiary
Guarantor or any Affiliate thereof, which rights shall instead be allocated pro
rata among the other remaining Lenders, and (e) there shall be paid to the
Administrative Agent by the assigning Lender a fee (the “Assignment Fee”) of
$3,500.  For each assignment, the
parties to such assignment shall execute and deliver to the Administrative
Agent for its acceptance and recording an Assignment and Assumption Agreement.  Upon such execution, delivery, acceptance
and recording by the Administrative Agent, from and after the effective date
specified in such Assignment and Assumption Agreement, the assignee thereunder
shall be a party hereto and, to the extent provided in such Assignment and
Assumption Agreement, the assignor Lender thereunder shall be released from its
obligations under the Loan Documents. 
The Borrower agrees upon written request of the Administrative Agent and
at the Borrower’s expense to execute and deliver (1) to such assignee, a Note,
dated the effective date of such Assignment and Assumption Agreement, in an
aggregate principal amount equal to the Loans assigned to, and Commitments
assumed by, such assignee and (2) to such assignor Lender, a Note, dated the
effective date of such Assignment and Assumption Agreement, in an aggregate
principal amount equal to the balance of such assignor Lender’s Loans and
Commitment, if any, and each assignor Lender shall cancel and return to the
Borrower its existing Note.  Upon any
such sale, assignment or other transfer, the Commitment Amounts set forth in Exhibit
B shall be adjusted accordingly by the Administrative Agent and a new Exhibit
B shall be distributed by the Administrative Agent to the Borrower and each
Lender.

 

(c)           Each
Lender may grant participations in all or any part of its Loans, its Note and
its Commitment to one or more banks, insurance companies, financial
institutions, pension funds or mutual funds, provided that (i) such Lender’s
obligations under the Loan Documents shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties to the Loan Documents for
the performance of such obligations, (iii) the Borrower, the Administrative
Agent and the other Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under the
Loan Documents, (iv) no sub-participations shall be permitted and (v) the
voting rights of any holder of any participation shall be limited to decisions
that only do any of the following:  (A)
subject the participant to any additional obligation, (B) reduce the principal
of, or interest on the Notes or any fees or other amounts payable hereunder,
and (C) postpone any date fixed for the payment of principal of, or interest on
the Notes or any fees or other amounts payable hereunder.  The Borrower acknowledges and agrees that
any such participant shall for purposes of Sections 2.10, 2.11, 2.12, 2.13,
2.14, 2.15 and 2.16 be deemed to be a “Lender”; provided, however, the Borrower
shall not, at any time, be obligated to pay any participant in any interest of
any Lender hereunder any sum in excess of the sum which the Borrower would have
been obligated to pay to such Lender in respect of such interest had such
Lender not sold such participation.

 

(d)           If
any (i) assignment made pursuant to paragraph (b) above or (ii) any
participation granted pursuant to paragraph (c) above shall be made to any
Person that is organized under the laws of any jurisdiction other than the
United States of America or any State thereof, such Person shall furnish such
certificates, documents or other evidence to the Borrower and the
Administrative Agent, in the case of clause (i) and to the Borrower and the
Lender which sold such participation in the case of clause (ii), as shall be
required by Section 2.11(b) to

 

79

 

evidence such Person’s exemption from U.S. withholding taxes with
respect to any payments under or pursuant to the Loan Documents because such
Person is eligible for the benefits of a tax treaty which provides for a zero
percent rate of tax on any payments under the Loan Documents or because any
such payments to such Person are effectively connected with the conduct by such
Person of a trade or business in the United States.

 

(e)           No
Lender shall, as between and among the Borrower, the Administrative Agent and
such Lender, be relieved of any of its obligations under the Loan Documents as
a result of any sale, assignment, transfer or negotiation of, or granting of
participations in, all or any part of its Loans, its Commitment or its Note,
except that a Lender shall be relieved of its obligations to the extent of any
such sale, assignment, transfer, or negotiation of all or any part of its
Loans, its Commitment or its Note pursuant to paragraph (b) above.

