Document:

Exhibit 10.6

Exhibit 10.6

	
ASSET PURCHASE AGREEMENT

This Asset Purchase Agreement (“Agreement”) is made effective as of the 30th day of June, 2005, by and between Auto Underwriters of America, Inc., a California corporation having its principal place of
business at 2755 Campus Drive, Suite 155, San Mateo, California, 94403 (referred to herein as "Buyer"), and Gateway Credit Holdings, Inc., a California corporation having its principal place of business at P.O.Box 5724, So. San Francisco, CA 94080 (referred to herein
as "Seller").  The Buyer and Seller are sometimes collectively referred to herein as the “Parties.”

WHEREAS, Seller owns certain software technology and desires to sell said software technology assets to the Buyer;

WHEREAS, Seller has provided administrative technical software resources during the start up phase of Buyer’s current automotive operations;

WHEREAS, Buyer desires to purchase the software technology from Seller under the terms and conditions contained herein;

WHEREAS, this purchase and sale is limited to the purchase of software technology fixed assets and to provide a form of reimbursement from Buyer to Seller, and it is the intention of the Parties that Buyer shall
not assume any liabilities of the Seller nor of any individual shareholders of the Seller.

NOW, THEREFORE, the Parties hereto, in consideration of the mutual covenants, agreements, undertakings and consideration in the form of shares of Buyer the receipt and sufficiency is hereby acknowledged and
received, do hereby agree as follows:

Sale of Assets

Seller agrees to sell and Buyer agrees to purchase all of Seller’s rights, title, and interest in the following fixed assets: AutoUnderwriter.com credit decision software valued at $250,000, as previously agreed upon by
the Parties.

Purchase Price

In exchange for the assets listed above, Buyer agrees to transfer to Seller 500,000 shares of common stock of Auto Underwriters of America, Inc.

Representations by Seller

Seller covenants and represents:

a)  That Seller is the owner of, and has good and marketable title to, all of the underlying software technology assets and website assets of this Agreement and made the basis of this transaction, free and clear of
all debts and encumbrances, and said assets shall be enjoyed by Buyer free and clear of all encumbrances.

Page 1 of 2

b)  That there are no liens or security interests against the property and assets being transferred herein.

4. Miscellaneous

a)  This Agreement supersedes all prior agreements between the Parties and may not be changed orally.

b)  The terms and conditions of the Agreement shall be binding upon the distributees, representatives, successors, and assigns of the respective Parties.

c)  Buyer and Seller are independent companies and neither Party shall be, nor represent itself to be, the joint venturer, franchiser, franchisee, partner, broker, employee, or servant of the other Party for any
purpose.  Neither Party shall be responsible for the acts or omissions of the other.  Neither Party shall bear authority to make any representation nor incur any obligation on behalf of the other Party unless expressly authorized herein.

d)  This Agreement shall be construed pursuant to the laws of the state of California.

e)  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original, and all of which shall constitute a single instrument, and the signature of any Party of any
counterpart shall be deemed a signature to any and may be appended to any other counterpart.

5. Entire Agreement/Modification

This Agreement contains the entire agreement between the Parties hereto with respect to the transactions contemplated herein and no representation, promise, inducement, or statement of intention relating to the transactions
contemplated by this Agreement has been made by any Party that is not set forth in the Agreement. This Agreement shall not be modified or amended except by an instrument in writing signed by or on behalf of the Parties hereto.

IN WITNESS WHEREOF, the Parties have executed this Agreement on this 30 day of June, 2005.  The Parties hereto agree that facsimile signatures shall be as effective as originals.

AUTO UNDERWRITERS OF AMERICA, INC. (Buyer)

By: _________________________________

William Kellagher

Vice President

GATEWAY CREDIT HOLDINGS, INC. (Seller)

By: _________________________________

Dean Antonis

President

Page 2 of 2Exhibit 10.7

Exhibit 10.7

ASSET PURCHASE AGREEMENT

This Asset Purchase Agreement (“Agreement”) is made effective as of the 30th day of June, 2005, by and between Auto Underwriters of America, Inc., a California corporation having its principal place of
business at 2755 Campus Drive, Suite 155, San Mateo, California, 94403 (referred to herein as "Buyer"), and EPIC Financial Services Inc., a Texas corporation having its principal place of business at 17000 Dallas Parkway Suite 207, Dallas, Texas 75248 (referred to
herein as "Seller").  The Buyer and Seller are sometimes collectively referred to herein as the “Parties.”

WHEREAS, Seller owns certain fixed assets as further described herein, see exhibit A, and desires to sell said fixed assets to the Buyer;

WHEREAS, Buyer desires to purchase the fixed assets on Exhibit A, hereto attached, from Seller under the terms and conditions contained herein;

WHEREAS, this purchase and sale is limited to the purchase of fixed assets hereinafter specifically set forth in exhibit A and to provide a form of reimbursement from Buyer to Seller, and it is the intention of
the Parties that Buyer shall not assume any liabilities of the Seller nor of any individual shareholders of the Seller.

NOW, THEREFORE, the Parties hereto, in consideration of the mutual covenants, agreements, undertakings and consideration in the form of shares of Buyer the receipt and sufficiency is hereby acknowledged and
received, do hereby agree as follows:

Sale of Assets

Seller agrees to sell and Buyer agrees to purchase all of Seller’s rights, title, and interest in the following fixed assets: certain furniture and business equipment valued at $250,000, as previously agreed upon by the
Parties and as schedule on exhibit A attached. 

Purchase Price

In exchange for the purchase of fixed assets on exhibit A of Seller, Buyer agrees to transfer to Seller 500,000 shares of common stock of Auto Underwriters of America, Inc.  

Representations by Seller

a)  That, Seller is the owner of, and has good and marketable title to, all of the fixed assets listed in exhibit A attached to this Agreement and made the basis of this transaction, free and clear of all debts and
encumbrances, and said assets shall be enjoyed by Buyer free and clear of all encumbrances.

1

b)  That there are no liens or security interests against the property and assets being transferred herein.

Miscellaneous

a)  This Agreement supersedes all prior agreements between the Parties both oral and express and may not be changed orally.

b)  The terms and conditions of the Agreement shall be binding upon the distributees, representatives, successors, and assigns of the respective Parties.

c)  Buyer and Seller are independent companies and neither Party shall be, nor represent itself to be, the joint venturer, franchiser, franchisee, partner, broker, employee, or servant of the other Party for any
purpose.  Neither Party shall be responsible for the acts or omissions of the other.  Neither Party shall bear authority to make any representation or incur any obligation on behalf of the other Party unless expressly authorized herein.

d)  This Agreement shall be construed pursuant to the laws of the state of Texas.

e.)  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original, and all of which shall constitute a single instrument, and the signature of any Party of any
counterpart shall be deemed a signature to any and may be appended to any other counterpart.

Entire Agreement/Modification

This Agreement contains the entire agreement between the Parties hereto with respect to the transactions contemplated herein and no representation, promise, inducement, or statement of intention relating to the transactions
contemplated by this Agreement has been made by any Party that is not set forth in the Agreement. This Agreement shall not be modified or amended except by an instrument in writing signed by or on behalf of the Parties hereto.

IN WITNESS WHEREOF, the Parties have executed this Agreement on this 30 day of June, 2005.

Auto Underwriters of America, Inc (Buyer)

By: _________________________________

Dean Antonis

President

EPIC Financial Services, Inc. (Seller)

By: _________________________________

William Kellagher

Vice President

2exv10w1

 

Exhibit 10.1

 

 

[Published CUSIP Number:                     ]

U.S. $2,600,000,000 EQUIVALENT

GLOBAL SENIOR CREDIT AGREEMENT

Dated as of October 6, 2005

among

PROLOGIS

and

CERTAIN AFFILIATE BORROWERS,

as Borrowers,

BANK OF AMERICA, N.A.,

as Global Administrative Agent, Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a
U.S. L/C Issuer,

BANK OF AMERICA, N.A.,

acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C Issuer,

ABN AMRO BANK N.V.,

as Global Syndication Agent, Euro Funding Agent, Euro Swing Line Lender, and a Euro L/C Issuer,

SUMITOMO MITSUI BANKING CORPORATION,

as a Global Documentation Agent, Yen Tranche Bookrunner, KRW Tranche Bookrunner, Yen Funding Agent,
KRW Funding Agent, and a Yen L/C Issuer,

JPMORGAN CHASE BANK, N.A. and THE ROYAL BANK OF SCOTLAND PLC,

as Global Documentation Agents

and

The Other Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC and ABN AMRO BANK N.V.,

as Global Joint Lead Arrangers and Global Joint Book Runners

 

 

	 	 	 
	 

	 	Global Senior Credit Agreement

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	 	 	1	 
	 
	 	 	 	 	 	 
	1.1
	 	Defined Terms	 	 	1	 
	1.2
	 	Other Interpretive Provisions	 	 	54	 
	1.3
	 	Accounting Terms	 	 	54	 
	1.4
	 	Exchange Rates; Currency Equivalents	 	 	55	 
	1.5
	 	Change of Currency	 	 	56	 
	1.6
	 	Times of Day	 	 	56	 
	1.7
	 	Determination of Letter of Credit Amounts and Whether a Letter of Credit is Outstanding	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE II U.S. COMMITMENTS AND U.S. CREDIT EXTENSIONS	 	 	57	 
	 
	 	 	 	 	 	 
	2.1
	 	U.S. Committed Loans	 	 	57	 
	2.2
	 	U.S. Fronting Loans	 	 	57	 
	2.3
	 	U.S. Committed Borrowings, Conversions and Continuations of U.S. Committed Loans	 	 	60	 
	2.4
	 	U.S. Letters of Credit	 	 	62	 
	2.5
	 	U.S. Swing Line Loans	 	 	63	 
	2.6
	 	U.S. Prepayments	 	 	66	 
	 
	 	 	 	 	 	 
	ARTICLE III CANADIAN COMMITMENTS AND CANADIAN COMMITTED LOANS	 	 	67	 
	 
	 	 	 	 	 	 
	3.1
	 	Canadian Committed Loans	 	 	67	 
	3.2
	 	Canadian Committed Borrowings, Conversions and Continuations of Canadian Committed Loans	 	 	67	 
	3.3
	 	Canadian Letters of Credit	 	 	69	 
	3.4
	 	Canadian Prepayments	 	 	69	 
	 
	 	 	 	 	 	 
	ARTICLE IV EURO COMMITMENTS AND EURO CREDIT EXTENSIONS	 	 	70	 
	 
	 	 	 	 	 	 
	4.1
	 	Euro Committed Loans	 	 	70	 
	4.2
	 	Euro Fronting Loans	 	 	70	 
	4.3
	 	Euro Committed Borrowings, Conversions and Continuations of Euro Committed Loans	 	 	73	 
	4.4
	 	Euro Letters of Credit	 	 	75	 
	4.5
	 	Euro Swing Line Loans	 	 	75	 
	4.6
	 	Euro Prepayments	 	 	79	 
	 
	 	 	 	 	 	 
	ARTICLE V YEN COMMITMENTS AND YEN CREDIT EXTENSION	 	 	80	 
	 
	 	 	 	 	 	 
	5.1
	 	Yen Committed Loans	 	 	80	 
	5.2
	 	Yen Fronting Loans	 	 	80	 
	5.3
	 	Yen Committed Borrowings, Conversions and Continuations of Yen Committed Loans	 	 	83	 
	5.4
	 	Yen Letters of Credit	 	 	85	 
	5.5
	 	Yen Prepayments	 	 	86	 
	 
	 	 	 	 	 	 
	ARTICLE VI KRW COMMITMENTS AND KRW COMMITTED LOANS	 	 	87	 
	 
	 	 	 	 	 	 
	6.1
	 	KRW Committed Loans	 	 	87	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	6.2
	 	Borrowings, Conversions and Continuations of KRW Committed Loans	 	 	87	 
	6.3
	 	Prepayments	 	 	88	 
	 
	 	 	 	 	 	 
	ARTICLE VII GENERAL PROVISIONS APPLICABLE TO LETTERS OF CREDIT	 	 	88	 
	 
	 	 	 	 	 	 
	7.1
	 	Limitations on Obligations to Issue Letters of Credit	 	 	88	 
	7.2
	 	Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit	 	 	90	 
	7.3
	 	Drawings and Reimbursements; Funding of Participations	 	 	91	 
	7.4
	 	Repayment of Participations	 	 	93	 
	7.5
	 	Borrower Obligations Absolute	 	 	94	 
	7.6
	 	Role of L/C Issuer	 	 	95	 
	7.7
	 	Cash Collateral	 	 	95	 
	7.8
	 	Applicability of ISP	 	 	96	 
	7.9
	 	Letter of Credit Fees	 	 	96	 
	7.10
	 	Fronting Fee and Documentary and Processing Charges Payable to each L/C Issuer	 	 	96	 
	7.11
	 	Conflict with Issuer Documents	 	 	96	 
	7.12
	 	Letters of Credit Issued for Eligible Affiliate	 	 	97	 
	 
	 	 	 	 	 	 
	ARTICLE VIII GENERAL PROVISIONS APPLICABLE TO LOANS	 	 	99	 
	 
	 	 	 	 	 	 
	8.1
	 	Minimum Amounts for Committed Borrowings, Conversions or Continuations and Prepayments	 	 	99	 
	8.2
	 	Termination or Reduction of Commitments and Removal of a Borrower	 	 	100	 
	8.3
	 	Repayment of Loans	 	 	101	 
	8.4
	 	Interest	 	 	101	 
	8.5
	 	Fees	 	 	103	 
	8.6
	 	Computation of Interest and Fees	 	 	103	 
	8.7
	 	Evidence of Debt and Promissory Note	 	 	104	 
	8.8
	 	Payments Generally; Global Administrative Agent's Clawback	 	 	105	 
	8.9
	 	Sharing of Payments by Lenders in a Tranche	 	 	107	 
	8.10
	 	Extension of Maturity Date	 	 	108	 
	8.11
	 	Additional Affiliate Borrowers	 	 	108	 
	8.12
	 	Reallocation of Commitments	 	 	110	 
	8.13
	 	Increase in Commitments	 	 	112	 
	8.14
	 	Establishment of Supplemental Tranche	 	 	114	 
	 
	 	 	 	 	 	 
	ARTICLE IX TAXES, YIELD PROTECTION AND ILLEGALITY	 	 	115	 
	 
	 	 	 	 	 	 
	9.1
	 	Taxes	 	 	115	 
	9.2
	 	Illegality	 	 	118	 
	9.3
	 	Inability to Determine Rates	 	 	118	 
	9.4
	 	Increased Costs Generally	 	 	119	 
	9.5
	 	Compensation for Losses	 	 	121	 
	9.6
	 	Mitigation Obligations; Replacement of Lenders	 	 	122	 
	9.7
	 	Qualified Lender Status	 	 	123	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	9.8
	 	Survival	 	 	123	 
	 
	 	 	 	 	 	 
	ARTICLE X CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 	 	123	 
	 
	 	 	 	 	 	 
	10.1
	 	Conditions of Initial Credit Extension	 	 	123	 
	10.2
	 	Conditions to all Credit Extensions	 	 	125	 
	 
	 	 	 	 	 	 
	ARTICLE XI REPRESENTATIONS AND WARRANTIES	 	 	126	 
	 
	 	 	 	 	 	 
	11.1
	 	Existence, Qualification and Power; Compliance with Laws	 	 	126	 
	11.2
	 	Authorization; No Contravention	 	 	126	 
	11.3
	 	Governmental Authorization; Other Consents	 	 	126	 
	11.4
	 	Binding Effect	 	 	126	 
	11.5
	 	Financial Statements	 	 	126	 
	11.6
	 	Litigation	 	 	127	 
	11.7
	 	No Default	 	 	127	 
	11.8
	 	Ownership of Property; Liens	 	 	127	 
	11.9
	 	Environmental Compliance	 	 	127	 
	11.10
	 	Insurance	 	 	127	 
	11.11
	 	Taxes	 	 	128	 
	11.12
	 	Pension Law Compliance	 	 	128	 
	11.13
	 	Margin Regulations; Investment Company Act; Public Utility Holding Company Act	 	 	128	 
	11.14
	 	Disclosure	 	 	129	 
	11.15
	 	Compliance with Laws	 	 	129	 
	11.16
	 	Dutch Banking Act	 	 	129	 
	11.17
	 	Solvency	 	 	129	 
	11.18
	 	Exemption from ERISA; Plan Assets	 	 	129	 
	 
	 	 	 	 	 	 
	ARTICLE XII AFFIRMATIVE COVENANTS	 	 	129	 
	 
	 	 	 	 	 	 
	12.1
	 	Financial Statements	 	 	130	 
	12.2
	 	Certificates; Other Information	 	 	130	 
	12.3
	 	Notices	 	 	132	 
	12.4
	 	Payment of Obligations	 	 	132	 
	12.5
	 	Preservation of Existence, Etc.	 	 	133	 
	12.6
	 	Maintenance of Properties	 	 	133	 
	12.7
	 	Maintenance of Insurance	 	 	133	 
	12.8
	 	Compliance with Laws	 	 	133	 
	12.9
	 	Books and Records	 	 	133	 
	12.10
	 	Inspection Rights	 	 	133	 
	12.11
	 	Use of Proceeds	 	 	134	 
	12.12
	 	REIT Status	 	 	134	 
	12.13
	 	Guaranties	 	 	134	 
	12.14
	 	Collateral	 	 	134	 
	12.15
	 	Claims Pari Passu	 	 	135	 

-iii- 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	ARTICLE XIII NEGATIVE COVENANTS	 	 	135	 
	 
	 	 	 	 	 	 
	13.1
	 	Investments	 	 	135	 
	13.2
	 	Secured Indebtedness; Subsidiary Indebtedness	 	 	135	 
	13.3
	 	Fundamental Changes	 	 	135	 
	13.4
	 	Dispositions	 	 	136	 
	13.5
	 	Restricted Payments	 	 	136	 
	13.6
	 	Change in Nature of Business	 	 	137	 
	13.7
	 	Transactions with Affiliates	 	 	137	 
	13.8
	 	Negative Pledge Agreements; Burdensome Agreements	 	 	138	 
	13.9
	 	Use of Proceeds	 	 	138	 
	13.10
	 	Financial Covenants	 	 	138	 
	 
	 	 	 	 	 	 
	ARTICLE XIV EVENTS OF DEFAULT AND REMEDIES	 	 	139	 
	 
	 	 	 	 	 	 
	14.1
	 	Events of Default	 	 	139	 
	14.2
	 	Remedies Upon Event of Default	 	 	142	 
	14.3
	 	Application of Funds	 	 	142	 
	 
	 	 	 	 	 	 
	ARTICLE XV AGENTS	 	 	143	 
	 
	 	 	 	 	 	 
	15.1
	 	Appointment and Authority	 	 	143	 
	15.2
	 	Rights as a Lender	 	 	144	 
	15.3
	 	Exculpatory Provisions	 	 	144	 
	15.4
	 	Reliance by Agents	 	 	145	 
	15.5
	 	Delegation of Duties	 	 	145	 
	15.6
	 	Resignation of Global Administrative Agent	 	 	145	 
	15.7
	 	Resignation of Funding Agents	 	 	146	 
	15.8
	 	Non-Reliance on Agents and Other Lenders	 	 	147	 
	15.9
	 	No Other Duties, Etc.	 	 	147	 
	15.10
	 	Global Administrative Agent May File Proofs of Claim	 	 	147	 
	15.11
	 	Collateral and Guaranty Matters	 	 	148	 
	15.12
	 	Security Agency Agreement	 	 	149	 
	 
	 	 	 	 	 	 
	ARTICLE XVI MISCELLANEOUS	 	 	149	 
	 
	 	 	 	 	 	 
	16.1
	 	Amendments, Etc.	 	 	149	 
	16.2
	 	Notices; Effectiveness; Electronic Communication	 	 	151	 
	16.3
	 	No Waiver; Cumulative Remedies	 	 	153	 
	16.4
	 	Expenses; Indemnity; Damage Waiver	 	 	153	 
	16.5
	 	Payments Set Aside	 	 	156	 
	16.6
	 	Successors and Assigns	 	 	156	 
	16.7
	 	Treatment of Certain Information; Confidentiality	 	 	160	 
	16.8
	 	Right of Setoff	 	 	160	 
	16.9
	 	Interest Rate Limitation	 	 	161	 

-iv- 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	16.10
	 	Counterparts; Integration; Effectiveness	 	 	161	 
	16.11
	 	Severability	 	 	161	 
	16.12
	 	Replacement of Lenders	 	 	162	 
	16.13
	 	Additional Fronting Lenders	 	 	162	 
	16.14
	 	GOVERNING LAW; JURISDICTION; ETC.	 	 	163	 
	16.15
	 	Waiver of Jury Trial	 	 	163	 
	16.16
	 	USA PATRIOT ACT NOTICE	 	 	164	 
	16.17
	 	Know Your Customers	 	 	164	 
	16.18
	 	PMP Representations	 	 	165	 
	16.19
	 	Time of the Essence	 	 	166	 
	16.20
	 	Judgment Currency	 	 	166	 
	16.21
	 	Designation as Senior Debt	 	 	166	 
	16.22
	 	Acknowledgment of Borrowers	 	 	166	 
	16.23
	 	ENTIRE AGREEMENT	 	 	167	 
	16.24
	 	TERMINATION OF EXISTING CREDIT AGREEMENTS	 	 	167	 

-v- 

 

	 	 	 	 	 	 	 
	SCHEDULES	 	 
	 	 	1.1	 	Mandatory Cost Formulae
	 	 	2.1	 	Commitments, Applicable Global Percentages, and Applicable Tranche Percentages
	 
	 	 	 	(a)	 	U.S. Lenders
	 
	 	 	 	(b)	 	Canadian Lenders
	 
	 	 	 	(c)	 	Euro Lenders
	 
	 	 	 	(d)	 	Yen Lenders
	 
	 	 	 	(e)	 	KRW Lenders
	 	 	2.2	 	Fronting Lender Commitments
	 	 	2.3	 	Initial Borrowers
	 
	 	 	 	(a)	 	Initial U.S. Borrowers
	 
	 	 	 	(b)	 	Initial Canadian Borrowers
	 
	 	 	 	(c)	 	Initial Euro Borrowers
	 
	 	 	 	(d)	 	Initial Yen Borrowers
	 
	 	 	 	(e)	 	Initial KRW Borrowers
	 	 	2.4	 	Existing Letters of Credit
	 
	 	 	 	(a)	 	U.S. Existing Letters of Credit
	 
	 	 	 	(b)	 	Euro Existing Letters of Credit
	 
	 	 	 	(c)	 	Yen Existing Letters of Credit
	 	 	8.12	 	Pre-Approved Reallocations
	 	 	10.1	 	Opinions
	 	 	11.6	 	Litigation
	 	 	11.9	 	Environmental Matters
	 	 	12.13	 	Initial Subsidiary Guarantors
	 	 	12.14	 	Initial Pledged Indebtedness
	 	 	16.2	 	Global Administrative Agent’s Office; Certain Addresses for Notices
	 	 	16.6	 	Processing and Recordation Fees

	 	 	 	 	 
	 

	 	vi
	 	Global Senior Credit Agreement

 

 

	 	 	 	 	 
	EXHIBITS
	 
	 	 	 	 
	 	 	Form of
	 

	 	A-1
	 	U. S. Committed Loan Notice
	 

	 	A-2
	 	Canadian Committed Loan Notice
	 

	 	A-3
	 	Euro Committed Loan Notice
	 

	 	A-4
	 	Yen Committed Loan Notice
	 

	 	A-5
	 	KRW Committed Loan Notice
	 

	 	B-1
	 	U.S. Swing Line Loan Notice
	 

	 	B-2
	 	Euro Swing Line Notice
	 

	 	C
	 	Compliance Certificate
	 

	 	D
	 	Assignment and Assumption
	 

	 	E
	 	Parent Guaranty
	 

	 	F
	 	Subsidiary Guaranty
	 

	 	G-1
	 	ProLogis Pledge Agreement
	 

	 	G-2
	 	Subsidiary Pledge Agreement
	 

	 	H-1
	 	Supplemental Addendum
	 

	 	H-2
	 	RMB Addendum
	 

	 	I
	 	Borrower’s Accession Agreement
	 

	 	J
	 	Joinder Agreement
	 

	 	K
	 	Increase Certificate

	 	 	 	 	 
	 

	 	vii
	 	Global Senior Credit Agreement

 

 

GLOBAL SENIOR CREDIT AGREEMENT

     This GLOBAL SENIOR CREDIT AGREEMENT is entered into as of October 6, 2005, among PROLOGIS, a
Maryland real estate investment trust (“ProLogis”), Initial Affiliate Borrowers, each
Eligible Affiliate that becomes a borrower hereunder pursuant to Section 8.11
(individually, an “Additional Affiliate Borrower” and collectively, “Additional
Affiliate Borrowers;” ProLogis, Initial Affiliate Borrowers, and Additional Affiliate Borrowers
are individually called a “Borrower” and collectively called “Borrowers”), Lenders
(defined below), BANK OF AMERICA, N.A., as Global Administrative Agent, Collateral Agent, U.S.
Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, BANK OF AMERICA, N.A., acting through
its Canada branch, as Canadian Funding Agent and a Canadian L/C Issuer, ABN AMRO BANK N.V., as
Global Syndication Agent, Euro Funding Agent, Euro Swing Line Lender, and a Euro L/C Issuer, and
SUMITOMO MITSUI BANKING CORPORATION, as Yen Funding Agent, KRW Funding Agent, and a Yen L/C Issuer.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     1.1 Defined Terms. As used in this Agreement, the following terms shall have the meanings set
forth below:

     “ABN AMRO” means ABN AMRO Bank N.V. and its successors.

     “ABR Rate” means (a) with respect to the Canadian Committed Loans in Canadian Dollars,
for any day, the greater of (i) the CDOR Rate plus one-half of one percent (0.5%), and (ii)
the Canadian Dollar Prime Rate, and (b) with respect to Yen Committed Loans in Yen, the Japanese
Prime Rate.

     “ABR Rate Loan” means a Canadian Committed Loan denominated in Canadian Dollars or a
Yen Committed Loan denominated in Yen, in each case bearing interest at the ABR Rate.

     “Acquired Properties” means Properties described in clause (a)(iii) of the
definition of Total Asset Value.

     “Actual Capital Expenditures” means, for any period, all expenditures by the Companies
that are properly classified as a capital asset for tenant improvements, capitalized lease
commissions on previously leased space, and recurring capital expenditures relating to any
Property, in each case as reported in ProLogis’ “Consolidated Condensed Statements of Cash Flows”
in its financial statements filed with the SEC.

     “Additional Affiliate Borrower” has the meaning specified in the introductory
paragraph hereto.

	 	 	 	 	 	 	 
	 

	 	 	1	 	 	Global Senior Credit Agreement

 

 

     “Adjusted EBITDA” means, for the Companies, on a consolidated basis, for any period,
net earnings before Restricted Payments with respect to preferred Equity Interests determined in
accordance with GAAP plus (minus):

     (a) Extraordinary losses (extraordinary gains) determined in accordance with GAAP and
reflected in the determination of net earnings;

     (b) Losses (gains) from the Disposition or write-down of Properties that are not
classified as: (i) “Gains (losses) on dispositions of CDFS business assets” (which includes
Dispositions of CDFS Properties to Property Funds, Dispositions of CDFS Properties to third
parties under build-to-suit contracts and Dispositions of land); (ii) “Discontinued
operations — CDFS business assets” (which includes Dispositions of CDFS Properties to third
parties); or (iii) “Gains (losses) on dispositions of investments in Property Funds;”

     (c) Losses (gains) resulting from certain foreign currency exchange effects of
settlement of intercompany Indebtedness and mark-to-market adjustments associated with
intercompany Indebtedness between ProLogis and its Consolidated Subsidiaries and its
Unconsolidated Affiliates (as disclosed publicly in ProLogis’ quarterly earnings reports to
investors in the “Reconciliation of Net Earnings (Loss) to Funds From Operations”);

     (d) Losses (gains) resulting from foreign currency effects from the remeasurement of
certain third party Indebtedness of ProLogis’ foreign Consolidated Subsidiaries and its
foreign Unconsolidated Affiliates (as disclosed publicly in ProLogis’ quarterly earnings
reports to investors in the “Reconciliation of Net Earnings (Loss) to Funds From
Operations”);

     (e) Losses (gains) associated with mark-to-market adjustments to foreign exchange Swap
Contracts;

     (f) Amortization of above market lease value from the purchase accounting impact of any
corporate or portfolio acquisitions (Financial Accounting Standards Board Statement No. 141
adjustments);

     (g) Mark-to-market amortization of Indebtedness arising from the purchase accounting
impact of corporate acquisitions; and

     (h) Losses (gains) from early extinguishment of Indebtedness;

plus all amounts deducted in calculating net earnings in accordance with GAAP, for Interest
Expense, deferred income taxes, depreciation and amortization.

     For purposes of calculating the Fixed Charge Coverage Ratio and the Unencumbered Debt Service
Coverage Ratio, Adjusted EBITDA shall be increased by the amount of any operating lease payments
related to transactions in which such Person or an Affiliate of such Person leases, as lessee, any
Property or other assets that it owned and sold, transferred, or otherwise Disposed of to the
lessor (or a predecessor in interest to the lessor). Notwithstanding the above, (i) write-downs
and impairment charges incurred on or before December 31, 2004, (ii) gains or losses and impairment
charges associated with the disposition of Refrigerated Warehouse Properties and technology

	 	 	 	 	 	 	 
	 

	 	 	2	 	 	Global Senior Credit Agreement

 

 

Investments, (iii) impairment charges resulting from mark-to-market adjustments of Properties
in Unconsolidated Affiliates, and (iv) any impairment of intangible assets, including goodwill,
shall be added back to (in the case of write-downs, impairment charges, and losses) or deducted
from (in the case of gains) Adjusted EBITDA to the extent deducted (added) in the calculation of
net earnings or Adjusted EBITDA (but without duplication).

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by Global Administrative Agent or the applicable Funding Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Affiliate Borrowers” means, collectively, each Initial Affiliate Borrower and each
Additional Affiliate Borrower; and “Affiliate Borrower” means any of the Affiliate
Borrowers.

     “Agents” means, collectively, Global Administrative Agent, Collateral Agent, and the
Funding Agents; and “Agent” means any of the Agents.

     “Aggregate Tranche Commitments” means, collectively, the U.S. Aggregate Commitments,
the Euro Aggregate Commitments, the Canadian Aggregate Commitments, the Yen Aggregate Commitments,
the KRW Aggregate Commitments, and each Supplemental Aggregate Commitment; and “Aggregate
Tranche Commitment” means any of the Aggregate Tranche Commitments.

     “Agreement” means this Global Senior Credit Agreement.

     “Allocating Lender” has the meaning specified in Section 8.12.1.

     “Alternative Currencies” means (a) for the U.S. Tranche, each of Euro, Sterling, Yen,
and Canadian Dollars, (b) for the Euro Tranche, each of Dollars, Sterling, and Yen, (c) for the Yen
Tranche, each of Dollars, Euro, and Sterling, and (d) for each Supplemental Tranche, each
alternative currency set forth in the Supplemental Addendum.

     “Applicable Global Percentage” means with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the total Aggregate Tranche Commitments
represented by such Lender’s Commitments at such time. If the commitment of each Lender to make
Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 14.2 or if the Aggregate Tranche Commitments have expired, then the
Applicable Global Percentage of such Lender shall be the percentage (carried out to the ninth
decimal place) of the Total Global Outstandings held by such Lender (with the aggregate amount of
such Lender’s risk participation and funded participation in L/C Obligations, Fronting Loans, and
Swing Line Loans being deemed “held” by such Lender for purposes of this definition).

     “Applicable Margin” means, at the time of determination thereof, with respect to the
applicable Borrowings, the percentage per annum set forth below based upon the Rating Requirement:

	 	 	 	 	 	 	 
	 

	 	 	3	 	 	Global Senior Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rating Requirement	 	Applicable Margin
	 	 	 	 	 	 	 	 	 	 	Eurocurrency	 	 	 	 
	 	 	 	 	 	 	Base Rate	 	Rate Loans/	 	 	 	 
	 	 	 	 	 	 	Loans/ ABR	 	Substitute	 	 	 	 
	 	 	 	 	 	 	Rate Loans/	 	Rate Loans/	 	 	 	 
	 	 	 	 	 	 	Money	 	BA Rate	 	KRW	 	 
	Moody's	 	S&P	 	Fitch	 	Market Rate	 	Loans/ Letter	 	Rate	 	Facility
	Rating	 	Rating	 	Rating	 	Loans	 	of Credit Fees	 	Loans	 	Fee
	Less than Baa3 or
	 	Less than BBB- or	 	Less than BBB- or	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	not rated
	 	not rated	 	not rated	 	 	0.250	%	 	 	0.950	%	 	 	1.250	%	 	 	0.300	%
	Baa3
	 	BBB-	 	BBB-	 	 	0	%	 	 	0.750	%	 	 	1.050	%	 	 	0.250	%
	Baa2
	 	BBB	 	BBB	 	 	0	%	 	 	0.600	%	 	 	0.900	%	 	 	0.200	%
	Baa1
	 	BBB+	 	BBB+	 	 	0	%	 	 	0.475	%	 	 	0.775	%	 	 	0.150	%
	A3 or better
	 	A- or better	 	A- or better	 	 	0	%	 	 	0.450	%	 	 	0.750	%	 	 	0.125	%

     “Applicable Pension Laws” means, with respect to any Person, all pension Laws
applicable to such Person, including (if applicable) ERISA, the Code, and other similar Laws.

     “Applicable Time” means, with respect to any borrowings and payments in any currency,
the local time in the place of settlement for such currency as may be determined by Global
Administrative Agent, the applicable Funding Agent, or the applicable L/C Issuer, as the case may
be, to be necessary for timely settlement on the relevant date in accordance with normal banking
procedures in the place of payment.

     “Applicable Tranche Lender” means, with respect to any Tranche, a Lender under such
Tranche.

     “Applicable Tranche Percentage” means:

     (a) with respect to any U.S. Lender at any time, the percentage (carried out to the
ninth decimal place) of the U.S. Aggregate Commitments represented by such U.S. Lender’s
U.S. Commitment at such time. If the commitment of each U.S. Lender to make U.S. Loans and
the obligation of each U.S. L/C Issuer to make U.S. L/C Credit Extensions have been
terminated pursuant to Section 8.2 or 14.2 or if the U.S. Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such U.S. Lender shall
be the percentage (carried out to the ninth decimal place) of the U.S. Total Outstandings
represented by such U.S. Lender’s U.S. Credit Exposure. The Applicable Tranche Percentage
of each U.S. Lender as of the date of this Agreement is set forth opposite the name of such
U.S. Lender on Schedule 2.1(a).

	 	 	 	 	 	 	 
	 

	 	 	4	 	 	Global Senior Credit Agreement

 

 

     (b) with respect to any Canadian Lender at any time, the percentage (carried out to the
ninth decimal place) of the Canadian Aggregate Commitments represented by such Canadian
Lender’s Canadian Commitment at such time. If the commitment of each Canadian Lender to
make Canadian Committed Loans and the obligation of each Canadian L/C Issuer to make
Canadian L/C Credit Extensions have been terminated pursuant to Section 8.2 or
14.2 or if the Canadian Aggregate Commitments have expired, then the Applicable
Tranche Percentage of such Canadian Lender shall be the percentage (carried out to the ninth
decimal place) of the Canadian Total Outstandings represented by such Canadian Lender’s
Canadian Credit Exposure. The Applicable Tranche Percentage of each Canadian Lender as of
the date of this Agreement is set forth opposite the name of such Canadian Lender on
Schedule 2.1(b).

     (c) with respect to any Euro Lender at any time, the percentage (carried out to the
ninth decimal place) of the Euro Aggregate Commitments represented by such Euro Lender’s
Euro Commitment at such time. If the commitment of each Euro Lender to make Euro Loans and
the obligation of each Euro L/C Issuer to make Euro L/C Credit Extensions have been
terminated pursuant to Section 8.2 or 14.2 or if the Euro Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such Euro Lender shall
be the percentage (carried out to the ninth decimal place) of the Euro Total Outstandings
represented by such Euro Lender’s Euro Credit Exposure. The Applicable Tranche Percentage
of each Euro Lender as of the date of this Agreement is set forth opposite the name of such
Euro Lender on Schedule 2.1(c).

     (d) with respect to any Yen Lender at any time, the percentage (carried out to the
ninth decimal place) of the Yen Aggregate Commitments represented by such Yen Lender’s Yen
Commitment at such time. If the commitment of each Yen Lender to make Yen Committed Loans
and the obligation of each Yen L/C Issuer to make Yen L/C Credit Extensions have been
terminated pursuant to Section 8.2 or 14.2 or if the Yen Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such Yen Lender shall be
the percentage (carried out to the ninth decimal place) of the Yen Total Outstandings
represented by such Yen Lender’s Yen Credit Exposure. The Applicable Tranche Percentage of
each Yen Lender as of the date of this Agreement is set forth opposite the name of such Yen
Lender on Schedule 2.1(d).

     (e) with respect to any KRW Lender at any time, the percentage (carried out to the
ninth decimal place) of the KRW Aggregate Commitments represented by such KRW Lender’s KRW
Commitment at such time. If the commitment of each KRW Lender to make KRW Committed Loans
has been terminated pursuant to Section 8.2 or 14.2 or if the KRW Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such KRW Lender shall be
the percentage (carried out to the ninth decimal place) of the KRW Outstanding Amount of all
KRW Committed Loans held by such KRW Lender. The Applicable Tranche Percentage of each KRW
Lender as of the date of this Agreement is set forth opposite the name of such KRW Lender on
Schedule 2.1(e).

     (f) with respect to each Supplemental Tranche, the percentage set forth in the
applicable Supplemental Addendum, as adjusted from time to time in accordance with this
Agreement.

	 	 	 	 	 	 	 
	 

	 	 	5	 	 	Global Senior Credit Agreement

 

 

     “Appraisal Properties” means Properties located in the United States for which
ProLogis has a third-party appraisal that is dated within eighteen (18) months of the applicable
date of determination.

     “Approved Fund” means any Fund that is administered or managed by (a)a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

     “Arrangers” means, collectively, Banc of America Securities LLC and ABN AMRO, each in
its capacity as a global joint lead arranger and a global joint book runner under the Loan
Documents.

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 16.6.2), and accepted by Global Administrative Agent and the applicable Funding
Agent, in substantially the form of Exhibit D or any other form approved by Global
Administrative Agent and the applicable Funding Agent.

     “Audited Financial Statements” means the audited consolidated balance sheet of the
Companies for the fiscal year ended December 31, 2004 and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for such fiscal year of the Companies,
including the notes thereto.

     “Auto-Extension Letter of Credit” has the meaning set forth in Section 7.2.3.

     “Availability Period” means the period from the Closing Date to the earliest of (a)
the Maturity Date, (b) for purposes of all Tranches, the date of termination of all the Aggregate
Tranche Commitments pursuant to Section 8.2, (c) for purposes of any Tranche, the date of
termination of the Aggregate Tranche Commitments for such Tranche pursuant to Section 8.2,
and (d) the date of termination of the commitment of each Lender to make Loans and of the
obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 14.2.

     “BA Rate” means, for any Interest Period, with respect to a BA Rate Loan under the
Canadian Tranche, the rate of interest per annum equal to the annual rate of interest quoted on the
first day of such Interest Period by Canadian Funding Agent in accordance with its normal practice
as being its rate of interest for bankers’ acceptances in Canadian Dollars for a face amount
similar to the amount of the applicable BA Rate Loans and for a term similar to such Interest
Period.

     “BA Rate Loan” means a Canadian Committed Loan that bears interest at the BA Rate.
All BA Rate Loans shall be denominated in Canadian Dollars.

     “Bank of America” means Bank of America, N.A. and its successors.

     “Base Rate” means, with respect to Committed Loans denominated in Dollars
for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate
plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced
from time to time by U.S. Funding

	 	 	 	 	 	 	 
	 

	 	 	6	 	 	Global Senior Credit Agreement

 

 

Agent as its “prime rate.” The “prime rate” is a rate set by U.S. Funding Agent based upon
various factors including U.S. Funding Agent’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such rate announced by U.S. Funding
Agent shall take effect at the opening of business on the day specified in the public announcement
of such change.

     “Base Rate Committed Loan” means any Committed Loan that is a Base Rate Loan.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate. All Base
Rate Loans shall be denominated in Dollars.

     “Bond Documents” means (a) when used in connection with any U.S. Bond L/C, the Bonds
or other evidences of indebtedness with respect to which such U.S. Bond L/C has been issued as
credit support, together with any remarketing agreement, trust indenture, purchase agreement,
purchased bond custody agreement, funding agreement, pledge agreement, loan agreement, and other
documents executed pursuant to or in connection with such bonds or other evidences of indebtedness,
and all amendments or supplements thereto, and (b) in all other cases, collectively, all Bond
Documents as defined in the preceding clause (a) relating to U.S. Bond L/Cs then
outstanding.

     “Bond Purchase Drawing” has the meaning specified in Section 7.13.2.

     “Bond Rights” has the meaning specified in Section 7.13.4.

     “Bonds” means revenue bonds issued by any Person for the purpose of financing,
directly or indirectly, the development, operation, construction, or maintenance of infrastructure
and housing projects involving any Company, or which projects are related to any Companies’
business activities in the region in which the projects are being developed, and for which any
Company has obtained credit support in the form of a U.S. Bond L/C for such revenue bonds.

     “Borrower” and “Borrowers” each has the meaning specified in the introductory
paragraph hereto.

     “Borrower Accession Agreement” means a Borrower Accession Agreement substantially in
the form of Exhibit I.

     “Borrower Materials” has the meaning specified in Section 12.2.

     “Borrowing” means any Committed Borrowing or any Swing Line Borrowing, as the context
may require.

     “Business Day” means:

     (a) any day other than (i) a Saturday or Sunday or (ii) with respect to any
Tranche, a day on which commercial banks are authorized to close under the Laws of,
or are in fact closed in, the jurisdiction where the Funding Agent’s Office for such
Tranche is located; and

	 	 	 	 	 	 	 
	 

	 	 	7	 	 	Global Senior Credit Agreement

 

 

     (b) (i) if such day relates to any interest rate settings as to a Eurocurrency
Rate Loan denominated in Dollars, any fundings, disbursements, settlements and
payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other
dealings in Dollars to be carried out pursuant to this Agreement in respect of any
such Eurocurrency Rate Loan, any such day on which dealings in deposits in Dollars
are conducted by and between banks in the London interbank eurodollar market;

     (ii) if such day relates to any interest rate settings as to a Eurocurrency
Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments
in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro
to be carried out pursuant to this Agreement in respect of any such Eurocurrency
Rate Loan, a TARGET Day;

     (iii) if such day relates to any interest rate settings as to a Eurocurrency
Rate Loan or BA Rate Loan denominated in a currency other than Dollars or Euro, any
such day on which dealings in deposits in the relevant currency are conducted by and
between banks in the London, Toronto, Tokyo or other applicable offshore interbank
market for such currency; and

     (iv) if such day relates to any fundings, disbursements, settlements and
payments in a currency other than Dollars or Euro in respect of a Eurocurrency Rate
Loan or BA Rate Loans denominated in a currency other than Dollars or Euro, or any
other dealings in any currency other than Dollars or Euro to be carried out pursuant
to this Agreement in respect of any such Eurocurrency Rate Loan or BA Rate Loan
(other than any interest rate settings), any such day on which banks are open for
foreign exchange business in the principal financial center of the country of such
currency.

     “Canadian Aggregate Commitments” means the Canadian Commitments of all Canadian
Lenders.

     “Canadian Borrower” means each Borrower listed under the heading “Canadian Tranche” on
Schedule 2.3 and any other Borrower added to the Canadian Tranche pursuant to Section
8.11 that is organized under the Laws of the United States or any other jurisdiction reasonably
acceptable to Canadian Funding Agent and is qualified to do business in Canada.

     “Canadian Commitment” means, as to each Canadian Lender, its obligation to make
Canadian Committed Loans to Canadian Borrowers pursuant to Section 3.1, in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such
Canadian Lender’s name on the most recent Schedule 2.1(b) prepared by Global Administrative
Agent or Canadian Funding Agent (or if the applicable assignment occurred after such preparation,
in the most recent Assignment and Assumption to which such Canadian Lender is a party), as such
amount may be adjusted from time to time in accordance with this Agreement.

     “Canadian Committed Borrowing” means a borrowing consisting of simultaneous Canadian
Committed Loans of the same Type, and, in the case of Eurocurrency Rate Loans or BA Rate Loans,
having the same Interest Period made by each Canadian Lender pursuant to Section 3.1.

	 	 	 	 	 	 	 
	 

	 	 	8	 	 	Global Senior Credit Agreement

 

 

     “Canadian Committed Loan” has the meaning specified in Section 3.1.

     “Canadian Committed Loan Notice” means a notice of (a) a Canadian Committed Borrowing,
(b) a conversion of Canadian Committed Loans from one Type to another, or (c) a continuation of
Eurocurrency Rate Loans or BA Rate Loans, pursuant to Section 3.2.1, which, if in writing,
shall be substantially in the form of Exhibit A-2.

     “Canadian Credit Exposure” means, for any Canadian Lender at any time, the aggregate
Canadian Outstanding Amount of all Canadian Committed Loans of such Canadian Lender plus
such Canadian Lender’s Applicable Tranche Percentage of the Canadian Outstanding Amount of all
Canadian L/C Obligations.

     “Canadian Dollar Prime Rate” means, on any day, the per annum rate of interest most
recently announced by Canadian Funding Agent as its reference rate then in effect for determining
interest rates on Cdn$ denominated commercial loans in Canada.

     “Canadian Dollars” and the symbol “Cdn$” means the lawful currency of Canada.

     “Canadian Funding Agent” means Bank of America, acting through its Canada branch, in
its capacity as Canadian funding agent under the Loan Documents, or any successor thereof.

     “Canadian Funding Agent’s Office” means, with respect to the Canadian Tranche,
Canadian Funding Agent’s Office address and, as appropriate, account as set forth on Schedule
16.2 with respect to the Canadian Tranche, or (subject to Section 16.2.5) such other
address or account with respect to the Canadian Tranche as Canadian Funding Agent may from time to
time notify to ProLogis, Global Administrative Agent, the other Funding Agents, and Canadian
Lenders.

     “Canadian L/C Borrowing” means an extension of credit resulting from a drawing under
any Canadian Letter of Credit which has not been reimbursed on the date when made or refinanced as
a Canadian Committed Borrowing. All Canadian L/C Borrowings shall be denominated in Canadian
Dollars.

     “Canadian L/C Credit Extension” means, with respect to any Canadian Letter of Credit,
the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

     “Canadian L/C Issuers” means Bank of America, acting through its Canada branch, in its
individual capacity as a bank issuing Canadian Letters of Credit hereunder, and any other Canadian
Lender, in its individual capacity, approved by Global Administrative Agent and Canadian Funding
Agent to issue Canadian Letters of Credit hereunder; and “Canadian L/C Issuer” means any
one of the Canadian L/C Issuers.

     “Canadian L/C Obligations” means, as at any date of determination, the aggregate
amount available to be drawn under all outstanding Canadian Letters of Credit plus the
aggregate of all Canadian Unreimbursed Amounts, including all Canadian L/C Borrowings.

     “Canadian Lenders” means each Lender listed on Schedule 2.1(b) and any Person
that becomes a Canadian Lender pursuant to Section 8.13, and the successors and permitted
assigns of any of the foregoing.

	 	 	 	 	 	 	 
	 

	 	 	9	 	 	Global Senior Credit Agreement

 

 

     “Canadian Letter of Credit” means any standby letter of credit issued under the
Canadian Tranche. Canadian Letters of Credit may only be issued in Canadian Dollars.

     “Canadian Letter of Credit Sublimit” means an amount equal to the lesser of
(a) Cdn$25,000,000 and (b) the Canadian Aggregate Commitments. The Canadian Letter of Credit
Sublimit is part of, and not in addition to, the Canadian Aggregate Commitments.

     “Canadian Outstanding Amount” means: (a) with respect to Canadian Committed Loans on
any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings
and prepayments or repayments of Canadian Committed Loans occurring on such date; and (b) with
respect to Canadian L/C Obligations on any date, the aggregate outstanding amount of Canadian L/C
Obligations on such date after giving effect to any Canadian L/C Credit Extension occurring on such
date and any other changes in the aggregate amount of the Canadian L/C Obligations as of such date,
including as a result of any reimbursements by the applicable Canadian Borrower of Canadian
Unreimbursed Amounts.

     “Canadian Required Lenders” means, as of any date of determination, Canadian Lenders
having more than fifty percent (50%) of the Canadian Aggregate Commitments or, if the Canadian
Aggregate Commitments have terminated, Canadian Lenders holding in the aggregate more than fifty
percent (50%) of the aggregate Canadian Outstanding Amount of all Committed Loans and all Canadian
L/C Obligations (with the aggregate amount of each Canadian Lender’s risk participation and funded
participation in Canadian L/C Obligations being deemed “held” by such Canadian Lender for purposes
of this definition); provided that the Canadian Commitment of, and the portion of the
Canadian Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Canadian Required Lenders.

     “Canadian Total Outstandings” means the aggregate Canadian Outstanding Amount of all
Canadian Committed Loans and all Canadian L/C Obligations.

     “Canadian Tranche” means the revolving credit facility described in Article
III.

     “Canadian Unreimbursed Amount” means any unreimbursed amount under Section 7.3
with respect to a Canadian Letter of Credit.

     “Capital Expenditures” means, for any period, an amount equal to the sum of
(a) in the case of Properties that are not Refrigerated Warehouse Properties, the greater
of (i) Actual Capital Expenditures with respect to such Properties for such period, and (ii)
the product of (A) the sum of the total square footage with respect to all
completed industrial space in all such Properties (excluding Properties where the tenant is
responsible for capital expenditures) as of the last day of each of the immediately preceding five
(5) calendar quarters, divided by five (5), and (B) $0.15, and (b) in the case of
Properties that are Refrigerated Warehouse Properties, the greater of (i) Actual Capital
Expenditures with respect to such Properties during such period, and (ii) the product of
(A) the sum of the total cubic footage with respect to all completed space in all such
Properties as of the last day of each of the immediately preceding five (5) calendar quarters,
divided by five (5), and (B) $0.10.

     “Capital Lease” means any capital lease or sublease that has been (or under GAAP
should be) capitalized on a balance sheet of the lessee.

	 	 	 	 	 	 	 
	 

	 	 	10	 	 	Global Senior Credit Agreement

 

 

     “Cash Collateralize” means, with respect to each Tranche that has a Letter of Credit
subfacility, to pledge and deposit with or deliver to Collateral Agent, for the benefit of the L/C
Issuers of such Tranche and Lenders of such Tranche, as collateral for the L/C Obligations of such
Tranche, cash or deposit account balances in the applicable currency of the applicable Letter of
Credit pursuant to documentation in form and substance satisfactory to Collateral Agent (which
documents are hereby consented to by such Lenders). Derivatives of such term have corresponding
meanings.

     “Cash Equivalents” means (a) direct obligations of the United States of America or any
agency thereof, or obligations fully guaranteed by the United States of America or any agency
thereof, provided that such obligations mature within one (1) year of the date of
acquisition thereof, (b) commercial paper rated “A-1” (or higher) according to S&P, or “AP-1” (or
higher) according to Moody’s and maturing not more than one hundred and eighty (180) days from the
date of acquisition thereof, (c) time deposits with, and certificates of deposit and bankers’
acceptances issued by any Lender or any other United States bank having capital surplus and
undivided profits aggregating at least $1,000,000,000, and (d) mutual funds whose investments are
substantially limited to the foregoing.

     “Catellus” means Catellus Development Corporation.

     “Catellus Acquisition” means the transactions contemplated by the Agreement and Plan
of Merger dated as of June 5, 2005 among ProLogis, Palmtree Acquisition Corporation and Catellus
Development Corporation.

     “Catellus L/C” means the irrevocable transferable letter of credit expiring June 21,
2006, issued by Bank of America to Wells Fargo Bank, N.A., and any successor thereto as Trustee
under the Indenture of Trust between Redevelopment Agency of the City and County of San Francisco,
as Issuer, relating to $40,000,000 Redevelopment Agency of the City and County of San Francisco
Community District No. 4 (Mission Bay North Public Improvements) Variable Rate Revenue Bonds under
the terms of which such Trustee is, subject to the terms and conditions set forth therein, entitled
to draw, with respect to such Bonds, up to (a) amounts sufficient to pay (i) the principal of such
Bonds when due, or (ii) the portion of the purchase price of such Bonds tendered or deemed tendered
for purchase in accordance with such Indenture and not subsequently remarketed corresponding to the
principal amount of such Bonds, plus (b) amounts equal to approximately thirty-seven (37) days of
accrued interest on such Bonds at 12% to pay (i) interest on such Bonds when due, or (ii) the
portion of the purchase price of such Bonds tendered or deemed tendered for purchase in accordance
with such Indenture and not subsequently remarketed corresponding to accrued interest.

     “CDFS” means ProLogis’ corporate distribution facilities services operating segment.

     “CDOR Rate” means, on any day, the per annum rate of interest (as reasonably
determined by Canadian Funding Agent in a manner and amount identical to Canadian Funding Agent’s
determination of such rate of interest with respect to similarly situated loans and borrowers)
which is the rate based on an average rate applicable to Cdn$ bankers’ acceptances for a term
equivalent to the term of the relevant requested Interest Period appearing on the “Reuters Screen
CDOR Page” (as defined in the International Swap Dealer Association, Inc. definitions) as of 10:00
a.m. (Toronto

	 	 	 	 	 	 	 
	 

	 	 	11	 	 	Global Senior Credit Agreement

 

 

time) on such date, or if such date is not a Business Day, then on the immediately preceding
Business Day; provided that if such rates are not available, then the CDOR Rate for any day
shall be calculated as the discount rate quoted by Canadian Funding Agent for its own Cdn$ bankers’
acceptances for the applicable period as of 10:00 a.m. (Toronto time) on such day, or if said day
is not a Business Day, then on the immediately preceding Business Day.

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the
administration, interpretation or application thereof by any Governmental Authority or (c) the
making or issuance of any request, guideline or directive (whether or not having the force of law)
by any Governmental Authority.

     “Change of Control” means an event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or
its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or
group shall be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option right”), whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of
twenty-five percent (25%) or more of the equity securities of ProLogis entitled to vote for
members of the board of directors or equivalent governing body of ProLogis on a
fully-diluted basis (and taking into account all such securities that such person or group
has the right to acquire pursuant to any option right); or

     (b) during any period of twelve (12) consecutive months, a majority of the members of
the board of directors or other equivalent governing body of ProLogis cease to be composed
of individuals (i) who were members of that board or equivalent governing body on the first
day of such period, (ii) whose election or nomination to that board or equivalent governing
body was approved by individuals referred to in clause (i) above constituting at the
time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for,
or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or
removal of one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors); or

     (c) any Person or two or more Persons acting in concert shall have acquired by contract
or otherwise, or shall have entered into a contract or arrangement that, upon consummation
thereof, will result in its or their acquisition of the power to exercise, directly or
indirectly, a controlling influence over the management or policies of ProLogis, or control

	 	 	 	 	 	 	 
	 

	 	 	12	 	 	Global Senior Credit Agreement

 

 

over the equity securities of ProLogis entitled to vote for members of the board of
directors or equivalent governing body of ProLogis on a fully-diluted basis (and taking into
account all such securities that such Person or group has the right to acquire pursuant to
any option right) representing twenty-five percent (25%) or more of the combined voting
power of such securities.

     “Closing Date” means the first date all the conditions precedent in Section
10.1 are satisfied or waived in accordance with Section 16.1.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral Agent” means Bank of America, in its capacity as Collateral Agent under
the Guaranties, the Pledge Agreements, the Security Agency Agreement and any related document, or
any successor in such capacity.

     “Committed Borrowings” means, collectively, U.S. Committed Borrowings, Canadian
Committed Borrowings, Euro Committed Borrowings, Yen Committed Borrowings, KRW Committed
Borrowings, and each Supplemental Committed Borrowing; and “Committed Borrowing” means any
one of the foregoing.

     “Committed Loan Notices” means, collectively, the U.S. Committed Loan Notice, the
Canadian Committed Loan Notice, the Euro Committed Loan Notice, the Yen Committed Loan Notice, the
KRW Committed Loan Notice, and each Supplemental Committed Loan Notice; and “Committed Loan
Notice” means any one of the Committed Loan Notices.

     “Committed Loans” means, collectively, the U.S. Committed Loans, the Canadian
Committed Loans, the Euro Committed Loans, the Yen Committed Loans, the KRW Committed Loans, and
each Supplemental Committed Loan; and “Committed Loan” means any one of the Committed
Loans.

     “Commitment” means a Lender’s commitments under any Tranche.

     “Companies” means ProLogis and its Consolidated Subsidiaries; provided that
for purposes of Sections 11.1, 11.2, 11.3, 11.4, 11.6,
11.7, 11.13(b), 11.15, 11.18, and 14.1, “Companies”
shall also include each Borrower that is not ProLogis or a Consolidated Subsidiary; and
“Company” means any one of the Companies.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C.

     “Consolidated Leverage Ratio” means, as of any date, the ratio of (a) the sum
of (i) all Indebtedness of the Companies, on a consolidated basis, plus (ii) the
Companies’ Share of all Indebtedness of Unconsolidated Affiliates of the Companies, to (b) Total
Asset Value.

     “Consolidated Net Worth” means, for the Companies, on a consolidated basis, as of any
date, (a) Total Assets, minus (b) all Liabilities, minus (c) the amount determined
in accordance with GAAP attributable to any minority interests in Consolidated Subsidiaries.

	 	 	 	 	 	 	 
	 

	 	 	13	 	 	Global Senior Credit Agreement

 

 

     “Consolidated Subsidiary” means, with respect to any Person (a “Parent”), any
other Person in which such Parent directly or indirectly holds an Equity Interest and which would
be consolidated in the preparation of consolidated financial statements of such Parent in
accordance with GAAP. Any reference herein or in any other Loan Document to a “Consolidated
Subsidiary” shall, unless otherwise specified, be a reference to a Consolidated Subsidiary of
ProLogis.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Contribution Value” means, as of any date with respect to any Japan Properties Fund
Property or Korea Properties Fund Property, the price at which such Property was acquired by the
Japan Properties Fund or the Korea Properties Fund, as the case may be.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Extension” means the making of a Borrowing (but not a continuation or
conversion thereof) or an L/C Credit Extension.

     “Credit Parties” means, collectively, each Agent, each Lender, each L/C Issuer, each
Swing Line Lender, and each Fronting Lender.

     “Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt,
exclusions from the exculpation provisions with respect to such Non-Recourse Debt for fraud,
misapplication of cash, environmental claims, and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate indemnification
agreements in non-recourse financings of real estate.

     “Debt Service” means, for any Person for any period, the sum of Interest
Expense plus any regularly scheduled principal payments on Indebtedness plus any
operating lease payments related to transactions in which such Person or an Affiliate of such
Person leases, as lessee, any Property or other assets that it owned and sold, transferred, or
otherwise Disposed of to the lessor (or a predecessor in interest to the lessor); provided
that Debt Service shall not include Excluded Debt Service.

     “Debtor Relief Laws” means Title 11 of the United States Code and all other applicable
state or federal liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting rights of
creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate or ABR Rate plus (ii) the
Applicable Margin, if any,

	 	 	 	 	 	 	 
	 

	 	 	14	 	 	Global Senior Credit Agreement

 

 

applicable to Base Rate Loans and ABR Rate Loans, plus (iii) 2% per annum;
provided that with respect to a Eurocurrency Rate Loan, a BA Rate Loan, a Substitute Rate
Loan, a KRW Rate Loan, and a Supplemental Rate Loan, if any, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Margin and any Mandatory Cost, if any)
otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to
Letter of Credit Fees, a rate equal to the Applicable Margin plus 2% per annum.

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Committed Loans (including any portion of an applicable Fronting Loan), participations in L/C
Obligations, or participations in Swing Line Loans required to be funded by it hereunder within one
(1) Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay
over to any Agent or any other Lender any other amount required to be paid by it hereunder within
one (1) Business Day of the date when due, unless the subject of a good faith dispute, or (c) has
been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

     “Designated Senior Debt” means (a) the Obligations and (b) all other Indebtedness of
ProLogis that (i) is not contractually subordinated to any other Indebtedness of ProLogis, (ii) at
the time of issuance (or, in the case of Indebtedness arising under a revolving credit facility, at
the time of effectiveness of such facility) is in (or has commitments to provide) an aggregate
Dollar Equivalent amount (for all Indebtedness issued or commitments made concurrently on the same
terms, regardless of whether held by multiple parties) of $25,000,000 or more, and (iii) is
specifically designated by ProLogis in writing as “Designated Senior Debt.”

     “Disposition” or “Dispose” means the sale, transfer, license, lease,
contribution, or other disposition (including any sale and leaseback transaction, but excluding
charitable contributions) of any property by any Person, including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.

     “Disqualified Stock” means any of ProLogis’ Equity Interests which by its terms (or by
the terms of any Equity Interests into which it is convertible or for which it is exchangeable or
exercisable) (a) matures or is subject to mandatory redemption, pursuant to a sinking fund
obligation or otherwise, (b) is convertible into or exchangeable or exercisable for a Liability or
Disqualified Stock during the term of the credit agreement, (c) is redeemable during the term of
the credit agreement at the option of the holder of such Equity Interests, or (d) otherwise
requires any payments by ProLogis, in each case on or before the Maturity Date.

     “Dollar” and “$” mean lawful money of the United States.

     “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in any Foreign Currency, the
equivalent amount thereof in Dollars as determined by Global Administrative Agent, the applicable
Funding Agent, or the applicable L/C Issuer, as the case may be, at such time on the basis of the
Spot Rate (as of the most recent Revaluation Date) for the purchase of Dollars with such Foreign
Currency.

     “Domestic Borrower” means, with respect to each Tranche, a Borrower under such Tranche
that is not a Foreign Borrower under such Tranche.

	 	 	 	 	 	 	 
	 

	 	 	15	 	 	Global Senior Credit Agreement

 

 

     “Dutch Banking Act” means the Dutch Act on Supervision of the Credit System 1992 (Wet
toezicht kredietwezen 1992).

     “Dutch Borrower” means any Borrower that is organized under the Laws of The
Netherlands.

     “Eligible Affiliate” means any Person in which ProLogis directly or indirectly holds
an Equity Interest.

     “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved
Fund; and (d) any other Person (other than a natural person) approved by (i) the applicable Funding
Agents, the applicable L/C Issuers and the applicable Swing Line Lenders, and (ii) unless an Event
of Default has occurred and is continuing, ProLogis (each such approval not to be unreasonably
withheld or delayed); provided that notwithstanding the foregoing, (A) “Eligible Assignee”
shall not include ProLogis or any of ProLogis’ Affiliates or Consolidated Subsidiaries; (B) to the
extent that a Lender is a Qualified Lender with respect to an outstanding Loan in which a Fronting
Lender has funded a portion of such Loan, then an “Eligible Assignee” with respect to the
assignment of such Loan by such Qualified Lender shall be a Qualified Lender; (C) so long as no
Default exists, an “Eligible Assignee” of a Canadian Lender must be an authorized “foreign bank of
Canada” (as defined in subsection 248(i) of the Income Tax Act (Canada)) which holds its interest
in Canadian Committed Loans in the course of its “Canadian banking business” (as defined in
subsection 248(i) of the Income Tax Act (Canada)) for the purposes of subsection 212 (13.3) of the
Income Tax Act (Canada); (D) an “Eligible Assignee” with respect to any Tranche in which a Dutch
Borrower is a Borrower (or if the commitments have expired or been terminated under such Tranche,
then solely to the extent that a Dutch Borrower owes any Outstanding Amounts under such Tranche)
shall qualify as a PMP; (E) each “Eligible Assignee” shall be able to make the representations set
forth in Section 9.1.5(a) with respect to the applicable Tranche; and (F) an “Eligible
Assignee” with respect to the Yen Tranche shall qualify as an institution from which a TMK may,
pursuant to the Laws of Japan, borrow money.

     “EMU” means the European economic and monetary union in accordance with the Treaty of
Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the
Amsterdam Treaty of 1998.

     “EMU Legislation” means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European currency.

     “Encumbered Properties” means, any Properties or other assets that are subject to any
Liens (other than Permitted Liens) securing any Liabilities.

     “Environmental Laws” means any and all Federal, state, provincial, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions,
grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
ProLogis, any other Loan Party or any of their respective Affiliates directly or indirectly
resulting

	 	 	 	 	 	 	 
	 

	 	 	16	 	 	Global Senior Credit Agreement

 

 

from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any
Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Equity Interests” means, with respect to any Person, all shares of capital stock of
(or other ownership or profit interests in) such Person, all warrants, options or other rights for
the purchase or acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person, all securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in) such Person, and all other ownership,
beneficial or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, in each case to the extent then outstanding.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with ProLogis within the meaning of Section 414(b) or (c) of the Code (and Sections
414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

     “ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by ProLogis or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by ProLogis or any ERISA Affiliate from a Multiemployer
Plan or receipt by ProLogis or any ERISA Affiliate of notification that a Multiemployer Plan is in
reorganization; (d) the filing by ProLogis or any ERISA Affiliate of a notice of intent to
terminate any Pension Plan, the treatment of a Pension Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; or (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan.

     “Euro” and “EUR” mean the lawful currency of the Participating Member States
introduced in accordance with the EMU Legislation.

     “Euro Aggregate Commitments” means, at any time, the Euro Commitments of all Euro
Qualified Lenders and Euro Non-Qualified Lenders, provided that such Euro Aggregate
Commitments shall not include the Fronting Loan Commitments.

     “Euro Borrower” means each Borrower listed under the heading “Euro Tranche” on
Schedule 2.3 and any other Borrower added to the Euro Tranche pursuant to Section
8.11.

     “Euro Commitment” means, as to each Euro Lender, its obligation to (a) make Euro
Committed Loans to Euro Borrowers pursuant to Section 4.1, (b) purchase participations in
Euro Fronting Loans to the extent such Euro Lender is a Euro Non-Qualified Lender, (c) purchase
participations in Euro L/C Obligations, and (d) purchase participations in Euro Swing Line Loans,
in the Euro Equivalent aggregate principal amount at any one time outstanding not to exceed the

	 	 	 	 	 	 	 
	 

	 	 	17	 	 	Global Senior Credit Agreement

 

 

amount set forth opposite such Euro Lender’s name on the most recent Schedule 2.1(c)
prepared by Global Administrative Agent or Euro Funding Agent (or if the applicable assignment
occurred after such preparation, in the most recent Assignment and Assumption to which such Euro
Lender is a party), as such amount may be adjusted from time to time in accordance with this
Agreement.

     “Euro Committed Borrowing” means a borrowing consisting of simultaneous Euro Committed
Loans of the same Type, and, in the case of Eurocurrency Rate Loans, having the same Interest
Period made by each Euro Lender (other than any applicable Euro Non-Qualified Lender) pursuant to
Section 4.1.

     “Euro Committed Loan” has the meaning specified in Section 4.1, and shall
include any Euro Fronting Loan made in connection with a Euro Committed Borrowing.

     “Euro Committed Loan Notice” means a notice of (a) a Euro Committed Borrowing, (b) a
conversion of Euro Committed Loans from one Type to the other, or (c) a continuation of
Eurocurrency Rate Loans, pursuant to Section 4.3.1, which, if in writing, shall be
substantially in the form of Exhibit A-3.

     “Euro Credit Exposure” means, for any Euro Lender at any time, the aggregate Euro
Outstanding Amount of all Euro Committed Loans (other than Euro Fronting Loans) of such Euro Lender
plus such Euro Lender’s Applicable Tranche Percentage of the Euro Outstanding Amount of all
Euro L/C Obligations and all Euro Swing Line Loans plus, as to any Euro Non-Qualified
Lenders, the Euro Outstanding Amount of such Euro Lender’s participation in all applicable Euro
Fronting Loans.

     “Euro Credit Extension” means each of the following: (a) a Euro Committed Borrowing,
(b) a Euro Swing Line Borrowing, and (c) a Euro L/C Credit Extension.

     “Euro Equivalent” means, at any time, (a) with respect to any amount denominated in
Euro, such amount, and (b) with respect to any amount denominated in any Alternative Currency under
the Euro Tranche, the equivalent amount thereof in Euro as determined by Euro Funding Agent or the
applicable Euro L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (as of
the most recent Revaluation Date) for the purchase of Euro with such Alternative Currency.

     “Euro Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(b).

     “Euro Fronting Loan” has the meaning specified in Section 4.2.1.

     “Euro Funding Agent” means ABN AMRO, in its capacity as Euro funding agent under the
Loan Documents, or any successor Euro funding agent.

     “Euro Funding Agent’s Office” means, with respect to the Euro Tranche, Euro Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 16.2 with
respect to the Euro Tranche, or (subject to Section 16.2.5) such other address or account
with respect to the Euro Tranche as Euro Funding Agent may from time to time notify to ProLogis,
Global Administrative Agent, the other Funding Agents, and Euro Lenders.

	 	 	 	 	 	 	 
	 

	 	 	18	 	 	Global Senior Credit Agreement

 

 

     “Euro L/C Borrowing” means an extension of credit resulting from a drawing under any
Euro Letter of Credit which has not been reimbursed on the date when made or refinanced as a Euro
Committed Borrowing. All Euro L/C Borrowings shall be denominated in Euro or Sterling, as
applicable.

     “Euro L/C Credit Extension” means, with respect to any Euro Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “Euro L/C Issuers” means ABN AMRO, in its individual capacity as a bank issuing Euro
Letters of Credit hereunder, and any other Euro Lender, in its individual capacity, approved by
Global Administrative Agent and Euro Funding Agent to issue Euro Letters of Credit hereunder,
including each issuer of a Euro Existing Letter of Credit; and “Euro L/C Issuer” means any
one of the Euro L/C Issuers.

     “Euro L/C Obligations” means, as of any date of determination, the aggregate amount
available to be drawn under all outstanding Euro Letters of Credit plus the aggregate of
all Euro Unreimbursed Amounts, including all Euro L/C Borrowings.

     “Euro Lenders” means each Lender listed on Schedule 2.1(c), any Person that
becomes a Euro Lender pursuant to Section 8.13 and the successors and permitted assigns of
the foregoing.

     “Euro Letter of Credit” means any standby letter of credit, bank guaranty, bank bond
or comparable instrument issued under the Euro Tranche (including the Euro Existing Letters of
Credit). Euro Letters of Credit may only be issued in Euro or Sterling.

     “Euro Letter of Credit Sublimit” means an amount equal to the lesser of (a)
EUR 100,000,000 and (b) the Euro Aggregate Commitments. The Euro Letter of Credit Sublimit is part
of, and not in addition to, the Euro Aggregate Commitments.

     “Euro Loan” means an extension of credit by a Euro Lender to a Borrower under
Article III in the form of a Euro Committed Loan or Euro Swing Line Loan.

     “Euro Non-Qualified Lender” means a Euro Lender that is not a Euro Qualified Lender.

     “Euro Outstanding Amount” means: (a) with respect to Euro Committed Loans (other than
Euro Fronting Loans), the aggregate outstanding Euro Equivalent principal amount thereof after
giving effect to any borrowings and repayments of Euro Committed Loans; (b) with respect to Euro
Fronting Loans, the aggregate outstanding Euro Equivalent principal amount thereof after giving
effect to any borrowings and repayments of Euro Fronting Loans; (c) with respect to Euro Swing Line
Loans, the aggregate outstanding Euro Equivalent principal amount thereof after giving effect to
any borrowings and repayments of Euro Swing Line Loans; and (d) with respect to any Euro L/C
Obligations, the aggregate outstanding Euro Equivalent principal amount thereof after giving effect
to any Euro L/C Credit Extension occurring on such date and any other change in the outstanding
amount of the Euro L/C Obligations on such date, including as a result of any reimbursement by any
Euro Borrower of Euro Unreimbursed Amounts.

     “Euro Qualified Lender” means, as of any date of determination, a Euro Lender that (a)
has committed hereunder to make Euro Committed Loans in the applicable currency requested by a Euro

	 	 	 	 	 	 	 
	 

	 	 	19	 	 	Global Senior Credit Agreement

 

 

Borrower to be funded under the Euro Tranche, (b) is capable of making the requested Euro
Committed Loans to the Foreign Borrower requesting such Euro Committed Loan without the imposition
of any withholding taxes, and (c) to the extent the applicable Euro Borrower requesting a Euro
Committed Loan is a TMK, is an institution from which such Euro Borrower may, pursuant to the Laws
of Japan, borrow money.

     “Euro Required Lenders” means, as of any date of determination, Euro Lenders having
more than fifty percent (50%) of the Euro Aggregate Commitments or, if the Euro Aggregate
Commitments have terminated, Euro Lenders holding in the aggregate more than fifty percent (50%) of
the Euro Total Outstandings (with the aggregate amount of each Euro Lender’s risk participation and
funded participation in Euro L/C Obligations, Euro Fronting Loans, and Euro Swing Line Loans being
deemed “held” by such Euro Lender for purposes of this definition); provided that the Euro
Commitment of, and the portion of the Euro Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Euro Required
Lenders.

     “Euro Swing Line” means the Euro revolving credit facility made available by Euro
Swing Line Lender pursuant to Section 4.5.

     “Euro Swing Line Borrowing” means a borrowing of a Euro Swing Line Loan pursuant to
Section 4.5.

     “Euro Swing Line Lender” means ABM AMRO in its capacity as provider of Euro Swing Line
Loans, or any successor Euro swing line lender hereunder.

     “Euro Swing Line Loan” has the meaning specified in Section 4.5.1.

     “Euro Swing Line Loan Notice” means a notice of a Euro Swing Line Borrowing pursuant
to Section 4.5.2, which, if in writing, shall be substantially in the form of Exhibit
B-2.

     “Euro Swing Line Sublimit” means an amount equal to the lesser of (a) EUR
100,000,000 and (b) the Euro Aggregate Commitments. The Euro Swing Line Sublimit is part of, and
not in addition to, the Euro Aggregate Commitments.

     “Euro Total Outstandings” means the aggregate Euro Outstanding Amount of all Euro
Committed Loans (including all Euro Fronting Loans), all Euro Swing Line Loans, and all Euro L/C
Obligations.

     “Euro Tranche” means the revolving credit facility described in Article IV.

     “Euro Unreimbursed Amount” means any unreimbursed amount under Section 7.3
with respect to a Euro Letter of Credit.

     “Eurocurrency Rate” means, for any Interest Period with respect to:

     (a) any Eurocurrency Rate Loan under the U.S. Tranche, any Eurocurrency Rate Loan under
the Euro Tranche (other than Euro Loans denominated in Euro), any Eurocurrency Rate Loan
under the Yen Tranche (other than Yen Committed Loans

	 	 	 	 	 	 	 
	 

	 	 	20	 	 	Global Senior Credit Agreement

 

 

denominated in Yen) and any Eurocurrency Rate Loan under the Canadian Tranche, the rate
per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or another commercially available source providing quotations of BBA
LIBOR as designated by the applicable Funding Agent from time to time) at approximately
11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest
Period, for deposits in the relevant currency (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is not
available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period
shall be the rate per annum determined by the applicable Funding Agent to be the rate at
which deposits in the relevant currency for delivery on the first day of such Interest
Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made,
continued or converted by such Funding Agent and with a term equivalent to such Interest
Period would be offered by such Funding Agent’s London Branch (or other appropriate branch
or Affiliate of such Funding Agent) to major banks in the London or other offshore interbank
market for such currency at their request at approximately 11:00 a.m., London time, two (2)
Business Days prior to the commencement of such Interest Period.

     (b) any Eurocurrency Rate Loan denominated in Euro under the Euro Tranche for any
Interest Period, the rate per annum equal to the offered quotation which appears on the
Reuters Screen which displays the rate of the Banking Federation of the European Union for
the Euro (being currently page “EURIBOR01”) for such Interest Period at approximately 11:00
a.m., Brussels time, two (2) Business Days prior to the commencement of such Interest Period
for deposits in the relevant currency (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period or, if such page shall cease to be
available, such other page or such other service for the purpose of displaying an average
rate of the Banking Federation of the European Union as the Euro Funding Agent, after
consultation with Euro Lenders and ProLogis, shall select. If such rate is not available at
such time for any reason, and the Euro Funding Agent has not selected an alternative service
on which a quotation is displayed, then the “Eurocurrency Rate” for such Interest Period
shall be the arithmetic mean (rounded upwards to four decimal places) of the rates (as
notified to the Euro Funding Agent) at which each Reference Bank was offering to prime banks
in the European interbank market deposits in Euro for the relevant Interest Period at
approximately 11:00 a.m., Brussels time, two (2) Business Days prior to the commencement of
such Interest Period.

     (c) any Eurocurrency Rate Loans denominated in Yen under the Yen Tranche for any
Interest Period, the rate which appears on the screen display “Reuters Screen TIBM” under
the caption “Average 10 Banks” on the Reuters Service (or such other screen display or
service as may replace it for purposes of displaying Tokyo interbank offered rates of prime
banks for Yen deposits) at approximately 11:00 a.m., Tokyo time, two (2) Business Days prior
to the commencement of such Interest Period, as the rate for deposits in Yen with a maturity
comparable to such Interest Period. If no such rate is available on the Reuters Service (or
such replacement), then the “Eurocurrency Rate” for such Interest Period shall be the
interest rate offered for Yen deposits for a period comparable to that Interest Period which
appears on the screen display designated as “Euro-Yen TIBOR” on page 23070 of the Telerate
Service published by the Japanese Banking Association (or such other screen display or
service as may replace it for purposes of displaying Tokyo interbank offered rates

	 	 	 	 	 	 	 
	 

	 	 	21	 	 	Global Senior Credit Agreement

 

 

of prime banks for Yen deposits). If such rate is not available on the Reuters Service
(or such replacement) or the Telerate Screen (or such replacement), then the “Eurocurrency
Rate” for such Interest Period shall be the rate per annum at which the Yen Funding Agent
was offering to leading banks in the Tokyo interbank market deposits in Yen for a period
equal to the applicable Interest Period at approximately 11:00 a.m., Tokyo time, two (2)
Business Days prior to the commencement of such Interest Period. If such rate is not
available on the Reuters Service (or such replacement) or the Telerate Screen (or such
replacement) and Yen Funding Agent is unable to provide a rate referred to in the sentence
above, then the “Eurocurrency Rate” for such Interest Period shall be the rate which is
applied by Yen Funding Agent in Japan as its long-term prime lending rate on the relevant
date to its Yen loans with terms exceeding one (1) year to its prime customers in Japan and
which Yen Funding Agent confirms and notifies the applicable Borrower in writing as such.

     (d) any Supplemental Rate Loan under each Supplemental Tranche, as set forth in the
applicable Supplemental Addendum.

     “Eurocurrency Rate Loan” means any Committed Loan that bears interest at a rate based
on the Eurocurrency Rate.

     “European Appraised Value” means, as of any date with respect to any European
Properties Fund Property, the appraised value of such Property determined pursuant to the
most-recent independent, third-party appraisal obtained in accordance with the constituent
documents of the European Properties Fund.

     “European Properties Fund” means ProLogis European Properties Fund, a Luxembourg fonds
commun de placement (FCP), and any other Property Fund that predominantly holds Properties in
Europe.

     “European Properties Fund Properties” means, as of any date of determination,
Industrial Properties owned by the European Properties Fund.

     “Event of Default” has the meaning specified in Section 14.1.

     “Excluded Debt Service” means, for any period, any regularly scheduled principal
payments on (a) any Indebtedness which pays such Indebtedness in full, but only to the extent that
the amount of such final payment is greater than the scheduled principal payment immediately
preceding such final payment, and (b) any Indebtedness that is rated at least Baa3 and BBB-, as the
case may be, by at least two (2) of Moody’s, S&P, and Fitch.

     “Excluded Properties” means Refrigerated Warehouse Properties, European Properties
Fund Properties, Japan Properties Fund Properties, Korea Properties Fund Properties, Acquired
Properties, and Appraisal Properties.

     “Excluded Taxes” means, with respect to any Agent, any Lender, any L/C Issuer or any
other recipient of any payment to be made by or on account of any obligation of any Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized, in which its principal
office is located,

	 	 	 	 	 	 	 
	 

	 	 	22	 	 	Global Senior Credit Agreement

 

 

in which it is otherwise conducting business and subject to such taxes or, in the case of any
Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by
the United States or any similar tax imposed by any other jurisdiction in which such Borrower is
located and (c) except as provided in the following sentence, in the case of a Foreign Lender
(other than an assignee pursuant to a request by ProLogis under Section 16.13), any
withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such
Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with
Section 9.1.4, except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional
amounts from the applicable Borrower with respect to such withholding tax pursuant to Section
9.1.1. Notwithstanding anything to the contrary contained in this definition, (x) prior to the
Trigger Date, “Excluded Taxes” shall not include any withholding tax imposed at any time on
payments made by or on behalf of a Foreign Obligor to any Lender hereunder or under any other Loan
Document (regardless of whether a Fronting Lender was utilized to mitigate any withholding taxes),
provided that such Lender shall have complied with the last paragraph of Section
9.1.4 and (y) on or after the Trigger Date, “Excluded Taxes” shall not include any
withholding tax imposed at any time on payments made to any Lender hereunder or under any other
Loan Documents (regardless of whether such Lender has complied with Section 9.1.4).
Furthermore, “Excluded Taxes” shall not include any withholding tax imposed at any time on
payments made by or on behalf of a Foreign Obligor to any Lender (other than a Fronting Lender
acting in such capacity) with respect to any Loan that such Lender is required to make pursuant to
Section 2.2.2(b) or 4.2.2(b).

     “Exemption Regulation” means the Exemption Regulation of the Ministry of Finance of
The Netherlands (Vrijstellingsregeling Wet toezicht kredietwezen 1992), as promulgated in
connection with the Dutch Banking Act.

     “Exemption Representation” has the meaning specified in Section 9.1.5(a).

     “Existing Credit Agreements” means, collectively, (a) the Multi-Currency Revolving
Facility Agreement dated August 7, 2003, by and among PLD Europe Finance B.V. and ProLogis UK
Funding B.V., as original borrower, ProLogis, as Parent, the guarantors named therein, ABN AMRO, as
Facility Agent, and various lenders, (b) the Revolving Credit Facility Agreement dated August 5,
2003 by and among ProLogis Japan Finance Incorporated, as original borrower, certain additional
borrowers, ProLogis, as guarantor, SMBC, as Agent, and various lenders, (c) the Credit Agreement
dated November 18, 2004 by and among the borrowers named therein, ProLogis, as guarantor, Bank of
America, acting through its Canadian branch, as Administrative Agent, and various lenders named
therein, (d) the Credit Agreement (Multi-Year) dated November 8, 2002, by and among ProLogis, as a
borrower and guarantor, the other borrowers named therein, Bank of America, as Administrative
Agent, and various lenders, (e) the Credit Agreement (364-Day) dated November 8, 2002, by and among
ProLogis, as borrower and guarantor, the other borrowers named therein, Bank of America, as
Administrative Agent, and various lenders, (f) the Credit Agreement dated June 29, 2005, by and
among ProLogis Macquarie Fund, as borrower, ProLogis, as guarantor, Bank of America, as
Administrative Agent, and various lenders, and (g) the Term Loan Agreement dated September 29,
2005, among Bank of America, as Administrative Agent, the lenders party thereto, and ProLogis.

	 	 	 	 	 	 	 
	 

	 	 	23	 	 	Global Senior Credit Agreement

 

 

     “Existing Letters of Credit” means, collectively, the U.S. Existing Letters of Credit,
the Euro Existing Letters of Credit, and the Yen Existing Letters of Credit.

     “Extension Effective Date” has the meaning specified in Section 8.10.2.

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

     “Fee Letters” means, collectively, the fee letters entered into by and among ProLogis
and certain Agents and/or certain Credit Parties.

     “Fitch” means Fitch IBCA, Duff & Phelps, a division of Fitch, Inc. (or any successor
thereof) or, if Fitch no longer publishes ratings, then another ratings agency selected by ProLogis
and reasonably acceptable to Global Administrative Agent.

     “Fitch Rating” means the most recently-announced rating from time to time of Fitch
assigned to any class of long-term senior, unsecured (or secured solely pursuant to the Pledge
Agreements) debt securities issued by ProLogis, as to which no letter of credit, guaranty, or third
party credit support is in place, regardless of whether all or any part of such Indebtedness has
been issued at the time such rating was issued.

     “Fixed Charge Coverage Ratio” means, as of the last day of any fiscal quarter, the
ratio of (a) (i) Adjusted EBITDA, minus (ii) Capital Expenditures, to (b) the sum
of (i) Debt Service in respect of all Indebtedness, plus (ii) Preferred Dividends, in each
case for the Companies on a consolidated basis (and including the Companies’ Share of such amounts
for their Unconsolidated Affiliates) and for the four (4) fiscal quarters ending on the date of
determination.

     “Foreign Borrower” means a Borrower that (a) with respect to the U.S. Tranche, is not
organized under the Laws of a jurisdiction of the United States, a State thereof or the District of
Columbia, (b) with respect to the Canadian Tranche, is not organized under the Laws of a
jurisdiction of the United States, a State thereof or the District of Columbia or is not qualified
to do business in Canada, (c) with respect to the Euro Tranche, is not organized under the Laws of
The Netherlands, (d) with respect to the Yen Tranche, is not organized under the Laws of Japan, (e)
with respect to the KRW Tranche, is not organized under the Laws of Korea, and (f) with respect to
a Supplemental Tranche, is not organized under the Laws of the applicable Supplemental Primary
Location.

     “Foreign Currency” means any currency other than Dollars.

     “Foreign Currency Equivalent” means with respect to an amount denominated in a Primary
Currency of any Tranche, the equivalent in the applicable Alternative Currency of such amount

	 	 	 	 	 	 	 
	 

	 	 	24	 	 	Global Senior Credit Agreement

 

 

determined at the Spot Rate for the purchase of such Alternative Currency with the applicable
Primary Currency, as determined by the applicable Funding Agent on the most recent Revaluation Date
applicable to such amount.

     “Foreign Lender” means a Lender under a Tranche that cannot make Loans to the Domestic
Borrowers under such Tranche without the imposition of a withholding tax.

     “Foreign Obligor” means a Loan Party that (a) with respect to the U.S. Tranche, is not
organized under the Laws of a jurisdiction of the United States, a State thereof or the District of
Columbia, (b) with respect to the Canadian Tranche, is not organized under the Laws of a
jurisdiction of the United States, a State thereof or the District of Columbia or is not qualified
to do business in Canada, (c) with respect to the Euro Tranche, is not organized under the Laws of
The Netherlands, (d) with respect to the Yen Tranche, is not organized under the Laws of Japan, (e)
with respect to the KRW Tranche, is not organized under the Laws of Korea, and (f) with respect to
a Supplemental Tranche, is not organized under the Laws of the applicable Supplemental Primary
Location.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fronting Commitment” means, with respect to any Fronting Lender, the aggregate Dollar
Equivalent amount of Fronting Loans that such Fronting Lender has agreed to make as set forth on
Schedule 2.2, or such additional amount as approved by such Fronting Lender and the
applicable Funding Agents.

     “Fronting Lender Election” means the election by ProLogis, in consultation with the
applicable Funding Agent, of one or more Fronting Lenders to make the applicable Fronting Loans,
provided that to the extent ProLogis does not make such election as to which Fronting
Lenders fund such Fronting Loan within one (1) Business Day after a request for such information by
the applicable Funding Agent, then such Funding Agent, to the extent that it is a Fronting Lender,
shall fund such Fronting Loan in its capacity as a Fronting Lender; provided further that
if such Funding Agent, in its capacity as Fronting Lender, is unable to fund any portion of such
Fronting Loan due to the limitations set forth in Section 2.2.1, 4.2.1, or
5.2.1, as applicable, then the Fronting Loan (or the applicable portion thereof) shall be
funded by the other Fronting Lenders in the order of the Fronting Lenders with the highest unused
Fronting Commitments.

     “Fronting Lenders” means each of the Lenders listed on Schedule 2.2 and each
successor or additional Fronting Lender hereunder, and “Fronting Lender” means any one of
the Fronting Lenders.

     “Fronting Loans” means, collectively, the U.S. Fronting Loans, the Euro Fronting
Loans, and the Yen Fronting Loans, and “Fronting Loan” means any of the Fronting Loans.

     “Fronting Portion” means, with respect to any Fronting Loan, the portion of the such
Fronting Loan that is funded by the applicable Fronting Lender, as determined by the Funding Agent
for the applicable Tranche.