 

(f)            Notwithstanding
anything to the contrary contained in this Section, any Lender may at any time
or from time to time assign all or any portion of its rights under the Loan
Documents to a Federal Reserve Bank, provided that any such assignment shall
not release such assignor from its obligations thereunder.

 

11.8         [Intentionally Omitted].

 

11.9         Counterparts. 
Each Loan Document (other than the Notes) may be executed by one or more
of the parties thereto on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
document.  It shall not be necessary in
making proof of any Loan Document to produce or account for more than one
counterpart signed by the party to be charged.  A telecopied counterpart of any Loan Document or to any document
evidencing, and of any an amendment, modification, consent or waiver to or of
any Loan Document shall be deemed to be an originally executed counterpart.  A set of the copies of the Loan Documents
signed by all the parties thereto shall be deposited with each of the Borrower
and the Administrative Agent.  Any party
to a Loan Document may rely upon the signatures of any other party thereto
which are transmitted by telecopier or other electronic means to the same
extent as if originally signed.

 

11.10       Adjustments; Set-off.

 

(a)           If
any Lender (a “Benefited Lender”), shall at any time receive any payment of all
or any part of its Loans or interest thereon, or receive any collateral in
respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to
events or proceedings of the nature referred to in Section 9.1(h) or (i), or
otherwise) in a greater proportion than any such payment to and collateral
received by any other Lender in respect of such other Lender’s Loans or
interest thereon, such Benefited Lender shall purchase for cash from each of
the other Lenders such portion of each such other Lender’s Loans and shall
provide each of such other Lenders with the benefits of any such collateral, or
the proceeds thereof, as shall be necessary to cause such Benefited Lender to
share the excess payment or benefits of such collateral or proceeds ratably
with each of the Lenders, provided, however, that if all or any portion of such
excess payment or benefits is thereafter recovered from such Benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest.  The Borrower agrees that each Lender so purchasing a portion of
another Lender’s Loans may exercise all rights of payment (including, without
limitation, rights of

 

80

 

set-off, to the extent not prohibited by law) with respect to such
portion as fully as if such Lender were the direct holder of such portion.

 

(b)           In
addition to any rights and remedies of the Lenders provided by law, upon the
occurrence of an Event of Default and the acceleration of the obligations owing
in connection with the Loan Documents, or at any time upon the occurrence and
during the continuance of an Event of Default under Section 9.1(a) or (b), each
Lender shall have the right, without prior notice to the Borrower, any such
notice being expressly waived by the Borrower to the extent not prohibited by
applicable law, to set-off and apply against any indebtedness, whether matured
or unmatured, of the Borrower to such Lender, any amount owing from such Lender
to the Borrower, at, or at any time after, the happening of any of the above-mentioned
events.  To the extent not prohibited by
applicable law, the aforesaid right of set-off may be exercised by such Lender
against the Borrower or against any trustee in bankruptcy, custodian, debtor in
possession, assignee for the benefit of creditors, receiver, or execution,
judgment or attachment creditor of the Borrower, or against anyone else
claiming through or against the Borrower or such trustee in bankruptcy,
custodian, debtor in possession, assignee for the benefit of creditors,
receivers, or execution, judgment or attachment creditor, notwithstanding the
fact that such right of set-off shall not have been exercised by such Lender
prior to the making, filing or issuance, or service upon such Lender of, or of
notice of, any such petition, assignment for the benefit of creditors,
appointment or application for the appointment of a receiver, or issuance of
execution, subpoena, order or warrant. 
Each Lender agrees promptly to notify the Borrower and the Administrative
Agent after any such set-off and application made by such Lender, provided that
the failure to give such notice shall not affect the validity of such set-off
and application.