	 	 	 	 	 	 	 
	 

	 	 	25	 	 	Global Senior Credit Agreement

 

 

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “Funding Agents” means, collectively, U.S. Funding Agent, Canadian Funding Agent, Euro
Funding Agent, Yen Funding Agent, KRW Funding Agent, and each Supplemental Funding Agent; and
“Funding Agent” means any of the Funding Agents.

     “Funding Agents’ Offices” means, collectively, the U.S. Funding Agent’s Office, the
Canadian Funding Agent’s Office, the Euro Funding Agent’s Office, the Yen Funding Agent’s Office,
the KRW Funding Agent’s Office, and each Supplemental Funding Agent’s Office; and “Funding
Agent’s Office” means any one of the Funding Agents’ Offices.

     “GAAP” means generally accepted accounting principles in the United States 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 such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “Global Administrative Agent” means Bank of America, in its capacity as global
administrative agent under the Loan Documents, or any successor in such capacity.

     “Global Administrative Agent’s Office” means, with respect to any currency, Global
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.2
with respect to such currency, or (subject to Section 16.2.5) such other address or account
with respect to such currency as Global Administrative Agent may from time to time notify to
ProLogis, the Funding Agents, and Lenders.

     “Global Syndication Agent” means ABN AMRO, in its capacity as global syndication agent
under the Loan Documents.

     “Governmental Authority” means the government of the United States or any other
nation, or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

     “Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for

	 	 	 	 	 	 	 
	 

	 	 	26	 	 	Global Senior Credit Agreement

 

 

the purpose of assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such obligee against loss in
respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any
Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other
obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such
Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. Guarantees shall not include contingent obligations under any Special Limited
Contribution Agreement (“SLCA”) in connection with certain of such Person’s contributions
of Properties to Property Funds pursuant to which a Company is obligated to make additional capital
contributions to the respective Property Fund under certain circumstances unless the obligations
under such SLCA are required under GAAP to be included in “liabilities” on the balance sheet of the
Companies. The term “Guarantee” as a verb has a corresponding meaning.

     “Guaranties” means the Parent Guaranty and each Subsidiary Guaranty.

     “Guarantors” means, collectively, ProLogis and each Subsidiary Guarantor, and
“Guarantor” means any of the Guarantors.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Honor Date” has the meaning specified in Section 7.3.1.

     “Increasing Lender” has the meaning specified in Section 8.13.1.

     “Indebtedness” means, for any Person, all monetary obligations (without duplication)
of such Person (a) for borrowed money, (b) evidenced by bonds, debentures, notes, or similar
instruments, (c) to pay the deferred purchase price of property or services except (i) trade
payables arising in the ordinary course of business, (ii) deferred tax Liabilities, (iii)
obligations incurred in the ordinary course of business to pay the purchase price of stock so long
as such obligations are paid within customary settlement terms, and (iv) obligations to purchase
stock (other than stock of ProLogis or any of its Consolidated Subsidiaries or Affiliates) pursuant
to subscription or stock purchase agreements in the ordinary course of business, (d) secured by a
Lien existing on any property of such Person, whether or not such obligation shall have been
assumed by such Person; provided that the amount of any Indebtedness under this clause
(d) that has not been assumed by such Person shall be equal to the lesser of the stated amount
of such Indebtedness or the fair market value of the property securing such Indebtedness, (e)
arising under Capital Leases to the extent included on a balance sheet of such Person, (f) arising
under Swap Contracts exclusive of interest rate contracts purchased to hedge indebtedness in the
ordinary course of business and net of obligations owed to such Person under Swap Contracts, and
(g) arising under any Guarantee of such Person (other than (i) endorsements in the ordinary course
of business of negotiable instruments or documents for

	 	 	 	 	 	 	 
	 

	 	 	27	 	 	Global Senior Credit Agreement

 

 

deposit or collection, (ii) indemnification obligations and purchase price adjustments
pursuant to acquisition agreements entered into in the ordinary course of business and (iii) any
Guarantee of Liabilities of a third party that do not constitute Indebtedness). The amount of any
Indebtedness shall be determined without giving effect to any mark-to-market increase or decrease
resulting from the purchase accounting impact of corporate or portfolio acquisition or any
mark-to-market remeasurement of the amount of any Indebtedness denominated in a Foreign Currency.
Indebtedness shall not include obligations under any assessment, performance, bid or surety bond or
any similar bonding obligation.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitees” has the meaning specified in Section 16.4.2.

     “Industrial Property” means a Property that is used for manufacturing, processing or
warehousing.

     “Information” has the meaning specified in Section 16.7.

     “Initial Affiliate Borrowers” means the Eligible Affiliates that are listed on
Schedule 2.3.

     “Interest Expense” means, for any Person for any period, (a) all interest expense on
such Person’s Indebtedness (whether direct, indirect, or contingent, and including interest on all
convertible Liabilities) determined in accordance with GAAP, minus (b) amortized loan fees
to the extent previously paid in cash, plus (c) Restricted Payments of any kind or
character or other proceeds paid or payable with respect to any Disqualified Stock.

     “Interest Payment Date” means, (a) as to any Eurocurrency Rate Loan (including any
Euro Swing Line Loan) and any BA Rate Loan, the last day of each Interest Period applicable to such
Loan and the Maturity Date; provided that if any Interest Period for a Eurocurrency Rate
Loan or BA Rate Loan exceeds three (3) months, the respective dates that fall every three (3)
months after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to
any Base Rate Loan, Money Market Rate Loan, ABR Rate Loan, or KRW Rate Loan, the last Business Day
of each March, June, September and December and the Maturity Date; and (c) as to any Supplemental
Rate Loan that is not a Eurocurrency Rate Loan, the dates set forth in the applicable Supplemental
Addendum.

     “Interest Period” means, as to each Eurocurrency Rate Loan or BA Rate Loan, the period
commencing on the date such Eurocurrency Rate Loan or BA Rate Loan is disbursed or converted to or
continued as a Eurocurrency Rate Loan or BA Rate Loan, as applicable, and ending on the date seven
(7) days or fourteen (14) days (to the extent available for the requested currency), or one (1),
two (2), three (3) or six (6) months thereafter, as selected by the applicable Borrower in the
applicable Committed Loan Notice; provided that:

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

	 	 	 	 	 	 	 
	 

	 	 	28	 	 	Global Senior Credit Agreement

 

 

     (b) any Interest Period 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 the calendar month at the end
of such Interest Period; and

     (c) no Interest Period shall extend beyond the Maturity Date.

     “Internal Control Event” means a material weakness in, or fraud that involves
management or other employees who have a significant role in, ProLogis’ internal controls over
financial reporting, in each case as described in the Securities Laws.

     “Investment” in any Person, Property, or other asset means any investment, whether by
means of stock, purchase, loan, advance, extension of credit, capital contribution, or otherwise,
in or to a Person, the guaranty of any Liabilities of a Person, or the subordination of any claim
against a Person to other Liabilities of such Person. The amount of any Investment shall be
determined in accordance with GAAP; provided that the amount of the Investment in
Properties shall be calculated based upon the undepreciated Investment in such Property.

     “IRS” means the United States Internal Revenue Service.

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice (or such later
version thereof as may be in effect at the time of issuance of such Letter of Credit).

     “Issuer Documents” means with respect to any Letter of Credit, the applicable Letter
of Credit Application, and any other document, agreement and instrument entered into by the
applicable L/C Issuer and the applicable Borrower (or any Eligible Affiliate) or in favor the
applicable L/C Issuer and relating to any Letter of Credit.

     “Japan Appraised Value” means the value of a Japan Properties Fund Property as
determined by a third-party appraisal conducted subsequent to the acquisition of such Japan
Properties Fund Property by the Japan Properties Fund.

     “Japan Properties Fund” means the entity commonly referred to as ProLogis Japan
Properties Fund, formally named PLD/RECO Japan TMK Property Trust, a Japan Trust, and any other
Property Fund that predominantly holds Properties in Japan.

     “Japan Properties Fund Properties” means, as of any date of determination, Industrial
Properties owned by the Japan Properties Fund.

     “Japanese Prime Rate” means, on any day, the per annum rate of interest as publicly
announced by Yen Funding Agent as its “short prime rate” in Japan. The “short prime rate” is a
rate set by Yen Funding Agent based on various factors, including Yen Funding Agent’s costs and
desired return, general economic conditions, and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above or below such announced rate. Any change in
such rate announced by Yen Funding Agent shall take effect at the opening of business on the day
specified in the public announcement of such change.

	 	 	 	 	 	 	 
	 

	 	 	29	 	 	Global Senior Credit Agreement

 

 

     “Keystone Acquisition” means the transactions contemplated by the Agreement and Plan
of Merger dated as of May 3, 2004 among ProLogis Six Rivers Limited Partnership, Six Rivers REIT
Merger Sub LLC, Six Rivers Partnership Merger Sub L.P., ProLogis, ProLogis Fraser, L.P., Belair
Real Estate Corp., Belcrest Real Estate Corp., Belmar Real Estate Corp., Belrose Real Estate Corp.,
Keystone Operating Partnership, L.P. and Keystone Property Trust, together with the agreements and
transactions entered into in connection therewith.

     “Korea Appraised Value” means the value of a Korea Properties Fund Property as
determined by third-party appraisal conducted subsequent to the acquisition of such Korea
Properties Fund Property by the Korea Properties Fund.

     “Korea Properties Fund” means a Property Fund that holds Properties predominantly in
Korea.

     “Korea Properties Fund Properties” means, as of any date of determination, Industrial
Properties owned by the Korea Properties Fund.

     “KRW” means the lawful currency of The Republic of Korea.

     “KRW Aggregate Commitments” means the KRW Commitments of all KRW Lenders.

     “KRW Borrower” means each Borrower listed under the heading “KRW Tranche” on
Schedule 2.3 and any other Borrower added to the KRW Tranche pursuant to Section
8.11 that is organized under the Laws of Korea.

     “KRW Commitment” means, as to each KRW Lender, its obligation to make KRW Committed
Loans to KRW Borrowers pursuant to Section 6.1, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such KRW Lender’s name on the most
recent Schedule 2.1(e) prepared by Global Administrative Agent or KRW Funding Agent (or if
the applicable assignment occurred after such preparation, in the most recent Assignment and
Assumption to which such KRW Lender is a party), as such amount may be adjusted from time to time
in accordance with this Agreement.

     “KRW Committed Borrowing” means a borrowing consisting of simultaneous KRW Committed
Loans made by each Lender pursuant to Section 6.1.

     “KRW Committed Loan” has the meaning specified in Section 6.1.

     “KRW Committed Loan Notice” means a notice of a KRW Committed Borrowing, pursuant to
Section 6.2.1, which, if in writing, shall be substantially in the form of Exhibit
A-5.

     “KRW Funding Agent” means SMBC, in its capacity as KRW funding agent under the Loan
Documents, or any successor in such capacity.

     “KRW Funding Agent’s Office” means, with respect to the KRW Tranche, KRW Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 16.2 with
respect to the KRW Tranche, or (subject to Section 16.2.5) such other address or account
with respect to the KRW

	 	 	 	 	 	 	 
	 

	 	 	30	 	 	Global Senior Credit Agreement

 

 

Tranche as KRW Funding Agent may from time to time notify to ProLogis, Global Administrative
Agent, the other Funding Agents, and KRW Lenders.

     “KRW Lenders” means each Lender listed on Schedule 2.1(e) and any Person that
becomes a KRW Lender pursuant to Section 8.13, and the successors and permitted assigns of
any of the foregoing.

     “KRW Outstanding Amount” means with respect to KRW Committed Loans on any date, the
amount in KRW of the aggregate outstanding principal amount thereof after giving effect to any
borrowings and repayments of such KRW Committed Loans occurring on such date.

     “KRW Rate” means, with respect to a KRW Rate Loan under the KRW Tranche, for any day a
fluctuating rate per annum equal to the final quotation yield rate for the ninety-one (91) days KRW
denominated negotiable certificates of deposit as quoted by the Korea Securities Dealers
Association; provided that if such quotation is not available, KRW Lenders shall determine the KRW
Rate on the basis of another comparable source or sources reasonably selected by them. Any change
in such rate announced by the Korea Securities Dealers Association shall take effect at the opening
of business on the day specified in the public announcement of such change.

     “KRW Rate Loan” means a KRW Committed Loan that bears interest at the KRW Rate.

     “KRW Required Lenders” means, as of any date of determination, KRW Lenders having more
than fifty percent (50%) of the KRW Aggregate Commitments or, if the KRW Aggregate Commitments have
terminated, KRW Lenders holding in the aggregate more than fifty percent (50%) of the aggregate KRW
Outstanding Amount; provided that the KRW Commitment of, and the portion of the KRW
Outstanding Amount held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of KRW Required Lenders.

     “KRW Tranche” means the revolving credit facility described in Article V.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “L/C Advance” means, with respect to each Lender under a particular Tranche, such
Lender’s funding of its participation in any L/C Borrowing under such Tranche in accordance with
its Applicable Tranche Percentage. All U.S. L/C Advances shall be denominated in Dollars. All
Canadian L/C Advances shall be denominated in Canadian Dollars. All Euro L/C Advances shall be
denominated in Euro or Sterling, as applicable. All Yen L/C Advances shall be denominated in Yen.

     “L/C Borrowing” means a Canadian L/C Borrowing, a Euro L/C Borrowing, a U.S. L/C
Borrowing, or a Yen L/C Borrowing, as applicable.

     “L/C Credit Extensions” means, collectively, each U.S. L/C Credit Extension, each
Canadian L/C Credit Extension, each Euro L/C Credit Extension, each Yen L/C Credit Extension, and
each

	 	 	 	 	 	 	 
	 

	 	 	31	 	 	Global Senior Credit Agreement

 

 

Supplemental L/C Credit Extensions; and “L/C Credit Extension” means any one of the
L/C Credit Extensions.

     “L/C Issuers” means, collectively, each U.S. L/C Issuer, each Canadian L/C Issuer,
each Euro L/C Issuer, each Yen L/C Issuer, and each Supplemental L/C Issuer; and “L/C
Issuer” means any one of the L/C Issuers.

     “L/C Obligations” means, collectively, the Dollar Equivalent of all of the U.S. L/C
Obligations, Canadian L/C Obligations, the Euro L/C Obligations, the Yen L/C Obligations, and each
Supplemental L/C Obligation.

     “Lenders” means, collectively, U.S. Lenders, Canadian Lenders, Euro Lenders, Yen
Lenders, KRW Lenders, and Supplemental Lenders, and, as the context requires, includes the Fronting
Lenders and the Swing Line Lenders.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify ProLogis, Global Administrative Agent, and Funding Agent for
the Tranche in which Lender has a commitment or outstandings.

     “Letter of Credit Application” means, an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is the one (1) year anniversary
of the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding
Business Day).

     “Letter of Credit Fee” has the meaning specified in Section 7.9.

     “Letter of Credit Sublimit” means any of the U.S. Letter of Credit Sublimit, the
Canadian Letter of Credit Sublimit, the Euro Letter of Credit Sublimit, the Yen Letter of Credit
Sublimit, or any of the Supplemental Letter of Credit Sublimit.

     “Letters of Credit” means, collectively, the U.S. Letters of Credit, the Canadian
Letters of Credit, the Euro Letters of Credit, the Yen Letters of Credit, and each Supplemental
Letter of Credit, and “Letter of Credit” means any one of the Letters of Credit.

     “Liabilities” means (without duplication), for any Person, (a) any obligations
required by GAAP to be classified upon such Person’s balance sheet as liabilities (excluding any
deferred tax liabilities and any mark-to-market increase or decrease in debt from the purchase
accounting impact of corporate or portfolio acquisitions and from the re-measurement of
intercompany indebtedness); (b) any liabilities secured (or for which the holder of the liability
has an existing right, contingent or otherwise, to be so secured) by any Lien existing on property
owned or acquired by that Person, whether or not such obligation shall have been assumed by such
Person, provided that the amount of any Liability under this clause (b) that has
not been assumed by such Person shall be equal to the lesser of the stated amount of the
liabilities secured (or entitled to be secured) or the fair market value of the applicable
property; and (c) any Guarantees of such Person of liabilities or obligations of others.

	 	 	 	 	 	 	 
	 

	 	 	32	 	 	Global Senior Credit Agreement

 

 

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, priority or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing, but excluding the interest of a lessor under an operating
lease).

     “Loan Documents” means this Agreement, each Supplemental Addendum, each Borrower
Accession Agreement, each Issuer Document, the Fee Letters, the Pledge Agreements, the Security
Agency Agreement, the Security Documents, and the Guaranties.

     “Loan Parties” means, collectively, ProLogis, each Affiliate Borrower, each Subsidiary
Guarantor, and each Pledgor, and “Loan Party” means any one of the Loan Parties.

     “Loans” means, collectively, all U.S. Loans, all Canadian Committed Loans, all Euro
Loans, all Yen Committed Loans, all KRW Committed Loans, and all Supplemental Loans, if any, and
“Loan” means any of the Loans.

     “Major Subsidiary” means, as of any date of determination, each Consolidated
Subsidiary that has Properties and other assets that constitute more than five percent (5%) of
Total Asset Value.

     “Mandatory Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.1.

     “Material Adverse Effect” means any (a) material impairment of the ability of ProLogis
to perform any of its payment or other material obligations under any Indebtedness, (b) material
and adverse change in the assets, operations or financial condition of the Companies, taken as a
whole, or (c) material impairment of the ability of any Borrower (other than ProLogis) to perform
any of its payment or other material obligations under this Agreement unless (i) ProLogis has
performed or discharged such obligation (if capable of being so performed or discharged) or (ii)
ProLogis has a legal obligation to perform and discharge such obligation and ProLogis is satisfying
its legal obligation accordingly.

     “Maturity Date” means the later of (a) October 6, 2009, or (b) if maturity is extended
pursuant to Section 8.10, such extended maturity date as determined pursuant to such
Section.

     “Maximum Leverage Ratio” means 0.60 to 1.0; provided that the Maximum Leverage
Ratio may be increased to up to 0.65 to 1.0 subject to the following conditions: (a) such increase
is at the request of ProLogis by written notice to Global Administrative Agent and is a result of
Indebtedness incurred by ProLogis and identified in writing to Global Administrative Agent to make
an acquisition of Equity Interests or assets of a third party otherwise permitted hereunder; (b)
such increase shall not occur more than three (3) times during the term of this Agreement; and (c)
all such increases shall be in effect on the last day of not more than six (6) fiscal quarters in
the aggregate.

     “Money Market Rate” means, as to any Swing Line Loan made by any Swing Line Lender
pursuant to Sections 2.5 or 4.5 or any Fronting Loan that remains outstanding after
the last day of an Interest Period as contemplated by Section 2.2.5, 4.2.5 or
5.2.5, a rate per annum that shall be

	 	 	 	 	 	 	 
	 

	 	 	33	 	 	Global Senior Credit Agreement

 

 

determined for each Loan by agreement between ProLogis and the applicable Swing Line Lender or
Fronting Lender (but in no event to exceed the Base Rate).

     “Money Market Rate Loan” means any Loan that bears interest at a rate based on the
Money Market Rate.

     “Moody’s” means Moody’s Investors Service, Inc. (or any successor thereof) or, if
Moody’s no longer publishes ratings, another ratings agency selected by ProLogis and reasonably
acceptable to Global Administrative Agent.

     “Moody’s Rating” means the most recently-announced rating from time to time of Moody’s
assigned to any class of long-term senior, unsecured (or secured solely pursuant to the Pledge
Agreements) debt securities issued by ProLogis, as to which no letter of credit, guaranty, or third
party credit support is in place, regardless of whether all or any part of such Indebtedness has
been issued at the time such rating was issued.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which ProLogis or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “NOI” means, for any period and any Property, the difference (if positive) between (a)
any rentals, proceeds, expense reimbursements, or income received from such Property (but excluding
security or other deposits, late fees, early lease termination, or other penalties of a
non-recurring nature), less (b) all costs and expenses (including interest on assessment
bonds) incurred as a result of, or in connection with, the development, operation, or leasing of
such Property, in each case determined in accordance with GAAP (but excluding depreciation,
amortization, Interest Expense and Capital Expenditures).

     “Non-Consenting Lender” means any Lender that, within the preceding sixty (60) days
failed to agree to an amendment, waiver, or consent that was (a) requested by ProLogis and (b)
approved by Lenders holding at least forty percent (40%) of the Dollar Equivalent amount of the
Aggregate Tranche Commitments or, if the Aggregate Tranche Commitments have terminated, of the
Total Global Outstandings (calculated in the same manner as in the definition of “Required
Lenders”) or if such amendment, waiver, or consent related to a particular Tranche, at least forty
percent (40%) of the Aggregate Tranche Commitment for such Tranche or, if such Aggregate Tranche
Commitment has terminated, of the Total Tranche Outstandings for such Tranche.

     “Non-Industrial Property” means a Property that is not an Industrial Property.

     “Non-Qualified Lender” means a U.S. Non-Qualified Lender, a Euro Non-Qualified Lender,
or a Yen Non-Qualified Lender.

     “Non-Recourse Debt” means, for any Person, any Indebtedness of such Person in which
the holder of such Indebtedness may not look to such Person personally for repayment, other than to
the extent of any security therefor or pursuant to Customary Recourse Exceptions.

	 	 	 	 	 	 	 
	 

	 	 	34	 	 	Global Senior Credit Agreement

 

 

     “Non-U.S. Lender” means any Lender that is not organized under the Laws of a
jurisdiction of the United States, a State thereof or the District of Columbia.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan
or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of
any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.

     “Organization Documents” means: (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; (c) with respect to
any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity; and (d) with
respect to a TMK, a copy of its asset securitization plan.

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (a) with respect to all of the outstanding Committed Loans
on any date (other than the Fronting Loans), the Dollar Equivalent amount of the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of such Committed Loans occurring on such date; (b) with respect to Fronting Loans on
any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of such Fronting Loans occurring on
such date; (c) with respect to the all of the outstanding Swing Line Loans on any date, the Dollar
Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of such Swing Line Loans occurring on such date; and (d)
with respect to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate
outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements by any Borrower of
Unreimbursed Amounts.

     “Overnight Rate” means, for any day, (a) with respect to any amount denominated in
Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the
applicable Agent, the applicable L/C Issuer, or the applicable Swing Line Lender, as the case may
be, in accordance with banking industry rules on interbank compensation, and (b) with respect to
any amount denominated in an Alternative Currency under the applicable Tranche, the rate of
interest per

	 	 	 	 	 	 	 
	 

	 	 	35	 	 	Global Senior Credit Agreement

 

 

annum at which overnight deposits in such Alternative Currency, in an amount approximately
equal to the amount with respect to which such rate is being determined, would be offered for such
day by a branch or Affiliate of U.S. Funding Agent in the applicable offshore interbank market for
such currency to major banks in such interbank market.

     “Parent Guaranty” means the Unconditional Parent Guaranty Agreement in substantially
the form of Exhibit E, executed by ProLogis in favor of Collateral Agent, for the benefit
of the holders of Designated Senior Debt (including the Obligations).

     “Participant” has the meaning specified in Section 16.6.4.

     “Participating Member State” means each state so described in any EMU Legislation.

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by ProLogis or any ERISA Affiliate or to which ProLogis or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any time during the
immediately preceding five plan years.

     “Permitted Distributions” means, for ProLogis for any fiscal year of ProLogis,
Restricted Payments (excluding Permitted Redemptions) in an amount not to exceed in the aggregate
the greater of (a) ninety-five percent (95%) of the “Funds from Operations” of ProLogis as
reported to its shareholders in either the annual report of ProLogis filed with the Securities and
Exchange Commission on Form 10-K or the quarterly investment package prepared for the holders of
its Equity Interests for the quarter ending December 31 for such fiscal year, and (b) the amount of
Restricted Payments required to be paid by ProLogis in order for ProLogis to qualify as a REIT.

     “Permitted Liens” means (a) Liens granted to any Agent to secure the Obligations, (b)
pledges or deposits made to secure payment of worker’s compensation (or to participate in any fund
in connection with worker’s compensation insurance), unemployment insurance, pensions, or social
security programs, (c) encumbrances consisting of zoning restrictions, easements, or other
restrictions on the use of real property, provided that such items do not materially impair
the use of such property for the purposes intended and none of which is violated in any material
respect by existing or proposed structures or land use, (d) the following: (i) Liens for taxes not
yet due and payable or are being contested in good faith by appropriate proceedings diligently
conducted, and for which reserves in accordance with GAAP or otherwise reasonably acceptable to
Global Administrative Agent have been provided; or (ii) Liens imposed by mandatory provisions of
law such as for materialmen’s, mechanic’s, warehousemen’s, and other like Liens arising in the
ordinary course of business, securing payment of any Liability whose payment is not yet due, (e)
Liens for taxes, assessments, and governmental charges or assessments that are being contested in
good faith by appropriate proceedings diligently conducted, and for which reserves in accordance
with GAAP or otherwise reasonably acceptable to Global Administrative Agent have been provided, (f)
Liens on Properties where the applicable Company or Unconsolidated Affiliate is insured against
such Liens by title insurance or other similar arrangements satisfactory to Global Administrative
Agent,

	 	 	 	 	 	 	 
	 

	 	 	36	 	 	Global Senior Credit Agreement

 

 

(g) Liens securing assessments or charges payable to a property owner association or similar
entity, which assessments are not yet due and payable or are being contested in good faith by
appropriate proceedings diligently conducted, and for which reserves in accordance with GAAP or
otherwise reasonably acceptable to Global Administrative Agent have been provided, (h) Liens
securing assessment bonds, so long as the applicable Company or Unconsolidated Affiliate is not in
material default under the terms thereof, (i) Liens granted to ProLogis by any other Company or an
Unconsolidated Affiliate, (j) leases to tenants of space in Properties that are entered into in the
ordinary course of business, (k) any netting or set-off arrangement entered into by any Company in
the normal course of its banking arrangements for the purpose of netting debit and credit balances,
or any set-off arrangement which arises by operation of law as a result of any Company opening a
bank account, (l) any title transfer or retention of title arrangement entered into by any Company
in the normal course of its trading activities on the counterparty’s standard or usual terms, (m)
Liens over goods and documents of title to goods arising out of letter of credit transactions
entered into in the ordinary course of business, and (n) any Lien which secures the Obligations and
some or all of the Designated Senior Debt on a pari passu basis.

     “Permitted Redemption” means Restricted Payments permitted by Section 13.5(e).

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by ProLogis or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

     “Platform” has the meaning specified in Section 12.2.

     “Pledge Agreements” means (a) a Pledge Agreement substantially in the form of
Exhibit G-1, executed by ProLogis, and (b) each Pledge Agreement substantially in the form
of Exhibit G-2, executed by a Consolidated Subsidiary pursuant to Section 12.14.

     “Pledgor” means any Consolidated Subsidiary that executes a Pledge Agreement.

     “PMP” means a professional market party as defined in the Exemption Regulation.

     “Policy Guidelines” means the 2005 Dutch Central Bank’s Policy Guidelines (issued in
relation to the Exemption Regulation) dated 29 December 2004 (Beleidsregel 2005 kernbegrippen
markttoetreding en handhaving Wtk 1992).

     “Pre-Approved Reallocations” means each of the pre-approved reallocations set forth on
Schedule 8.12.

     “Preferred Dividends” means, for the Companies, on a consolidated basis, for any
period, Restricted Payments of any kind or character or other proceeds paid or payable with respect
to any Equity Interests except for common equity (but excluding any Restricted Payments paid or
payable to any Company).

	 	 	 	 	 	 	 
	 

	 	 	37	 	 	Global Senior Credit Agreement

 

 

     “Primary Currency” means (a) with respect to the U.S. Tranche, Dollars; (b) with
respect to the Canadian Tranche, Canadian Dollars; (c) with respect to the Euro Tranche, Euro; (d)
with respect to the Yen Tranche, Yen; (d) with respect to the KRW Tranche, KRW; and (e) with
respect to each Supplemental Tranche, as set forth in the applicable Supplemental Addendum.

     “Primary Location” has the meaning specified in Section 8.8.2.

     “ProLogis” has the meaning specified in the introductory paragraph hereto.

     “Properties” means real estate properties (including land) owned by a Company or an
Unconsolidated Affiliate or any trust of which a Company or an Unconsolidated Affiliate is the sole
beneficiary, and “Property” means any one of the Properties.

     “Property Fund” means an Unconsolidated Affiliate formed or sponsored by ProLogis to
hold Properties.

     “Property Fund Borrower” means a Borrower of a Property Fund Loan made pursuant to
this Agreement.

     “Property Fund Loan” means Indebtedness of a Property Fund (which may include Loans
under this Agreement), the proceeds of which were used to finance the contribution by ProLogis or
other Companies of Properties to such Property Fund.

     “Qualified Bridge Loans” means, as of the date any Compliance Certificate is
delivered, any Property Fund Loan that will be refinanced on or prior to maturity with permanent
financing to be provided pursuant to an executed rate lock letter or mortgage loan application
subject to due diligence in effect on the date such Compliance Certificate is delivered;
provided that the aggregate amount of Qualified Bridge Loans shall not exceed five percent
(5%) of Total Asset Value as of the date of determination; and provided, further,
that a Property Fund Loan shall cease to be a Qualified Bridge Loan one hundred and twenty (120)
days after such Property Fund Loan becomes a Qualified Bridge Loan.

     “Qualified Lenders” means any of the U.S. Qualified Lenders, the Euro Qualified
Lenders, and the Yen Qualified Lenders.

     “Rating Requirement” means, as of any date of determination, the lower of the two (2)
highest ratings of the Moody’s Rating, the S&P Rating, and the Fitch Rating. Initially, the
Applicable Margin shall be determined based upon the Rating Requirement specified in the
certificate delivered pursuant to Section 10.1.1(f)(iii). For purposes hereof, the
correlation of the levels or grades of the Moody’s Rating, the S&P Rating, and the Fitch Rating
shall be as set forth in the table included herein in the definition of “Applicable Margin”
in the column labeled “Rating Requirement.” Each change in the Rating Requirement shall be
effective commencing on the fifth (5th) Business Day following the earlier to occur of
(a) Global Administrative Agent’s receipt of notice from ProLogis, as required in Section
12.3(f), of an applicable change in the Moody’s Rating, the S&P Rating, or the Fitch Rating and
(b) Global Administrative Agent’s actual knowledge of an applicable change in the Moody’s Rating,
the S&P Rating, or the Fitch Rating.

     “Reallocation Effective Date” has the meaning specified in Section 8.12.2.

	 	 	 	 	 	 	 
	 

	 	 	38	 	 	Global Senior Credit Agreement

 

 

     “Reference Banks” means the principal London offices of ABN AMRO, Bank of America, and
Société Générale or any successor to any of the foregoing selected by Euro Funding Agent (in
consultation with ProLogis).

     “Refrigerated Warehouse Property” means a Property that is a temperature-controlled
facility operated by ProLogis or any of its Consolidated Subsidiaries.

     “Register” has the meaning specified in Section 16.6.3.

     “Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of ProLogis as prescribed by the Securities Laws.

     “REIT” means a “real estate investment trust” for purposes of the Code.

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

     “Relevant Equivalent” has the meaning specified in Section 7.9.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the thirty (30) day notice period has been waived.

     “Request for Credit Extension” means a request hereunder for a Credit Extension.

     “Requested Tranche” has the meaning specified in Section 8.11.1.

     “Required Lenders” means, as of any date of determination, Lenders having more than
fifty percent (50%) of the Dollar Equivalent amount of the Aggregate Tranche Commitments or, if the
Aggregate Tranche Commitments have terminated, Lenders holding in the aggregate more than fifty
percent (50%) of the Dollar Equivalent amount of the Total Global Outstandings (with the aggregate
amount of each Lender’s risk participation and funded participation in L/C Obligations, Fronting
Loans, and Swing Line Loans being deemed “held” by such Lender for purposes of this definition);
provided that the Commitment of, and the portion of the Total Global Outstandings held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Required Lenders.

     “Responsible Officer” means the chief executive officer, president, chief financial
officer, representative director, treasurer or assistant treasurer of a Loan Party. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the
part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted
on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of any
Company, 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

	 	 	 	 	 	 	 
	 

	 	 	39	 	 	Global Senior Credit Agreement

 

 

of any such capital stock or other Equity Interest, or on account of any return of capital to
any Company’s stockholders, partners or members (or the equivalent).

     “Revaluation Date” means each of the following: (a) each date of a Borrowing of a
Eurocurrency Rate Loan denominated in an Alternative Currency; (b) the first (1st)
Business Day of each calendar month; (c) each date of issuance of a Letter of Credit denominated in
an Alternative Currency; (d) each date of an amendment of any such Letter of Credit having the
effect of increasing the amount thereof (solely with respect to the increased amount); (e) each
date of any payment by an L/C Issuer under any Letter of Credit denominated in an Alternative
Currency; (f) in the case of the Existing Letters of Credit, October 6, 2005; and (g) such
additional dates as Global Administrative Agent, any Funding Agent, or any L/C Issuer shall
reasonably determine.

     “RMB” mean the lawful currency of The People’s Republic of China.

     “RMB Addendum” has the meaning specified in Section 8.14.4.

     “RMB Loan Agreement” means any loan agreement evidencing RMB Loans.

     “RMB Loans” means loans denominated in RMB and made to Borrowers organized under Laws
of The People’s Republic of China.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. (or any successor thereof), or, if S&P no longer publishes ratings, then another
ratings agency selected by ProLogis and reasonably acceptable to Global Administrative Agent.

     “S&P Rating” means the most recently-announced rating from time to time of S&P
assigned to any class of long-term senior, unsecured (or secured solely pursuant to the Pledge
Agreements) debt securities issued by ProLogis, as to which no letter of credit, guaranty, or third
party credit support is in place, regardless of whether all or any part of such Indebtedness has
been issued at the time such rating was issued.

     “Same Day Funds” means (a) with respect to disbursements and payments in the Primary
Currency of the applicable Tranche, immediately available funds, and (b) with respect to
disbursements and payments in an Alternative Currency of the applicable Tranche, same day or other
funds as may be determined by the applicable Funding Agent or applicable L/C Issuer, as the case
may be, to be customary in the place of disbursement or payment for the settlement of international
banking transactions in the relevant Alternative Currency.

     “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Secured Debt” means, for any Person, Indebtedness of such Person secured by any Liens
(other than Permitted Liens) in any of such Person’s Properties or other material assets.

     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices

	 	 	 	 	 	 	 
	 

	 	 	40	 	 	Global Senior Credit Agreement

 

 

promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight
Board.

     “Security Agency Agreement” means the Amended and Restated Security Agency Agreement
dated the date hereof among Global Administrative Agent, Bank of America, as Collateral Agent, and
certain other holders of Designated Senior Debt, and acknowledged by ProLogis.

     “Security Documents” means with respect to each U.S. Bond L/C, the trust indenture
entered into in connection with such U.S. Bond L/C, and such other agreements and documents
delivered by the Issuer (as defined in the applicable U.S. Bond L/C) and the applicable Trustee,
pursuant to which such Issuer’s interest in the Trust Estate, Revenues (each as defined in the
applicable trust indenture) and similar items and, upon payment in full of the applicable Bonds,
such Trustee’s interest in the applicable Bond Documents, are assigned to Collateral Agent as
security for payment of such Bonds.

     “Share” means, for any Person, such Person’s share of the assets, liabilities,
revenues, income, losses, or expenses of an Unconsolidated Affiliate based upon such Person’s
percentage ownership of Equity Interests of such Unconsolidated Affiliate.

     “Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of ProLogis and its Consolidated Subsidiaries as of that date determined in
accordance with GAAP.

     “Short Term Affiliate Borrower” means any Affiliate Borrower that (a) will not request
any Committed Loans, (b) assumes only Outstanding Amounts of another Borrower, and (c) repays such
Outstanding Amounts within thirty (30) days after it assumes such Outstanding Amounts.

     “SMBC” means Sumitomo Mitsui Banking Corporation, and it successors.

     “Solvent” means, as to a Person, that (a) the aggregate fair market value of its
assets exceeds its Liabilities, (b) it has sufficient cash flow to enable it to pay its Liabilities
as they mature, and (c) it does not have unreasonably small capital to conduct its businesses.

     “Specified Type” has the meaning specified in Section 7.3.1.

     “Spot Rate” for a currency means the rate determined by Global Administrative Agent,
the applicable Funding Agent, or the applicable L/C Issuer, as applicable, to be the rate quoted by
such Person as the spot rate for the purchase by such Person of such currency with another currency
through its principal foreign exchange trading office at approximately 11:00 a.m., Applicable Time,
on the date three (3) Business Days prior to the date as of which the foreign exchange computation
is made; provided that if such Person does not have as of the date of determination a spot
buying rate for any such currency, then such Person may obtain such spot rate from another
financial institution reasonably designated by such Person; and provided further
that such L/C Issuer may use such spot rate quoted on the date as of which the foreign exchange
computation is made in the case of any Letter of Credit denominated in an Alternative Currency for
the applicable Tranche.

	 	 	 	 	 	 	 
	 

	 	 	41	 	 	Global Senior Credit Agreement

 

 

     “Stabilized Industrial Properties” means, as of any date, Industrial Properties that
have a Stabilized Occupancy Rate as of the first day of the most recent fiscal quarter of ProLogis
for which information is available.

     “Stabilized Occupancy Rate” means, as of any date for any Property, that the
percentage of the rentable area of such Property leased pursuant to bona fide tenant leases,
licenses, or other agreements requiring current rent or other similar payments, is at least ninety
percent (90%) or such higher percentage as ProLogis requires internally, consistent with past
practices, to classify as stabilized a Property of the relevant type in the relevant market.

     “Sterling” and “£” mean the lawful currency of the United Kingdom.

     “Subsidiary Guarantor” means each Consolidated Subsidiary that has executed a
Subsidiary Guaranty.

     “Subsidiary Guaranty” means an Unconditional Subsidiary Guaranty Agreement in
substantially the form of Exhibit F, executed by an Affiliate Borrower or a Consolidated
Subsidiary required to execute a guaranty pursuant to Section 12.13 in favor of Collateral
Agent, for the benefit of the holders of Designated Senior Debt (including the Obligations), and
modified to the extent required under applicable Laws.

     “Substitute Rate” means (a) the Applicable Margin plus (b) (in the case of any
Lender which has lent from a Lending Office in the United Kingdom or a Participating Member State)
the Mandatory Cost, and (c) (i) to the extent requested by Euro Funding Agent or ProLogis, a
negotiated rate agreed to by ProLogis, Euro Funding Agent and each Euro Lender or (ii) to the
extent that a negotiated rate is not requested or agreed to by the applicable parties, the rate per
annum determined by Euro Funding Agent to be the highest (rounded upwards to four (4) decimal
places) of the rates notified by the Reference Banks to Euro Funding Agent before the last day of
the applicable Interest Period to be those which express as a percentage rate per annum the cost to
each such Reference Bank of funding its Loans from whatever sources it may reasonably select during
such Interest Period.

     “Substitute Rate Loan” means a Euro Committed Loan that bears interest at a rate based
on the Substitute Rate with a one (1) month interest period, if applicable.

     “Supplemental Addendum” has the meaning specified in Section 8.14.2.

     “Supplemental Aggregate Commitments”, “Supplemental Borrowers”,
“Supplemental Commitments”, “Supplemental Committed Borrowing”, “Supplemental
Committed Loan” “Supplemental Committed Loan Notice”, “Supplemental Funding
Agent”, “Supplemental Funding Agent’s Office”, “Supplemental L/C Obligations”,
“Supplemental Lenders”, “Supplemental Letter of Credit”, “Supplemental Letter
of Credit Fee”, “Supplemental Letter of Credit Issuer”, “Supplemental Letter of
Credit Sublimit”, “Supplemental Loans”, “Supplemental Outstanding Amount”,
“Supplemental Rate Loan”, “Supplemental Required Lenders”, “Supplemental Swing
Line Borrowing”, “Supplemental Swing Line Lender”, “Supplemental Swing Line
Loans” and “Supplemental Swing Line Sublimit” have their respective meaning (if any),
with respect to any Supplemental Tranche, as set forth in the applicable Supplemental Addendum or
the RMB Addendum.

	 	 	 	 	 	 	 
	 

	 	 	42	 	 	Global Senior Credit Agreement

 

 

     “Supplemental Primary Location” means, with respect to any Supplemental Tranche, the
primary jurisdiction of each Supplemental Borrower under such Supplemental Tranche as designated in
the applicable Supplemental Addendum or the RMB Addendum.

     “Supplemental Tranche” has the meaning specified in Section 8.14.1.

     “Supplemental Tranche Effective Date” has the meaning specified in Section
8.14.5.

     “Supplemental Tranche Request” has the meaning specified in Section 8.14.1.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or
other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

     “Swing Line Borrowings” means, collectively, U.S. Swing Line Borrowings, Euro Swing
Line Borrowings, and each Supplemental Swing Line Borrowing.

     “Swing Line Lenders” means, collectively, U.S. Swing Line Lenders, Euro Swing Line
Lenders, and each Supplemental Swing Line Lender, and “Swing Line Lender” means any Swing
Line Lender.

     “Swing Line Loans” means, collectively, the U.S. Swing Line Loans, the Euro Swing Line
Loans, and each Supplemental Swing Line Loan; and “Swing Line Loan” means any of the Swing
Line Loans.

     “Swing Line Sublimit” means any of the U.S. Swing Line Sublimit, the Euro Swing Line
Sublimit, or any Supplemental Swing Line Sublimit.

      

					
	 
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	 	Global Senior Credit Agreement

 

 

     “TARGET Day” means any day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be
operative, such other payment system (if any) determined by Global Administrative Agent to be a
suitable replacement) is open for the settlement of payments in Euro.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

     “TMK” means a Tokutei Mokuteki Kaisha incorporated in Japan.

     “Total Asset Value” means, as of any date for the Companies on a consolidated basis
(and including the Companies’ Share of the following amounts for their Unconsolidated Affiliates):

     (a) the sum of (without duplication):

     (i) the quotient of (A) the most recent fiscal quarter’s NOI from Stabilized
Industrial Properties (other than Excluded Properties) multiplied by four (4),
plus management fee income of the Companies for the most recent fiscal
quarter multiplied by four (4) (not to exceed fifteen percent (15%) of NOI of all
Industrial Properties of the Companies and the Companies’ share of NOI from their
Unconsolidated Affiliates), divided by (B) eight percent (8.0%); plus

     (ii) the amount of Investments in Properties under construction; plus

     (iii) the amount of Investments in Properties (A) acquired within twenty-four
(24) months prior to such date of determination, provided that after the
twenty-four (24) month period, if any such Property is not a Stabilized Industrial
Property, then such Property shall be treated as Transition Property as of the date
such Property would have otherwise been treated as a Transition Property if such
Property were not previously treated as an acquired Property, and (B) acquired
pursuant to the Keystone Acquisition or the Catellus Acquisition (regardless of
whether Stabilized Industrial Properties or Transition Properties) (in each case for
which NOI will not be calculated in clause (a)(i) above to avoid
duplication); plus

     (iv) the appraised value set forth in third-party appraisals with respect to
Appraisal Properties for up to eighteen (18) months following the date of such
respective appraisal (for which time NOI will not be calculated in clause
(a)(i) above to avoid duplication, and following such time, the Total Asset
Value of such Appraisal Properties will then be calculated in accordance with
clause (a)(i) above); plus

     (v) the greater of (A) (x) the most recent fiscal quarter’s NOI
multiplied by four (4), divided by (y) eight percent (8.0%), and (B) the amount of
Investments of Transition Properties (other than Excluded Properties) that became
Transition Properties twelve (12) months or less prior to such date; plus

      

					
	 
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	 	Global Senior Credit Agreement

 

 

     (vi) the greater of (A) (x) the most recent fiscal quarter’s NOI
multiplied by four (4), divided by (y) eight percent (8.0%), and (B) seventy-five
percent (75%) of the amount of Investments of Transition Properties (other than
Excluded Properties) that became Transition Properties twenty-four (24) months or
less but more than twelve (12) months prior to such date; plus

     (vii) the greater of (A) (x) the most recent fiscal quarter’s NOI
multiplied by four (4), divided by (y) eight percent (8.0%), and (B) fifty percent
(50%) of the amount of Investments of Transition Properties (other than Excluded
Properties) that became Transition Properties more than twenty-four (24) months
prior to such date; plus

     (viii) the Companies’ Share of the European Appraised Value of European
Properties Fund Properties; plus

     (ix) the Companies’ Share of the sum of:

     (A) the greater of (x) the Japan Appraised Value, and (y) the
Contribution Value of Japan Properties Fund Properties (other than
Transition Properties) in each case for Investments in Stabilized Industrial
Properties; plus

     (B) the Contribution Value of Japan Properties Fund Properties that are
Transition Properties that became Transition Properties twelve (12) months
or less prior to such date; plus

     (C) the greater of (x) the Japan Appraised Value based upon an
appraisal obtained after the applicable Transition Event occurred, and (y)
seventy-five percent (75%) of the Contribution Value of Japan Properties
Fund Properties that are Transition Properties that became Transition
Properties twenty-four (24) months or less but more than twelve (12) months
prior to such date; plus

     (D) the greater of (x) the Japan Appraised Value based upon an
appraisal obtained after the applicable Transition Event occurred, and (y)
fifty percent (50%) of the Contribution Value of Japan Properties Fund
Properties that are Transition Properties that became Transition Properties
more than twenty-four (24) months prior to such date; plus

     (E) the greater of (x) the Korea Appraised Value, and (y) the
Contribution Value of Korea Properties Fund Properties (other than
Transition Properties) in each case for Investments in Stabilized Industrial
Properties; plus

     (F) the Contribution Value of Korea Properties Fund Properties that are
Transition Properties that became Transition Properties twelve (12) months
or less prior to such date; plus

      

					
	 
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	 	Global Senior Credit Agreement

 

 

     (G) the greater of (x) the Korea Appraised Value based upon an
appraisal obtained after the applicable Transition Event occurred, and (y)
seventy-five percent (75%) of the Contribution Value of Korea Properties
Fund Properties that are Transition Properties that became Transition
Properties twenty-four (24) months or less but more than twelve (12) months
prior to such date; plus

     (H) the greater of (x) the Korea Appraised Value based upon an
appraisal obtained after the applicable Transition Event occurred, and (y)
fifty percent (50%) of the Contribution Value of Korea Properties Fund
Properties that are Transition Properties that became Transition Properties
more than twenty-four (24) months prior to such date; plus

     (x) the amount of any cash and Cash Equivalents (excluding tenant
security and other restricted deposits); plus

     (xi) the amount of Investments in Refrigerated Warehouse Properties;
plus

     (xii) the amount of Investments in all other assets the value of which
has not been captured in clauses (a)(i) through (a)(xi)
above;

     less

     (b) the amount of all assets included in the calculation of clause (a)(xii)
above that would be treated as intangible assets under GAAP (including goodwill, trademarks,
trade names, copyrights, patents, deferred charges, and unamortized debt discount and
expense).

     Notwithstanding the foregoing, the amount included in Total Asset Value attributable to
clauses (a)(vi)(B) and (a)(vii)(B) above shall not exceed fifteen percent (15%) of
Total Asset Value.

     “Total Assets” means, for any Person as of any date, (a) such Person’s total assets
determined in accordance with GAAP, plus (b) accumulated depreciation with respect to such
assets.

     “Total Global Outstandings” means the aggregate Outstanding Amount of all Loans and
all L/C Obligations.

     “Total Tranche Outstandings” means, as applicable, the U.S. Total Outstandings, the
Euro Total Outstandings, the Yen Total Outstandings, the Canadian Total Outstandings, the KRW
Outstanding Amount, or any Supplemental Outstanding Amount.

     “Tranche Required Lenders” means, as applicable, the U.S. Required Lenders, the Euro
Required Lenders, the Canadian Required Lenders, the Yen Required Lenders, the KRW Required
Lenders, or any Supplemental Required Lenders.

      

					
	 
	 	46
	 	Global Senior Credit Agreement

 

 

     “Tranches” means, collectively, the U.S. Tranche, the Canadian Tranche, the Euro
Tranche, the Yen Tranche, the KRW Tranche, and each Supplemental Tranche; and “Tranche”
means any of the Tranches.

     “Transition Event” means the events or circumstances that resulted in a Stabilized
Industrial Property becoming a Transition Property.

     “Transition Properties” means, as of any date, (a) Industrial Properties that were
Stabilized Industrial Properties prior to such date but are no longer Stabilized Industrial
Properties as of such date, or (b) Industrial Properties in which construction has been completed
and that have never reached a Stabilized Occupancy Rate.

     “Trigger Date” has the meaning specified in the Security Agency Agreement.

     “Trustee” means any Trustee designated as the beneficiary of a U.S. Bond L/C.

     “Type” means (a) with respect to a U.S. Committed Loan, its character as a Base Rate
Loan or a Eurocurrency Rate Loan, (b) with respect to a Canadian Committed Loan, its character as
an ABR Rate Loan, a BA Rate Loan, or a Eurocurrency Rate Loan, (c) with respect to a Euro Committed
Loan, its character as a Eurocurrency Rate Loan, and (d) with respect to a Yen Committed Loan, its
character as a Eurocurrency Rate Loan, Base Rate Loan (for a Dollar denominated Yen Committed Loan)
or ABR Rate Loan (for a Yen denominated Yen Committed Loan).

     “Unconsolidated Affiliate” means any Person in which ProLogis directly or indirectly
holds Equity Interests but which is not consolidated under GAAP with ProLogis on the consolidated
financial statements of ProLogis.

     “Unencumbered Debt Service” means, for any period, all Debt Service in respect of all
Unsecured Debt of the Companies.

     “Unencumbered Debt Service Coverage Ratio” means, as of any date, the ratio of (a)
Unencumbered EBITDA, to (b) Unencumbered Debt Service, in each case for the four (4) fiscal
quarters ending on the date of determination.

     “Unencumbered EBITDA” means, for any period, Adjusted EBITDA of the Companies (other
than Adjusted EBITDA attributable to any Encumbered Properties owned by a Company) during such
period; provided that (a) there shall not be included in Unencumbered EBITDA any Adjusted
EBITDA subject to any Lien (other than Permitted Liens), (b) Adjusted EBITDA shall be adjusted for
a capital reserve of (i) $0.20 per square foot in the case of Properties that are not Refrigerated
Warehouse Properties, or (ii) $0.10 per cubic foot in the case of Properties that are Refrigerated
Warehouse Properties (except, in each case, for Properties where the tenant is responsible for
capital expenditures), and (c) Unencumbered EBITDA attributable to Consolidated Subsidiaries of
ProLogis that are not Wholly-owned, directly or indirectly, by ProLogis shall be limited to ten
percent (10%) of Unencumbered EBITDA.

     “Unencumbered Property” means any Property that is not an Encumbered Property.

      

					
	 
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	 	Global Senior Credit Agreement

 

 

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amounts” means, collectively, the U.S. Unreimbursed Amount, the Euro
Unreimbursed Amounts, the Canadian Unreimbursed Amount, and the Yen Unreimbursed Amounts.

     “Unsecured Debt” means, for any Person, Indebtedness of such Person that is not
Secured Debt.

     “U.S. Aggregate Commitments” means, at any time, all of the U.S. Commitments of U.S.
Qualified Lenders and U.S. Non-Qualified Lenders; provided that such U.S. Aggregate
Commitments shall not include the Fronting Loan Commitments.

     “U.S. Bond L/Cs” means all U.S. Letters of Credit issued by any U.S. L/C Issuer at the
request of a Domestic Borrower under the U.S. Tranche, for the benefit of any Company, in support
of the Bonds issued by any issuer of tax-exempt bonds which U.S. Letters of Credit satisfy the
conditions set forth in Section 7.13.1, and renewals or extensions thereof, including the
Catellus L/C.

     “U.S. Borrower” means each Borrower listed under the heading “U.S. Tranche” on
Schedule 2.3(a) and any other Borrower added to the U.S. Tranche pursuant to Section
8.11.

     “U.S. Commitment” means, as to each U.S. Lender, its obligation to (a) make U.S.
Committed Loans to U.S. Borrowers pursuant to Section 2.1, (b) purchase participations in
U.S. Fronting Loans to the extent such U.S. Lender is a U.S. Non-Qualified Lender, (c) purchase
participations in U.S. L/C Obligations, and (d) purchase participations in U.S. Swing Line Loans,
in the Dollar Equivalent aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such U.S. Lender’s name on the most recent Schedule 2.1(a)
prepared by Global Administrative Agent or U.S. Funding Agent (or if the applicable assignment
occurred after such preparation, in the most recent Assignment and Assumption to which such U.S.
Lender is a party), as such amount may be adjusted from time to time in accordance with this
Agreement.

     “U.S. Committed Borrowing” means a borrowing consisting of simultaneous U.S. Committed
Loans of the same Type, and, in the case of Eurocurrency Rate Loans, having the same Interest
Period made by each U.S. Lender (other than the applicable U.S. Non-Qualified Lenders) pursuant to
Section 2.1.

     “U.S. Committed Loan” has the meaning specified in Section 2.1, and shall
include any U.S. Fronting Loans made in connection with a U.S. Committed Borrowing.

     “U.S. Committed Loan Notice” means a notice of (a) a U.S. Committed Borrowing, (b) a
conversion of U.S. Committed Loans from one Type to the other, or (c) a continuation of
Eurocurrency Rate Loans, pursuant to Section 2.3.1, which, if in writing, shall be
substantially in the form of Exhibit A-1.

     “U.S. Credit Exposure” means, for any U.S. Lender at any time, the aggregate U.S.
Outstanding Amount of all U.S. Committed Loans (other than U.S. Fronting Loans) of such U.S. Lender
plus such U.S. Lender’s Applicable Tranche Percentage of the U.S. Outstanding Amount of all
U.S. L/C Obligations and all U.S. Swing Line Loans plus, as to any U.S. Non-Qualified
Lenders,

      

					
	 
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	 	Global Senior Credit Agreement

 

 

the U.S. Outstanding Amount of such U.S. Lender’s participation in all applicable U.S.
Fronting Loans.

     “U.S. Credit Extension” means each of the following: (a) a U.S. Committed Borrowing,
(b) U.S. Swing Line Borrowing, and (c) a U.S. L/C Credit Extension.

     “U.S. Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(a).

     “U.S. Fronting Loan” has the meaning specified in Section 2.2.1.

     “U.S. Funding Agent” means Bank of America, in its capacity as U.S. funding agent
under the Loan Documents, or any successor thereof.

     “U.S. Funding Agent’s Office” means, with respect to the U.S. Tranche, U.S. Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 16.2 with
respect to the U.S. Tranche, or (subject to Section 16.2.5) such other address or account
with respect to the U.S. Tranche as U.S. Funding Agent may from time to time notify to ProLogis,
Global Administrative Agent, the other Funding Agents, and U.S. Lenders.

     “U.S. L/C Borrowing” means an extension of credit resulting from a drawing under any
U.S. Letter of Credit which has not been reimbursed on the date when made or refinanced as a U.S.
Committed Borrowing. All U.S. L/C Borrowings shall be denominated in Dollars.

     “U.S. L/C Credit Extension” means, with respect to any U.S. Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “U.S. L/C Issuers” means Bank of America, in its individual capacity as a bank issuing
U.S. Letters of Credit hereunder, and any other U.S. Lender, in its individual capacity, approved
by Global Administrative Agent and U.S. Funding Agent to issue U.S. Letters of Credit hereunder,
including each issuer of a U.S. Existing Letter of Credit; and “U.S. L/C Issuer” means any
one of the U.S. L/C Issuers.

     “U.S. L/C Obligations” means, as of any date of determination, the aggregate amount
available to be drawn under all outstanding U.S. Letters of Credit (including any reinstatement of
or increase in the face amount thereof which may be reflected pursuant to the terms of any U.S.
Bond L/C) plus the aggregate of all U.S. Unreimbursed Amounts, including all U.S. L/C
Borrowings (including all U.S. L/C Borrowings and unpaid reimbursement obligations under any U.S.
Bond L/C).

     “U.S. Lender” means each Lender listed on Schedule 2.1(a) and any Person that
becomes a U.S. Lender pursuant to Section 8.13, and the successors and permitted assigns of
any of the foregoing.

     “U.S. Letter of Credit” means any standby letter of credit issued under the U.S.
Tranche (including the U.S. Existing Letters of Credit). U.S. Letters of Credit may only be issued
in Dollars.

      

					
	 
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	 	Global Senior Credit Agreement

 

 

     “U.S. Letter of Credit Sublimit” means an amount equal to the lesser of (a)
$100,000,000 and (b) the U.S. Aggregate Commitments. The U.S. Letter of Credit Sublimit is part
of, and not in addition to, the U.S. Commitments.

     “U.S. Loan” means an extension of credit by a Lender to a Borrower under Article
II in the form of a U.S. Committed Loan or U.S. Swing Line Loan.

     “U.S. Non-Qualified Lender” means a U.S. Lender that is not a U.S. Qualified Lender.

     “U.S. Outstanding Amount” means: (a) with respect to U.S. Committed Loans (other than
U.S. Fronting Loans), the aggregate outstanding Dollar Equivalent principal amount thereof after
giving effect to any borrowings and repayments of U.S. Committed Loans; (b) with respect to U.S.
Fronting Loans, the aggregate outstanding Dollar Equivalent principal amount thereof after giving
effect to any borrowings and repayments of U.S. Fronting Loans; (c) with respect to U.S. Swing Line
Loans, the aggregate outstanding Dollar Equivalent principal amount thereof after giving effect to
any borrowings and repayments of U.S. Swing Line Loans; and (d) with respect to any U.S. L/C
Obligations, the aggregate outstanding Dollar Equivalent principal amount thereof after giving
effect to any U.S. L/C Credit Extension occurring on such date and any other change in the
outstanding amount of the U.S. L/C Obligations on such date, including as a result of any
reimbursement by any U.S. Borrower of U.S. Unreimbursed Amounts.

     “U.S. Qualified Lender” means, as of any date of determination, a U.S. Lender that (a)
has committed hereunder to make U.S. Committed Loans in the applicable currency requested by a U.S.
Borrower to be funded under the U.S. Tranche, (b) is capable of making the requested U.S. Committed
Loans to the applicable Foreign Borrower requesting such U.S. Committed Loan without the imposition
of any withholding taxes, and (c) to the extent the U.S. Borrower requesting a U.S. Committed Loan
is a TMK, is an institution from which such U.S. Borrower may, pursuant to the Laws of Japan,
borrow money.

     “U.S. Required Lenders” means, as of any date of determination, U.S. Lenders having
more than fifty percent (50%) of the U.S. Aggregate Commitments or, if the U.S. Aggregate
Commitments have terminated, U.S. Lenders holding in the aggregate more than fifty percent (50%) of
the U.S. Total Outstandings (with the aggregate amount of each U.S. Lender’s risk participation and
funded participation in U.S. L/C Obligations, U.S. Fronting Loans, and U.S. Swing Line Loans being
deemed “held” by such U.S. Lender for purposes of this definition); provided that the U.S.
Commitment of, and the portion of the U.S. Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of U.S. Required
Lenders.

     “U.S. Swing Line” means the U.S. revolving credit facility made available by U.S.
Swing Line Lender pursuant to Section 2.5.

     “U.S. Swing Line Borrowing” means a borrowing of a U.S. Swing Line Loan pursuant to
Section 2.4.

     “U.S. Swing Line Lender” means Bank of America, in its capacity as provider of U.S.
Swing Line Loans, or any successor in such capacity.

      

					
	 
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     “U.S. Swing Line Loan” has the meaning specified in Section 2.5.1.

     “U.S. Swing Line Loan Notice” means a notice of a U.S. Swing Line Borrowing pursuant
to Section 2.4(b), which, if in writing, shall be substantially in the form of Exhibit
B-1.

     “U.S. Swing Line Sublimit” means an amount equal to the lesser of (a)
$100,000,000 and (b) the U.S. Aggregate Commitments. The U.S. Swing Line Sublimit is part of, and
not in addition to, the U.S. Aggregate Commitments.

     “U.S. Total Outstandings” means the aggregate U.S. Outstanding Amount of all U.S.
Committed Loans (including all U.S. Fronting Loans), all U.S. Swing Line Loans, and all U.S. L/C
Obligations.

     “U.S. Tranche” means the U.S. credit facility described in Article II hereof.

     “U.S. Unreimbursed Amount” means any unreimbursed amounts under Section 7.3
with respect to a U.S. Letter of Credit.

     “Wholly-owned” when used in connection with any Consolidated Subsidiary of any Person
shall mean a Consolidated Subsidiary of which all of the issued and outstanding shares of Equity
Interests shall be owned by such Person or one or more of its Wholly-owned Consolidated
Subsidiaries.

     “Yen” and “¥” mean the lawful currency of Japan.

     “Yen Aggregate Commitments” means, at any time, all of the Yen Commitments of Yen
Qualified Lenders and Yen Non-Qualified Lenders, provided that such Yen Aggregate
Commitments shall not include the Fronting Loan Commitments.

     “Yen Borrower” means each Borrower listed under the heading “Yen Tranche” on
Schedule 2.3(d) and any other Borrower added to the Yen Tranche pursuant to Section
8.11.

     “Yen Commitment” means, as to each Yen Lender, its obligation to (a) make Yen
Committed Loans to Yen Borrowers pursuant to Section 5.1, (b) purchase participations in
Yen Fronting Loans to the extent such Yen Lender is a Yen Non-Qualified Lender, and (c) purchase
participations in Yen L/C Obligations, in the Yen Equivalent aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such Yen Lender’s name on the most
recent Schedule 2.1(d) prepared by Global Administrative Agent or Yen Funding Agent (or if
the applicable assignment occurred after such preparation, in the most recent Assignment and
Assumption to which such Yen Lender is a party), as such amount may be adjusted from time to time
in accordance with this Agreement.

     “Yen Committed Borrowing” means a borrowing consisting of simultaneous Yen Committed
Loans of the same Type, and, in the case of Eurocurrency Rate Loans, having the same Interest
Period made by each Yen Lender (other than the applicable Yen Non-Qualified Lenders) pursuant to
Section 5.1.

      

					
	 
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     “Yen Committed Loan” has the meaning specified in Section 5.1, and shall
include any Yen Fronting Loans made in connection with a Yen Committed Borrowing.

     “Yen Committed Loan Notice” means a notice of (a) a Yen Committed Borrowing, (b) a
conversion of Yen Committed Loans from one Type to the other, or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 5.3.1, which, if in writing, shall be substantially in the
form of Exhibit A-4.

     “Yen Credit Exposure” means, for any Yen Lender at any time, the aggregate Yen
Outstanding Amount of all Yen Committed Loans (other than Yen Fronting Loans) of such Yen Lender
plus such Yen Lender’s Applicable Tranche Percentage of the Yen Outstanding Amount of all
Yen L/C Obligations plus, as to any Yen Non-Qualified Lenders, the Yen Outstanding Amount
of such Yen Lender’s participation in all applicable Yen Fronting Loans.

     “Yen Credit Extension” means each of the following: (a) a Yen Committed Borrowing and
(b) a Yen L/C Credit Extension.

     “Yen Equivalent” means, at any time, (a) with respect to any amount denominated in
Yen, such amount, and (b) with respect to any amount denominated in any Alternative Currency under
the Yen Tranche, the equivalent amount thereof in Yen as determined by Yen Funding Agent or the
applicable Yen L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (as of
the most recent Revaluation Date) for the purchase of Yen with such Alternative Currency.

     “Yen Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(c).

     “Yen Fronting Loan” has the meaning specified in Section 5.2.1.

     “Yen Funding Agent” means SMBC, in its capacity as Yen funding agent under the Loan
Documents, or any successor in such capacity.

     “Yen Funding Agent’s Office” means, with respect to the Yen Tranche, Yen Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 16.2 with
respect to the Yen Tranche, or (subject to Section 16.2.5) such other address or account
with respect to the Yen Tranche as Yen Funding Agent may from time to time notify to ProLogis,
Global Administrative Agent, the other Funding Agents, and Yen Lenders.

     “Yen L/C Borrowing” means an extension of credit resulting from a drawing under any
Yen Letter of Credit which has not been reimbursed on the date when made or refinanced as a Yen
Committed Borrowing. All Yen L/C Borrowings shall be denominated in Yen.

     “Yen L/C Credit Extension” means, with respect to any Yen Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “Yen L/C Issuers” means SMBC, in its individual capacity as a bank issuing Letters of
Credit hereunder, and any other Yen Lender, in its individual capacity, approved by Global
Administrative Agent and Yen Funding Agent to issue Yen Letters of Credit hereunder, including each
issuer of a Yen Existing Letter of Credit; and “Yen L/C Issuer” means any one of Yen L/C
Issuers.

      

					
	 
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     “Yen L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Yen Letters of Credit plus the aggregate of all
Yen Unreimbursed Amounts, including all Yen L/C Borrowings.

     “Yen Lender” means (a) each Lender listed on Schedule 2.1(d) and (b)any Person
that becomes a Yen Lender pursuant to Section 8.13, and the successors and permitted
assigns of any of the foregoing; provided that such Person and its permitted successors or
assigns in each case is an institution from which a TMK may, pursuant to the Laws of Japan, borrow
money.

     “Yen Letter of Credit” means any standby letter of credit issued under the Yen Tranche
(including the Yen Existing Letters of Credit). Yen Letters of Credit may only be issued in Yen.

     “Yen Letter of Credit Sublimit” means an amount equal to the lesser of (a)
¥10,000,000,000 and (b) the Yen Aggregate Commitments. The Yen Letter of Credit Sublimit
is part of, and not in addition to, the Yen Aggregate Commitments.

     “Yen Non-Qualified Lender” means a Yen Lender that is not a Yen Qualified Lender.

     “Yen Outstanding Amount” means: (a) with respect to Yen Committed Loans (other than
Yen Fronting Loans), the aggregate outstanding Yen Equivalent principal amount thereof after giving
effect to any borrowings and repayments of Yen Committed Loans; (b) with respect to Yen Fronting
Loans, the aggregate outstanding Yen Equivalent principal amount thereof after giving effect to any
borrowings and repayments of Yen Fronting Loans; and (c) with respect to any Yen L/C Obligations,
the aggregate outstanding Yen Equivalent principal amount thereof after giving effect to any Yen
L/C Credit Extension occurring on such date and any other change in the outstanding amount of the
Yen L/C Obligations on such date, including as a result of any reimbursement by any Yen Borrower of
Yen Unreimbursed Amounts.

     “Yen Qualified Lender” means, as of any date of determination, a Yen Lender that (a)
has committed hereunder to make Yen Committed Loans in the applicable currency requested by a Yen
Borrower to be funded under the Yen Tranche, and (b) is capable of making the requested Yen
Committed Loans to the applicable Foreign Borrower requesting such Yen Committed Loan without the
imposition of any withholding taxes.

     “Yen Required Lenders” means, as of any date of determination, Yen Lenders having more
than fifty percent (50%) of the Yen Aggregate Commitments or, if the Yen Aggregate Commitments have
terminated, Yen Lenders holding in the aggregate more than fifty percent (50%) of the Yen Total
Outstandings (with the aggregate amount of each Yen Lender’s risk participation and funded
participation in Yen L/C Obligations and Yen Fronting Loans being deemed “held” by such Yen Lender
for purposes of this definition); provided that the Yen Commitment of, and the portion of
the Yen Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Yen Required Lenders.

     “Yen Total Outstandings” means the aggregate Yen Outstanding Amount of all Yen
Committed Loans (including all Yen Fronting Loans) and all Yen L/C Obligations.

     “Yen Tranche” means the Yen credit facility as described in Article V hereof.

      

					
	 
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     “Yen Unreimbursed Amount” means any unreimbursed amounts under Section 7.3
with respect to a Yen Letter of Credit.

     1.2 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

     (a) The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation.” The word “will” shall be
construed to have the same meaning and effect as the word “shall.” Unless
the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be
construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include
such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in
any Loan Document, shall be construed to refer to such Loan Document in its entirety
and not to any particular provision thereof, (iv) all references in a Loan Document
to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which
such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law
and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time,
and (vi) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     (b) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including;” the
words “to” and “until” each mean “to but excluding;” and the
word “through” means “to and including.”

     (c) Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

     1.3 Accounting Terms.

     1.3.1 Generally. All accounting terms not specifically or completely defined
herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from
time to

      

					
	 
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time, applied in a manner consistent with that used in preparing the Audited Financial
Statements, except as otherwise specifically prescribed herein.

     1.3.2 Changes in GAAP. If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either
ProLogis or the Required Lenders shall so request, Global Administrative Agent, Lenders and
ProLogis shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the
Required Lenders); provided that, until so amended, (a) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (b)
ProLogis shall provide to Global Administrative Agent and each Lender financial statements
and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

     1.3.3 Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the Companies or to the determination of any amount for
the Companies on a consolidated basis or any similar reference shall, in each case, be
deemed to include each variable interest entity that ProLogis is required to consolidate
pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an
interpretation of ARB No. 51 (January 2003) as if such variable interest entity were a
Consolidated Subsidiary as defined herein.

     1.3.4 Property Funds. Notwithstanding the foregoing, in the event of a change
in GAAP resulting in Property Funds being treated as a Consolidated Subsidiary under GAAP,
then such Property Funds shall continue to be considered Unconsolidated Affiliates.

     1.4 Exchange Rates; Currency Equivalents.

     (a) Global Administrative Agent, the applicable Funding Agent, or the
applicable L/C Issuer, as applicable, shall determine the Spot Rates as of each
Revaluation Date to be used for calculating the Dollar Equivalent amount, the Euro
Equivalent amount, and the Yen Equivalent amount of Credit Extensions and any Credit
Extensions denominated in the Alternative Currency of each applicable Tranche. Such
Spot Rates shall become effective as of such Revaluation Date and shall be the Spot
Rates employed in converting any amounts between the applicable currencies until the
next Revaluation Date.

     (b) Wherever in this Agreement in connection with a Committed Borrowing,
conversion, continuation or prepayment of a Eurocurrency Rate Loan or BA Rate Loan,
or the issuance, amendment or extension of a Letter of Credit, or a Swing Line Loan,
an amount (such as a required minimum or multiple amount) is expressed in a Primary
Currency of the applicable Tranche, but such Committed Borrowing, Eurocurrency Rate
Loan, BA Rate Loan, Letter of Credit, or Swing Line Loan is denominated in an
Alternative Currency, such amount shall be the relevant Foreign Currency Equivalent
of such Primary Currency amount (rounded to the nearest unit of such Foreign
Currency, with 0.0001 of a unit being rounded upward),

      

					
	 
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as determined by the applicable Funding Agent on the applicable Revaluation
Date under and in accordance with the provisions of this Agreement.

     1.5 Change of Currency.

     (a) Each obligation of Borrowers to make a payment denominated in the national
currency unit of any member state of the European Union that adopts the Euro as its
lawful currency after the date hereof shall be redenominated into Euro at the time
of such adoption (in accordance with the EMU Legislation). If, in relation to the
currency of any such member state, the basis of accrual of interest expressed in
this Agreement in respect of that currency shall be inconsistent with any convention
or practice in the London interbank market for the basis of accrual of interest in
respect of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro as its
lawful currency; provided that if any Committed Borrowing in the currency of
such member state is outstanding immediately prior to such date, such replacement
shall take effect, with respect to such Committed Borrowing, at the end of the then
current Interest Period.

     (b) Each provision of this Agreement shall be subject to such reasonable
changes of construction as Global Administrative Agent (in consultation with any
other relevant Agent and, to the extent a Default does not exist, ProLogis) may from
time to time specify to be appropriate to reflect the adoption of the Euro by any
member state of the European Union and any relevant market conventions or practices
relating to the Euro.

     (c) Each provision of this Agreement also shall be subject to such reasonable
changes of construction as Global Administrative Agent (in consultation with any
other relevant Agent and, to the extent a Default does not exist, ProLogis) may from
time to time specify to be appropriate to reflect a change in currency of any other
country and any relevant market conventions or practices relating to such change in
currency.

     1.6 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Central time (daylight or standard, as applicable).

     1.7 Determination of Letter of Credit Amounts and Whether a Letter of Credit is Outstanding.

     (a) Unless otherwise specified herein, the amount of a Letter of Credit at any
time shall be deemed to be the Dollar Equivalent for the U.S. Tranche of the stated
amount of such U.S. Letter of Credit in effect at such time; the Euro Equivalent for
the Euro Tranche of the stated amount of such Euro Letter of Credit in effect at
such time; the amount of the Canadian Dollars of such Canadian Letter of Credit in
effect at such time, and the Yen Equivalent for the Yen Tranche of the stated amount
of such Yen Letter of Credit in effect at such time; provided that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer
Document

      

					
	 
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related thereto, provides for one or more automatic increases in the stated
amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar
Equivalent for the U.S. Tranche, the amount of Canadian Dollars for the Canadian
Tranche, the Euro Equivalent for the Euro Tranche; and the Yen Equivalent for the
Yen Tranche of the maximum stated amount of such Letter of Credit after giving
effect to all such increases, whether or not such maximum stated amount is in effect
at such time.

     (b) For all purposes of this Agreement, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit
shall be deemed to be “outstanding” in the amount so remaining available to be
drawn.

ARTICLE II

U.S. COMMITMENTS AND U.S. CREDIT EXTENSIONS

     2.1 U.S. Committed Loans. Subject to the terms and conditions set forth herein, each U.S. Lender
severally agrees to make loans (each such loan, a “U.S. Committed Loan”) to each U.S.
Borrower in Dollars or in one or more Alternative Currencies of the U.S. Tranche, subject to
Section 2.2, from time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such U.S. Lender’s U.S.
Commitment; provided that after giving effect to any U.S. Committed Borrowing, (a) the U.S.
Total Outstandings shall not exceed the U.S. Aggregate Commitments, and (b) the U.S. Credit
Exposure of any U.S. Lender shall not exceed such U.S. Lender’s U.S. Commitment. Within the limits
of each U.S. Lender’s U.S. Commitment, U.S. Borrowers may borrow under this Section 2.1,
prepay under Section 2.6, and reborrow under this Section 2.1. U.S. Committed
Loans denominated in Dollars may be Base Rate Loans or Eurocurrency Loans, and U.S. Committed Loans
denominated in any Alternative Currency may be Eurocurrency Rate Loans, as further provided herein.

     2.2 U.S. Fronting Loans.

     2.2.1 U.S. Fronting Loans. Subject to the terms and conditions set forth in
this Section 2.2, upon a request for a U.S. Committed Borrowing in an Alternative
Currency or to a Foreign Borrower in compliance with Section 2.1, each Fronting
Lender agrees, subject to the limitations set forth below, to fund its Fronting Portion of
such U.S. Committed Borrowing in the requested currency on behalf of each applicable U.S.
Non-Qualified Lender with respect to such U.S. Committed Borrowing and in the amount of each
such U.S. Non-Qualified Lender’s Applicable Tranche Percentage for such U.S. Committed Loan
(each a “U.S. Fronting Loan”), notwithstanding the fact that such U.S. Fronting
Loan, when aggregated with the Applicable Tranche Percentage of the U.S. Credit Exposure of
such Fronting Lender, may exceed the amount of such Fronting Lender’s U.S. Commitment;
provided that (a) after giving effect to any U.S. Fronting Loan, the aggregate
Dollar Equivalent amount of all Fronting Loans funded by such Fronting Lender shall not
exceed the Fronting Commitment of such Fronting Lender, and (b) such Fronting Lender shall
not be a U.S. Non-Qualified Lender for purposes of such U.S. Fronting Loan. Immediately
upon the making of a U.S. Fronting Loan on behalf of a U.S. Non-Qualified Lender, such U.S.

      

					
	 
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Non-Qualified Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from such Fronting Lender a risk participation in one hundred percent
(100%) of such U.S. Fronting Loan. The purchase of such risk participation in each U.S.
Fronting Loan by such U.S. Non-Qualified Lender shall satisfy such U.S. Non-Qualified
Lender’s funding requirements under Section 2.1. Notwithstanding any other provision
herein, no more than five (5) Credit Extensions that utilize U.S. Fronting Loans shall be
made during any calendar month.

     2.2.2 Election of Fronting Lenders. (a) Upon a request for a U.S. Committed
Borrowing in accordance with Section 2.3 in an Alternative Currency, or to a TMK,
with respect to which there are U.S. Non-Qualified Lenders, there shall be a Fronting Lender
Election. If the Fronting Lenders based on the limitations set forth in the proviso to the
first sentence of Section 2.2.1 are unable to fund the entire requested U.S.
Fronting Loan in such Alternative Currency or to such TMK, then the applicable U.S. Borrower
may decrease the amount of the requested U.S. Committed Borrowing within one (1) Business
Day after notice by U.S. Funding Agent of such limitation. If such U.S. Borrower does not
reduce its request for a U.S. Committed Borrowing to an amount equal to or less than the
available Fronting Commitment subject to the limitation set forth in the proviso to the
first sentence in Section 2.2.1, then the requested U.S. Committed Loan shall not be
made by U.S. Lenders.

(b) Upon a request for a U.S. Committed Borrowing in accordance with Section
2.3 to a Foreign Borrower with respect to which there are U.S. Non-Qualified
Lenders, there shall be a Fronting Lender Election. If there are no available
Fronting Lenders based on the limitations set forth in the proviso to the first
sentence of Section 2.2.1 to fund the entire requested U.S. Fronting Loan to
such Foreign Borrower (other than with respect to a TMK as set forth in
paragraph (a) above), then the applicable U.S. Borrower may decrease the
amount of the requested U.S. Committed Borrowing within one (1) Business Day after
notice by U.S. Funding Agent of such limitation. If such U.S. Borrower does not
reduce its request for a U.S. Committed Borrowing to an amount equal to or less than
the available Fronting Commitment subject to the limitation set forth in the proviso
to the first sentence in Section 2.2.1, then (x) the requested U.S.
Committed Loan shall be deemed to be reduced to the available Fronting Commitments
and (y) the applicable U.S. Borrower shall be deemed to have requested an additional
U.S. Committed Loan in the amount of the excess of the requested U.S. Committed Loan
over the available Fronting Commitments which shall be made by U.S. Lenders without
the utilization of any Fronting Loans.

     2.2.3 Refinancing of the U.S. Fronting Loans.

(a) (i) On the Trigger Date, U.S. Funding Agent shall notify each U.S.
Non-Qualified Lender of its obligation to fund its participation in each
applicable U.S. Fronting Loan. Each applicable U.S. Non-Qualified Lender
shall make the amount of its participation in each applicable U.S. Fronting
Loan specified in such notice available to U.S. Funding Agent in Same Day
Funds for the account of the applicable Fronting Lender at U.S. Funding
Agent’s Office for payments in the same currency as the applicable U.S.

 

					
	 
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Fronting Loan not later than 1:00 p.m. on the Business Day specified in such
notice.

     (ii) To the extent that a U.S. Non-Qualified Lender that has a risk
participation in a U.S. Fronting Loan assigns all or part of its interest in
such risk participation under Section 16.6 to a U.S. Qualified
Lender for purposes of such U.S. Fronting Loan, then such U.S. Qualified
Lender shall make the amount of its assigned participation in such U.S.
Fronting Loan available to U.S. Funding Agent in Same Day Funds for the
account of the applicable Fronting Lender at U.S. Funding Agent’s Office for
payments in the same currency as the applicable U.S. Fronting Loan not later
than 1:00 p.m. on the third (3rd) Business Day following the
effective date of the assignment.

     (b) If any applicable U.S. Lender fails to make available to any Fronting
Lender any amount required to be paid by such U.S. Lender pursuant to the foregoing
provisions of this Section 2.2.3 by the time specified in Section
2.2.3(a), such Fronting Lender shall be entitled to recover from such U.S.
Lender (acting through U.S. Funding Agent), on demand, such amount in the same
currency as the applicable U.S. Fronting Loan with interest thereon for the period
from the date such payment is required to the date on which such payment is
immediately available to such Fronting Lender at a rate per annum equal to the
applicable Overnight Rate from time to time in effect. A certificate of a Fronting
Lender submitted to any applicable U.S. Lender (through U.S. Funding Agent) with
respect to any amount owing under this clause (b) shall be conclusive absent
manifest error.

     (c) Each applicable U.S. Lender’s obligation to purchase and fund risk
participations in U.S. Fronting Loans pursuant to this Section 2.2.3 shall
be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right which
such U.S. Lender may have against the applicable Fronting Lender, any U.S. Borrower
or any other Person for any reason whatsoever, (ii) the occurrence or continuance of
a Default, or (iii) any other occurrence, event or condition, whether or not similar
to any of the foregoing. No such funding of risk participations shall relieve or
otherwise impair the obligation of any U.S. Borrower to repay any Fronting Lender,
together with interest as provided herein.

     (d) At any time after any U.S. Lender has purchased and funded a risk
participation in a U.S. Fronting Loan, if the applicable Fronting Lender receives
any payment on account of such U.S. Fronting Loan, such Fronting Lender will
distribute to such U.S. Lender such payment (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such U.S. Lender’s
participation was funded) in the same funds and currency as those received by such
Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a U.S. Lender)
in respect of principal or interest on any U.S. Fronting Loan is required to be
returned by such Fronting Lender under any of the circumstances described in

      

					
	 
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Section 16.5 (including pursuant to any settlement entered into by such
Fronting Lender in its direction), such U.S. Lender shall pay to such U.S. Fronting
Lender in the applicable currency of such Fronting Loan the amount of such payment
in respect of such U.S. Fronting Loan on demand of U.S. Funding Agent, plus
interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the applicable Overnight Rate. U.S. Funding Agent will
make such demand upon the request of the applicable Fronting Lender. The
obligations of the applicable U.S. Lenders under this clause shall survive the
payment in full of the Obligations and the termination of this Agreement.

     2.2.4 Payments for Account of the applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until the applicable U.S. Lender funds its risk
participation pursuant to this Section 2.2 to refinance such U.S. Lender’s
applicable U.S. Fronting Loan, all payments made hereunder in respect of the portion of any
U.S. Committed Loans that was funded in part by a Fronting Lender on behalf of such U.S.
Lender shall be solely for the account of the applicable Fronting Lender.

     2.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a U.S. Fronting Loan on behalf of a U.S. Non-Qualified Lender
that is a Defaulting Lender at the time of the receipt by U.S. Funding Agent of the
applicable U.S. Committed Loan Notice. In addition, to the extent (a) a U.S. Fronting Loan
is outstanding, (b) a U.S. Non-Qualified Lender becomes a Defaulting Lender, and (c) the
applicable Fronting Lender makes a demand for repayment to the applicable U.S. Borrower,
then such U.S. Borrower shall repay such U.S. Fronting Loan (i) on or before the earlier of
(A) thirty (30) days following receipt of such demand or (B) the fifth (5th) day
following the last day of the applicable Interest Period ending after receipt of such
demand, or (ii) if no Interest Period is in effect with respect to such U.S. Fronting Loan,
within ten (10) days following receipt of such demand. If any such U.S. Fronting Loan is
not repaid in full on the last day of an Interest Period (if applicable or required under
clause (i)(B) above), such U.S. Fronting Loan shall bear interest at the Money
Market Rate plus the Applicable Margin until such payment is due hereunder.

     2.3 U.S. Committed Borrowings, Conversions and Continuations of U.S. Committed Loans.

     2.3.1 Procedures for U.S. Committed Borrowings. Each U.S. Committed Borrowing,
each conversion of U.S. Committed Loans from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the requesting U.S. Borrower’s irrevocable notice
to U.S. Funding Agent, which may be given by telephone. Each such notice must be received
by U.S. Funding Agent not later than 11:00 a.m. (a) three (3) Business Days (five (5)
Business Days in the case of a Foreign Borrower) prior to the requested date of any U.S.
Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated
in Dollars, (b) four (4) Business Days (five (5) Business Days in the case of a Foreign
Borrower) prior to the requested date of any U.S. Committed Borrowing denominated in any
Alternative Currency of the U.S. Tranche or any continuation or conversion of Eurocurrency
Rate Loans denominated in any Alternative Currency of the U.S. Tranche, and (c) one (1)
Business Day (five (5) Business Days in the

      

					
	 
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case of a Foreign Borrower) prior to the requested date of any U.S. Committed Borrowing
of Base Rate U.S. Committed Loans or of any conversion of Eurocurrency Rate Loans
denominated in Dollars to Base Rate Committed Loans. Each telephonic notice by the
requesting U.S. Borrower pursuant to this Section 2.3.1 must be confirmed promptly
by delivery to U.S. Funding Agent of a written U.S. Committed Loan Notice, appropriately
completed and signed by a Responsible Officer of such U.S. Borrower. Each U.S. Committed
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a
principal amount permitted by Section 8.1.1. Except as provided in Sections
7.3 and 2.5.3, each U.S. Committed Borrowing of or conversion to Base Rate
Committed Loans shall be in a principal amount permitted by Section 8.1.1. Each
U.S. Committed Loan Notice (whether telephonic or written) shall specify (i) the
jurisdiction of the applicable U.S. Borrower, (ii) whether such U.S. Borrower is requesting
a U.S. Committed Borrowing, a conversion of U.S. Committed Loans from one Type to the other,
or a continuation of Eurocurrency Rate Loans, (iii) the requested date of the U.S. Committed
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day),
(iv) the principal amount of U.S. Committed Loans to be borrowed, converted or continued,
(v) the Type of U.S. Committed Loans to be borrowed or to which existing U.S. Committed
Loans are to be converted, (vi) if applicable, the duration of the Interest Period with
respect thereto, and (vii) the currency of the U.S. Committed Loans to be borrowed or
continued. If the requesting U.S. Borrower fails to specify a currency in a U.S. Committed
Loan Notice requesting a U.S. Committed Borrowing, then the U.S. Committed Loans so
requested shall be made in Dollars. If the requesting U.S. Borrower fails to specify a Type
of U.S. Committed Loan in a U.S. Committed Loan Notice or if the requesting U.S. Borrower
fails to give a timely notice requesting a continuation, then the applicable U.S. Committed
Loans shall be made as, or converted to, Base Rate Loans; provided that in the case
of a failure to timely request a continuation of U.S. Committed Loans denominated in an
Alternative Currency of the U.S. Tranche, such U.S. Committed Loans shall be continued as
Eurocurrency Rate Loans in their original currency with an Interest Period of one (1) month.
Any automatic conversion to Base Rate Loans shall be effective as of the last day of the
Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If
the requesting U.S. Borrower requests a U.S. Committed Borrowing of, conversion to, or
continuation of Eurocurrency Rate Loans in any such U.S. Committed Loan Notice, but fails to
specify an Interest Period, it will be deemed to have specified an Interest Period of one
(1) month. No U.S. Committed Loan may be converted into or continued as a U.S. Committed
Loan denominated in a different currency, but instead must be repaid in the original
currency of such U.S. Committed Loan and reborrowed in the other currency.

     2.3.2 Funding of U.S. Committed Loans. Following receipt of a U.S. Committed
Loan Notice, U.S. Funding Agent shall promptly notify each U.S. Lender of the amount and
currency of its Applicable Tranche Percentage of the applicable U.S. Committed Borrowing,
and if no timely notice of a conversion or continuation is provided by the applicable U.S.
Borrower, U.S. Funding Agent shall notify each U.S. Lender of the details of any automatic
conversion to Base Rate Loans, or continuation of U.S. Committed Loans denominated in a
currency other than Dollars, in each case as described in Section 2.3.1. In the
case of a U.S. Committed Borrowing, each U.S. Qualified Lender and the applicable Fronting
Lender, if any, shall make the amount of its U.S. Committed Loan available to U.S. Funding
Agent in Same Day Funds at U.S. Funding Agent’s Office for the applicable currency not later
than

      

					
	 
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1:00 p.m., in the case of any U.S. Committed Loan denominated in any Dollars, and not
later than the Applicable Time specified by U.S. Funding Agent in the case of any U.S.
Committed Loan in an Alternative Currency under the U.S. Tranche, in each case on the
Business Day specified in the applicable U.S. Committed Loan Notice. Upon satisfaction of
the applicable conditions set forth in Section 10.2 (and, if such U.S. Committed
Borrowing is the initial Credit Extension, Section 10.1), U.S. Funding Agent shall
make all funds so received available to the applicable U.S. Borrower in like funds as
received by U.S. Funding Agent either by (a) crediting the account of such U.S. Borrower on
the books of U.S. Funding Agent with the amount of such funds or (b) wire transfer of such
funds, in each case in accordance with instructions provided to (and reasonably acceptable
to) U.S. Funding Agent by such U.S. Borrower; provided that if, on the date the U.S.
Committed Loan Notice with respect to such U.S. Committed Borrowing denominated in Dollars
is given by such U.S. Borrower, such U.S. Borrower has outstanding U.S. L/C Borrowings, then
the proceeds of such U.S. Committed Borrowing, first, shall be applied to the
payment in full of such U.S. L/C Borrowings, and, second, shall be made available to
the applicable U.S. Borrower as provided above.