 

11.11       Lenders’ Representations.  Each Lender represents to the Administrative
Agent that, in acquiring its Note, it is acquiring the same for its own account
for the purpose of investment and not with a view to selling the same in
connection with any distribution thereof, provided that the disposition of each
Lender’s own Property shall at all times be and remain within its control.

 

11.12       Indemnity. 
The Borrower agrees to indemnify and hold harmless each Credit Party and
its affiliates, directors, officers, employees, affiliates, agents, controlling
persons and attorneys (each an “Indemnified Person”) from and against
any loss, reasonable cost, liability, damage or reasonable expense (including
the reasonable fees and disbursements of counsel of such Indemnified Person,
including all local counsel hired by any such counsel) incurred by such
Indemnified Person in investigating, preparing for, defending against, or
providing evidence, producing documents or taking any other action in respect
of, any commenced or threatened litigation, administrative proceeding or
investigation under any federal securities or tax laws or any other statute of
any jurisdiction, or any regulation, or at common law or otherwise, which is
alleged to arise out of or is based upon: 
(i) any untrue statement of any material fact by the Borrower in any document
or schedule executed or filed with any Governmental Authority by or on behalf
of the Borrower; (ii) any omission to state any material fact required to be
stated in such document or schedule, or necessary to make the statements made
therein, in light of the circumstances under which made, not misleading; (iii)
any acts, practices or omissions of the Borrower or its agents relating to the
Collateral, the Subject Properties, the use of the proceeds of any or all
borrowings made by the Borrower which are alleged to be in violation of Section
2.15, or in violation of any federal securities or tax laws or of any other
statute, rule, regulation,

 

81

 

ordinance, code, permit, license or other law of any jurisdiction
applicable thereto, whether or not such Indemnified Person is a party thereto;
(iv) any and all claims for brokerage, leasing, finders or similar fees which
may be made relating to the Subject Properties or the Loans; or (v) any
condition of the Subject Properties. 
The indemnity set forth herein shall be in addition to any other
obligations, liabilities or other indemnifications of the Borrower to each
Indemnified Person under the Loan Documents or at common law or otherwise, and
shall survive any termination of the Loan Documents, the expiration of the
Commitments and the payment of all indebtedness of the Borrower under the Loan
Documents, provided that the Borrower shall have no obligation under this
Section to an Indemnified Person with respect to any of the foregoing to the
extent found in a final judgment of a court having jurisdiction to have
resulted primarily out of the gross negligence or willful misconduct of such
Indemnified Person or arising solely from claims between one such Indemnified
Person and another such Indemnified Person.

 

11.13       Governing Law. 
The Loan Documents and the rights and obligations of the parties
thereunder shall be governed by, and construed and interpreted in accordance
with, the internal laws of the State of New York, without regard to principles
of conflict of laws.

 

11.14       Headings Descriptive.  Section headings have been inserted in the
Loan Documents for convenience only and shall not be construed to be a part
thereof.

 

11.15       Severability. 
Every provision of the Loan Documents is intended to be severable, and
if any term or provision thereof shall be invalid, illegal or unenforceable for
any reason, the validity, legality and enforceability of the remaining
provisions thereof shall not be affected or impaired thereby, and any
invalidity, illegality or unenforceability in any jurisdiction shall not affect
the validity, legality or enforceability of any such term or provision in any
other jurisdiction.

 

11.16       Integration. 
All exhibits to a Loan Document shall be deemed to be a part thereof and
shall be deemed a proper disclosure in all relevant provisions of the Loan
Documents.  The Loan Documents embody
the entire agreement and understanding among the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter thereof and supersede
all prior agreements and understandings among the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter thereof.

 

11.17       Consent to Jurisdiction.  The Borrower and each of the Credit Parties
hereby irrevocably submit to the jurisdiction of any New York State or Federal
court sitting in the City of New York over any suit, action or proceeding
arising out of or relating to the Loan Documents.  The Borrower and each of the Credit Parties hereby irrevocably
waive, to the fullest extent permitted or not prohibited by law, any objection
which any of them may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in such a court and any claim that any
such suit, action or proceeding brought in such a court has been brought in an
inconvenient forum.  The parties intend
that Section 5-1402 of the New York General Obligations Law shall apply to this
Section 11.17.