     2.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an
Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, the
U.S. Required Lenders may, at their option, by notice to the U.S. Borrowers (which notice
may be revoked at the option of the U.S. Required Lenders notwithstanding any provision of
Section 15.1) declare that (a) no U.S. Loans denominated in Dollars may be requested
as, converted to or continued as Eurocurrency Rate Loans, and (b) no U.S. Loans denominated
in an Alternative Currency may be requested or continued as Eurocurrency Rate Loans, other
than as Eurocurrency Rate Loan with an Interest Period of one (1) month.

     2.3.4 Notice of Rates. U.S. Funding Agent shall promptly notify the applicable
U.S. Borrower and U.S. Lenders of the interest rate applicable to any Interest Period for
Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base
Rate Loans are outstanding, U.S. Funding Agent shall notify the applicable U.S. Borrower and
U.S. Lenders of any change in U.S. Funding Agent’s “prime rate” used in determining the Base
Rate promptly following the public announcement of such change.

     2.3.5 Number of Interest Periods. After giving effect to all U.S. Committed
Borrowings, all conversions of U.S. Committed Loans from one Type to the other, and all
continuations of U.S. Committed Loans as the same Type, there shall not be more than twelve
(12) Interest Periods in effect with respect to U.S. Committed Loans.

     2.4 U.S. Letters of Credit. Subject to the terms and conditions set forth herein, (a) each U.S.
L/C Issuer agrees, in reliance upon the agreements of U.S. Lenders set forth in this Section
2.4 and Article VII, (i) from time to time on any Business Day during the Availability
Period, to issue U.S. Letters of Credit denominated in Dollars for the account of any U.S. Borrower
or any Eligible Affiliate, and to amend or extend U.S. Letters of Credit previously issued by it,
in accordance with Section 7.2, and (ii) to honor drawings under the applicable U.S.
Letters of Credit; and (b) U.S. Lenders severally agree to participate in U.S. Letters of Credit
issued for the account of any U.S. Borrower or any Eligible Affiliates and any drawings thereunder;
provided that after giving effect to

      

					
	 
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any U.S. L/C Credit Extension with respect to any U.S. Letter of Credit, (x) the U.S. Total
Outstandings shall not exceed the U.S. Aggregate Commitments, (y) the U.S. Credit Exposure of any
U.S. Lender shall not exceed such U.S. Lender’s U.S. Commitment, and (z) the U.S. Outstanding
Amount of the U.S. L/C Obligations shall not exceed the U.S. Letter of Credit Sublimit. Within the
foregoing limits, any U.S. Borrower’s ability to obtain U.S. Letters of Credit shall be fully
revolving, and accordingly each U.S. Borrower may, during the foregoing period, obtain U.S. Letters
of Credit to replace U.S. Letters of Credit that have expired or that have been drawn upon and
reimbursed. All U.S. Existing Letters of Credit that were originally issued for the account of a
Person that is not a U.S. Borrower shall, immediately upon the effectiveness hereof, be deemed to
have been issued pursuant hereto for the account of the applicable U.S. Borrower identified as the
“Account Obligor” on Schedule 2.4(a) (which U.S. Borrower hereby assumes all U.S. L/C
Obligations with respect to such U.S. Existing Letter of Credit), and from and after the Closing
Date shall be subject to and governed by the terms and conditions hereof.

     2.5 U.S. Swing Line Loans.

     2.5.1 The U.S. Swing Line. Subject to the terms and conditions set forth
herein, U.S. Swing Line Lender agrees, in reliance upon the agreements of the other U.S.
Lenders set forth in this Section 2.5, to make loans in Dollars (each such loan, a
“U.S. Swing Line Loan”) to any Domestic Borrower under the U.S. Tranche from time to
time on any Business Day during the Availability Period in an aggregate amount not to exceed
at any time outstanding the amount of the U.S. Swing Line Sublimit, notwithstanding the fact
that such U.S. Swing Line Loans, when aggregated with the Applicable Tranche Percentage of
the U.S. Outstanding Amount of U.S. Committed Loans and U.S. L/C Obligations of U.S. Lender
acting as U.S. Swing Line Lender, may exceed the amount of such U.S. Lender’s U.S.
Commitment; provided that after giving effect to any U.S. Swing Line Loan, (a) the
U.S. Total Outstandings shall not exceed the U.S. Aggregate Commitments and (b) the U.S.
Credit Exposure of any U.S. Lender shall not exceed such U.S. Lender’s U.S. Commitment, and
provided, further, that no U.S. Borrower shall use the proceeds of any U.S.
Swing Line Loan to refinance any other outstanding U.S. Swing Line Loan. Within the
foregoing limits, each U.S. Borrower may borrow under this Section 2.5, prepay under
Section 2.6, and reborrow under this Section 2.5. Each U.S. Swing Line Loan
shall be a Money Market Rate Loan. Immediately upon the making of a U.S. Swing Line Loan,
each U.S. Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from U.S. Swing Line Lender a risk participation in such U.S. Swing Line Loan in an
amount equal to the product of such U.S. Lender’s Applicable Tranche Percentage
times the amount of such U.S. Swing Line Loan. Notwithstanding the foregoing, no
U.S. Swing Line Loan shall be made to any Foreign Borrower under the U.S. Tranche.

     2.5.2 Borrowing Procedures. Each U.S. Swing Line Borrowing shall be made upon
the requesting U.S. Borrower’s irrevocable notice to U.S. Swing Line Lender and U.S. Funding
Agent, which may be given by telephone. Each such notice must be received by U.S. Swing
Line Lender and U.S. Funding Agent not later than 1:00 p.m. on the requested borrowing date,
and shall specify (a) the amount to be borrowed, which shall be a minimum of $500,000, and
(b) the requested borrowing date, which shall be a Business Day. Each such telephonic
notice must be confirmed promptly by delivery to U.S. Swing Line Lender and U.S. Funding
Agent of a written U.S. Swing Line Loan Notice, appropriately completed

      

					
	 
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and signed by a Responsible Officer of the requesting U.S. Borrower. Promptly after
receipt by U.S. Swing Line Lender of any telephonic U.S. Swing Line Loan Notice, U.S. Swing
Line Lender will confirm with U.S. Funding Agent (by telephone or in writing) that it has
also received such U.S. Swing Line Loan Notice and, if not, U.S. Swing Line Lender will
notify U.S. Funding Agent (by telephone or in writing) of the contents thereof. Unless U.S.
Swing Line Lender has received notice (by telephone or in writing) from Global
Administrative Agent, U.S. Funding Agent (including at the request of any U.S. Lender) or
any Credit Party prior to 1:00 p.m. on the date of the proposed U.S. Swing Line Borrowing
(i) directing U.S. Swing Line Lender not to make such U.S. Swing Line Loan as a result of
the limitations set forth in the proviso to the first sentence of Section 2.5.1, or
(ii) that one or more of the applicable conditions specified in Article X is not
then satisfied, then, subject to the terms and conditions hereof, U.S. Swing Line Lender
will, not later than 2:00 p.m. on the borrowing date specified in such U.S. Swing Line Loan
Notice, make the amount of its U.S. Swing Line Loan available to the requesting U.S.
Borrower.

     2.5.3 Refinancing of U.S. Swing Line Loans.

     (a) U.S. Swing Line Lender at any time in its sole and absolute discretion may
request, on behalf of the applicable U.S. Borrower (which hereby irrevocably
authorizes U.S. Swing Line Lender to so request on its behalf), that each U.S.
Lender make a Base Rate Committed Loan in an amount equal to such U.S. Lender’s
Applicable Tranche Percentage of the amount of the U.S. Swing Line Loans then
outstanding. Such request shall be made in writing (which written request shall be
deemed to be a U.S. Committed Loan Notice for purposes hereof) and in accordance
with the requirements of Section 2.3, without regard to the minimum and
multiples specified therein for the principal amount of Base Rate Committed Loans,
but subject to the unutilized portion of the U.S. Aggregate Commitments and the
conditions set forth in Section 10.2. U.S. Swing Line Lender shall furnish
such U.S. Borrower with a copy of the applicable U.S. Committed Loan Notice promptly
after delivering such notice to U.S. Funding Agent. Each U.S. Lender shall make an
amount equal to its Applicable Tranche Percentage of the amount specified in such
U.S. Committed Loan Notice available to U.S. Funding Agent in Same Day Funds for the
account of U.S. Swing Line Lender at U.S. Funding Agent’s Office for
Dollar-denominated payments not later than 12:00 noon on the day specified in such
U.S. Committed Loan Notice, whereupon, subject to Section 2.5.3(b), each
U.S. Lender that so makes funds available shall be deemed to have made a Base Rate
Committed Loan to such U.S. Borrower in such amount. U.S. Funding Agent shall remit
the funds so received to U.S. Swing Line Lender.

     (b) If for any reason any U.S. Swing Line Loan cannot be refinanced by a U.S.
Committed Borrowing in accordance with Section 2.5.3(a), the request for
Base Rate Committed Loans submitted by U.S. Swing Line Lender as set forth herein
shall be deemed to be a request by U.S. Swing Line Lender that each U.S. Lender fund
its risk participation in the relevant U.S. Swing Line Loan and each U.S. Lender’s
payment to U.S. Funding Agent for the account of U.S. Swing Line Lender pursuant to
Section 2.5.3(a) shall be deemed payment in respect of such participation.

      

					
	 
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     (c) If any U.S. Lender fails to make available to U.S. Funding Agent for the
account of U.S. Swing Line Lender any amount required to be paid by such U.S. Lender
pursuant to the foregoing provisions of this Section 2.5.3 by the time
specified in Section 2.5.3(a), U.S. Swing Line Lender shall be entitled to
recover from such U.S. Lender (acting through U.S. Funding Agent), on demand, such
amount with interest thereon for the period from the date such payment is required
to the date on which such payment is immediately available to U.S. Swing Line Lender
at a rate per annum equal to the applicable Overnight Rate from time to time in
effect. A certificate of U.S. Swing Line Lender submitted to any U.S. Lender
(through U.S. Funding Agent) with respect to any amount owing under this clause
(c) shall be conclusive absent manifest error.

     (d) Each U.S. Lender’s obligation to make U.S. Committed Loans or to purchase
and fund risk participations in U.S. Swing Line Loans pursuant to this Section
2.5.3 shall be absolute and unconditional and shall not be affected by any
circumstance, including (i) any setoff, counterclaim, recoupment, defense or other
right which any Lender may have against U.S. Swing Line Lender, any U.S. Borrower or
any other Person for any reason whatsoever, (ii) the occurrence or continuance of a
Default, or (iii) any other occurrence, event or condition, whether or not similar
to any of the foregoing; provided that each U.S. Lender’s obligation to make
U.S. Committed Loans pursuant to this Section 2.5.3 is subject to the
conditions set forth in Section 10.2. No such funding of risk
participations shall relieve or otherwise impair the obligation of any U.S. Borrower
to repay U.S. Swing Line Loans, together with interest as provided herein.

     2.5.4 Repayment of Participations.

     (a) At any time after any U.S. Lender has purchased and funded a risk
participation in a U.S. Swing Line Loan, if U.S. Swing Line Lender receives any
payment on account of such U.S. Swing Line Loan, U.S. Swing Line Lender will
distribute to such U.S. Lender its Applicable Tranche Percentage of such payment
(appropriately adjusted, in the case of interest payments, to reflect the period of
time during which such U.S. Lender’s risk participation was funded) in the same
funds as those received by U.S. Swing Line Lender.

     (b) If any payment received by U.S. Swing Line Lender in respect of principal
or interest on any U.S. Swing Line Loan is required to be returned by U.S. Swing
Line Lender under any of the circumstances described in Section 16.5
(including pursuant to any settlement entered into by U.S. Swing Line Lender in its
discretion), each U.S. Lender shall pay to U.S. Swing Line Lender its Applicable
Tranche Percentage thereof on demand of U.S. Funding Agent, plus interest
thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. U.S. Funding Agent will make such
demand upon the request of U.S. Swing Line Lender. The obligations of U.S. Lenders
under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

      

					
	 
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     2.5.5 Interest for Account of U.S. Swing Line Lender. U.S. Swing Line Lender
shall be responsible for invoicing the applicable U.S. Borrowers for interest on the U.S.
Swing Line Loans. Until a U.S. Lender funds its Base Rate Committed Loan or risk
participation pursuant to this Section 2.5 to refinance such U.S. Lender’s
Applicable Tranche Percentage of any U.S. Swing Line Loan, interest in respect of such U.S.
Lender’s Applicable Tranche Percentage shall be solely for the account of U.S. Swing Line
Lender.

     2.5.6 Payments Directly to U.S. Swing Line Lender. Each U.S. Borrower shall
make all payments of principal and interest in respect of the U.S. Swing Line Loans directly
to U.S. Swing Line Lender.

     2.6 U.S. Prepayments.

     2.6.1 Prepayments of Committed Loans. Each U.S. Borrower may, upon notice to
U.S. Funding Agent, at any time or from time to time voluntarily prepay U.S. Committed Loans
in whole or in part without premium or penalty; provided that (a) such notice must
be received by U.S. Funding Agent, not later than 11:00 a.m. (i) three (3) Business Days
prior to any date of prepayment of Eurocurrency Rate Loans, and (ii) one (1) Business Day
prior to any date of prepayment of any Base Rate Committed Loans; and (b) any prepayment of
U.S. Committed Loans shall be in a principal amount permitted by Section 8.1.2 or,
if less, the entire principal amount thereof then outstanding; provided that if U.S.
Lenders have made any U.S. Committed Loans pursuant to Section 2.5.1 or
7.3.2, then the applicable U.S. Borrower may make a prepayment in any other amount
so long as, after giving effect thereto, the aggregate principal amount of all Base Rate
Committed Borrowings is in the principal amount of $1,000,000 or a higher integral multiple
of $100,000. Each such notice shall specify the date and amount of such prepayment and the
Type(s) of Committed Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid,
the Interest Period(s) of such Eurocurrency Rate Loans. U.S. Funding Agent will promptly
notify each U.S. Lender and each Fronting Lender, as applicable, of its receipt of each such
notice, and of the amount of such U.S. Lender’s Applicable Tranche Percentage of such
prepayment. If such notice is given by such U.S. Borrower, then such U.S. Borrower shall
make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be
accompanied by all accrued interest on the amount prepaid, together with any additional
amount required pursuant to Section 9.5. Subject to Section 2.2.4, each
such prepayment shall be applied to the U.S. Committed Loans of U.S. Lenders in accordance
with their respective Applicable Tranche Percentages.

     2.6.2 Prepayments of Swing Line Loans. The applicable U.S. Borrower may, upon
notice to U.S. Swing Line Lender (with a copy to U.S. Funding Agent), at any time or from
time to time, voluntarily prepay any U.S. Swing Line Loans in whole or in part without
premium or penalty; provided that (a) such notice must be received by U.S. Swing
Line Lender and U.S. Funding Agent not later than 12:00 noon on the date of the prepayment,
and (b) any such prepayment shall be in a minimum principal amount of $500,000. Each such
notice shall specify the date and amount of such prepayment. If such notice is given by
such U.S. Borrower, such U.S. Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein.

      

					
	 
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     2.6.3 Prepayments Due to Currency Fluctuations. U.S. Funding Agent shall
calculate the Dollar Equivalent of the U.S. Total Outstandings on each Revaluation Date. If
on the Revaluation Date that occurs on the first (1st) Business Day of each
calendar month, or such other times as U.S. Funding Agent may determine in its reasonable
discretion, such calculation reflects that, as of such Revaluation Date, the Dollar
Equivalent of the U.S. Total Outstandings exceeds an amount equal to one hundred and five
percent (105%) of the U.S. Aggregate Commitments then in effect, then, within two (2)
Business Days after notice of such calculation from U.S. Funding Agent to ProLogis, U.S.
Borrowers shall prepay U.S. Loans and/or Cash Collateralize U.S. L/C Obligations in an
aggregate amount sufficient to reduce U.S. Total Outstandings as of such date of payment to
an amount not exceeding one hundred percent (100%) of the U.S. Aggregate Commitments then in
effect; provided that solely for purposes of measuring compliance with this
Section 2.6.3, the amount of Cash Collateral delivered to Collateral Agent under
this Section 2.6.3 shall be deemed to have reduced the U.S. Total Outstandings.
Subject to Section 2.2.4, each such prepayment shall be applied to the U.S.
Committed Loans of U.S. Lenders in accordance with their respective Applicable Tranche
Percentages.

ARTICLE III

CANADIAN COMMITMENTS AND CANADIAN COMMITTED LOANS

     3.1 Canadian Committed Loans. Subject to the terms and conditions set forth herein, each Canadian
Lender severally agrees to make loans (each such loan, a “Canadian Committed Loan”) to each
Canadian Borrower only in Canadian Dollars from time to time, on any Business Day during the
Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of
such Canadian Lender’s Canadian Commitment; provided that after giving effect to any
Canadian Committed Borrowing, (a) the Canadian Total Outstandings shall not exceed the Canadian
Aggregate Commitments, and (b) the Canadian Credit Exposure of any Canadian Lender shall not exceed
such Canadian Lender’s Canadian Commitment. Within the limits of each Canadian Lender’s Canadian
Commitment, Canadian Borrowers may borrow under this Section 3.1, prepay under Section
3.3 and reborrow under this Section 3.1. Canadian Committed Loans may be ABR Rate
Loans, BA Rate Loans, or Eurocurrency Rate Loans, as further provided herein.

     3.2 Canadian Committed Borrowings, Conversions and Continuations of Canadian Committed Loans.

     3.2.1 Procedures for Canadian Committed Borrowings. Each Canadian Committed
Borrowing, each conversion of Canadian Committed Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans or BA Rate Loans shall be made upon the requesting
Canadian Borrower’s irrevocable notice to Canadian Funding Agent, which may be given by
telephone. Each such notice must be received by Canadian Funding Agent not later than 11:00
a.m., Toronto time, (a) three (3) Business Days prior to the requested date of any Canadian
Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or BA Rate
Loans or of any conversion of Eurocurrency Rate Loans or BA Rate Loans to ABR Rate Loans,
and (b) one (1) Business Day prior to the requested date of any Canadian Committed Borrowing
of ABR Rate Loans. Each telephonic notice by the requesting Canadian Borrower pursuant to
this Section 3.2.1 must be confirmed promptly by delivery to Canadian Funding Agent
of a written Canadian Committed Loan Notice,

      

					
	 
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appropriately completed and signed by a Responsible Officer of the requesting Canadian
Borrower. Each Canadian Committed Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans or BA Rate Loan shall be in a principal amount permitted by
Section 8.1.1. Each Canadian Committed Borrowing of or conversion to ABR Rate Loans
shall be in a principal amount permitted by Section 8.1.1. Each Canadian Committed
Loan Notice (whether telephonic or written) shall specify (i) whether the applicable
Canadian Borrower is requesting a Canadian Committed Borrowing, a conversion of Canadian
Committed Loan from one Type to the other, or a continuation of Eurocurrency Rate Loans or
BA Rate Loans, (ii) the requested date of the Canadian Committed Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount
of Canadian Committed Loans to be borrowed, converted or continued, (iv) the Type of
Canadian Committed Loans to be borrowed or to which existing Canadian Committed Loans are to
be converted, and (v) if applicable, the duration of the Interest Period with respect
thereto. If the requesting Canadian Borrower fails to specify a Type of Canadian Committed
Loan in a Canadian Committed Loan Notice or if the requesting Canadian Borrower fails to
give a timely notice requesting a conversion or continuation, then the applicable Canadian
Committed Loans shall be made as, or converted to, ABR Rate Loans. Any automatic conversion
to ABR Rate Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurocurrency Rate Loans or BA Rate Loans. If the
requesting Canadian Borrower requests a Canadian Committed Borrowing of, conversion to, or
continuation of Eurocurrency Rate Loans or BA Rate Loan in any such Canadian Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

     3.2.2 Funding of Canadian Committed Loans. Following receipt of a Canadian
Committed Loan Notice, Canadian Funding Agent shall promptly notify each Canadian Lender of
the amount of its Applicable Tranche Percentage of the applicable Canadian Committed Loans,
and if no timely notice of a conversion or continuation is provided by the applicable
Canadian Borrower, Canadian Funding Agent shall notify each Canadian Lender of the details
of any automatic conversion to ABR Rate Loans. In the case of a Canadian Committed
Borrowing, each Canadian Lender shall make the amount of its Canadian Committed Loan
available to Canadian Funding Agent in Same Day Funds in Canadian Dollars at Canadian
Funding Agent’s Office not later than 12:00 noon, Toronto time, on the Business Day
specified in the applicable Canadian Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 10.2 (and, if such Canadian Committed
Borrowing is the initial Credit Extension, Section 10.1), Canadian Funding Agent
shall make all funds so received available to the applicable Canadian Borrower in like funds
as received by Canadian Funding Agent either by (a) crediting the account of such Canadian
Borrower on the books of Canadian Funding Agent with the amount of such funds or (b) wire
transfer of such funds, in each case in accordance with instructions provided to (and
reasonably acceptable to) Canadian Funding Agent by such Canadian Borrower; provided
that if, on the date the Canadian Committed Loan Notice with respect to such Canadian
Committed Borrowing is given by such Canadian Borrower, such Canadian Borrower has
outstanding Canadian L/C Borrowings, then the proceeds of such Canadian Committed Borrowing,
first, shall be applied to the payment in full of such Canadian L/C Borrowings, and,
second, shall be made available to the applicable Canadian Borrower as provided
above.

      

					
	 
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     3.2.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan or BA Rate Loan may be continued or converted only on the
last day of an Interest Period for such Eurocurrency Rate Loan or such BA Rate Loan. During
the existence of a Default, no Canadian Committed Loans may be requested as, converted to or
continued as Eurocurrency Rate Loans or BA Rate Loans without the consent of the Canadian
Required Lenders.

     3.2.4 Notice of Rates. Canadian Funding Agent shall promptly notify the
applicable Canadian Borrower and Canadian Lenders of the interest rate applicable to any
Interest Period for Eurocurrency Rate Loans or BA Rate Loans upon determination of such
interest rate. At any time that ABR Rate Loans are outstanding, Canadian Funding Agent
shall notify the applicable Canadian Borrower and Canadian Lenders of any change in Canadian
Funding Agent’s “prime rate” used in determining the ABR Rate promptly following the public
announcement of such change.

     3.2.5 Number of Interest Periods. After giving effect to all Canadian
Committed Borrowings, all conversions of Canadian Committed Loans from one Type to the
other, and all continuations of Canadian Committed Loans as the same Type, there shall not
be more than six (6) Interest Periods in effect with respect to Canadian Committed Loans.

     3.3 Canadian Letters of Credit. Subject to the terms and conditions set forth herein, (a) each
Canadian L/C Issuer agrees, in reliance upon the agreements of Canadian Lenders set forth in this
Section 3.3 and Article VII, (i) from time to time on any Business Day during the
period from the Closing Date until the Letter of Credit Expiration Date, to issue Canadian Letters
of Credit denominated in Canadian Dollars for the account of any Canadian Borrower or any Eligible
Affiliate, and to amend or extend Canadian Letters of Credit previously issued by it, in accordance
with Section 7.12, and (ii) to honor drawings under the applicable Canadian Letters of
Credit; and (b) Canadian Lenders severally agree to participate in Canadian Letters of Credit
issued for the account of any Canadian Borrower or any Eligible Affiliate and any drawings
thereunder; provided that after giving effect to any Canadian L/C Credit Extension with
respect to any Canadian Letter of Credit, (x) the Canadian Total Outstandings shall not exceed the
Canadian Aggregate Commitments, (y) the Canadian Outstanding Amount of the Canadian L/C Obligations
shall not exceed the Canadian Letter of Credit Sublimit. Within the foregoing limits, any Canadian
Borrower’s ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly
each Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to
replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed.

     3.4 Canadian Prepayments. Each Canadian Borrower may, upon notice to Canadian Funding Agent, at
any time or from time to time voluntarily prepay Canadian Committed Loans in whole or in part
without premium or penalty; provided that such notice must be received by Canadian Funding
Agent not later than 11:00 a.m., Toronto time, (a) three (3) Business Days prior to any date of
prepayment of Eurocurrency Rate Loans or BA Rate Loans; (b) one (1) Business Day prior to any date
of prepayment of ABR Rate Loans; and (c) any prepayment of Canadian Committed Loans shall be in a
principal amount permitted by Section 8.1.2, or, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Canadian Committed Loans to be prepaid and, if Eurocurrency Rate Loans or BA
Rate Loans are to be prepaid, the Interest Period(s) of such Canadian Committed

      

					
	 
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Loans. Canadian Funding Agent will promptly notify each Canadian Lender of its receipt of each
such notice, and of the amount of such Canadian Lender’s Applicable Tranche Percentage of such
prepayment. If such notice is given by such Canadian Borrower, then such Canadian Borrower shall
make such prepayment and the payment amount specified in such notice shall be due and payable on
the date specified therein. Any prepayment of a Eurocurrency Rate Loan or BA Rate Loan shall be
accompanied by all accrued interest on the amount prepaid, together with any additional amount
required pursuant to Section 9.5. Each such prepayment shall be applied to the Canadian
Committed Loans of Canadian Lenders in accordance with their respective Applicable Tranche
Percentages.

ARTICLE IV

EURO COMMITMENTS AND EURO CREDIT EXTENSIONS

     4.1 Euro Committed Loans. Subject to the terms and conditions set forth herein, each Euro Lender
severally agrees to make loans (each such loan, a “Euro Committed Loan”) to each Euro
Borrower in Euro or in one or more Alternative Currencies of the Euro Tranche, subject to
Section 4.2, from time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such Euro Lender’s Euro
Commitment; provided that after giving effect to any Euro Committed Borrowing, (a) the Euro
Total Outstandings shall not exceed the Euro Aggregate Commitments, and (b) the Euro Credit
Exposure of any Euro Lender shall not exceed such Euro Lender’s Euro Commitment. Within the limits
of each Euro Lender’s Euro Commitment, Euro Borrowers may borrow under this Section 4.1,
prepay under Section 4.6, and reborrow under this Section 4.1. Euro Committed
Loans may be Eurocurrency Rate Loans or, solely upon the occurrence of an event described in
Section 9.3, Substitute Rate Loans, as further provided herein.

     4.2 Euro Fronting Loans.

     4.2.1 Euro Fronting Loans. Subject to the terms and conditions set forth in
this Section 4.2, upon a request for a Euro Committed Borrowing in an Alternative
Currency or to a Foreign Borrower in compliance with Section 4.1, each Fronting
Lender agrees, subject to the limitations set forth below, to fund its Fronting Portion of
such Euro Committed Borrowing in the requested currency on behalf of each applicable Euro
Non-Qualified Lender with respect to such Euro Committed Borrowing and in the amount of each
such Euro Non-Qualified Lender’s Applicable Tranche Percentage for such Euro Committed Loan
(each a “Euro Fronting Loan”), notwithstanding the fact that such Euro Fronting
Loan, when aggregated with the Applicable Tranche Percentage of the Euro Credit Exposure of
such Fronting Lender, may exceed the amount of such Fronting Lender’s Euro Commitment;
provided that (a) after giving effect to any Euro Fronting Loan, the aggregate
Dollar Equivalent amount of all Fronting Loans funded by such Fronting Lender shall not
exceed the Fronting Commitment of such Fronting Lender, and (b) such Fronting Lender shall
not be a Euro Non-Qualified Lender with respect to such Euro Fronting Loan. Immediately
upon the making of a Euro Fronting Loan on behalf of a Euro Non-Qualified Lender, such Euro
Non-Qualified Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from such Fronting Lender a risk participation in one hundred percent (100%) of
such Euro Fronting Loan. The purchase of such risk participation in each Euro Fronting Loan
by such Euro Non-Qualified Lender shall satisfy such Euro Non-Qualified Lender’s funding
requirements under Section 4.1. Notwithstanding any other provision

      

					
	 
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herein, no more than five (5) Credit Extensions that utilize Euro Fronting Loans shall
be made during any calendar month.

     4.2.2 Election of Fronting Lenders. (a) Upon a request for a Euro Committed
Borrowing in accordance with Section 4.3 in an Alternative Currency, or to a TMK,
with respect to which there are Euro Non-Qualified Lenders, there shall be a Fronting Lender
Election. If the Fronting Lenders based on the limitations set forth in the proviso to the
first sentence of Section 4.2.1 are unable to fund the entire requested Euro
Fronting Loan in such Alternative Currency or to such TMK, then the applicable Euro Borrower
may decrease the amount of the requested Euro Committed Borrowing within one (1) Business
Day after notice by Euro Funding Agent of such limitation. If such Euro Borrower does not
reduce its request for a Euro Committed Borrowing to an amount equal to or less than the
available Fronting Commitment subject to the limitation set forth in the proviso to the
first sentence in Section 4.2.1, then the requested Euro Committed Loan shall not be
made by Euro Lenders.

(b) Upon a request for a Euro Committed Borrowing in accordance with Section
4.3 to a Foreign Borrower with respect to which there are Euro Non-Qualified
Lenders, there shall be a Fronting Lender Election. If the Fronting Lenders based
on the limitations set forth in the proviso to the first sentence of Section
4.2.1 are unable to fund the entire requested Euro Fronting Loan to such Foreign
Borrower (other than with respect to a TMK as set forth in paragraph (a)
above), then the applicable Euro Borrower may decrease the amount of the requested
Euro Committed Borrowing within one (1) Business Day after notice by Euro Funding
Agent of such limitation. If such Euro Borrower does not reduce its request for a
Euro Committed Borrowing to an amount equal to or less than the available Fronting
Commitment subject to the limitation set forth in the proviso to the first sentence
in Section 4.2.1, then (x) the requested Euro Committed Loan shall be deemed
to be reduced to the available Fronting Commitments and (y) the applicable Euro
Borrower shall be deemed to have requested an additional Euro Committed Loan in the
amount of the excess of the requested Euro Committed Loan over the available
Fronting Commitments which shall be made by Euro Lenders without the utilization of
any Fronting Loans.

     4.2.3 Refinancing of the Euro Fronting Loans.

(a) (i) On the Trigger Date, Euro Funding Agent shall notify each Euro
Non-Qualified Lender of its obligation to fund its participation in each
applicable Euro Fronting Loan. Each applicable Euro Non-Qualified Lender
shall make the amount of its participation in each applicable Euro Fronting
Loan specified in such notice available to Euro Funding Agent in Same Day
Funds for the account of the applicable Fronting Lender at Euro Funding
Agent’s Office for payments in the same currency as the applicable Euro
Fronting Loan not later than 10:00 a.m., Brussels time, on the Business Day
specified in such notice.

     (ii) To the extent that a Euro Non-Qualified Lender that has a risk
participation in a Euro Fronting Loan assigns all or part of its interest in
such

 

					
	 
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risk participation under Section 16.6 to a Euro Qualified
Lender for purposes of such Euro Fronting Loan, then such Euro Qualified
Lender shall make the amount of its assigned participation in such Euro
Fronting Loan available to Euro Funding Agent in Same Day Funds for the
account of the applicable Fronting Lender at Euro Funding Agent’s Office for
payments in the same currency as the applicable Euro Fronting Loan not later
than 1:00 p.m., Brussels time, on the third (3rd) Business Day
following the effective date of the assignment.

     (b) If any applicable Euro Lender fails to make available to any Fronting
Lender any amount required to be paid by such Euro Lender pursuant to the foregoing
provisions of this Section 4.2.3 by the time specified in Section
4.2.3(a), such Fronting Lender shall be entitled to recover from such Euro
Lender (acting through Euro Funding Agent), on demand, such amount in the same
currency as the applicable Euro Fronting Loan with interest thereon for the period
from the date such payment is required to the date on which such payment is
immediately available to such Fronting Lender at a rate per annum equal to the
applicable Overnight Rate from time to time in effect. A certificate of a Fronting
Lender submitted to any applicable Euro Lender (through Euro Funding Agent) with
respect to any amount owing under this clause (b) shall be conclusive absent
manifest error.

     (c) Each applicable Euro Lender’s obligation to purchase and fund risk
participations in Euro Fronting Loans pursuant to this Section 4.2.3, shall
be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right which
such Euro Lender may have against the applicable Fronting Lender, any Euro Borrower
or any other Person for any reason whatsoever, (ii) the occurrence or continuance of
a Default, or (iii) any other occurrence, event or condition, whether or not similar
to any of the foregoing. No such funding of risk participations shall relieve or
otherwise impair the obligation of any Euro Borrower to repay any Fronting Lender,
together with interest as provided herein.

     (d) At any time after any Euro Lender has purchased and funded a risk
participation in a Euro Fronting Loan, if the applicable Fronting Lender receives
any payment on account of such Euro Fronting Loan, such Fronting Lender will
distribute to such Euro Lender such payment (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such Euro Lender’s
participation was funded) in the same funds and currency as those received by such
Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a Euro Lender)
in respect of principal or interest on any Euro Fronting Loan is required to be
returned by such Fronting Lender under any of the circumstances described in
Section 16.5 (including pursuant to any settlement entered into by such
Fronting Lender in its direction), such Euro Lender shall pay to such Fronting
Lender in the applicable currency of such Euro Fronting Loan the amount of such
payment in respect of such Euro Fronting Loan on demand of Euro Funding Agent,
plus interest

      

					
	 
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thereon from the date of such demand to the date such amount is returned, at a
rate per annum equal to the applicable Overnight Rate. Euro Funding Agent will make
such demand upon the request of the applicable Fronting Lender. The obligations of
Euro Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

     4.2.4 Payments for Account of the Applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until the applicable Euro Lender funds its risk
participation pursuant to this Section 4.2 to refinance such Euro Lender’s
applicable Euro Fronting Loan, all payments made hereunder in respect of the portion of any
Euro Committed Loan that was funded in part by a Fronting Lender on behalf of such Euro
Lender shall be solely for the account of the applicable Fronting Lender.

     4.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a Euro Fronting Loan on behalf of a Euro Non-Qualified Lender
that is a Defaulting Lender at the time of the receipt by Euro Funding Agent of the
applicable Euro Committed Loan Notice. In addition, to the extent (a) a Euro Fronting Loan
is outstanding, (b) a Euro Non-Qualified Lender becomes a Defaulting Lender, and (c) the
applicable Fronting Lender makes a demand for repayment to the applicable Euro Borrower,
then such Euro Borrower shall repay such Euro Fronting Loan (i) on or before the earlier of
(A) thirty (30) days following receipt of such demand or (B) the fifth (5th) day
following the last day of the applicable Interest Period ending after receipt of such
demand, or (ii) if no Interest Period is in effect with respect to such Euro Fronting Loan,
within ten (10) days following receipt of such demand. If any such Euro Fronting Loan is
not repaid in full on the last day of an Interest Period (if applicable or required under
clause (i)(B) above), such Euro Fronting Loan shall bear interest at the Money
Market Rate plus the Applicable Margin until such payment is due hereunder.

     4.3 Euro Committed Borrowings, Conversions and Continuations of Euro Committed Loans.

     4.3.1 Procedures for Euro Committed Borrowings. Each Euro Committed Borrowing,
each conversion of Euro Committed Loans from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the requesting Euro Borrower’s irrevocable
written notice to Euro Funding Agent. Each such notice must be received by Euro Funding
Agent not later than 10:00 a.m., Brussels time, (a) three (3) Business Days (five (5)
Business Days in the case of a Foreign Borrower) prior to the requested date of any Euro
Committed Borrowing of, or continuation of Eurocurrency Rate Loans denominated in Euro,
Sterling, or Dollars, and (b) four (4) Business Days (five (5) Business Days in the case of
a Foreign Borrower) prior to the requested date of any Euro Committed Borrowing of, or
continuation of Eurocurrency Rate Loans denominated in Yen. Each Euro Committed Loan Notice
must be in writing and appropriately completed and signed by a Responsible Officer of such
Euro Borrower. Each Euro Committed Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans shall be in a principal amount permitted by Section 8.1.1.
Each Euro Committed Loan Notice shall be in writing and shall specify (i) whether the
applicable Euro Borrower is requesting a Euro Committed Borrowing, a conversion of Euro
Committed Loans from one Type to the other, or a

      

					
	 
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continuation of Eurocurrency Rate Loans, (ii) the requested date of the Euro Committed
Borrowing or continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Euro Committed Loans to be borrowed or continued, (iv) the Type of Euro
Committed Loans to be borrowed, (v) if applicable, the duration of the Interest Period with
respect thereto, and (vi) the currency of the Euro Committed Loans to be borrowed or
continued. If the requesting Euro Borrower fails to specify a currency in a Euro Committed
Loan Notice requesting a Borrowing, then the Committed Loans so requested shall be made in
Euro. If the requesting Euro Borrower fails to specify a Type of Euro Committed Loan in a
Euro Committed Loan Notice or if the requesting Euro Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Euro Committed Loans shall be
continued as Eurocurrency Rate Loans in their original currency with an Interest Period of
one (1) month. If the requesting Euro Borrower requests a Euro Committed Borrowing of, or
continuation of Eurocurrency Rate Loans in any such Euro Committed Loan Notice, but fails to
specify an Interest Period, it will be deemed to have specified an Interest Period of one
(1) month. No Euro Committed Loan may be continued as a Euro Committed Loan denominated in
a different currency, but instead must be repaid in the original currency of such Euro
Committed Loan and reborrowed in the other currency.

     4.3.2 Funding of Euro Committed Loans. Following receipt of a Euro Committed
Loan Notice, Euro Funding Agent shall promptly notify each Euro Lender of the amount (and
currency) of its Applicable Tranche Percentage of the applicable Euro Committed Borrowings,
and if no timely notice of a continuation is provided by the applicable Euro Borrower, Euro
Funding Agent shall notify each Euro Lender of the details of any automatic continuations,
in each case as described in Section 4.3.1. In the case of a Euro Committed
Borrowing, each Euro Qualified Lender and the applicable Fronting Lender, if any, shall make
the amount of its Euro Committed Loan available to Euro Funding Agent in Same Day Funds at
Euro Funding Agent’s Office for the applicable currency not later than 10:00 a.m., Brussels
time, in the case of any Euro Committed Loan denominated in any Euro or Sterling, and not
later than the Applicable Time specified by Euro Funding Agent in the case of any Euro
Committed Loan in an Alternative Currency, other than Sterling, under the Euro Tranche, in
each case on the Business Day specified in the applicable Euro Committed Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 10.2 (and, if such
Euro Committed Borrowing is the initial Credit Extension, Section 10.1), Euro
Funding Agent shall make all funds so received available to the applicable Euro Borrower in
like funds as received by Euro Funding Agent either by (a) crediting the account of such
Euro Borrower on the books of Euro Funding Agent with the amount of such funds or (b) wire
transfer of such funds, in each case in accordance with instructions provided to (and
reasonably acceptable to) Euro Funding Agent by such Euro Borrower; provided that
if, on the date a Euro Committed Loan Notice, with respect to a Euro Committed Borrowing
denominated in Euro or Sterling is given by the requesting Euro Borrower, such Borrower has
outstanding Euro L/C Borrowings denominated in such currency of such Borrowing, then the
proceeds of such Euro Committed Borrowing, first, shall be applied to the payment in
full of such Euro L/C Borrowings, and, second, shall be made available to the
requesting Euro Borrower as provided above.

     4.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued only on the last day of an Interest Period
for

      

					
	 
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such Eurocurrency Rate Loan. During the existence of a Default, the Euro Required
Lenders may at their option, by notice to the Euro Borrowers (which notice may be revoked at
the option of Euro Required Lenders notwithstanding any provision of Section 15.1)
declare that no Euro Loans may be requested or continued as Eurocurrency Rate Loans, other
than as Eurocurrency Rate Loan with an Interest Period of one (1) month.

     4.3.4 Notice of Rates. Euro Funding Agent shall promptly notify each
applicable Euro Borrower and Euro Lender of the interest rate applicable to any Interest
Period for Eurocurrency Rate Loans upon determination of such interest rate.

     4.3.5 Number of Interest Periods. After giving effect to all Euro Committed
Borrowings and all continuations of Euro Committed Loans as the same Type, there shall not
be more than twelve (12) Interest Periods in effect with respect to Euro Committed Loans.

     4.4 Euro Letters of Credit. Subject to the terms and conditions set forth herein, (a) each Euro
L/C Issuer agrees, in reliance upon the agreements of Euro Lenders set forth in this Section
4.4 and Article VII, (i) from time to time on any Business Day during the Availability
Period, to issue Euro Letters of Credit denominated in Euro or Sterling for the account of any Euro
Borrower or any Eligible Affiliate, and to amend or extend Euro Letters of Credit previously issued
by it, in accordance with Section 7.2, and (ii) to honor drawings under the applicable Euro
Letters of Credit; and (b) Euro Lenders severally agree to participate in Euro Letters of Credit
issued for the account of any Euro Borrower or any Eligible Affiliates and any drawings thereunder;
provided that after giving effect to any Euro L/C Credit Extension with respect to
any Euro Letter of Credit, (x) the Euro Total Outstandings shall not exceed the Euro Aggregate
Commitments, (y) the Euro Credit Exposure of any Euro Lender shall not exceed such Euro Lender’s
Euro Commitment, and (z) the Euro Outstanding Amount of the Euro L/C Obligations shall not exceed
the Euro Letter of Credit Sublimit. Within the foregoing limits, any Euro Borrower’s ability to
obtain Euro Letters of Credit shall be fully revolving, and accordingly each Euro Borrower may,
during the foregoing period, obtain Euro Letters of Credit to replace Euro Letters of Credit that
have expired or that have been drawn upon and reimbursed. All Euro Existing Letters of Credit that
were originally issued for the account of a Person that is not a Euro Borrower shall, immediately
upon the effectiveness hereof, be deemed to have been issued pursuant hereto for the account of the
applicable Euro Borrower identified as the “Account Obligor” on Schedule 2.4(b) (which Euro
Borrower hereby assumes all Euro L/C Obligations with respect to such Euro Existing Letter of
Credit), and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof.

     4.5 Euro Swing Line Loans.

     4.5.1 The Euro Swing Line. Subject to the terms and conditions set forth
herein, Euro Swing Line Lender agrees, in reliance upon the agreements of the other Euro
Lenders set forth in this Section 4.5, to make loans in Euro or Sterling (each such
loan, a “Euro Swing Line Loan”) to any Domestic Borrower under the Euro
Tranche from time to time on any Business Day during the Availability Period in an aggregate
amount not to exceed at any time outstanding the amount of the Euro Swing Line Sublimit,
notwithstanding the fact that such Euro Swing Line Loans, when aggregated with the
Applicable Tranche Percentage of the Euro Outstanding Amount of Euro Committed Loans and
Euro L/C Obligations of Euro Lender acting as Euro Swing Line Lender, may exceed the amount
of such Euro Lender’s

      

					
	 
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Euro Commitment; provided that after giving effect to any Euro Swing Line Loan,
(i) the Euro Total Outstandings shall not exceed the Euro Aggregate Commitments, and (ii)
the Euro Credit Exposure of any Euro Lender shall not exceed such Euro Lender’s Euro
Commitment, and provided, further, that no Euro Borrower shall use the
proceeds of any Euro Swing Line Loan to refinance any other outstanding Euro Swing Line
Loan. Within the foregoing limits, each Euro Borrower may borrow under this Section
4.5, prepay under Section 4.6, and reborrow under this Section 4.5.
Each Euro Swing Line Loan shall be a Money Market Rate Loan. Immediately upon the making of
a Euro Swing Line Loan, each Euro Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from Euro Swing Line Lender a risk participation in such
Euro Swing Line Loan in an amount equal to the product of such Euro Lender’s Applicable
Tranche Percentage times the amount of such Euro Swing Line Loan. Notwithstanding
the foregoing, no Euro Swing Line Loan shall be made to any Foreign Borrower under the Euro
Tranche.

     4.5.2 Borrowing Procedures. Each Euro Swing Line Borrowing shall be made upon
the requesting Euro Borrower’s irrevocable notice to Euro Swing Line Lender and Euro Funding
Agent, which may only be given by written notice. Each such notice must be received by Euro
Swing Line Lender and Euro Funding Agent not later than 10:00 a.m., Brussels time, on the
requested borrowing date, and shall specify (a) the amount to be borrowed, which shall be a
minimum of EUR 500,000 for a Euro denominated Euro Swing Line Loan and £500,000 for a
Sterling denominated Euro Swing Line Loan, and (b) the requested borrowing date, which shall
be a Business Day. Each such written Euro Swing Line Loan Notice shall be appropriately
completed and signed by a Responsible Officer of the requesting Euro Borrower. Promptly
after receipt by Euro Swing Line Lender of any written Euro Swing Line Loan Notice, Euro
Swing Line Lender will confirm with Euro Funding Agent (by telephone or in writing) that it
has also received such Euro Swing Line Loan Notice and, if not, Euro Swing Line Lender will
notify Euro Funding Agent (in writing) of the contents thereof. Unless Euro Swing Line
Lender has received notice (in writing) from Global Administrative Agent, Euro Funding
Agent, (including at the request of any Euro Lender) or any Credit Party prior to 1:00 p.m.
(Brussels time) on the date of the proposed Euro Swing Line Borrowing (i) directing Euro
Swing Line Lender not to make such Euro Swing Line Loan as a result of the limitations set
forth in the proviso to the first sentence of Section 4.5.1, or (ii) that one or
more of the applicable conditions specified in Article X is not then satisfied,
then, subject to the terms and conditions hereof, Euro Swing Line Lender will, not later
than 2:00 p.m. (Brussels time) on the borrowing date specified in such Euro Swing Line Loan
Notice, make the amount of its Euro Swing Line Loan available to the requesting Euro
Borrower.

     4.5.3 Refinancing of Euro Swing Line Loans.

     (a) Euro Swing Line Lender at any time in its sole and absolute discretion may
request, on behalf of the applicable Euro Borrower (which hereby irrevocably
authorizes Euro Swing Line Lender to so request on its behalf), that each Euro
Lender make an Eurocurrency Rate Loan with an Interest Period of one (1) month
denominated in Euro or Sterling, as applicable, in an amount equal to such Euro
Lender’s Applicable Tranche Percentage of the amount of the Euro Swing Line Loans
then outstanding. Such request shall be made in writing (which written

      

					
	 
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request shall be deemed to be a Euro Committed Loan Notice for purposes hereof)
and in accordance with the requirements of Section 4.3, without regard to
the minimum and multiples specified therein for the principal amount of Eurocurrency
Rate Loans, but subject to the unutilized portion of the Euro Aggregate Commitments
and the conditions set forth in Section 10.2. Euro Swing Line Lender shall
furnish to such Euro Borrower with a copy of the applicable Euro Committed Loan
Notice promptly after delivering such notice to Euro Funding Agent. To the extent
that the Euro Swing Line Loan is denominated in Sterling and there are Euro
Non-Qualified Lenders with respect to Sterling, then Euro Funding Agent may elect a
Fronting Lender in accordance with Section 4.2. Furthermore, to the extent
that there are no available Fronting Lenders, then such Euro Swing Line Loan shall
be converted to Euro based on the Euro Equivalent amount of such Euro Swing Line
Loan and refinanced as a Eurocurrency Rate Loan in Euro with an Interest Period of
one (1) month. Each Euro Qualified Lender shall make an amount equal to its
Applicable Tranche Percentage of the amount specified in such Euro Committed Loan
Notice available to Euro Funding Agent, and the applicable Fronting Lender, if any,
shall make available the Euro Fronting Loan in accordance with Section 4.2,
in each case in Same Day Funds for the account of Euro Swing Line Lender at Euro
Funding Agent’s Office for Euro or Sterling denominated payments, as applicable, not
later than 1:00 p.m. (Brussels time) on the day specified in such Euro Committed
Loan Notice, whereupon, subject to Section 4.5.3(b), each Euro Lender and
each Fronting Lender that so makes funds available shall be deemed to have made a
Eurocurrency Rate Loan with an Interest Period of one (1) month to such Euro
Borrower in such amount and in Euro or Sterling, as applicable. Euro Funding Agent
shall remit the funds so received to Euro Swing Line Lender.

     (b) If for any reason any Euro Swing Line Loan cannot be refinanced by such a
Euro Committed Borrowing in accordance with Section 4.5.3(a), the request
for a Eurocurrency Rate Loan with an Interest Period of one (1) month submitted by
Euro Swing Line Lender as set forth herein shall be deemed to be a request by Euro
Swing Line Lender that each Euro Lender fund its risk participation in the relevant
Euro Swing Line Loan; provided that to the extent that a Euro Swing
Line Loan is denominated in Sterling and there are Euro Non-Qualified Lenders with
respect to Sterling, then the aggregate amount of the Euro Swing Line Loan shall be
converted to Euro based on the Euro Equivalent amount of such Euro Swing Line Loan
and shall bear interest at the Default Rate for a Eurocurrency Rate Loan with an
Interest Period of one (1) month, and each Euro Lender shall make a payment in
satisfaction of its participation obligations under this Section 5.3 in
Euro. Each Euro Lender’s payment to Euro Funding Agent for the account of Euro
Swing Line Lender pursuant to Section 4.5.3(a) shall be deemed payment in
respect of such participation.

     (c) If any Euro Lender fails to make available directly to Euro Funding Agent,
or purchase a risk participation in the applicable Euro Fronting Loan for the
account of Euro Swing Line Lender any amount required to be paid by such Euro Lender
pursuant to the foregoing provisions of this Section 4.5.3 by the time
specified in Section 4.5.3(a), Euro Swing Line Lender shall be entitled to
recover from such Euro Lender (acting through Euro Funding Agent), on demand, such

      

					
	 
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amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to Euro Swing
Line Lender at a rate per annum equal to the applicable Overnight Rate from time to
time in effect. A certificate of Euro Swing Line Lender submitted to any Euro
Lender (through Euro Funding Agent) with respect to any amounts owing under this
clause (c) shall be conclusive absent manifest error.

     (d) Each Euro Lender’s obligation to make Euro Committed Loans, to purchase
risk participations in Euro Fronting Loans pursuant to this Section 4.5.3,
or to purchase and fund risk participations in Euro Swing Line Loans pursuant to
this Section 4.5.3 shall be absolute and unconditional and shall not be
affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
defense or other right which such Euro Lender may have against Euro Swing Line
Lender, any Euro Borrower or any other Person for any reason whatsoever, (ii) the
occurrence or continuance of a Default, or (iii) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided that
each Euro Lender’s obligation to make Euro Committed Loans pursuant to this
Section 4.5.3 is subject to the conditions set forth in Section
10.2. No such funding of risk participations shall relieve or otherwise impair
the obligation of any Euro Borrower to repay Euro Swing Line Loans, together with
interest as provided herein.

     4.5.4 Repayment of Participations.

     (a) At any time after any Euro Lender has purchased and funded a risk
participation in a Euro Swing Line Loan, if Euro Swing Line Lender receives any
payment on account of such Euro Swing Line Loan, Euro Swing Line Lender will
distribute to such Euro Lender its Applicable Tranche Percentage of such payment
(appropriately adjusted, in the case of interest payments, to reflect the period of
time during which such Euro Lender’s risk participation was funded) in the same
funds as those received by Euro Swing Line Lender.

     (b) If any payment received by Euro Swing Line Lender in respect of principal
or interest on any Euro Swing Line Loan is required to be returned by Euro Swing
Line Lender under any of the circumstances described in Section 16.5
(including pursuant to any settlement entered into by Euro Swing Line Lender in its
discretion), each Euro Lender shall pay to Euro Swing Line Lender its Applicable
Tranche Percentage thereof on demand of Euro Funding Agent, plus interest
thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. Euro Funding Agent will make such
demand upon the request of Euro Swing Line Lender. The obligations of Euro Lenders
under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

     4.5.5 Interest for Account of Euro Swing Line Lender. Euro Swing Line Lender
shall be responsible for invoicing the applicable Euro Borrowers for interest on the Euro
Swing Line Loans. Until a Euro Lender funds its Euro Committed Loan or risk participation
pursuant to Section 4.5.3 to refinance such Euro Lender’s Applicable Tranche
Percentage of

      

					
	 
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any Euro Swing Line Loan, interest in respect of such Euro Lender’s Applicable Tranche
Percentage shall be solely for the account of Euro Swing Line Lender.

     4.5.6 Payments Directly to Euro Swing Line Lender. Each Euro Borrower shall
make all payments of principal and interest in respect of the Euro Swing Line Loans directly
to Euro Swing Line Lender.

     4.6 Euro Prepayments.

     4.6.1 Prepayments of Committed Loans. Each Euro Borrower may, upon notice to
Euro Funding Agent, at any time or from time to time voluntarily prepay Euro Committed Loans
in whole or in part without premium or penalty; provided that (a) such notice must
be received by Euro Funding Agent not later than 10:00 a.m., Brussels time, five (5)
Business Days prior to any date of prepayment of Eurocurrency Rate Loans; and (b) any
prepayment of Eurocurrency Rate Loans shall be in a principal amount permitted by
Section 8.1.2 or, if less, the entire principal amount thereof then outstanding,
provided that if Euro Lenders have made any Euro Committed Loans pursuant to
Section 4.5.3 or 7.3.2, then the applicable Euro Borrower may make a
prepayment in any other amount so long as, after giving effect thereto, the aggregate
principal amount of all Eurocurrency Rate Loans is in the principal Euro Equivalent amount
of EUR 1,000,000 or a higher integral multiple of EUR 100,000. Each such notice shall
specify the date and amount of such prepayment and the Type(s) of Euro Committed Loans to be
prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such
Eurocurrency Rate Loans. Euro Funding Agent will promptly notify each Euro Lender of its
receipt of each such notice, and of the amount of such Euro Lender’s Applicable Tranche
Percentage of such prepayment. If such notice is given by such Euro Borrower, then such
Euro Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency
Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with
any additional amount required pursuant to Section 9.5. Subject to Section
4.2.4, each such prepayment shall be applied to the Euro Committed Loans of Euro Lenders
in accordance with their respective Applicable Tranche Percentages.

     4.6.2 Prepayments of Swing Line Loans. The applicable Euro Borrower may, upon
notice to Euro Swing Line Lender (with a copy to Euro Funding Agent), at any time or from
time to time, voluntarily prepay any Euro Swing Line Loans in whole or in part without
premium or penalty; provided that (a) such notice must be received by Euro Swing
Line Lender, and Euro Funding Agent not later than 10:00 a.m., Brussels time, on the date of
the prepayment, and (b) any such prepayment shall be in a minimum principal amount of EUR
500,000 for Euro denominated Euro Swingline Loans and £500,000 for Sterling denominated
Swing Line Loans. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by such Euro Borrower, such Euro Borrower shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date
specified therein.

     4.6.3 Prepayments Due to Currency Fluctuations. Euro Funding Agent shall
calculate the Euro Equivalent of the Euro Total Outstandings on each Revaluation Date. If
on the Revaluation Date that occurs on the first (1st) Business Day of each
calendar month,

      

					
	 
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or such other times as Euro Funding Agent may determine in its reasonable discretion,
such calculation reflects that, as of such Revaluation Date, the Euro Equivalent of the Euro
Total Outstandings exceeds an amount equal to one hundred and five percent (105%) of the
Euro Aggregate Commitments then in effect, then, within two (2) Business Days after notice
of such calculation from Euro Funding Agent to ProLogis, Euro Borrowers shall prepay the
Euro Loans and/or Euro Borrowers shall Cash Collateralize the Euro L/C Obligations in an
aggregate amount sufficient to reduce the Euro Equivalent of such Euro Total Outstandings as
of such date of payment to an amount not to exceed one hundred percent (100%) of the Euro
Aggregate Commitments then in effect, provided that solely for purposes of measuring
compliance with this Section 4.6.3, the amount of Cash Collateral delivered to
Collateral Agent under this Section 4.6.3 shall be deemed to have reduced the Euro
Total Outstandings. Subject to Section 4.2.4, each such prepayment shall be applied
to the Euro Committed Loans of Euro Lenders in accordance with their respective Applicable
Tranche Percentages.

ARTICLE V

YEN COMMITMENTS AND YEN CREDIT EXTENSION

     5.1 Yen Committed Loans. Subject to the terms and conditions set forth herein, each Yen Lender
severally agrees to make loans (each such loan, a “Yen Committed Loan”) to each Yen
Borrower, subject to Section 5.2, in Yen or in one or more Alternative Currencies of the
Yen Tranche from time to time, on any Business Day during the Availability Period, in an aggregate
amount not to exceed at any time outstanding the amount of such Yen Lender’s Yen Commitment;
provided that after giving effect to any Yen Committed Borrowing, (a) the Yen Total
Outstandings shall not exceed the Yen Aggregate Commitments, and (b) the Yen Credit Exposure of any
Yen Lender shall not exceed such Yen Lender’s Yen Commitment, provided further, that any
Yen Committed Loan denominated in Yen may only be made to a Yen Borrower organized under the Laws
of Japan, a Japan Property Fund, or ProLogis Japan Finance Incorporated (Delaware). Within the
limits of each Yen Lender’s Yen Commitment, Yen Borrowers may borrow under this Section
5.1, prepay under Section 5.6, and reborrow under this Section 5.1. Yen
Committed Loans may be Base Rate Loans (if denominated in Dollars), ABR Rate Loans (if denominated
in Yen), or Eurocurrency Rate Loans, as further provided herein.

5.2 Yen Fronting Loans.

     5.2.1 Yen Fronting Loans. Subject to the terms and conditions set forth in this
Section 5.2, upon a request for a Yen Committed Borrowing in an Alternative Currency
or to a Foreign Borrower in compliance with Section 5.1, each Fronting Lender
agrees, subject to the limitations set forth below, to fund its Fronting Portion of such Yen
Committed Borrowing in the requested currency on behalf of each applicable Yen Non-Qualified
Lender with respect to such Yen Committed Borrowing and in the amount of each such Yen
Non-Qualified Lender’s Applicable Tranche Percentage for such Yen Committed Loan (each a
“Yen Fronting Loan”), notwithstanding the fact that such Yen Fronting Loan, when
aggregated with the Applicable Tranche Percentage of the Yen Credit Exposure of such
Fronting Lender may exceed the amount of such Fronting Lender’s Yen Commitment;
provided that (a) after giving effect to any Yen Fronting Loan, the aggregate Dollar
Equivalent amount of all Fronting Loans funded by such Fronting Lender shall not exceed the
Fronting Commitment of such Fronting Lender and (b) such Fronting Lender shall not be

      

					
	 
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a Yen Non-Qualified Lender with respect to such Yen Fronting Loan. Immediately upon
the making of a Yen Fronting Loan on behalf of a Yen Non-Qualified Lender, such Yen
Non-Qualified Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from such Fronting Lender a risk participation in one hundred percent (100%) of
such Yen Fronting Loan. The purchase of such risk participation in each Yen Fronting Loan
by such Yen Non-Qualified Lender shall satisfy such Yen Non-Qualified Lender’s funding
requirements under Section 5.1. Notwithstanding any other provision herein, no more
than five (5) Credit Extensions that utilize Yen Fronting Loans shall be made during any
calendar month.

     5.2.2 Election of Fronting Lenders. Upon a request for a Yen Committed
Borrowing in accordance with Section 5.3 in an Alternative Currency or for a Foreign
Borrower with respect to which there are Yen Non-Qualified Lenders, there shall be a
Fronting Lender Election. If the Fronting Lenders based on the limitations set forth in the
proviso to the first sentence of Section 5.2.1 are unable to fund the entire
requested Yen Fronting Loan, then the applicable Yen Borrower may decrease the amount of the
requested Yen Committed Borrowing within one (1) Business Day after notice by Yen Funding
Agent of such limitation. If such Yen Borrower does not reduce its request for a Yen
Committed Borrowing to an amount equal to or less than the available Fronting Commitment
subject to the limitation set forth the proviso to the first sentence in Section
5.2.1, then the requested Yen Committed Loan shall not be made by Yen Lenders.

     5.2.3 Refinancing of the Yen Fronting Loans.

     (a) (i) On the Trigger Date, Yen Funding Agent shall notify each Yen
Non-Qualified Lender of its obligation to fund its participation in each
applicable Yen Fronting Loan. Each applicable Yen Non-Qualified Lender
shall make the amount of its participation in each applicable Yen Fronting
Loan specified in such notice available to Yen Funding Agent in Same Day
Funds for the account of the applicable Fronting Lender at Yen Funding
Agent’s Office for payments in the same currency as the applicable Yen
Fronting Loan not later than 1:00 p.m., Tokyo time, on the Business Day
specified in such notice.

          (ii) To the extent that a Yen Non-Qualified Lender that has a risk
participation in a Yen Fronting Loan assigns all or part of its interest in
such risk participation under Section 16.6 to a Yen Qualified Lender
for purposes of such Yen Fronting Loan, then such Yen Qualified Lender shall
make the amount of its assigned participation in such Yen Fronting Loan
available to Yen Funding Agent in Same Day Funds for the account of the
applicable Fronting Lender at Yen Funding Agent’s Office for payments in the
same currency as the applicable Yen Fronting Loan not later than 1:00 p.m.,
Tokyo time, on the third (3rd) Business Day following the
effective date of the assignment.

     (b) If any applicable Yen Lender fails to make available to any Fronting Lender
any amount required to be paid by such Yen Lender pursuant to the foregoing

      

					
	 
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provisions of this Section 5.2.3 by the time specified in Section
5.2.3(a), the applicable Fronting Lender shall be entitled to recover from such
Yen Lender (acting through Yen Funding Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which
such payment is immediately available to such Fronting Lender at a rate per annum
equal to the applicable Overnight Rate from time to time in effect. A certificate
of a Fronting Lender submitted to any applicable Yen Lender (through Yen Funding
Agent) with respect to any amount owing under this clause (b) shall be
conclusive absent manifest error.

     (c) Each applicable Yen Lender’s obligation to purchase and fund risk
participations in Yen Fronting Loans pursuant to this Section 5.2.3 shall be
absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right which such Yen
Lender may have against the applicable Fronting Lender, any Yen Borrower or any
other Person for any reason whatsoever, (ii) the occurrence or continuance of a
Default, or (iii) any other occurrence, event or condition, whether or not similar
to any of the foregoing. No such funding of risk participations shall relieve or
otherwise impair the obligation of any Yen Borrower to repay any Fronting Lender,
together with interest as provided herein.

     (d) At any time after any Yen Lender has purchased and funded a risk
participation in a Yen Fronting Loan, if the applicable Fronting Lender receives any
payment on account of such Fronting Loan, such Fronting Lender will distribute to
such Yen Lender such payment (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Yen Lender’s risk
participation was funded) in the same funds and currency as those received by the
applicable Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a Yen Lender)
in respect of principal or interest on any Yen Fronting Loan is required to be
returned by such Fronting Lender under any of the circumstances described in
Section 16.5 (including pursuant to any settlement entered into by such
Fronting Lender in its direction), such Yen Lender shall pay to such Fronting Lender
in the applicable currency of such Yen Fronting Loan the amount of such payment in
respect of such Yen Fronting Loan on demand of Yen Funding Agent, plus
interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the applicable Overnight Rate. Yen Funding Agent will
make such demand upon the request of the applicable Fronting Lender. The
obligations of Yen Lenders under this clause shall survive the payment in full of
the Obligations and the termination of this Agreement.

     5.2.4 Payments for Account of the applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until a Yen Lender funds its risk participation
pursuant to this Section 5.2 to refinance such Yen Lender’s applicable Yen Fronting
Loan, all payments made hereunder in respect of the portion of any Yen Committed Loans that
was

      

					
	 
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funded in part by a Fronting Lender on behalf of such Yen Lender shall be solely for
the account of the applicable Fronting Lender.

     5.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a Yen Fronting Loan on behalf of a Yen Non-Qualified Lender that
is a Defaulting Lender at the time of the receipt by Yen Funding Agent of the applicable Yen
Committed Loan Notice. In addition, to the extent (a) a Yen Fronting Loan is outstanding,
(b) a Yen Non-Qualified Lender becomes a Defaulting Lender, and (c) the applicable Fronting
Lender makes a demand for repayment to the applicable Yen Borrower, then such Yen Borrower
shall repay such Yen Fronting Loan (i) on or before the earlier of (A) thirty (30) days
following receipt of such demand or (B) the fifth (5th) day following the last
day of the applicable Interest Period ending after receipt of such demand, or (ii) if no
Interest Period is in effect with respect to such Yen Fronting Loan, within ten (10) days
following receipt of such demand. If any such Yen Fronting Loan is not repaid in full on
the last day of an Interest Period (if applicable or required under clause (i)(B)
above), such Yen Fronting Loan shall bear interest at the Money Market Rate plus the
Applicable Margin until such payment is due hereunder.

     5.3 Yen Committed Borrowings, Conversions and Continuations of Yen Committed Loans.

     5.3.1 Procedures for Yen Committed Borrowings. Each Yen Committed Borrowing,
each conversion of Yen Committed Loans from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the requesting Yen Borrower’s irrevocable notice
to Yen Funding Agent, which may be given by telephone. Each such notice must be received by
Yen Funding Agent not later than 11:00 a.m., Tokyo time, (a) three (3) Business Days (five
(5) Business Days in the case of a Foreign Borrower) prior to the requested date of any Yen
Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated
in Yen or of any conversion of Eurocurrency Rate Loans denominated in Yen to ABR Rate Loans,
(b) two (2) Business Days prior to the requested date of any conversion of Eurocurrency Rate
Loans denominated in Dollars to Base Rate Committed Loans, (c) four (4) Business Days (five
(5) Business Days in the case of a Foreign Borrower) prior to the requested date of any Yen
Committed Borrowing or continuation of Eurocurrency Rate Loans denominated in any
Alternative Currency, and (d) two (2) Business Days (five (5) Business Days in the case of a
Foreign Borrower) prior to the date of any Yen Committed Borrowing of Base Rate Committed
Loans or ABR Rate Loans. Each telephonic notice by the requesting Yen Borrower pursuant to
this Section 5.3 must be confirmed promptly by delivery to Yen Funding Agent of a
written Yen Committed Loan Notice, appropriately completed and signed by a Responsible
Officer of such Yen Borrower. Each Yen Committed Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans shall be in a principal amount permitted by
Section 8.1.1, and except as provided in Sections 7.3, each Yen Committed
Borrowing of or conversion to Base Rate Committed Loans or ABR Rate Loans shall be in a
principal amount permitted by Section 8.1.1. Each Yen Committed Loan Notice
(whether telephonic or written) shall specify (i) whether the applicable Yen Borrower is
requesting a Yen Committed Borrowing, a conversion of Yen Committed Loans from one Type to
the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the
Borrowing, conversion or

      

					
	 
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continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Yen Committed Loans to be borrowed, converted or continued, (iv) the Type of Yen
Committed Loans to be borrowed or to which existing Yen Committed Loans are to be converted,
(v) if applicable, the duration of the Interest Period with respect thereto, and (vi) the
currency of the Yen Committed Loans to be borrowed or converted. If the requesting Yen
Borrower fails to specify a currency in a Yen Committed Loan Notice requesting a Yen
Committed Borrowing, then the Yen Committed Loans so requested shall be made in Yen. If the
requesting Yen Borrower fails to specify a Type of Yen Committed Loan in a Yen Committed
Loan Notice or fails to give a timely notice requesting a conversion or continuation, then
(A) if the applicable Yen Committed Loans are denominated in Dollars, such Yen Committed
Loans shall be made as, or converted to, Base Rate Loans; (B) if the applicable Yen
Committed Loans are denominated in Yen, such Yen Committed Loans shall be made as, or
converted to, ABR Rate Loans; and (C) if the applicable Yen Committed Loans are denominated
in a currency other than Dollars or Yen, such Yen Committed Loans shall be made in the
currency requested or, in the case of a continuation, continued in the same currency, as
Eurocurrency Rate Loans with an Interest Period of one (1) month. Any automatic conversion
to Base Rate Loans or ABR Rate Loan, as applicable, shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans.
If the requesting Yen Borrower requests a Borrowing of, conversion to, or continuation of
Eurocurrency Rate Loans in any such Yen Committed Loan Notice, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one (1) month.
No Yen Committed Loan may be converted into or continued as a Yen Committed Loan denominated
in a different currency, but instead must be repaid in the original currency of such Yen
Committed Loan and reborrowed in the other currency.

     5.3.2 Funding of Yen Committed Loans. Following receipt of a Yen Committed
Loan Notice, Yen Funding Agent shall promptly notify each Yen Lender of the amount (and
currency) of its Applicable Tranche Percentage of the applicable Yen Committed Borrowings,
and if no timely notice of a conversion or continuation is provided by the applicable Yen
Borrower, Yen Funding Agent shall notify each Yen Lender of the details of any automatic
conversion to Base Rate Loans or continuation of Yen Committed Loans denominated in a
currency other than Dollars, in each case as described in the preceding Section. In the
case of a Yen Committed Borrowing, each Yen Qualified Lender and the applicable Fronting
Lender, if any, shall make the amount of its Yen Committed Loan available to Yen Funding
Agent in Same Day Funds at Yen Funding Agent’s Office for the applicable currency not later
than 12:00 noon, Tokyo time, in the case of any Yen Committed Loan denominated in Yen, and
not later than the Applicable Time specified by Yen Funding Agent in the case of any Yen
Committed Loan in an Alternative Currency of the Yen Tranche, in each case on the Business
Day specified in the applicable Yen Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 10.2 (and, if such Yen Committed
Borrowing is the initial Credit Extension, Section 10.1), Yen Funding Agent shall
make all funds so received available to the applicable Yen Borrower in like funds as
received by Yen Funding Agent either by (a) crediting the account of such Yen Borrower on
the books of Yen Funding Agent with the amount of such funds or (b) wire transfer of such
funds, in each case in accordance with instructions provided to (and reasonably acceptable
to) Yen Funding Agent by the requesting

      

					
	 
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Yen Borrower; provided that if, on the date a Yen Committed Loan Notice with
respect to a Yen Committed Borrowing denominated in Yen is given by the requesting Yen
Borrower, such Yen Borrower has outstanding Yen L/C Borrowings, then the proceeds of such
Yen Committed Borrowing, first, shall be applied to the payment in full of such Yen
L/C Borrowings, and, second, shall be made available to the requesting Yen Borrower
as provided above.

     5.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an
Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, the Yen
Required Lenders may at their option, by notice to the Yen Borrowers (which notice may be
revoked at the option of Yen Required Lenders notwithstanding any provision of Section
15.1) declare that (a) no Yen Committed Loans denominated in Yen or Dollars may be
requested as, converted to or continued as Eurocurrency Rate Loans, and (b) no Yen Committed
Loans denominated in any other Alternative Currency may be requested or continued as
Eurocurrency Rate Loans, other than as Eurocurrency Rate Loan with an Interest Period of one
(1) month.

     5.3.4 Notice of Rates. Yen Funding Agent shall promptly notify each applicable
Yen Borrower and Yen Lenders of the interest rate applicable to any Interest Period for
Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base
Rate Loans are outstanding, Yen Funding Agent shall notify each applicable Yen Borrower and
Yen Lenders of any change in U.S. Funding Agent’s “prime rate” used in determining the Base
Rate for Yen Committed Loan denominated in Dollars promptly following the public
announcement of such change. At any time that ABR Rate Loans are outstanding, Yen Funding
Agent shall notify each applicable Yen Borrower and Yen Lenders of any change in Yen Funding
Agent’s “prime rate” used in determining the ABR Rate for Yen Committed Loans denominated in
Yen promptly following the public announcement of such change.

     5.3.5 Number of Interest Periods. After giving effect to all Yen Committed
Borrowings, all conversions of Yen Committed Loans from one Type to the other, and all
continuations of Yen Committed Loans as the same Type, there shall not be more than twenty
(20) Interest Periods in effect with respect to Yen Committed Loans.

     5.4 Yen Letters of Credit. Subject to the terms and conditions set forth herein, (a) each Yen L/C
Issuer agrees, in reliance upon the agreements of Yen Lenders set forth in this Section 5.4
and Article VII, (i) from time to time on any Business Day during the Availability
Period, to issue Yen Letters of Credit denominated in Yen for the account of any Yen Borrower or
any Eligible Affiliate, and to amend or extend Yen Letters of Credit previously issued by it, in
accordance with Section 7.2, and (ii) to honor drawings under the applicable Yen Letters of
Credit; and (b) Yen Lenders severally agree to participate in Yen Letters of Credit issued for the
account of any Yen Borrower or any Eligible Affiliates and any drawings thereunder;
provided that after giving effect to any Yen L/C Credit Extension with respect to any Yen
Letter of Credit, (x) the Yen Total Outstandings shall not exceed the Yen Aggregate Commitments,
(y) the Yen Credit Exposure of any Yen Lender shall not exceed such Yen Lender’s Yen Commitment,
and (z) the Yen Outstanding Amount of the Yen L/C Obligations shall not exceed the Yen Letter of
Credit Sublimit. Within the

      

					
	 
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foregoing limits, any Yen Borrower’s ability to obtain Yen Letters of Credit shall be fully
revolving, and accordingly each Yen Borrower may, during the foregoing period, obtain Yen Letters
of Credit to replace Yen Letters of Credit that have expired or that have been drawn upon and
reimbursed. All Yen Existing Letters of Credit shall be deemed to have been issued pursuant
hereto, and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof.

     5.5 Yen Prepayments.

     5.5.1 Prepayments of Yen Committed Loans. Each Yen Borrower may, upon notice
to Yen Funding Agent, at any time or from time to time voluntarily prepay Yen Committed
Loans in whole or in part without premium or penalty; provided that (a) such notice
must be received by Yen Funding Agent not later than 11:00 a.m., Tokyo time, (i) three (3)
Business Days prior to any date of prepayment of Eurocurrency Rate Loans, and (ii) one (1)
Business Day prior to any date of prepayment of Base Rate Committed Loans and ABR Rate
Loans; and (b) any prepayment of Yen Committed Loans shall be in a principal amount
permitted by Section 8.1.2, or, if less, the entire principal amount thereof then
outstanding; provided that if Yen Lenders have made any Yen Committed Loans pursuant
to 7.3.2, then the applicable Yen Borrower may make a prepayment in any other amount
so long as, after giving effect thereto, the aggregate principal amount of all ABR Rate
Loans is in an integral multiple of ¥100,000,000. Each such notice shall specify
the date and amount of such prepayment and the Type(s) of Yen Committed Loans to be prepaid
and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Yen
Committed Loans. Yen Funding Agent will promptly notify each Yen Lender of its receipt of
each such notice, and of the amount of such Yen Lender’s Applicable Tranche Percentage of
such prepayment. If such notice is given by such Yen Borrower, then such Yen Borrower shall
make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be
accompanied by all accrued interest on the amount prepaid, together with any additional
amount required pursuant to Section 9.5. Subject to Section 5.2.4, each
such prepayment shall be applied to the Yen Committed Loans of Yen Lenders in accordance
with their respective Applicable Tranche Percentages.

     5.5.2 Prepayments due to Currency Fluctuations. Yen Funding Agent shall
calculate the Yen Equivalent of the Yen Total Outstandings on each Revaluation Date. If on
the Revaluation Date that occurs on the first (1st) Business Day of each calendar
month, or such other times as Yen Funding Agent may determine in its reasonable discretion,
such calculation reflects that, as of such Revaluation Date, Yen Equivalent of the Yen Total
Outstandings exceeds an amount equal to one hundred and five percent (105%) of the Yen
Aggregate Commitments then in effect, then, within two (2) Business Days after notice of
such calculation from Yen Funding Agent to ProLogis, Yen Borrowers shall prepay the Yen
Committed Loans and/or Yen Borrowers shall Cash Collateralize the Yen L/C Obligations in an
aggregate amount sufficient to reduce the Yen Equivalent of such Yen Total Outstandings as
of such date of payment to an amount not to exceed one hundred percent (100%) of the Yen
Aggregate Commitments then in effect, provided that solely for purposes of measuring
compliance with this Section 5.5.2, the amount of Cash Collateral delivered to
Collateral Agent under this Section 5.5.2 shall be deemed to have reduced the Yen
Total Outstandings.

      

					
	 
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Subject to Section 5.2.4, each such prepayment shall be applied to the Yen
Committed Loans of Yen Lenders in accordance with their respective Applicable Tranche
Percentages.

ARTICLE VI

KRW COMMITMENTS AND KRW COMMITTED LOANS

     6.1 KRW Committed Loans. Subject to the terms and conditions set forth herein, each KRW Lender
severally agrees to make loans (each such loan, a “KRW Committed Loan”) to each KRW
Borrower only in KRW from time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such KRW Lender’s KRW
Commitment; provided that after giving effect to any KRW Committed Borrowing, (a) the
aggregate KRW Outstanding Amounts of all KRW Committed Loans shall not exceed the KRW Aggregate
Commitments, and (b) the aggregate KRW Outstanding Amount of the KRW Committed Loans of any KRW
Lender shall not exceed such KRW Lender’s KRW Commitment. Within the limits of each KRW Lender’s
KRW Commitment, KRW Borrowers may borrow under this Section 6.1, prepay under Section
6.3, and reborrow under this Section 6.1. KRW Committed Loans shall be KRW Rate Loans.

     Notwithstanding the foregoing, no KRW Committed Loans shall be permitted to be made hereunder
until such time as Global Administrative Agent and KRW Funding Agent receive an opinion of counsel,
addressed to such Agents and each KRW Lender, as to such matters concerning each KRW Borrower and
the Loan Documents as Global Administrative Agent and KRW Funding Agent may reasonably request.

     6.2 Borrowings, Conversions and Continuations of KRW Committed Loans.

     6.2.1 Procedures for KRW Committed Borrowings. Each KRW Committed Borrowing
shall be made upon the requesting KRW Borrower’s irrevocable notice to KRW Funding Agent,
which may be given by telephone. Each such notice must be received by KRW Funding Agent not
later than 11:00 a.m., Seoul time, three (3) Business Days prior to the requested date of
any KRW Committed Borrowing. Each telephonic notice by the requesting KRW Borrower pursuant
to this Section 6.2.1 must be confirmed promptly by delivery to KRW Funding Agent of
a written KRW Committed Loan Notice, appropriately completed and signed by a Responsible
Officer of the requesting KRW Borrower. Each KRW Committed Borrowing shall be in a
principal amount permitted by Section 8.1.1. Each KRW Committed Loan Notice
(whether telephonic or written) shall specify (a) the requested date of the KRW Committed
Borrowing (which shall be a Business Day), and (b) the principal amount of KRW Committed
Loans to be borrowed, converted or continued.

     6.2.2 Funding of KRW Committed Loans. Following receipt of a KRW Committed
Loan Notice, KRW Funding Agent shall notify each KRW Lender within one (1) Business Day of
the amount of its Applicable Tranche Percentage of the KRW Committed Borrowing and the
applicable KRW Borrower. In the case of a KRW Committed Borrowing, each KRW Lender shall
make the amount of its KRW Committed Loan available to KRW Funding Agent in Same Day Funds
at KRW Funding Agent’s Office for the applicable currency not later than 1:00 p.m., Seoul
time, on the Business Day specified in the applicable KRW Committed Loan Notice. Upon
satisfaction of the applicable conditions set forth in

      

					
	 
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Section 10.2 (and, if such KRW Committed Borrowing is the initial Credit
Extension, Section 10.1), KRW Funding Agent shall make all funds so received
available to the applicable KRW Borrower in like funds as received by KRW Funding Agent
either by (a) crediting the account of such KRW Borrower on the books of KRW Funding Agent
with the amount of such funds or (b) wire transfer of such funds, in each case in accordance
with instructions provided to (and reasonably acceptable to) KRW Funding Agent by the
requesting KRW Borrower.

     6.3 Prepayments. Each KRW Borrower may, upon notice to KRW Funding Agent, at any time or from time
to time voluntarily prepay KRW Committed Loans in whole or in part without premium or penalty;
provided that (a) such notice must be received by KRW Funding Agent not later than 11:00
a.m., Seoul time, three (3) Business Days prior to any date of prepayment and (b) any prepayment of
KRW Rate Loans shall be in a principal amount permitted by Section 8.1.2. Each such notice
shall specify the date and amount of such prepayment. KRW Funding Agent will notify each KRW
Lender within one (1) Business Day of its receipt of each such notice, and of the amount of such
KRW Lender’s Applicable Tranche Percentage of such prepayment. If such notice is given by such KRW
Borrower, then such KRW Borrower shall make such prepayment and the payment amount specified in
such notice shall be due and payable on the date specified therein. Any prepayment of a KRW
Committed Loan shall be accompanied by all accrued interest on the amount repaid. Each such
prepayment shall be applied to the KRW Committed Loans of KRW Lenders in accordance with their
respective Applicable Tranche Percentages.

ARTICLE VII

GENERAL PROVISIONS APPLICABLE TO LETTERS OF CREDIT

     7.1 Limitations on Obligations to Issue Letters of Credit.

     7.1.1 Prohibited Issuances. No L/C Issuer shall issue any Letter of Credit, if:

     (a) subject to Section 7.2.3, the expiry date of such requested Letter
of Credit would occur more than twelve (12) months after the date of issuance or the
last extension thereof, unless the applicable Tranche Required Lenders have approved
such expiry date; or

     (b) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date.

     7.1.2 Limitations on Obligations of L/C Issuers. No L/C Issuer shall be under
any obligation to issue any Letter of Credit if:

     (a) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such
Letter of Credit, or any Law applicable to such L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C
Issuer refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon such L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which such L/C
Issuer is not

      

					
	 
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otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which such L/C Issuer in good faith deems
material to it;

     (b) the issuance of such Letter of Credit would violate one or more policies of
such L/C Issuer;

     (c) except as otherwise agreed by the applicable Funding Agent and the
applicable L/C Issuer, such Letter of Credit would be in an initial stated amount of
less than $100,000 for a U.S. Letter of Credit, Cdn$100,000 for Canadian Letters of
Credit, EUR 100,000 for a Euro Letter of Credit denominated in Euro, £100,000 for a
Euro Letter of Credit denominated in Sterling, and ¥100,000,000 for a Yen
Letter of Credit;

     (d) (i) with respect to the U.S. Letters of Credit, Canadian Letters of Credit,
and Yen Letters of Credit, such Letter of Credit is to be denominated in a currency
other than the Primary Currency of the applicable Tranche, and (ii) with respect to
the Euro Letters of Credit, such Letter of Credit is to be denominated in a currency
other than Euro or Sterling,

     (e) such Letter of Credit contains any provision for automatic reinstatement of
the stated amount after any drawing thereunder; or

     (f) any Applicable Tranche Lender has defaulted on its obligations to fund
under Sections 7.4.1 or 7.4.2 or is at such time a Defaulting
Lender, unless such L/C Issuer has entered into satisfactory arrangements with the
applicable Borrower or such Applicable Tranche Lender to eliminate such L/C Issuer’s
risk with respect to such Lender.

     7.1.3 Limitations on Amendments. No L/C Issuer shall be under any obligation
to amend any Letter of Credit if (a) such L/C Issuer would have no obligation at such time
to issue such Letter of Credit in its amended form under the terms hereof, or (b) the
beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter
of Credit.

     7.1.4 Authorization of L/C Issuers. Each L/C Issuer shall act on behalf of the
Applicable Tranche Lenders with respect to any Letters of Credit issued by it and the
documents associated therewith, and each L/C Issuer shall have all of the benefits and
immunities (a) provided to Agents in Article XV with respect to any acts taken or
omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or
proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as
fully as if the term “Agent” as used in Article XV included such L/C Issuer with
respect to such acts or omissions, and (b) as additionally provided herein with respect to
such L/C Issuer.

     7.2 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

      

					
	 
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     7.2.1 Requests for Issuance or Amendment. Each Letter of Credit shall be
issued or amended, as the case may be, upon the request of any Borrower delivered to the
applicable L/C Issuer (with a copy to the applicable Funding Agent) in the form of a Letter
of Credit Application, appropriately completed and signed by a Responsible Officer of such
Borrower. Such Letter of Credit Application must be received by the applicable L/C Issuer
and the applicable Funding Agent not later than 11:00 a.m., Applicable Time, at least three
(3) Business Days (or, in each case, such later date and time as such L/C Issuer and such
Funding Agent may both agree in a particular instance in their sole discretion) prior to the
proposed issuance date or date of amendment, as the case may be. In the case of a request
for an initial issuance of a Letter of Credit, the applicable Letter of Credit Application
shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer: (a)
the proposed issuance date of the requested Letter of Credit (which shall be a Business
Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the
beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any
drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary
in case of any drawing thereunder; and (g) such other matters as the applicable L/C Issuer
may reasonably require. In the case of a request for an amendment of any outstanding Letter
of Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the applicable L/C Issuer: (i) the Letter of Credit to be amended; (ii) the
proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the
proposed amendment; and (iv) such other matters as the applicable L/C Issuer may reasonably
require. Additionally, the requesting Borrower shall furnish to the applicable L/C Issuer
and the applicable Funding Agent such other documents and information pertaining to such
requested Letter of Credit issuance or amendment, including any Issuer Documents, as such
L/C Issuer or Funding Agent may reasonably require.

     7.2.2 Issuance Procedures. Promptly after receipt of any Letter of Credit
Application, the applicable L/C Issuer will confirm with the applicable Funding Agent (by
telephone or in writing) that such Funding Agent has received a copy of such Letter of
Credit Application from the requesting Borrower and, if not, such L/C Issuer will provide
such Funding Agent with a copy thereof. Unless such L/C Issuer has received written notice
from Global Administrative Agent, the applicable Funding Agent, or any Credit Party, at
least one (1) Business Day prior to the requested date of issuance or amendment of a Letter
of Credit, that one or more applicable conditions contained in Article X shall not
then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall,
on the requested date, issue a Letter of Credit for the account of the requesting Borrower
(or the applicable Eligible Affiliate) or enter into the applicable amendment, as the case
may be, in each case in accordance with such L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, each Applicable Tranche
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount
equal to the product of such Lender’s Applicable Tranche Percentage times the amount
of such Letter of Credit.

     7.2.3 Auto-Extension Letters of Credit. If any Borrower so requests in a
Letter of Credit Application, the applicable L/C Issuer may, in its sole and absolute
discretion, agree to issue a Letter of Credit that has automatic extension provisions (each,
an “Auto-Extension Letter of Credit”); provided that any Auto-Extension
Letter of Credit must permit such L/C

      

					
	 
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Issuer to prevent any such extension at least once in each twelve (12) month period
(commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in
each such twelve (12) month period to be agreed upon at the time such Letter of Credit is
issued. Unless otherwise directed by such L/C Issuer, the applicable Borrower shall not be
required to make a specific request to such L/C Issuer for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Applicable Tranche Lenders shall be
deemed to have authorized (but may not require) the applicable L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided that such L/C Issuer shall not permit any such
extension if (a) such L/C Issuer has determined that it would not be permitted, or would
have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of Section 7.1.1(a) or
Section 7.1.1(b) or otherwise), or (b) it has received notice (which may be by
telephone or in writing) on or before the day that is five (5) Business Days before the
Non-Extension Notice Date (1) from Global Administrative Agent or the applicable Funding
Agent, that the applicable Tranche Required Lenders have elected not to permit such
extension or (2) from Global Administrative Agent, the applicable Funding Agent, or any
Credit Party that one or more of the applicable conditions specified in Section 10.2
is not then satisfied, and in each such case directing such L/C Issuer not to permit such
extension.

     7.2.4 Notice of Issuance. Promptly after its delivery of any Letter of Credit
or any amendment to a Letter of Credit to an advising bank with respect thereto or to the
beneficiary thereof, the applicable L/C Issuer will also deliver to the applicable Borrower
and the applicable Funding Agent a true and complete copy of such Letter of Credit or
amendment.

     7.3 Drawings and Reimbursements; Funding of Participations.

     7.3.1 Procedures Upon Drawing. Upon receipt from the beneficiary of any Letter
of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer
shall notify the applicable Borrower and the applicable Funding Agent thereof. Not later
than 10:00 a.m., Applicable Time, on the date of any payment by an L/C Issuer under a Letter
of Credit (each such date, an “Honor Date”), the applicable Borrower shall reimburse
such L/C Issuer through the applicable Funding Agent in an amount (in the same currency in
which such payment was made) equal to the amount of such drawing. If the applicable
Borrower fails to so reimburse an L/C Issuer by such time, the applicable Funding Agent
shall promptly notify each Applicable Tranche Lender of the Honor Date, the amount of the
unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Applicable
Tranche Lender’s Applicable Tranche Percentage thereof. In such event, the applicable
Borrower shall be deemed to have requested a Committed Borrowing of the Specified Type (as
defined below) to be disbursed on the first (1st) Business Day after the Honor
Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified elsewhere in this Agreement for the principal amount of a Committed
Borrowing, but subject to the amount of the unutilized portion of the Aggregate Tranche
Commitment and the conditions set forth in Section 10.2 (other than the delivery of
a Committed Loan Notice). To the extent that any Unreimbursed Amount under the Euro Tranche
is in Sterling and there are Euro Non-Qualified Lenders with respect to Sterling, then Euro
Funding Agent

      

					
	 
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may elect a Fronting Lender in accordance with Section 4.2 on behalf of the applicable Euro Borrower
(which hereby irrevocably authorizes Euro Funding Agent to so elect on its behalf); provided that to the extent
that there are no available Fronting Lenders, then such portion of the Unreimbursed Amount shall be converted to
Euro based on the Euro Equivalent amount of such portion and refinanced as a Eurocurrency Rate Loan in Euro with an
Interest Period of one (1) month. Any notice given by an L/C Issuer or a Funding Agent pursuant to this Section
7.4.1 may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate
confirmation shall not affect the conclusiveness or binding effect of such notice. For purposes of the foregoing,
“Specified Type” means (a) with respect to the U.S. Tranche, Base Rate Loans; (b) with respect to the Canadian Tranche
and the Yen Tranche, ABR Rate Loans; and (c) with respect to the Euro Tranche, a Eurocurrency Rate Loan with an Interest
Period of one (1) month.