 

11.18       Service of Process.  The Borrower hereby agrees that process may be served against it
in any suit, action or proceeding referred to in Section 11.17 by sending the
same by first class mail, return receipt requested or by overnight courier
service, to the address of the Borrower set forth in Section 11.2 or in the
applicable Loan Document executed by the

 

82

 

Borrower.  The Borrower hereby
agrees that any such service (i) shall be deemed in every respect effective
service of process upon it in any such suit, action, or proceeding, and (ii)
shall to the fullest extent enforceable by law, be taken and held to be valid
personal service upon and personal delivery to it.

 

11.19       No Limitation on Service or Suit.  Nothing in the Loan Documents or any
modification, waiver, consent or amendment thereto shall affect the right of
the Administrative Agent or any Lender to serve process in any manner permitted
by law or limit the right of the Administrative Agent or any Lender to bring
proceedings against the Borrower in the courts of any jurisdiction or
jurisdictions in which the Borrower may be served.

 

11.20       WAIVER OF TRIAL BY JURY.  THE ADMINISTRATIVE AGENT, THE LENDERS AND
THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT
ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING
OUT OF, UNDER OR IN CONNECTION WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED THEREIN.  FURTHER, THE
BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE ADMINISTRATIVE
AGENT, THE LENDERS, OR COUNSEL TO THE ADMINISTRATIVE AGENT OR THE LENDERS, HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE ADMINISTRATIVE AGENT OR THE
LENDERS WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER
OF RIGHT TO JURY TRIAL PROVISION.  THE
BORROWER ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND THE LENDERS HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, INTER ALIA, THE PROVISIONS OF THIS
SECTION.

 

11.21       Termination. 
After the termination of this Agreement in accordance with its terms,
without any extension thereof, and the payment in full of all obligations of
the Borrower under the Loan Documents (including without limitation, all
principal, interest, Facility Fees and other amounts payable hereunder and
under the Notes), the obligations of the Borrower hereunder (other than those
which are stated herein to survive any termination of this Agreement) shall
terminate, except that the foregoing shall not apply with respect to any claim,
action or proceeding made or brought under any other provision of the Loan
Documents prior to such termination or payment.  At the request of the Borrower, each Lender whose obligations
under the Notes have been fully paid shall promptly return to the Borrower its
Note marked “paid” or shall deliver other evidence that such Lender has
received full payment of such obligations.

 

11.22       Replacement Notes.  Upon receipt of evidence reasonably satisfactory to the Borrower
of the loss, theft, destruction or mutilation of any Note, and in the case of
any such loss, theft or destruction, upon delivery by the relevant Lender of an
indemnity agreement reasonably satisfactory to the Borrower or, in the case of
any such mutilation, upon surrender and cancellation of the applicable Note,
the Borrower will execute and deliver, in lieu thereof, a replacement Note,
identical in form and substance to the applicable Note and dated as of the date
of the applicable Note and upon such execution and delivery all references in
the Loan Documents to such Note shall be deemed to refer to such replacement Note.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

83

 

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

 

	
   

  	
  NEW PLAN EXCEL REALTY TRUST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John B. Roche

  	
   

  
	
   

  	
   

  	
  John B. Roche,

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

84

 

	
   

  	
  FLEET NATIONAL BANK, a national banking

  association, individually and as Administrative

  Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ William Lamb

  	
   

  
	
   

  	
   

  	
  William Lamb

  
	
   

  	
   

  	
  Vice President

  

 

 

	
  Fleet National Bank

  	
   

  
	
  115 Perimeter Center Place, N.E.

  	
   

  
	
  Suite 500

  	
   

  
	
  Atlanta, Georgia  30346

  	
   

  
	