     7.3.2 Reimbursement via Committed Borrowing. Each Applicable Tranche Lender
(or, in the case of a Euro Letter of Credit, each Euro Qualified Lender and each applicable
Fronting Lender) shall upon receipt of any notice pursuant to Section 7.3.1 make
funds available to the applicable Funding Agent for the account of the applicable L/C
Issuer, in the applicable currency of the applicable Letter of Credit, at such Funding
Agent’s Office in an amount equal to each such Applicable Tranche Lender’s Applicable
Tranche Percentage (or, in the case of a Euro Letter of Credit, each Euro Qualified Lender’s
Applicable Tranche Percentage and each applicable Fronting Lender’s Euro Fronting Loan) of
the Unreimbursed Amount not later than 12:00 noon, Applicable Time, on the Business Day
specified in such notice by such Funding Agent, whereupon, subject to the provisions of
Section 7.3.3, each Applicable Tranche Lender (or in the case of a Euro Letter of
Credit, the Euro Qualified Lender and the Fronting Lender) that so makes funds available
shall be deemed to have made a Committed Loan to the applicable Borrower in such amount.
The applicable Funding Agent shall remit the funds so received to the applicable L/C Issuer.

     7.3.3 L/C Borrowings. With respect to any Unreimbursed Amount that is not
fully refinanced by a Committed Borrowing because the conditions set forth in Section
10.2 cannot be satisfied or for any other reason, the applicable Borrower shall be
deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest), in currency in payment was made under the applicable
Letter of Credit and shall bear interest at the Default Rate for applicable Specified Type;
provided that to the extent that a Euro L/C Borrowing is in Sterling and there are
Euro Non-Qualified Lenders with respect to Sterling, then the aggregate amount of the Euro
L/C Borrowing shall be converted to Euro based on the Euro Equivalent amount of such Euro
L/C Borrowing and shall bear interest at the Default Rate for a Eurocurrency Rate Loan with
an Interest Period of one (1) month. In such event, each applicable Lender’s payment to the
applicable Funding Agent for the account of such L/C Issuer pursuant to this Section
7.3.3 shall be deemed payment in respect of its participation in such L/C Borrowing and
shall constitute an L/C Advance from such Lender in satisfaction of its participation
obligation under this Section 7.3.

     7.3.4 Interest Prior to Lender Payments. Until an Applicable Tranche Lender
(and, the case of the Euro Tranche, a Fronting Lender) funds its Committed Loan or L/C
Advance

					
	 	 	 	 	 
	 
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pursuant to this Section 7.3 to reimburse the applicable L/C Issuer for any
amount drawn under any Letter of Credit, interest in respect of the Committed Loan or L/C
Advance to be made by such Applicable Tranche Lender (or such Fronting Lender) shall be
solely for the account of such L/C Issuer.

     7.3.5 Lender Obligations Unconditional. Each Applicable Tranche Lender’s (and,
if applicable, Fronting Lender’s) obligation to make Committed Loans or L/C Advances or to
purchase risk participations in Fronting Loans in order to reimburse the applicable L/C
Issuer for amounts drawn under Letters of Credit, as contemplated by this Section
7.3, shall be absolute and unconditional and shall not be affected by any circumstance,
including: (a) any setoff, counterclaim, recoupment, defense or other right which such
Lender may have against such L/C Issuer, any Borrower, any Eligible Affiliate or any other
Person for any reason whatsoever; (b) the occurrence or continuance of a Default, or (c) any
other occurrence, event or condition, whether or not similar to any of the foregoing;
provided that each such Person’s obligation to make Committed Loans pursuant to this
Section 7.3 is subject to the conditions set forth in Section 10.2 (other
than delivery by the applicable Borrower of a Committed Loan Notice). No such making of an
L/C Advance shall relieve or otherwise impair the obligation of the applicable Borrower to
reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer
under any Letter of Credit, together with interest as provided herein.

     7.3.6 Interest on Overdue Amounts. If any Applicable Tranche Lender (or, in
the case of the Euro Tranche, Fronting Lender) fails to make available directly to the
applicable Funding Agent for the account of the applicable L/C Issuer any amount required to
be paid by such Lender (or Fronting Lender) pursuant to the foregoing provisions of this
Section 7.3 by the time specified in Section 7.3.2, such L/C Issuer shall be
entitled to recover from such Person (acting through the applicable Funding Agent), on
demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to such L/C Issuer at a
rate per annum equal to the applicable Overnight Rate from time to time in effect. A
certificate of an L/C Issuer submitted to any Lender (through the applicable Funding Agent)
with respect to any amount owing under this Section 7.3.6 shall be conclusive absent
manifest error.

     7.4 Repayment of Participations.

     7.4.1 Payments by L/C Issuers. At any time after an L/C Issuer has made a
payment under any Letter of Credit and has received from any Applicable Tranche Lender (or,
in the case of the Euro Tranche, any Fronting Lender) such Person’s L/C Advance in respect
of such payment in accordance with Section 7.3, if the applicable Funding Agent
receives for the account of such L/C Issuer any payment in respect of the related
Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower or
otherwise, including proceeds of Cash Collateral of the applicable Tranche applied thereto
by the applicable Funding Agent), the applicable Funding Agent will distribute to such
Applicable Tranche Lender (or Fronting Lender) its Applicable Tranche Percentage (or other
appropriate percentage) thereof (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Person’s L/C Advance was outstanding) in the
same funds as those received by the applicable Funding Agent.

					
	 	 	 	 	 
	 
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     7.4.2 Disgorgement. If any payment received by the applicable Funding Agent
for the account of any L/C Issuer pursuant to Section 7.4.1 is required to be
returned under any of the circumstances described in Section 16.5 (including
pursuant to any settlement entered into by such L/C Issuer in its discretion), each
Applicable Tranche Lender (and, in the case of the Euro Tranche, each applicable Euro
Funding Agent) shall pay to the applicable Funding Agent for the account of such L/C Issuer
its Applicable Tranche Percentage (or other appropriate percentage) thereof on demand of the
applicable Funding Agent (in each case in currency in which such payment originally was
made), plus interest thereon from the date of such demand to the date such amount is
returned by such Applicable Tranche Lender (or Euro Funding Agent), at a rate per annum
equal to the applicable Overnight Rate from time to time in effect.

     7.4.3 Survival. The obligations of the Lenders (and the Euro Funding Agents),
the L/C Issuers and the Fronting Lenders under this Section 7.4 shall survive the
payment in full of the Obligations and the termination of this Agreement.

     7.5 Borrower Obligations Absolute. The obligation of each Borrower to reimburse the applicable L/C
Issuer for each drawing under each Letter of Credit issued by such L/C Issuer for the account of
such Borrower and to repay each L/C Borrowing incurred by such Borrower shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (a) any lack of validity or enforceability of such Letter of Credit, this
Agreement, or any other Loan Document;

     (b) the existence of any claim, counterclaim, setoff, defense or other right
that any Borrower or any Eligible Affiliate may have at any time against any
beneficiary or any transferee of such Letter of Credit (or any Person for whom any
such beneficiary or any such transferee may be acting), any L/C Issuer or any other
Person, whether in connection with this Agreement, the transactions contemplated
hereby or by such Letter of Credit or any agreement or instrument relating thereto,
or any unrelated transaction;

     (c) any draft, demand, certificate or other document presented under such
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any
respect or any statement therein being untrue or inaccurate in any respect; or any
loss or delay in the transmission or otherwise of any document required in order to
make a drawing under such Letter of Credit;

     (d) any payment by the L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms
of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit,
including any arising in connection with any proceeding under any Debtor Relief Law;
or

					
	 	 	 	 	 
	 
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     (e) any other circumstance or happening whatsoever, whether or not similar to
any of the foregoing, including any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Borrower or any Eligible
Affiliate.

Each Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s
instructions or other irregularity, such Borrower will promptly notify such L/C Issuer. Each
Borrower shall be conclusively deemed to have waived any such claim against any L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     7.6 Role of L/C Issuer. Each Lender and each Borrower agree that, in paying any drawing under a
Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than
any sight draft, certificates and documents expressly required by such Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. No L/C Issuer or Agent or any of their
respective Related Parties or any correspondent, participant or assignee of any L/C Issuer shall be
liable to any Lender for (a) any action taken or omitted in connection herewith at the request or
with the approval of all Lenders, all Applicable Tranche Lenders, the applicable Tranche Required
Lenders, or the Required Lenders, as applicable; (b) any action taken or omitted in the absence of
gross negligence or willful misconduct; or (c) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Issuer Document.
Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided that this assumption is not
intended to, and shall not, preclude any Borrower pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. No L/C Issuer or Agent
or any of their respective Related Parties or any correspondent, participant or assignee of any L/C
Issuer shall be liable or responsible for any of the matters described in clauses (a)
through (e) of Section 7.5; provided that anything in such clauses to the
contrary notwithstanding, a Borrower may have a claim against an L/C Issuer, and such L/C Issuer
may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by such Borrower which it proves were caused by such
L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful failure to pay
under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of such Letter of Credit. In
furtherance and not in limitation of the foregoing, any L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason.

     7.7 Cash Collateral. Upon the request of the applicable Funding Agent or Required Lenders (for
purposes of paragraph (a) below) or the applicable Tranche Required Lenders (for purposes
of paragraph (b) below), (a) during the existence of an Event of Default or (b) if, as of
the Maturity Date, any L/C Obligation for any reason remains outstanding, the applicable Borrower
shall, in each case, promptly Cash Collateralize in the then Outstanding Amount of all L/C
Obligations of such Borrower under each applicable Tranche, in each case in the same currency as

					
	 	 	 	 	 
	 
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the applicable L/C Obligations. This Agreement sets forth certain additional requirements to
deliver Cash Collateral. Each Borrower hereby grants to Collateral Agent a security interest
(subject to the Security Agency Agreement) in all such cash, all deposit accounts into which such
cash is deposited, all balances in such accounts and all proceeds of the foregoing. Cash
Collateral shall be maintained in blocked, interest bearing deposit accounts with the applicable
Funding Agent (acting as an agent for Collateral Agent).

     7.8 Applicability of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and the
applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to
an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit.

     7.9 Letter of Credit Fees. ProLogis shall (or shall cause the applicable Borrower to) pay to the
applicable Funding Agent for the account of each Applicable Tranche Lender in accordance with its
Applicable Tranche Percentage, in the Primary Currency for the applicable Tranche, a Letter of
Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable
Margin as in effect from time to time in effect multiplied by the daily Relevant Equivalent
(as defined below) amount available to be drawn under such Letter of Credit. Letter of Credit Fees
shall be (a) computed on a quarterly basis in arrears and (b) due and payable on the last Business
Day of each March, June, September and December, on the Letter of Credit Expiration Date and
thereafter on demand. Notwithstanding anything to the contrary contained herein, upon the request
of the Tranche Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall
accrue at the Default Rate. For purposes of the foregoing and of Section 7.10,
“Relevant Equivalent” means (i) in the case of the U.S. Letters of Credit, the Dollar
Equivalent, (ii) in the case of the Canadian Letters of Credit, Canadian Dollars, (iii) in the case
of the Euro Letters of Credit, the Euro Equivalent, and (iv) in the case of the Yen Letters of
Credit, the Yen Equivalent. Notwithstanding the foregoing or any other provision of this
Agreement, ProLogis shall not be required to pay any Letter of Credit Fee to any Lender for any
period during which such Lender is a Defaulting Lender.

     7.10 Fronting Fee and Documentary and Processing Charges Payable to each L/C Issuer. ProLogis
shall pay directly to the applicable L/C Issuer of each Letter of Credit for its own account, in
the Primary Currency of the Tranche under which such Letter of Credit was issued, a fronting fee at
the rate per annum of 0.125% computed on the Relevant Equivalent (as defined in Section
7.9) of the daily amount available to be drawn under such Letter of Credit on a quarterly basis
in arrears. Such fronting fee shall be due and payable on the last Business Day of each March,
June, September and December in respect of the most recently-ended quarterly period (or portion
thereof, in the case of the first payment), on the Letter of Credit Expiration Date and thereafter
on demand. In addition, ProLogis shall pay directly to the applicable L/C Issuer for its own
account, in Primary Currency of the Tranche under which the applicable Letter of Credit was issued,
the customary issuance, presentation, amendment, extension and other processing fees, and other
standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time
in effect; provided that the total amount of all such fees shall not exceed a Dollar
Equivalent amount of $1,500 for any Letter of Credit. Such customary fees and standard costs and
charges are due and payable ten (10) Business Days after demand and are nonrefundable.

     7.11 Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the
terms of any Issuer Document, the terms hereof shall control.

					
	 	 	 	 	 
	 
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     7.12 Letters of Credit Issued for Eligible Affiliate. Notwithstanding that a Letter of Credit is
in support of obligations of, or is for the account of, an Eligible Affiliate, the requesting
Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all
drawings under such Letter of Credit. Each Borrower acknowledges that the issuance of any Letter
of Credit requested by such Borrower for the account of an Eligible Affiliate inures to the benefit
of such Borrower. Notwithstanding the foregoing, a Foreign Borrower under any Tranche or a
Canadian Affiliate under any Tranche (other than the Canadian Tranche) shall not be the letter of
credit applicant with respect to any Letter of Credit.

     7.13 U.S. Bond L/Cs. Notwithstanding any provision to the contrary set forth in this
Article VII:

     7.13.1 Terms and Conditions of U.S. Bond L/Cs. (a) U.S. Bond L/Cs shall be subject to
the terms and conditions of this Agreement and applicable Law; provided that (i) a U.S.
Bond L/C may have an expiration date later than twelve (12) months from the date of issuance, so
long as such date is not later than the Letter of Credit Expiration Date; and (ii) the terms of
each U.S. Bond L/C (A) must be acceptable to the applicable U.S. L/C Issuer and U.S. Funding Agent,
(B) subject to the provisions of Section 7.13.2 and 7.13.3, may provide for the
reinstatement of drawn portions of the U.S. Bond L/C, whether or not reimbursement has been
received (which may have the effect of increasing the amount of the applicable Borrower’s
reimbursement obligations under such U.S. Bond L/C), (C) may provide for automatic extensions
thereof, so long as such terms comply with the auto extension provisions set forth in Section
7.13.3 hereof, and (D) may contain provisions whereby the applicable U.S. L/C Issuer is granted
certain rights in collateral and voting rights under the related Bond Documents, which rights are
expressly assigned by the applicable U.S. L/C Issuer to Collateral Agent for the benefit of Lenders
pursuant to Section 7.13.4 herein.

     (b) Any Borrower may request that a U.S. L/C Issuer issue a U.S. Bond L/C by providing at
least thirty (30) days prior written notice of such request to the applicable U.S. L/C Issuer, and
by delivering a certificate at least thirty (30) days prior to the issuance of any U.S. Bond L/C to
U.S. Funding Agent certifying that, after giving effect to the issuance of any such Bonds and,
without duplication, any Debt incurred by any Company with respect thereto, no Default exists or
would result after giving effect thereto.

     7.13.2 Reduction and Reinstatement of U.S. Bond L/Cs. In the event that the proceeds
of any drawing under any U.S. Bond L/C are used to pay the purchase price of Bonds tendered or
deemed tendered by the owner thereof pursuant to the related Bond Documents (such drawing,
including the drawing of any accrued interest on the tendered Bonds, a “Bond Purchase
Drawing”), then the stated amount of such U.S. Bond L/C will be temporarily reduced by the
amount of such drawing, subject to automatic reinstatement (whether or not reimbursement for any
drawings thereunder has been received or the conditions set forth in Sections 7.1.1 and
7.1.2 have been satisfied, and without further approval from Lenders) pursuant to the
provisions of the applicable U.S. Bond L/C by an amount equal to the Bond Purchase Drawing, so long
as (a) the applicable U.S. L/C Issuer (or Collateral Agent, as assignee of such U.S. L/C Issuer)
has been properly accounted for on the securities depository’s records as the beneficial owner of
such Bonds purchased with the proceeds (or portion thereof) of the U.S. Bond L/C, or (b) such Bonds
have been delivered to the appropriate custodian and registered as directed by such L/C Issuer (or
Collateral Agent, as assignee of such U.S. L/C Issuer), or (c) to the extent provided for in the
applicable U.S. Bond L/C, such Bonds have been

					
	 	 	 	 	 
	 
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remarketed in accordance with the terms of the applicable Bond Documents and released by the
applicable U.S. L/C Issuer; provided, that if the repurchased Bonds are not transferred to
such U.S. L/C Issuer (or Collateral Agent, as assignee of such U.S. L/C Issuer) pursuant to
clause (a) or (b) or remarketed pursuant to clause (c) above, then the
applicable U.S. L/C Issuer shall notify Global Administrative Agent (which shall subsequently
notify Lenders) of such failure. Unless otherwise directed by U.S. Required Lenders, the
applicable U.S. L/C Issuer shall then deliver notice to the applicable Trustee prior to the fifth
(5th) Business Day after the applicable Bond Purchase Drawing that the amount of such
drawing will not be reinstated, if the applicable Bond Documents permit such notice; otherwise, the
U.S. L/C Issuer may send notice of an event of default and a direction to cause a redemption of the
applicable Bonds.

     7.13.3 Interest Payments. If the interest portion of any U.S. Bond L/C is drawn by the
applicable Trustee to make scheduled interest payments on the outstanding principal amount of the
Bonds, then the stated amount of such U.S. Bond L/C will be temporarily reduced by the amount of
such drawing, subject to automatic reinstatement of the interest portion of such U.S. Bond L/C
(whether or not reimbursement for any drawings thereunder has been received or the conditions set
forth in Sections 7.1.1 and 7.1.2 have been satisfied, and without further approval
from U.S. Lenders) pursuant to the provisions of the applicable U.S. Bond L/C. Subject to
compliance with Section 2.4 herein, the stated amount of the related U.S. Bond L/C may be
increased as required by the related Bond Documents (to reflect an increase in the maximum rate of
interest or number of days of accrued interest covered by such U.S. Bond L/C or otherwise).

     7.13.4 Liens and Security Interests under Bond Documents. All liens and security
interests securing reimbursement obligations and other obligations owed to the applicable U.S. L/C
Issuer of any U.S. Bond L/C under the related Bond Documents (including any U.S. L/C Borrowing),
any rights in and to any Bonds or other certificates of indebtedness issued to such L/C Issuer
under the related Bond Documents, and any voting rights or other rights created in favor of such
L/C Issuer under or pursuant to or in connection with any related Bond Documents (collectively, the
“Bond Rights”), now or hereafter existing in favor of such L/C Issuer, are hereby assigned
and conveyed by the applicable U.S. L/C Issuer to Collateral Agent for the ratable benefit of U.S.
Lenders. Notwithstanding anything to the contrary set forth in any U.S. Bond L/C, any Bonds or
certificates of indebtedness purchased from the owner thereof by the applicable Trustee with funds
received pursuant to a drawing under any U.S. Bond L/C shall be registered in the name of
Collateral Agent and shall be delivered to or held by Collateral Agent or such other entity as may
be specified by the applicable L/C Issuer and approved by Collateral Agent in a written instrument
delivered to the applicable Trustee, for the benefit of the applicable L/C Issuer, Collateral
Agent, and the other U.S. Lenders. Each L/C Issuer of a U.S. Bond L/C agrees to execute all such
other assignments, conveyances, financing statements, and other documents required by Collateral
Agent to effect the requirements of this Section 7.13.4; provided that, U.S.
Lenders, Collateral Agent, and such U.S. L/C Issuer agree that in the event any Bonds or
certificates of indebtedness are issued to such U.S. L/C Issuer (or Collateral Agent as the
assignee of such U.S. L/C Issuer) as a result of a drawing by the applicable Trustee under the
U.S. Bond L/C for which such U.S. L/C Issuer is not immediately reimbursed, and subsequently the
Bonds are remarketed and such U.S. L/C Issuer is reimbursed for all amounts so advanced (which
reimbursement may be a repayment of any Loan disbursed by U.S. Lenders as payment of the related
U.S. Letter of Credit reimbursement obligations under Section 7.3.2 or a repayment of an
U.S. L/C Borrowing), then any Bonds or certificates of

					
	 	 	 	 	 
	 
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indebtedness shall be released by Collateral Agent and delivered to such Trustee without any
further authorization from U.S. Lenders or such U.S. L/C Issuer.

     7.13.5 Discretion to Exercise Rights. To the extent rights (including voting rights,
rights to provide notice and elect remedies, and rights to approve waivers, consents, or amendments
of the related Bond Documents) are created in favor of the U.S. L/C Issuer of any U.S. Bond L/C,
such rights (other than ministerial, non discretionary rights) may only be exercised with the
consent, or in accordance with the directions, of the U.S. Required Lenders.

     7.13.6 Conflict. In the event of any conflict between the terms and provisions of this
Section 7.13 relating to U.S. Bond L/Cs and the terms and provisions of any Loan Documents
relating to U.S. Letters of Credit (other than U.S. Bond L/Cs), the terms and provisions of this
Section 7.13 shall control.

ARTICLE VIII

GENERAL PROVISIONS APPLICABLE TO LOANS

     8.1 Minimum Amounts for Committed Borrowings, Conversions or Continuations and Prepayments.

     8.1.1 Borrowing, Conversion, Continuation Amounts. Any Committed Borrowing,
conversion, or continuation under a Tranche in any of the following currencies shall be in
the following principal amounts: (a) for Committed Borrowings of, conversions to or
continuations of Loans denominated in Dollars, $1,000,000 or any higher whole multiple of
$100,000, (b) for Committed Borrowings of, conversions to or continuation of Loans
denominated in Euro, EUR 1,000,000 or any higher whole multiple of EUR 100,000, (c) for
Committed Borrowings of, conversions to or continuations of Loans denominated in Sterling,
£1,000,000 or any higher whole multiple of £100,000, (d) for Committed
Borrowings of, conversions to or continuations of Loans denominated in Yen, any whole
multiple of ¥100,000,000, (e) for Committed Borrowings of, conversions to or
continuations of Eurocurrency Rate Loans or BA Rate Loans denominated in Canadian Dollars,
Cdn$1,000,000 or a higher whole multiple of Cdn $100,000, (f) for Committed Borrowings of,
conversions to or continuations of ABR Rate Loans denominated in Canadian Dollars,
Cdn$1,000,000 or a higher whole multiple of Cdn$100,000, (g) for Committed Borrowings
denominated in KRW, KRW 1,000,000,000 or a higher whole multiple of KRW 100,000,000, and (h)
for Committed Borrowings, conversions or continuations under a Supplemental Tranche, the
minimum and whole multiple amounts set forth in the applicable Supplemental Addendum.

     8.1.2 Prepayment Amounts. Any prepayment under a Tranche in any of the
following currencies shall be in the following aggregate principal amounts (a) for
prepayments of Loans denominated in Dollars, $1,000,000 or any higher whole multiple of
$100,000, (b) for prepayments of Loans denominated Euro, EUR 1,000,000 or any higher whole
multiple of EUR 100,000, (c) for prepayments of Loans denominated in Sterling,
£1,000,000 or any higher whole multiple of £100,000, (d) for prepayments of
Loans denominated in Yen, any whole multiple of ¥100,000,000, (e) for prepayments of
Loans denominated in Canadian Dollars, Cdn$1,000,000 or a higher whole multiple of

					
	 	 	 	 	 
	 
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Cdn$100,000, (f) for prepayments of KRW Rate Loans, KRW 1,000,000,000 or a higher whole
multiple of KRW 100,000,000, and (g) for prepayments under any Supplemental Tranche, the
minimum and whole multiple amounts set forth in the applicable Supplemental Addendum.

     8.2 Termination or Reduction of Commitments and Removal of a Borrower. ProLogis may, upon notice
to Global Administrative Agent and the applicable Funding Agent, take any of the following actions:

     (a) terminate the Aggregate Tranche Commitment under a particular Tranche, or
from time to time permanently reduce the Aggregate Tranche Commitment under a
particular Tranche; provided that:

     (i) any such notice shall be received by Global Administrative Agent
and the applicable Funding Agent not later than 11:00 a.m. five (5) Business
Days prior to the date of termination or reduction;

     (ii) any such partial reduction shall be in an aggregate amount of (A)
$5,000,000 or any whole multiple of $100,000 in excess thereof for the U.S.
Tranche, (B) Cdn$5,000,000 or any whole multiple of Cdn$1,000,000 in excess
thereof for the Canadian Tranche, (C) EUR 5,000,000 or any whole multiple of
EUR 1,000,000 in excess thereof for the Euro Tranche, (D)
¥500,000,000 or any whole multiple of ¥100,000,000 in excess
thereof for the Yen Tranche, (E) KRW 5,000,000,000 or any whole multiple of
KRW 1,000,000,000 in excess thereof for the KRW Tranche, and (F) the minimum
amounts and whole multiples set forth in the applicable Supplemental
Addendum with respect to a Supplemental Tranche; and

     (iii) ProLogis shall not terminate or reduce any Aggregate Tranche
Commitment if, after giving effect thereto and to any concurrent prepayment
thereunder, the Total Tranche Outstandings of the applicable Tranche would
exceed such Aggregate Tranche Commitment.

     (b) so long as no Default exists, at any time a Borrower has (i) no Obligations
under this Agreement or under a particular Tranche (excluding, for purposes of this
Section, (A) Obligations under a Guaranty, a Pledge Agreement, or any other Loan
Document other than this Agreement, and (B) Obligations under this Agreement or any
other Loan Document that are expressly stated to survive the termination of such
Loan Document and are not yet due and payable) and (ii) no outstanding Request for
Credit Extensions, remove such Borrower as a Borrower under this Agreement or solely
under one or more Tranches under this Agreement.

Global Administrative Agent will promptly notify the applicable Tranche Lenders of any notice
provided by ProLogis under this Section 8.2. The amount of any Aggregate Tranche
Commitment reduction shall not be applied to the U.S. Letter of Credit Sublimit, the Euro Letter of
Credit Sublimit, the Yen Letter of Credit Sublimit, the U.S. Swing Line Sublimit, or the Euro Swing
Line Sublimit, as applicable, unless otherwise specified by ProLogis. Any reduction of any
Aggregate

					
	 	 	 	 	 
	 
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Tranche Commitment shall be applied to the applicable Commitment of each Lender in such Tranche
according to its Applicable Tranche Percentage of such Tranche. All fees accrued under a
particular Tranche shall be paid on the effective date of the termination of the Aggregate Tranche
Commitment for such Tranche.

     8.3 Repayment of Loans.

     (a) The aggregate principal amount of all outstanding Committed Loans (other
than Supplemental Committed Loans) shall be paid on the Maturity Date.

     (b) Each Swing Line Loan shall be paid on the earlier to occur of (i) the date
ten (10) Business Days after such Swing Loan is made and (ii) the Maturity Date.

     (c) Each Supplemental Loan shall be paid as set forth in the applicable
Supplemental Addendum.

     8.4 Interest.

8.4.1 Interest Rates. Subject to the provisions of Sections 8.4.2 and 16.9:

     (a) each Eurocurrency Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the
Eurocurrency Rate for such Interest Period plus the Applicable Margin
plus (in the case of a Eurocurrency Rate Loan of any Lender which is lent
from a Lending Office in the United Kingdom or a Participating Member State) the
Mandatory Cost;

     (b) each Base Rate Committed Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Margin plus (in the case
of a Base Rate Loan of any Lender which is lent from a Lending Office in the United
Kingdom or a Participating Member State) the Mandatory Cost;

     (c) each ABR Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the ABR Rate
plus the Applicable Margin plus (in the case of an ABR Rate Loan of
any Lender which is lent from a Lending Office in the United Kingdom or a
Participating Member State) the Mandatory Cost;

     (d) each BA Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the BA Rate
plus the Applicable Margin;

     (e) each KRW Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the KRW Rate
plus the Applicable Margin;

					
	 	 	 	 	 
	 
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     (f) each U.S. Swing Line Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the
Money Market Rate plus the Applicable Margin;

     (g)
each Euro Swing Line Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the
Money Market Rate plus the Applicable Margin plus (in the case of a
Euro Swing Line Loans which is lent from a Lending Office in the United Kingdom or a
Participating Member State) the Mandatory Cost; and

     (h) each Supplemental Committed Loan shall bear interest as set forth in the
applicable Supplemental Addendum.

     8.4.2 Rates Upon Default

     (a) If any amount payable by any Borrower under any Loan Document is not paid
when due (without regard to any applicable grace period), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest
at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

     (b) Upon the request of the Required Lenders at any time (and so long as) any
Event of Default exists, Borrowers shall pay interest on the principal amount of all
outstanding Obligations hereunder at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws.

     (c) Accrued and unpaid interest on past due amounts (including interest on past
due interest) shall be due and payable upon demand.

     8.4.3 Interest Payment Dates. Interest on each Loan shall be due and payable
in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the
terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law.

     8.4.4 Interest Act (Canadian). For the purposes of the Interest Act (Canada),
(a) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year
(the “deemed year”) that contains fewer days than the actual number of days in the calendar
year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate
by multiplying such rate of interest or fee rate by the actual number of days in the
calendar year of calculation and dividing it by the number of days in the deemed year, (b)
the principle of deemed reinvestment of interest shall not apply to any interest calculation
hereunder and (c) the rates of interest stipulated herein are intended to be nominal rates
and not effective rates or yields.

					
	 	 	 	 	 
	 
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     8.5 Fees.

     8.5.1 Facility Fees. ProLogis shall pay to the applicable Funding Agent, for
the account of each Applicable Tranche Lender, in accordance with such Applicable Tranche
Lender’s Applicable Tranche Percentage, a facility fee in the Primary Currency of the
applicable Tranche equal to the Applicable Margin for facility fees times the actual
daily amount of the Aggregate Tranche Commitment for such Tranche (or, if the Aggregate
Tranche Commitment for such Tranche has terminated, on the Outstanding Amount for such
Tranche of all Loans under such Tranche and, if applicable, L/C Obligations under such
Tranche), regardless of usage. The facility fees shall accrue at all times during the
Availability Period (and thereafter so long as any Loans or L/C Obligations under the
applicable Tranche remain outstanding), including at any time during which one or more of
the conditions in Article X are not met, and shall be due and payable quarterly in
arrears on the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Closing Date, and on the Maturity Date (and, if
applicable, thereafter on demand). The facility fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Margin during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Margin separately for each
period during such quarter that such Applicable Margin was in effect. Notwithstanding the
foregoing or any other provision of this Agreement, ProLogis shall not be required to pay a
facility fee to any Lender for any day on which such Lender is a Defaulting Lender.

     8.5.2 Other Fees. In addition to certain fees described in Sections
7.9 and 7.10, and the facilities fees set forth above:

     (a) ProLogis shall pay to Arrangers, Global Administrative Agent, and the
Funding Agents for their own respective accounts, in the applicable currency, fees
in the amounts and at the times specified in the Fee Letters. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     (b) ProLogis shall pay to Lenders, in the applicable currencies, such fees as
shall have been separately agreed upon in writing in the amounts and at the times so
specified. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

     8.6 Computation of Interest and Fees. All computations of interest for (a) Base Rate Loans when
the Base Rate is determined by U.S. Funding Agent’s “prime rate”, (b) ABR Rate Loans when the ABR
Rate is determined by the applicable Funding Agent’s “prime rate”, (c) BA Rate Loans, (d) Loans
denominated in Sterling, and (e) KRW Rate Loans shall be made on the basis of a year of 365 or 366
days, as the case may be, and actual days elapsed. All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or
interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the
case of interest in respect of Committed Loans denominated in any Foreign Currency as to which
market practice differs from the foregoing, in accordance with such market practice. Interest
shall accrue on each Loan for the day on which such Loan is made, and shall not accrue on a Loan,
or any portion thereof, for the day on which the Loan or such portion is paid, provided
that any Loan that is repaid on the same day on which it is made shall, subject to Section
8.8, bear interest for one

					
	 	 	 	 	 
	 
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day. Each determination by Global Administrative Agent or the applicable Funding Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent
demonstrable error.

     8.7 Evidence of Debt and Promissory Note.

     8.7.1 Recordkeeping. The Credit Extensions made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by each Funding
Agent for such Funding Agent’s applicable Tranche, in each case in the ordinary course of
business. The accounts or records maintained by each Funding Agent and each Lender shall be
rebuttable presumptive evidence of the amount of the Credit Extensions made by Lenders to
Borrowers and the interest and payments thereon. Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligations of Borrowers
hereunder to pay any amount owing with respect to the Obligations. In the event of any
conflict between the accounts and records maintained by the applicable Funding Agent for its
Tranche and the accounts and records of any Lender in such Tranche in respect of such
matters, the accounts and records of such Funding Agent shall control in the absence of
manifest error.

     8.7.2 Promissory Note. The provisions of this Section 8.7.2 constitute
a promissory note for the benefit of each Lender. In furtherance of the foregoing:

     (a) Each Borrower hereby promises, severally, but not jointly, to pay to each
Applicable Tranche Lender, in accordance with the provisions of this Agreement, the
principal amount of each Loan of such Borrower from time to time made by such
Applicable Tranche Lender to such Borrower. In addition, such Borrower promises
severally, but not jointly, to pay interest on the unpaid principal amount of the
Loans made to such Borrower, from the date of such Loans until such principal amount
is paid in full, at such interest rates and at such times as provided in this
Agreement.

     (b) All payments of principal and interest with respect to Loans shall be made
to the applicable Funding Agent for the account of the Applicable Tranche Lenders in
the currency in which such Committed Loan was denominated and in Same Day Funds at
such Funding Agent’s Office for such currency.

     8.7.3 Participations. In addition to the accounts and records referred to in
Section 8.7.1, each Lender and each Funding Agent for its applicable Tranche shall
maintain in accordance with its usual practice accounts or records evidencing the purchases
and sales by such Lender of participations in Fronting Loans, Letters of Credit, and Swing
Line Loans to the extent such Tranche permits such subfacilities. In the event of any
conflict between the accounts and records maintained by the applicable Funding Agent for its
Tranche and the accounts and records of any Lender in such Tranche in respect of such
matters, the accounts and records of such Funding Agent shall control in the absence of
manifest error.

					
	 	 	 	 	 
	 
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     8.8 Payments Generally; Global Administrative Agent’s Clawback.

     8.8.1 All Payments Generally. All payments to be made by Borrowers shall be
made without condition or deduction for any counterclaim, defense, recoupment or setoff.

     8.8.2 Payments Generally. Except as otherwise expressly provided herein, all
payments by a Borrower under a Tranche shall be made to the applicable Funding Agent for
such Tranche, for the account of the Applicable Tranche Lenders to which such payment is
owed, at the such Funding Agent’s Office in the Primary Currency of such Tranche and in Same
Day Funds not later than 12:00 noon, Applicable Time (and by 10:00 a.m., Brussels time, for
payments under the Euro Tranche), on the date specified herein. Except as otherwise
expressly provided herein, all payments by a Borrower under a Tranche with respect to
principal and interest on Loans under such Tranche that are denominated in an Alternative
Currency of such Tranche shall be made to the applicable Funding Agent, for the account of
the Applicable Tranche Lenders to which such payment is owed, at the applicable Funding
Agent’s Office in such Alternative Currency and in Same Day Funds not later than the
Applicable Time specified by such Funding Agent on the dates specified herein. Without
limiting the generality of the foregoing, the applicable Funding Agent may require that any
payments due under this Agreement be made in the Primary Location (as defined below). If,
for any reason, any Borrower is prohibited by any Law from making any required payment
hereunder in an Alternative Currency, such Borrower shall make such payment in the Primary
Currency in the Dollar Equivalent, Euro Equivalent, or Yen Equivalent, as applicable, of
such Alternative Currency payment amount. For purposes of this Section, “Primary
Location” means, with respect to the U.S. Tranche, the United States; with respect to
the Canadian Tranche, Canada; with respect to the Euro Tranche, The Netherlands; with
respect to the Yen Tranche, Japan; with respect to the KRW Tranche, Korea; and with respect
to any Supplemental Tranche, the Supplemental Primary Location.

     8.8.3 Distribution of Payments. With respect to payments and fees as set forth
herein to be paid to a Funding Agent, the applicable Funding Agent will promptly distribute
to each applicable Lender in such Tranche its Applicable Tranche Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender’s Lending Office. With respect to payments as set forth herein to
be paid to Global Administrative Agent, Global Administrative Agent will promptly distribute
to each Lender its Applicable Global Percentage (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending
Office. All payments received by Global Administrative Agent (a) after 1:00 p.m., in the
case of payments in Dollars, or (b) after the Applicable Time specified by Global
Administrative Agent in the case of payments in an Alternative Currency, shall in each case
be deemed received on the next succeeding Business Day and any applicable interest or fee
shall continue to accrue. All payments received by a Funding Agent (i) after 1:00 p.m.,
Applicable Time, in the case of payments in the Primary Currency of the applicable Tranche,
or (ii) after the Applicable Time specified by such Funding Agent in the case of payments in
an Alternative Currency of such Tranche, shall in each case be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. If any
payment to be made by any Borrower shall come due on a day other than a Business Day,

					
	 	 	 	 	 
	 
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payment shall be made on the next following Business Day, and such extension of time
shall be reflected in computing interest or fees, as the case may be.

     8.8.4 Funding by Lenders; Presumption by Agent. Unless the applicable Funding
Agent shall have received notice from Global Administrative Agent or a Lender in the same
Tranche as the Funding Agent prior to the proposed date of any Committed Borrowing that such
Lender will not make available to such Funding Agent such Lender’s share of such Committed
Borrowing, such Funding Agent may assume that such Lender directly or through the applicable
Fronting Lender has made such share available on such date in accordance with the
requirements of the applicable Tranche and may, in reliance upon such assumption, make
available to the applicable Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Committed Borrowing available directly or
through the applicable Fronting Lender to the applicable Funding Agent, then the applicable
Lender and the applicable Borrower severally agree to pay to such Funding Agent forthwith on
demand such corresponding amount in the same currency and in Same Day Funds with interest
thereon, for each day from the date such amount is made available to such Borrower to the
date of payment to such Funding Agent, at (a) in the case of a payment to be made by such
Lender, the Overnight Rate and (b) in the case of a payment to be made by such Borrower, the
interest rate applicable to the applicable Loans. If such Borrower and such Lender shall
pay such interest to such Funding Agent for the same or an overlapping period, such Funding
Agent shall promptly remit to such Borrower the amount of such interest paid by such
Borrower for such period. If such Lender pays its share of the applicable Committed
Borrowing directly or through the applicable Fronting Lender to such Funding Agent, then the
amount so paid shall constitute such Lender’s Committed Loan included in such Committed
Borrowing. Any payment by a Borrower pursuant to this Section shall be without prejudice to
any claim such Borrower may have against a Lender that shall have failed to make such
payment to the applicable Funding Agent.

     8.8.5 Payments by Borrowers; Presumptions by Agents. Unless the applicable
Agent shall have received notice from the applicable Borrower prior to the date on which any
payment is due to such Agent for the account of the applicable Lenders or the applicable L/C
Issuer hereunder that such Borrower will not make such payment, such Agent may assume that
such Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the applicable Lenders or the applicable L/C Issuer, as
the case may be, the amount due. In such event, if such Borrower has not in fact made such
payment, then each Lender or applicable L/C Issuer, as the case may be, severally agrees to
repay to such Agent forthwith on demand the amount so distributed to such Lender or such L/C
Issuer, in the same currency and in Same Day Funds with interest thereon, for each day from
the date such amount is distributed to it to the date of payment to such Agent, at the
Overnight Rate. A notice by the applicable Agent to any Lender or Borrower with respect to
any amount owing under this Section 8.8.5 shall be conclusive, absent demonstrable
error.

     8.8.6 Failure to Satisfy Conditions Precedent. If any Lender makes available
directly or through the applicable Fronting Lender to the applicable Funding Agent funds for
any Loan to be made by such Lender to any Borrower as provided in this Agreement, and such
funds are not made available to such Borrower by such Agent because the conditions to

					
	 	 	 	 	 
	 
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such Loan set forth in Article X are not satisfied or waived in accordance with
the terms hereof, such Agent shall promptly return such funds (in like funds as received
from such Lender) to such Lender, plus interest thereon from the date funds were
made available to such Agent by such Lender to the date such amount is returned by such
Agent to such Lender, at a rate per annum equal to the applicable Overnight Rate from time
to time in effect.

     8.8.7 Obligations of Lenders Several. The obligations of Lenders hereunder to
make Committed Loans, to fund participations in Letters of Credit, Fronting Loans, and Swing
Line Loans and to make payments pursuant to Section 16.4.3 are several and not
joint. The failure of any Lender to make any Committed Loan, to fund any such participation
or to make any payment under Section 16.4.3 on any date required hereunder shall not
relieve any other Lender of its corresponding obligation (if any) to do so on such date, and
no Lender shall be responsible for the failure of any other Lender to make any Committed
Loan, to purchase any such participation, or to make any payment under Section
16.4.3.

     8.8.8 Funding Source. Subject to Section 9.6.1, nothing herein shall
be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain
the funds for any Loan in any particular place or manner.

     8.9 Sharing of Payments by Lenders in a Tranche. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on
any of the Committed Loans made by it in a particular Tranche, or the participations in L/C
Obligations or in Swing Line Loans held by it in such Tranche resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of such Committed Loans or participations and
accrued interest in such Tranche greater than its pro rata share for such Tranche
as provided herein, then Lender receiving such greater proportion shall (a) notify the applicable
Funding Agent of such fact, and (b) purchase (for cash at face value) participations in the
Committed Loans and subparticipations in L/C Obligations, Swing Line Loans, and Fronting Loans of
the other Lenders in the same Tranche, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by Lenders in such Tranche ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective
Committed Loans and other amounts owing them in such Tranche, provided that:

     (a) if any such participations or subparticipations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest; and

     (b) the provisions of this Section shall not be construed to apply to (x) any
payment made by a Borrower pursuant to and in accordance with the express terms of
this Agreement or (y) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Committed Loans or
subparticipations in L/C Obligations, Swing Line Loans, or Fronting Loans to any
assignee or participant, other than to ProLogis or any Eligible Affiliate thereof
(as to which the provisions of this Section shall apply).

					
	 	 	 	 	 
	 
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Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against such Loan Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of
such participation.

     8.10 Extension of Maturity Date.

     8.10.1 Request for Extension. Not earlier than ninety (90) days prior to, nor
later than sixty (60) days prior to, the Maturity Date, ProLogis may, upon notice to Global
Administrative Agent (which shall promptly notify Lenders) and satisfaction of the
conditions precedent set forth in Section 8.10.2, extend the Maturity Date for an
additional year to October 6, 2010.

     8.10.2 Extension Procedures. The extension of the Maturity Date contemplated
by Section 8.10.1 shall become effective on the date (the “Extension Effective
Date”) on which the following conditions precedent have been satisfied: (a) Global
Administrative Agent shall have received a certificate of ProLogis dated as of the Extension
Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of
ProLogis (i) providing evidence reasonably satisfactory to Global Administrative Agent that
each Loan Party has taken all necessary action to authorize such extension and (ii)
certifying that, before and after giving effect to such extension, (x) the representations
and warranties contained in Article XI and the other Loan Documents are true and
correct in all material respects on and as of the Extension Effective Date, except to the
extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, and except that for purposes
of this Section 8.10, the representations and warranties contained in subsection
(a) of Section 11.5 shall be deemed to refer to the most recent statements
furnished pursuant to subsection (a) of Section 12.1, and (y) no Default
exists before or after giving effect to such extension, and (b) Borrowers shall have paid to
Global Administrative Agent, for the benefit of each Lender, an extension fee in an amount
equal to 0.075% times such Lender’s Commitment, and Global Administrative Agent shall
promptly remit such extension fee to each Lender upon receipt thereof. Upon the
satisfaction of the conditions precedent set forth in this Section 8.10.2, Global
Administrative Agent shall promptly confirm to Lenders such extension and the Extension
Effective Date.