  Attn:  William Lamb

  	
   

  
	
  Facsimile:  770/390-8434

  	
   

  
	
   

  	
   

  
	
  and

  
	
   

  	
   

  
	
  Fleet National Bank

  	
   

  
	
  100 Federal Street

  	
   

  
	
  Boston, Massachusetts  02110

  	
   

  
	
  Attn:  Real Estate Division

  	
   

  
	
  Facsimile:  617/434-7108

  	
   

  

 

85

 

EXHIBIT C-1

 

	
  Equity Interests Owner

  	
   

  	
  Equity Interests Property

  
	
   

  	
   

  	
   

  
	
  1. HK New Plan Marwood Sunshine Cheyenne, LLC

  	
   

  	
  Cheyenne Plaza

  Marwood Plaza

  Sunshine Square

  
	
   

  	
   

  	
   

  
	
  2. HK New Plan Upper Tier Normandy Square, LLC

  	
   

  	
  Normandy Square

  
	
   

  	
   

  	
   

  
	
  3. HK New Plan Vineyards GP, LLC

  	
   

  	
  The Vineyards

  
	
   

  	
   

  	
   

  
	
  4. HK New Plan Vineyards, L.P.

  	
   

  	
  The Vineyards

  
	
   

  	
   

  	
   

  
	
  5. HK New Plan Alexis Park GP, LLC

  	
   

  	
  Alexis Park

  
	
   

  	
   

  	
   

  
	
  6. HK New Plan Alexis Park, L.P.

  	
   

  	
  Alexis Park

  
	
   

  	
   

  	
   

  
	
  7. HK New Plan Bristol Plaza GP, LLC

  	
   

  	
  Bristol Plaza

  
	
   

  	
   

  	
   

  
	
  8. HK New Plan Bristol Plaza L.P., LLC

  	
   

  	
  Bristol Plaza

  
	
   

  	
   

  	
   

  
	
  9. HK New Plan STH Upper Tier I, LLC

  	
   

  	
  Arvada Plaza

  Aurora Plaza

  Covered Bridge Shopping Center

  Hilltop Plaza

  Merchants Crossing

  Sun Plaza

  University IV Shopping Center

  
	
   

  	
   

  	
   

  
	
  10. HK New Plan STH Mid Tier II, LLC

  	
   

  	
  Festival Center

  Lexington Town Square

  Northshore Plaza

  Olympia Corners

  
	
   

  	
   

  	
   

  
	
  11. HK New Plan STH Upper Tier III, LLC

  	
   

  	
  Green Acres Shopping Center

  Parkway Plaza

  

 

C - 1

 

EXHIBIT C-2

 

DISTRIBUTIONS INTERESTS PROPERTIES

 

	
  Distribution Interests Owner

  	
   

  	
  Distribution Interests Property

  
	
   

  	
   

  	
   

  
	
  1. New Plan Hampton Village, LLC

  	
   

  	
  Hampton Village Center

  
	
   

  	
   

  	
   

  
	
  2. Excel Westminster Marketplace, Inc.

  	
   

  	
  Westminster City Centre

  
	
   

  	
   

  	
   

  
	
  3. New Plan of Midway, Inc.

  	
   

  	
  Midway Market Square

  
	
   

  	
   

  	
   

  
	
  4. New Plan of Panama, Inc.

  	
   

  	
  Panama City Square

  
	
   

  	
   

  	
   

  
	
  5. New Plan of Panama, LLC

  	
   

  	
  Panama City Square

  
	
   

  	
   

  	
   

  
	
  6. HK New Plan Skyway Plaza, LLC

  	
   

  	
  Skyway Plaza

  
	
   

  	
   

  	
   

  
	
  7. CA New Plan V

  	
   

  	
  Bay Forest-Cedar Lake

  Braes Heights

  Braes Oaks

  Brenham Four Corners

  Broadway

  Bryan Square

  Carmel Village

  Cedar Bellaire

  Claremont Village (Highland Village)

  Clear Lake Camino South

  El Carnino I

  Five Points

  Forest Hills

  Highland Village Town Center

  Huntington Village

  Jeff Davis

  Jefferson Park

  Klein Square

  Lamar Plaza I (Lamar Plaza)

  Lazybrook

  League City

  Maplewood Mall

  North 45 Plaza (Moore Square)

  North Hills Village

  Northgate

  Northshore East

  Northtown Plaza

  Palm Plaza

  

 

C - 2

 

	
   

  	
   

  	
  Parktown

  Parkview East

  Parkview West

  Randa I’s Center-Baytown

  Socorro

  Stevens Park Village

  Tanglewilde

  Texas City Bay

  Tidwell Place

  Village Plaza

  Washington Square

  Webt Royal

  Westheimer Commons

  Wynnewood Village

  
	
   

  	
   

  	
   

  
	
  8. New Plan Financing I, Inc.

  	
   

  	
  Greentree Shopping Center

  Merchant’s Central

  

 

C - 3

 

EXHIBIT C-3

 

ADDITIONAL INTERESTS PROPERTIES

 

	
  Additional Interests Owner

  	
   

  	
  Additional Interests Property

  
	
   

  	
   

  	
   

  
	
  1. New Plan Excel Realty Trust, Inc.

  	
   

  	
  Brice Park Shopping Center

  Crown Point Shopping Center

  Northgate Shopping Center

  Genesse Valley Shopping Centre

  Roundtree Place

  
	
   

  	
   

  	
   

  
	
  2. Excel Realty Trust-ST, Inc.

  	
   

  	
  Perry Marketplace

  Circle Center

  Grant’s Mill Station

  Lagnlappe Village

  
	
   

  	
   

  	
   

  
	
  3. New Plan Realty Trust

  	
   

  	
  Highland Commons

  London Marketplace

  Lexington Road Plaza

  Mist Lake Plaza

  
	
   

  	
   

  	
   

  
	
  4. CA New Plan Asset Partnership IV, L.P.

  	
   

  	
  Irving West SC

  
	
   

  	
   

  	
   

  
	
  5. Excel Realty Trust-NC

  	
   

  	
  Chapel Square SC

  
	
   

  	
   

  	
   

  
	
  6. Excel Realty-PA, Inc.

  	
   

  	
  Johnstown Galleria

  
	
   

  	
   

  	
   

  
	
  7. NP of Tennessee, L.P.

  	
   

  	
  Saddletree Village

  
	
   

  	
   

  	
   

  
	
  8. ERP Financing, LLC

  	
   

  	
  Northside SC

  Habersham Crossing

  
	
   

  	
   

  	
   

  
	
  9. Excel Realty Partners, L.P.

  	
   

  	
  Riverview Plaza

  Stratford Commons

  Bakersfield Plaza

  Briggamore Plaza

  Bristol Plaza

  Cudahy Plaza

  Montebello Plaza

  Paradise Plaza

  
	
   

  	
   

  	
   

  
	
  10. CA New Plan Merchants Crossings
  Partnership, L.P.

  	
   

  	
  Crossing at Fry Road

  Merchants Park North

  
	
   

  	
   

  	
   

  
	
  11. HK New Plan ERP Property Holdings, LLC

  	
   

  	
  Elkhart Market Centre

  

 

C - 4

 

	
  12. HK New Plan Hunt River Commons, LLC

  	
   

  	
  Hunt River Commons

  
	
   

  	
   

  	
   

  
	
  13. HK New Plan Tuckernuck Square, LLC

  	
   

  	
  Tuckernuck Square

  
	
   

  	
   

  	
   

  
	
  14. HK New Plan Glengary, L.P.

  	
   

  	
  Glengary Shopping Center

  
	
   

  	
   

  	
   

  
	
  15. HK New Plan Karl Plaza, L.P.

  	
   

  	
  Karl Plaza

  

 

C - 5

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