     8.11 Additional Affiliate Borrowers.

     8.11.1 Procedures for Adding Affiliate Borrowers. ProLogis may, upon at least
fifteen (15) days’ prior written notice to the applicable Funding Agent (which shall
promptly notify the Applicable Tranche Lenders) (or (x) such lesser period as may be agreed
to by such Funding Agent or (y) such longer period as is determined by such Funding Agent to
be reasonably necessary for the applicable parties to comply with any governmental or
regulatory requirements), request that any Eligible Affiliate become an Affiliate Borrower
by delivering to such Funding Agent (with a copy to Global Administrative Agent), in each
case reasonably acceptable to such Funding Agent, (a) a Borrower Accession Agreement duly
executed by ProLogis and such Eligible Affiliate that will, among other things, designate
the applicable Tranche under which such Affiliate will be an Affiliate Borrower (the
“Requested 

      

					
	 
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Tranche”), and (b) the following documents relating to such Eligible
Affiliate: (i) an opinion of such Eligible Affiliate’s counsel reasonably acceptable to such
Funding Agent (other than for Short Term Affiliate Borrowers and Property Fund Borrowers;
provided that if any Property Fund Borrower has any outstanding Loans or L/C
Obligations under this Agreement for one hundred and eighty (180) consecutive days, then
such Borrower shall provide an opinion of such Borrower’s counsel reasonably acceptable to
the applicable
Funding Agent on or before the last day of such one hundred and eighty (180) day
period); (ii) an officer’s certificate certifying (A) the Organization Documents of such
Eligible Affiliate, (B) resolutions of such Eligible Affiliate’s Board of Directors or other
governing body authorizing the execution, delivery, and performance of this Agreement and
the other Loan Documents, as applicable, certified as being in full force and effect without
modification or amendment, and (C) signatures and incumbency of officers of such Eligible
Affiliate; (iii) certificates of existence and good standing for such Eligible Affiliate
issued by its state of organization or the equivalent certificates, if any, from the
applicable Governmental Authorities for any non-U.S. Eligible Affiliate; (iv) if the
Requested Tranche is the Yen Tranche and the proposed Affiliate Borrower is not organized
under the Laws of Japan, an explanation in reasonable detail as to why, in relation to the
project in question, a TMK is not being used as an Additional Affiliate Borrower; and (v)
any additional information regarding such Eligible Affiliate that the applicable Funding
Agent or any Applicable Tranche Lender may reasonably request under Section 16.17 or
16.18, or otherwise. Upon receipt by the applicable Funding Agent of the items
referenced in this Section 8.11, each in form and substance reasonably acceptable to
such Funding Agent and its counsel, and subject to Section 8.11.3, such Eligible
Affiliate shall become an Affiliate Borrower under the Requested Tranche and assume all the
rights, benefits, and obligations of an Affiliate Borrower under such Requested Tranche
unless on such date a Default exists and is continuing or would occur as a result of such
Eligible Affiliate becoming an Affiliate Borrower. Furthermore, the applicable Funding
Agent shall promptly notify each Applicable Tranche Lender of the addition of any Affiliate
Borrower pursuant to this Section 8.11.1.

     8.11.2 Existing Borrowers. ProLogis may, upon at least fifteen (15) days’
prior written notice to the applicable Funding Agent (which shall promptly notify the
Applicable Tranche Lenders) (or (x) such lesser period as may be agreed to by such Funding
Agent or (y) such longer period as is determined by such Funding Agent to be reasonably
necessary for the applicable parties to comply with any governmental or regulatory
requirements), request that any existing Borrower under one Tranche become Borrower under a
different Tranche by delivering to such Funding Agent (with a copy to Global Administrative
Agent), in each case reasonably acceptable to such Funding Agent, (a) a Borrower Accession
Agreement duly executed by ProLogis and such existing Borrower that will, among other
things, designate the applicable Tranche under which such existing Borrower will also become
a Borrower (the “Additional Tranche”), and (b) any information regarding such
existing Borrower that the applicable Funding Agent or any Applicable Tranche Lender may
reasonably request under Section 16.17 or 16.18, or otherwise. Upon receipt
by the applicable Funding Agent of the items referenced in this Section 8.11.2, each
in form and substance reasonably acceptable to such Funding Agent and its counsel, and
subject to Section 8.11.3, such existing Borrower shall become a Borrower under the
Additional Tranche unless on such date a Default exists or would occur as a result of such
existing Borrower becoming a Borrower under the Tranche. Furthermore, the applicable Funding

      

					
	 
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Agent shall promptly notify each Applicable Tranche Lender of the addition a Borrower under
an Additional Tranche pursuant to this Section 8.11.2.

     8.11.3 Limitations. In addition to the conditions set forth in Sections
8.11.1 and 8.11.2, to the extent applicable, neither (a) an Eligible Affiliate
which would qualify as a Foreign Borrower under the Requested Tranche in which it will be a
Borrower, nor (b) an
existing Borrower under one Tranche which would otherwise qualify as Foreign Borrower
under the Additional Tranche, may be a Borrower under such Requested Tranche or Additional
Tranche, as applicable, unless the applicable Funding Agent is reasonably satisfied that the
addition of such Eligible Affiliate or existing Borrower to such Requested Tranche or
Additional Tranche, as applicable, will not (i) violate any Laws, (ii) cause the
representations set forth in Section 16.18 to be inaccurate, (iii) materially impair
the ability of Applicable Tranche Lenders to assign their Commitments or Loans under such
Requested Tranche or Additional Tranche, as applicable, or (iv) have any other material
adverse effect on the Applicable Tranche Lenders. Notwithstanding the foregoing, the
provisions of this Section 8.11.3 (other than clause (i) above) shall not be
conditions to an Eligible Affiliate that is organized under the Laws of a Participating
Member State becoming a Euro Borrower.

     8.11.4 Qualification Status. Upon the delivery of a notice by the applicable
Funding Agent of a request by ProLogis to add an Eligible Affiliate as a Borrower or to add
an existing Borrower to an Additional Tranche pursuant to Section 8.11.1 or
8.11.2, as applicable, the applicable Funding Agent shall request that each
Applicable Tranche Lender represent and warrant to ProLogis and Funding Agent as to whether
such Applicable Tranche Lender is capable of making a Committed Loan to such Eligible
Affiliate without the imposition of any withholding taxes. Each Lender agrees that it shall
respond to any such request within three (3) Business Days; provided that if an
Applicable Tranche Lender does not respond within the required time period, then the
applicable Funding Agent may deem such Applicable Tranche Lender to be unable to make a
Committed Loan to such Eligible Affiliate without the imposition of a withholding tax.
Furthermore, Global Administrative Agent may revise Annex 2 to the Assignment and
Assumption reflecting a new Borrower or the addition of a Borrower to an Additional Tranche.

     8.12 Reallocation of Commitments.

     8.12.1 Reallocation Procedures. Global Administrative Agent may, from time to
time during the Availability Period at the written request of ProLogis (which request shall
also be sent to each Funding Agent of an affected Tranche) (a “Reallocation
Request”), increase the Aggregate Tranche Commitment under one Tranche with a
corresponding reduction of the Aggregate Tranche Commitment under a different Tranche by (a)
utilizing the Pre-Approved Reallocations of certain Lenders (each a “Pre-Approved
Lender”), or (b) reallocating the Commitment of any Lender (each an “Allocating
Lender”), subject to the following conditions:

     (i) at the time of such Reallocation Request, ProLogis specifies which
Tranche shall be increased and which Tranche shall be decreased, and whether
any Pre-Approved Reallocation shall be utilized in such reallocation;

      

					
	 
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     (ii) the amount of the increase in a Tranche shall be equal to the
Foreign Currency Equivalent amount of the corresponding decrease in the
other Tranche;

     (iii) each Allocating Lender and Pre-Approved Lender satisfies the
requirements of an Eligible Assignee under the Tranche in which the
Aggregate Tranche Commitment is being increased;

     (iv) each Allocating Lender acknowledges in writing to Global
Administrative Agent and ProLogis that it has agreed that its Commitment
will be reallocated hereunder (which acknowledgment shall be made in such
Lender’s sole discretion); provided that a Pre-Approved Reallocation
shall be effective without any further acceptances under this Section
8.12 by a Lender that has agreed to a Pre-Approved Reallocation;

     (v) any request for a reallocation shall be in a minimum amount agreed
to by the applicable Funding Agents;

     (vi) ProLogis may make a maximum of one (1) request per calendar
quarter;

     (vii) with respect to an increase of an Aggregate Tranche Commitment
under a Tranche made available to a Dutch Borrower or under the Euro
Tranche, each Allocating Lender and Pre-Approved Lender must qualify as a
PMP upon providing the increase in its Commitment;

     (viii) with respect to an increase of the Aggregate Tranche Commitment
under the Yen Tranche, each Allocating Lender and each Pre-Approved Lender
must qualify as an institution that may make Loans to a TMK under Japanese
Laws upon providing the increase of its Commitment;

     (ix) no reduction in any Aggregate Tranche Commitment shall be
permitted if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Tranche Outstandings under such Tranche would exceed
the Aggregate Tranche Commitment under such Tranche;

     (x) the amount of the increase in the applicable Aggregate Tranche
Commitment shall be in a minimum Dollar Equivalent amount of $5,000,000;

     (xi) no Default exists; and

     (xii) unless otherwise agreed among the applicable Funding Agent, the
affected Lender and the applicable Borrowers (which agreement may include a
phase-in of the applicable increase and/or Interest Periods with any
agreed-upon length), the applicable Borrowers shall prepay any Committed
Loans outstanding on the Reallocation Effective Date (and pay any additional
amounts required pursuant to Section 9.5) to the extent necessary to
keep the

      

					
	 
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outstanding Committed Loans in the affected Tranches ratable with
any revised Applicable Tranche Percentages arising from any nonratable
increase or decrease in any Commitments of any Lenders under this
Section 8.12.

     8.12.2 Effectiveness of Reallocation. Upon the request of Global
Administrative Agent, each Funding Agent of an affected Tranche shall provide to Global
Administrative Agent a new Schedule 2.1 for its Tranche reflecting any proposed
reallocation. In addition, Global Administrative Agent, the applicable Funding Agents, and
ProLogis shall determine the effective date (the “Reallocation Effective Date”) of
such reallocation, provided that any Pre-Approved Reallocations shall be effective
no more than ten (10) Business Days after the relevant Reallocation Request, and Global
Administrative Agent shall promptly notify ProLogis and the affected Funding Agents of the
Reallocation Effective Date. After any Reallocation Effective Date and the receipt of a
revised Schedule 2.1 (if requested by Global Administrative Agent) from each
applicable Funding Agent, Global Administrative Agent shall promptly provide to each Lender
in the affected Tranches and to ProLogis a new Schedule 2.1 for the affected
Tranches.

     8.13 Increase in Commitments.

     8.13.1 Increase Procedures. From time to time after the Closing Date to the
Maturity Date, ProLogis may, by written request (an “Increase Request”) to Global
Administrative Agent and the Funding Agents for each affected Tranche, increase any
Aggregate Tranche Commitment by (a) admitting additional Lenders hereunder (each a
“Subsequent Lender”) or (b) increasing the Commitment of any existing Lender (each
an “Increasing Lender”), subject to the following conditions:

     (i) at the time of such Increase Request, ProLogis specifies its
requested allocation of the requested increase in the Aggregate Tranche
Commitments to each Tranche;

     (ii) each Subsequent Lender is an Eligible Assignee;

     (iii) each Subsequent Lender (x) executes and delivers to Global
Administrative Agent a Joinder Agreement in the form of Exhibit J (a
copy of which Global Administrative Agent will deliver to each applicable
Funding Agent);

     (iv) each Increasing Lender executes and delivers to Global
Administrative Agent an increase certificate substantially in the form of
Exhibit K (a copy of which Global Administrative Agent will deliver
to each applicable Funding Agent);

     (v) the amount of all increases in the Aggregate Tranche Commitments
pursuant to this Section 8.13 shall not exceed the Dollar Equivalent
of $500,000,000 in the aggregate; it being understood that in determining
the aggregate increase amount for purposes of this clause (v), each
increase amount shall equal the Dollar Equivalent amount of such

      

					
	 
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increase amount as determined on the corresponding effective date of the increase in
the Aggregate Tranche Commitments;

     (vi) with respect to an increase of the Aggregate Tranche Commitment
under a Tranche made available to a Dutch Borrower, each Subsequent Lender
and Increasing Lender is a PMP;

     (vii) with respect to an increase of the Yen Aggregate Commitments,
each Subsequent Lender shall be an institution from which a TMK may,
pursuant to the Laws of Japan, borrow money;

     (viii) each increase in an Aggregate Tranche Commitment shall be in a
minimum amount of $5,000,000;

     (ix) no admission of any Subsequent Lender shall increase the
Commitment of any existing Lender without the written consent of such
Lender;

     (x) no Default exists; and

     (xi) unless otherwise agreed among the applicable Funding Agent, the
affected Lenders, and the applicable Borrowers (which agreement may include
a phase-in of the applicable increase and/or Interest Periods with any
agreed-upon length), the applicable Borrowers shall prepay any Committed
Loans outstanding on the Increase Effective Date (and pay any additional
amounts required pursuant to Section 9.5) to the extent necessary to
keep the outstanding Committed Loans in the affected Tranches ratable with
any revised Applicable Tranche Percentages arising from any nonratable
increase or decrease in any Commitments of any Lender under this Section
8.13.

     8.13.2 Effectiveness of Increase. Upon the request of Global Administrative
Agent, the Funding Agent of each affected Tranche shall provide to Global Administrative
Agent a new Schedule 2.1 for such Tranche reflecting the Applicable Tranche
Percentage of the Lenders under such Tranche after giving effect to the proposed increase
pursuant to this Section 8.13. In addition, Global Administrative Agent, the
applicable Funding Agents, and ProLogis shall determine the effective date (the
“Increase Effective Date”) of each increase in an Aggregate Tranche Commitment under
this Section 8.13, and Global Administrative Agent shall promptly notify ProLogis,
the affected Funding Agents, and each Lender of the Increase Effective Date. After the
Increase Effective Date and receipt of a revised Schedule 2.1 (if requested by
Global Administrative Agent) from each applicable Funding Agent, Global Administrative Agent
shall promptly provide to each Lender and to ProLogis a new Schedule 2.1 to this
Agreement.

     8.13.3 Conflicting Provisions. This Section shall supersede any provisions in
Sections 8.9 or 16.1 to the contrary.

      

					
	 
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     8.14 Establishment of Supplemental Tranche.

     8.14.1 Supplemental Tranche Request. At the time of any Increase Request under
Section 8.13, ProLogis may from time to time request, with the same approval
requirements of the Increase Request (each such request, a “Supplemental Tranche
Request”), certain
Lenders to provide a supplemental tranche for loans in which the primary currency of
such supplemental tranche is not one of the currencies set forth in the definition of
“Primary Currency” at the time of such Supplemental Tranche Request (each such new
Tranche, a “Supplemental Tranche”).

     8.14.2 Supplemental Addendums. Each Supplemental Tranche Request shall be made
in the form of an addendum substantially in the form of Exhibit H-1 (a
“Supplemental Addendum”) and sent to Global Administrative Agent and shall set forth
(a) the proposed Primary Currency and Alternative Currencies of such Supplemental Tranche,
(b) the proposed Supplemental Primary Location, (c) the proposed interest types and rates
for such Supplemental Tranche, (d) the type and amount of any subfacilities of such
Supplemental Tranche, (e) the proposed borrowers under such Tranche, and (f) any other
specific terms of such Supplemental Tranche that ProLogis deems necessary; provided
that the availability period and maturity of any loans under the Supplemental Tranche shall
be the same as the U.S. Tranche. Promptly after a Supplemental Tranche Request, ProLogis
shall, subject to the approval of Global Administrative Agent (which shall not be
unreasonably withheld or delayed) appoint the proposed Funding Agent for such requested
Supplemental Tranche.

     8.14.3 Conditions to Supplemental Tranche. As conditions precedent to the
addition of a Supplemental Tranche to this Agreement, (a) each of the conditions set forth
in Section 8.13 must be satisfied and there must be an increase in the Aggregate
Tranche Commitments, (b) each Lender providing a commitment under the Supplemental Tranche
must be an Increasing Lender or Subsequent Lender, and each Lender providing a commitment
under a Supplemental Tranche to a Dutch Borrower must qualify as a PMP, (c) each Lender
providing a commitment under such Supplemental Tranche, the proposed Funding Agent for such
Supplemental Tranche, and Global Administrative Agent must execute the requested
Supplemental Addendum or RMB Addendum, as applicable, (d) each of the proposed borrowers
under such Supplemental Tranche shall be an existing Borrower or shall have complied with
Section 8.11, and (e) any other documents or certificates that shall be reasonably
requested by Global Administrative Agent in connection with the addition of the Supplemental
Tranche shall have been delivered Global Administrative Agent in form and substance
reasonably satisfactory to Global Administrative Agent.

     8.14.4 RMB Loan Agreements. Supplemental Tranches may be established from time
to time for certain Eligible Affiliates in China pursuant to one or more RMB Loan
Agreements. Upon (a) notice to Global Administrative Agent of the establishment of an RMB
Loan Agreement, (b) the execution by ProLogis of an RMB Addendum substantially in the form
of Exhibit H-2 (an “RMB Addendum”) with respect to such RMB Loan Agreement,
(c) the satisfaction of the conditions set forth in Section 8.14.3, and (d) the
determination of the Supplemental Tranche Effective Date in accordance with Section
8.14.5, such RMB Loan Agreement shall be deemed to be a Supplemental Tranche hereunder.

      

					
	 
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     8.14.5 Effectiveness of Supplemental Tranche. If a Supplemental Tranche
Request is accepted in accordance with this Section, Global Administrative Agent, the
applicable Funding Agent, and ProLogis shall determine the effective date of such
Supplemental Tranche (the “Supplemental Tranche Effective Date”) and the final
allocation of such
Supplemental Tranche. Global Administrative Agent shall promptly distribute a revised
Schedule 2.1 to each Lender reflecting such new Supplemental Tranche and notify each
Lender of the Supplemental Tranche Effective Date.

ARTICLE IX

TAXES, YIELD PROTECTION AND ILLEGALITY

     9.1 Taxes.

     9.1.1 Payments Free of Taxes. Any and all payments by or on account of any
obligation of any Borrower hereunder or under any other Loan Document shall be made free and
clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes,
provided that if the Borrower shall be required by applicable law to deduct any
Indemnified Taxes (including any Other Taxes) from such payments, then (a) the sum payable
shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the applicable Credit
Party, receives an amount equal to the sum it would have received had no such deductions
been made, (b) such Borrower shall make such deductions and (c) such Borrower shall timely
pay the full amount deducted to the relevant Governmental Authority in accordance with
applicable law.

     9.1.2 Indemnification by Borrowers. The applicable Borrower shall indemnify
each Credit Party, within ten (10) days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) paid or payable by such
Credit Party on or with respect to any payment made to such Credit Party by or on account of
such Borrower hereunder or under any other Loan Document, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to a Borrower by a Lender or an L/C Issuer (with a copy to Global
Administrative Agent), or by Global Administrative Agent on its own behalf or on behalf of a
Lender or L/C Issuer, shall be conclusive absent demonstrable error.

     9.1.3 Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower
shall deliver to Global Administrative Agent the original or a copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to Global Administrative
Agent.

     9.1.4 Status of Lenders. Any Foreign Lender or Non-U.S. Lender that is
entitled to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which

      

					
	 
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a Borrower is resident for tax purposes or is otherwise subject to
tax, or any treaty to which any such jurisdiction is a party or which otherwise benefits
such Lender, with respect to payments hereunder or under any other Loan Document shall
deliver to ProLogis (with a copy to Global Administrative Agent), at the time or times
prescribed by applicable law or
reasonably requested by ProLogis or Global Administrative Agent, such properly
completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if requested by ProLogis or Global Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by ProLogis or
Global Administrative Agent as will enable ProLogis or Global Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information
reporting requirements.

     Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes
in the United States or otherwise subject to tax in the United States, any Non-U.S. Lender shall
deliver to ProLogis and Global Administrative Agent (in such number of copies as shall be requested
by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of ProLogis or Global Administrative
Agent or an applicable Funding Agent, but only if such Non-U.S. Lender is legally entitled to do
so), whichever of the following is applicable:

     (a) duly completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is a
party,

     (b) duly completed copies of Internal Revenue Service Form W-8ECI,

     (c) duly completed copies of Internal Revenue Service Form W-8IMY,

     (d) in the case of a Non-U.S. Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (x) a certificate to the effect
that such Non-U.S. Lender is not (A) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the applicable Borrower
within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W-8BEN, or

     (e) any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by
applicable law to permit ProLogis to determine the withholding or deduction required
to be made.

     Without limiting the obligations of Lenders set forth above regarding delivery of
certain forms and documents to establish each Lender’s status for U.S. withholding tax
purposes, each Lender agrees promptly to deliver to Global Administrative Agent, each
applicable Funding Agent, or ProLogis, as such Agent or ProLogis shall reasonably request,

      

					
	 
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on or prior to the Closing Date, and in a timely fashion thereafter, such other documents
and forms required by any relevant taxing authority under the Laws of any other
jurisdiction, duly executed and completed by such Lender, as are required under such Laws to
confirm such Lender’s entitlement to any available exemption from, or reduction of,
applicable
withholding taxes in respect of all payments to be made to such Lender outside of the
U.S. by Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status
for withholding tax purposes in such other jurisdiction.

     Each Lender shall promptly (i) notify Global Administrative Agent and each applicable
Funding Agent of any change in circumstances which would modify or render invalid any
claimed exemption from or reduction of Taxes or other Taxes, and (ii) take such steps as
shall not be materially disadvantageous to it, in the reasonable judgment of such Lender,
and as may be reasonably necessary (including the re-designation of its Lending Office) to
avoid any requirement of applicable Law that any Borrower make any deduction or withholding
for taxes from amounts payable to such Lender. Additionally, each Borrower shall promptly
deliver to the applicable Credit Party, as such Credit Party shall reasonably request, on or
prior to the Closing Date, and in a timely fashion thereafter, such documents and forms
required by any relevant taxing authorities under the Laws of any jurisdiction, duly
executed and completed by such Borrower, as are required to be furnished by such Credit
Party under such Laws in connection with any payment by such Credit Party of Indemnified
Taxes or Other Taxes, or otherwise in connection with the Loan Documents, with respect to
such jurisdiction.

     9.1.5 Exemption Representation.

     (a) Each Lender represents and warrants (such Lender’s “Exemption
Representation”) to the Borrowers that, as of the date of this Agreement or, in
the case of a Person that becomes a Lender after the Closing Date, as of the date
such Person becomes a party hereto (and, in the case of a Lender that agrees to make
Loans under a Tranche, as of the date such agreement become effective), except as
specified in writing to Global Administrative Agent, the applicable Funding Agent
and ProLogis prior to the date of the applicable Exemption Representation, it is
entitled to receive payments from each Borrower under each Tranche with respect to
which it has a commitment to make Loans without any reduction or withholding in
respect of any Indemnified Taxes or Other Taxes and without any amount being
required to be paid by any applicable Borrower pursuant to Section 9.1.2;
provided that the Exemption Representation shall not apply to any
withholding tax imposed at any time on payments made by or on behalf of a Foreign
Obligor.

     (b) Notwithstanding any other provision of this Agreement, no Borrower shall be
obligated to pay any amount under this Section 9.1 to, or for the benefit
of, any Lender to the extent that such amount would not have been required to be
paid if (i) such Lender’s Exemption Representation had been accurate or (ii) such
Lender had complied with its obligations under Section 9.1.4.

     9.1.6 Treatment of Certain Refunds. If any Credit Party determines, in its
sole discretion, that it has received a refund of any Taxes as to which it has been
indemnified by

      

					
	 
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any Borrower or with respect to which any Borrower has paid additional
amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by
such Borrower under this Section with respect to the Taxes giving rise to such refund), net
of all reasonable out-of-
pocket expenses of such Credit Party, and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund), provided
that such Borrower, upon the request of such Credit Party, agrees to repay the amount paid
over to such Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to such Credit Party in the event such Credit Party is
required to repay such refund to such Governmental Authority. This Section shall not be
construed to require any Credit Party to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to any Borrower or any other
Person.

     9.2 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending
Office to make, maintain or fund Eurocurrency Rate Loans in any currency, or to determine or charge
interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any
applicable currency in the applicable interbank market, then, on notice thereof by such Lender to
ProLogis through the applicable Funding Agent, any obligation of such Lender to make, continue or
convert Loans to Eurocurrency Rate Loans in the affected currency shall be suspended until such
Lender notifies Global Administrative Agent and ProLogis that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the applicable Borrower shall, upon
demand from such Lender (with a copy to the applicable Funding Agent), prepay or, if applicable and
such Loans are denominated in Dollars under the U.S. Tranche, Canadian Dollars under the Canadian
Tranche, Yen under the Yen Tranche or Euro under the Euro Tranche, convert all applicable
Eurocurrency Rate Loans of such Lender to Base Rate Loans, ABR Rate Loans, or Substitute Rate
Loans, as applicable, either on the last day of the Interest Period therefor or on such earlier
date on which such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon
any such prepayment or conversion, the applicable Borrower shall also pay accrued interest on the
amount so prepaid or converted.

     9.3 Inability to Determine Rates

     9.3.1 Determination of Rates. If the Tranche Required Lenders determine for
their Tranche (other than with respect to the Euro Tranche) that for any reason in
connection with any request for Eurocurrency Rate Loans or BA Rate Loans or a conversion to
or continuation thereof that (a) deposits are not being offered to banks in the applicable
interbank market for the currency, amount and Interest Period for such Loans, (b) adequate
and reasonable means do not exist for determining the Eurocurrency Rate or BA Rate, as
applicable, for the requested Interest Period for such Loans, or (c) the Eurocurrency Rate
or BA Rate, as applicable, for any requested Interest Period for such Loans does not
adequately and fairly reflect the cost to such Lenders of funding such Loans for the
requested Interest Period, the applicable Funding Agent will promptly so notify ProLogis,
each Borrower in the affected Tranche and each Lender in the affected Tranche. Thereafter,
the obligation of such Lenders to make or maintain Eurocurrency Rate Loans or BA Rate Loans
in the affected currency or currencies for the applicable Interest Period in the affected
Tranche shall be

      

					
	 
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suspended until such Funding Agent (upon the instruction of the applicable
Tranche Required Lenders) revokes such notice. Upon receipt of such notice, the applicable
Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans or BA Rate Loans, as applicable, in the affected
currency or currencies or, failing that, will be deemed to have converted such request into
a request for a Committed Borrowing of Base Rate Loans under the U.S. Tranche or ABR Rate
Loans under the Canadian Tranche or the Yen Tranche, as applicable, in the amount specified
therein, and with respect to Loans under the U.S. Tranche and the Yen Tranche, such Loans
shall be converted to the Primary Currency of the such Tranche in the Foreign Currency
Equivalent amount of such Loans to the extent such Loans are not in the Primary Currency of
the applicable Tranche at such time.

     9.3.2 Market Disruptions. (a) If Euro Lenders (including any applicable
Fronting Lenders) constituting at least thirty-five percent (35%) of the Euro Aggregate
Commitments or if the Euro Aggregate Commitments have been terminated, Euro Lenders holding
in the aggregate at least thirty-five percent (35%) of the Euro Total Outstandings determine
that a requested Borrowing or continuation is affected by an event of the type described in
Section 9.3.1(a), (b) or (c), or (b) if the Eurocurrency Rate is to
be determined by reference to Reference Banks at or about 11:00 a.m., Brussels time, on the
determination date for the Interest Period applicable to a Borrowing or continuation, and
none of the Reference Banks supplies a rate for the purpose of determining the Eurocurrency
Rate for such Borrowing or continuation, then Euro Funding Agent will promptly so notify
ProLogis, each Euro Borrower, and each Euro Lender of such event. Thereafter, the
obligation of Euro Lenders to make or maintain Eurocurrency Rate Loans in the currency of
the requested Borrowing or continuation for the affected currency shall be suspended until
Euro Funding Agent (upon the instruction Euro Required Lenders) revokes such notice. Upon
receipt of such notice, ProLogis may revoke any pending request for a Euro Committed
Borrowing or continuation in the affected currency, or, failing that, will be deemed to have
converted such request into a request for a Euro Committed Borrowing of Substitute Rate
Loans denominated in Euro, and any Euro Committed Loans that are not denominated in Euro and
are affected by this provision shall be converted to Euro in the Euro Equivalent amount of
such Euro Loans at such time.

     9.4 Increased Costs Generally.

     9.4.1 Increased Costs. If any Change in Law shall:

     (a) impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or
for the account of, or credit extended or participated in by, any Credit Party
(except (i) any reserve requirement contemplated by Section 9.4.5 and (ii)
any amount included in the Mandatory Cost, other than as set forth below);

     (b) subject any Credit Party to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or any
Loan made by it, or change the basis of taxation of payments to such Credit

      

					
	 
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Party in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section
9.1 and the imposition of, or any change in the rate of, any Excluded Tax);

     (c) result in the Mandatory Cost, as calculated hereunder, not representing the
cost to any Credit Party of complying with the requirements of the Bank of England
and/or the Financial Services Authority or the European Central Bank in relation to
its making, funding or maintaining Loans; or

     (d) impose on any Credit Party or any applicable interbank market any other
condition, cost or expense affecting this Agreement or any Loans made by such Credit
Party or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Credit Party of making
or maintaining any Loan (or of maintaining its obligation to make any Loan), or to increase the
cost to such Credit Party of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the
amount of any sum received or receivable by such Credit Party hereunder (whether of principal,
interest or any other amount) then, upon request of such Credit Party, ProLogis will pay (or cause
the applicable Borrower to pay) to such Credit Party, such additional amount or amounts as will
compensate such Credit Party for such additional costs incurred or reduction suffered.

     9.4.2 Capital Requirements. If any Credit Party determines that any Change in
Law affecting such Credit Party or any Lending Office of such Credit Party or such Credit
Party’s holding company, if any, regarding capital requirements has or would have the effect
of reducing the rate of return on such Credit Party’s capital or on the capital of such
Credit Party’s holding company, if any, as a consequence of this Agreement, the Commitments
of such Credit Party or the Loans made by, or participations in Letters of Credit held by,
such Credit Party, or the Letters of Credit issued by such Credit Party, to a level below
that which such Credit Party or such Credit Party’s holding company could have achieved but
for such Change in Law (taking into consideration such Credit Party’s policies and the
policies of such Credit Party’s holding company with respect to capital adequacy), then from
time to time ProLogis will pay (or cause the applicable Borrower to pay) to such Credit
Party, such additional amount or amounts as will compensate such Credit Party or such Credit
Party’s holding company for any such reduction suffered.

     9.4.3 Certificates for Reimbursement. Any Credit Party requesting compensation
pursuant to this Section 9.4 shall deliver to ProLogis (with a copy to Global
Administrative Agent) a certificate setting forth in reasonable detail the basis for such
request and a calculation of the amount necessary to compensate such Credit Party or its
holding company, as the case may be, as specified in Section 9.4.1 or 9.4.2
above, and any such certificate shall be conclusive absent demonstrable error. ProLogis
shall pay (or cause the applicable Borrower to pay) such Credit Party the amount shown as
due on any such certificate within fifteen (15) days after receipt thereof.

     9.4.4 Additional Reserve Requirements. Each applicable Borrower shall pay to
each Lender, (a) as long as such Lender shall be required to maintain reserves with respect
to liabilities or assets consisting of or including Eurocurrency funds or deposits
(currently

      

					
	 
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known as “Eurocurrency liabilities”), additional interest on the unpaid
principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves
allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall
be conclusive absent demonstrable error), and (b) as long as such Lender shall be
required to comply with any reserve ratio requirement or analogous requirement of any other
central banking or financial regulatory authority imposed in respect of the funding of the
Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and
rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs
allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive absent demonstrable error), which in each case shall be
due and payable on each date on which interest is payable on such Loan, provided
each applicable Borrower shall have received at least fifteen (15) days’ prior notice (with
a copy to Global Administrative Agent) of such additional interest or costs from such
Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest
Payment Date, such additional interest or costs shall be due and payable fifteen (15) days
from receipt of such notice.

     9.4.5 Limitations on Lender Claims. Notwithstanding the foregoing provisions
of this Section 9.4, no Lender shall be entitled to compensation for any cost,
increased costs or liability resulting from a failure by such Lender to comply with any
request from or requirement of any central banking or financial regulatory authority
(whether or not having the force of law, but if not having the force of law being a request
of a nature with which banks generally are expected or accustomed to comply).

     9.5 Compensation for Losses. Each Borrower agrees that it will, from time to time, compensate each
Lender for and hold each Lender harmless from any loss, cost or expense incurred by such Lender as
a result of:

     (a) any continuation, conversion, payment or prepayment of any Loan of such
Lender to such Borrower (other than a Base Rate Loan or ABR Rate Loan) on a day
other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

     (b) any failure by such Borrower (for a reason other than the failure of such
Lender to make a Loan) to prepay, borrow, continue or convert any Loan of (or to be
made by) such Lender to such Borrower (other than a Base Rate Loan or ABR Rate Loan)
on the date or in the amount notified by such Borrower;

     (c) any failure by such Borrower to make payment of any Loan or reimbursement
obligation under any Letter of Credit (or interest due thereon) in the currency in
which such Loan or reimbursement obligation is denominated; or

     (d) any assignment of a Eurocurrency Rate Loan or BA Rate Loan of such Lender
to such Borrower on a day other than the last day of the Interest Period therefor as
a result of a request by ProLogis pursuant to Section 16.13;

      

					
	 
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including any loss or expense arising from the liquidation or reemployment of funds obtained by it
to maintain such Loans or from fees payable to terminate the deposits from which such funds were
obtained or, solely in the case of subsection (c) above, any foreign exchange losses (but
excluding any loss of anticipated profits).

     For purposes of calculating amounts payable by a Borrower to a Lender under this Section
9.5, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the
Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank
market for such currency for a comparable amount and for a comparable period, whether or not such
Eurocurrency Rate Loan was in fact so funded.

Any Lender requesting compensation pursuant to this Section 9.5 shall deliver to the
applicable Borrower (with copies to ProLogis, Global Administrative Agent and the applicable
Funding Agent) a certificate setting forth in reasonable detail a calculation of the amount
demanded and any such certificate shall be conclusive absent demonstrable error. The applicable
Borrower shall pay the applicable Lender the amount shown as due on any such certificate within
fifteen (15) days after receipt thereof.

     9.6 Mitigation Obligations; Replacement of Lenders.

     9.6.1 Designation of a Different Lending Office. If any Credit Party requests
compensation under Section 9.4, or any Borrower is required to pay any additional
amount to any Credit Party or any Governmental Authority for the account of any Credit Party
pursuant to Section 9.1, or if any Credit Party gives a notice pursuant to
Section 9.2, then such Credit Party shall use reasonable efforts to designate a
different Lending Office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the
reasonable judgment of such Credit Party, such designation or assignment (a) would eliminate
or reduce amounts payable pursuant to Section 9.1 or 9.4, as the case may
be, in the future, or eliminate the need for the notice pursuant to Section 9.2, and
(b) in each case, would not subject such Credit Party to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Credit Party. ProLogis hereby agrees to
pay (or to cause the applicable Borrower to pay) all reasonable costs and expenses incurred
by any Credit Party in connection with any such designation or assignment.

     9.6.2 Delay in Requests. Failure or delay on the part of any Credit Party to
demand compensation pursuant to Section 9.1, 9.4 or 9.5 shall not
constitute a waiver of such Credit Party’s right to demand such compensation,
provided that no Borrower shall be required to compensate a Credit Party pursuant to
any such Section for any Indemnified Taxes, Other Taxes, increased cost, reduction in
return, funding loss or other amount (any of the foregoing, a “Compensation Amount”)
incurred or suffered more than six (6) months prior to the date that such Credit Party
notified ProLogis of the Change in Law or other event giving rise to such Compensation
Amount and of such Credit Party’s intention to claim compensation therefor (except that, if
the Change in Law or other event giving rise to such Compensation Amount is retroactive,
then the six (6) month period referred to above shall be extended to include the period of
retroactive effect thereof).

					
	 
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     9.6.3 Replacement of Lenders. If any Lender requests compensation under
Section 9.4, or if any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section
9.1, ProLogis may replace such Lender in accordance with Section 16.13.

     9.7 Qualified Lender Status. If a Lender notifies the applicable Funding Agent (orally or in
writing ) that it is a Qualified Lender with respect to the imposition of a withholding tax, and
(a) such Qualified Lender is subject to withholding taxes immediately prior to and after the
funding of the applicable Loan, and (b) there were Fronting Lenders available to make such Loan on
behalf of such Lender as set forth in Section 2.2.2(b) or 4.2.2(b), as applicable,
then the applicable Borrower shall not be required to pay any withholding taxes imposed on the
payments to such Lender on account of such Loan. Furthermore, each Funding Agent shall be permitted
to rely solely on any notices, certificates, or Assignment and Assumptions provided by any Lender
regarding its status as a Qualified Lender, and such Funding Agent shall not be required to
independently verify such Lender’s status or request any updates from such Lender as to whether it
remains a Qualified Lender at the time of any request for a Credit Extension. Notwithstanding the
foregoing, this Section 9.7 shall not limit any right or remedy of any Lender under this
Article IX with respect to any Loan to the extent such Lender ceases to be a Qualified
Lender due to a Change in Law after the funding of such Loan.

     9.8 Survival. All obligations under this Article IX shall survive termination of the
Aggregate Tranche Commitments and repayment of all other Obligations hereunder.

ARTICLE X

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     10.1 Conditions of Initial Credit Extension. The obligation of each L/C Issuer and each Lender to
make its initial Credit Extension hereunder is subject to satisfaction of the following conditions
precedent:

     10.1.1 Documents. Global Administrative Agent’s receipt of the following, each
of which shall be originals or telecopies (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan Party, each
dated the Closing Date (or, in the case of certificates of governmental officials, a recent
date before the Closing Date) and each in form and substance reasonably satisfactory to each
Agent and each Lender:

     (a) executed counterparts of this Agreement, the Parent Guaranty, each
Subsidiary Guaranty, the Security Agency Agreement, and each Pledge Agreement,
sufficient in number for distribution to each Agent and ProLogis;

     (b) such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of each Loan Party as Global
Administrative Agent may reasonably require evidencing the identity,
authority and capacity of the Responsible Officers thereof authorized to
execute and deliver the Loan Documents to which such Loan Party is a party;

					
	 
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     (c) such documents and certifications as Global Administrative Agent may
reasonably require to evidence that each Loan Party is duly organized or formed in
the jurisdiction of its organization or formation;

     (d) favorable opinions of each of the law firms listed on Schedule
10.1, as counsel to the Loan Parties as identified on Schedule 10.1,
addressed to each Agent, each L/C Issuer, and each Lender, as to such matters
concerning the Loan Parties and the Loan Documents as Global Administrative Agent
may reasonably request;

     (e) a certificate of a Responsible Officer of each Loan Party either (i)
attaching copies of all consents, licenses and approvals required in connection with
the execution, delivery and performance by such Loan Party, and the validity against
such Loan Party, of the Loan Documents to which it is a party, and such consents,
licenses and approvals shall be in full force and effect, or (ii) stating that no
such consents, licenses or approvals are so required;

     (f) a certificate signed by a Responsible Officer of ProLogis certifying (i)
that the conditions specified in Sections 10.2.1 and 10.2.2 have
been satisfied; (ii) that there has been no event or circumstance since the date of
the Audited Financial Statements that has had or would be reasonably expected to
have, either individually or in the aggregate, a Material Adverse Effect; and (iii)
the current Moody’s Rating, S&P Rating, and Fitch Rating;

     (g) evidence that each Existing Credit Agreement has been or concurrently with
the Closing Date is being terminated and all Liens securing obligations under any
Existing Credit Agreement have been or concurrently with the Closing Date are being
released or assigned hereunder;

     (h) such other assurances, certificates, documents, consents or opinions as any
Agent, any L/C Issuer, the Swing Line Lenders, or any Tranche Required Lenders
reasonably may require; and

     (i) with respect to each Borrower that is a TMK, a certified copy of such
Borrower’s plan of securitization.

     10.1.2 Fees. Any fees required to be paid on or before the Closing Date shall
have been paid.

     10.1.3 Expenses. Unless waived by Global Administrative Agent, ProLogis shall
have paid all fees, charges and disbursements of counsel to Global Administrative Agent to
the extent invoiced prior to or on the Closing Date, plus such additional amounts of
such fees, charges and disbursements as shall constitute its reasonable estimate of such
fees, charges and disbursements incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between ProLogis and Global Administrative Agent).

     10.1.4 Closing Deadline. The Closing Date shall have occurred on or before
October 15, 2005.

					
	 
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Without limiting the generality of the provisions of Section 15.4, for purposes of
determining compliance with the conditions specified in this Section 10.1, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless Global Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

     10.2 Conditions to all Credit Extensions. The obligation of each Lender to honor any request for a
Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed
Loans to the other Type or a continuation of Eurocurrency Rate Loans or BA Rate Loan) is subject to
the following conditions precedent:

     10.2.1 Representations and Warranties. The representations and warranties of
(a) Borrowers contained in Article XI and (b) each Loan Party contained in each
other Loan Document or in any document furnished at any time under or in connection herewith
or therewith, shall be true and correct in all material respects on and as of the date of
such Credit Extension, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all
material respects as of such earlier date, and except that for purposes of this Section
10.2, the representations and warranties contained in subsections (a) and
(b) of Section 11.5 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section
12.1.

     10.2.2 Default. No Default shall exist or would result from such proposed
Credit Extension or the application of the proceeds thereof.

     10.2.3 Request for Credit Extension. The applicable Funding Agent and, if
applicable, an L/C Issuer or a Swing Line Lender shall have received a Request for Credit
Extension in accordance with the requirements hereof.

     10.2.4 Market Events Affecting Alternative Currencies. In the case of a Credit
Extension to be denominated in an Alternative Currency of the applicable Tranche, there
shall not have occurred any change in national or international financial, political or
economic conditions or currency exchange rates or exchange controls which in the reasonable
opinion of the applicable Funding Agent, the applicable Tranche Required Lenders (in the
case of any Loans to be denominated in an Alternative Currency under such Tranche) or the
applicable L/C Issuer (in the case of any Letter of Credit to be denominated in an
Alternative Currency under such Tranche) would make it impracticable for such Credit
Extension to be denominated in the relevant Alternative Currency under such Tranche.

Each request for a Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Committed Loans to another Type or a continuation of Eurocurrency Rate Loans or BA
Rate Loans) submitted by ProLogis shall be deemed to be a representation and warranty that the
conditions specified in Sections 10.2.1 and 10.2.2 have been satisfied on and as of
the date of the applicable Credit Extension.

					
	 
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ARTICLE XI

REPRESENTATIONS AND WARRANTIES

Each Borrower represents and warrants to the Credit Parties that:

     11.1 Existence, Qualification and Power; Compliance with Laws. Each Company (a) is duly organized
or formed, validly existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and
carry on its business and (ii) execute, deliver and perform its obligations under the Loan
Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under
the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification or license, and (d) is in compliance with all Laws;
except in each case referred to in clause (b)(i), (c) or (d) above, to the
extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

     11.2 Authorization; No Contravention. The execution, delivery and performance by each Loan Party
of each Loan Document to which such Person is party, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not: (a) contravene the terms of any
of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention
of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual
Obligation to which such Person is a party or affecting such Person or the properties of such
Person or any of its Consolidated Subsidiaries or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; or
(c) violate any Law. Each Company is in compliance with all Contractual Obligations referred to in
clause (b)(i), except to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect.

     11.3 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or any other Loan Document.

     11.4 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, subject to applicable Debtor Relief Laws and general
principles of equity.

     11.5 Financial Statements.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; (ii) fairly present the financial condition of the
Companies as of the date thereof and their results of operations for the period
covered thereby in accordance with GAAP consistently applied throughout the

					
	 
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period covered thereby, except as otherwise expressly noted therein; and (iii) show (either
in the text thereof or the notes thereto) all material Liabilities of the Companies
as of the date thereof.

     (b) The unaudited consolidated balance sheet of the Companies dated March 31,
2005, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for the fiscal quarter ended on that date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, and (ii) fairly present the financial
condition of the Companies as of the date thereof and their results of operations
for the period covered thereby, subject, in the case of clauses (i) and
(ii), to the absence of footnotes and to normal year-end audit adjustments.

     11.6 Litigation. As of the Closing Date, there are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of any Borrower after due and diligent investigation,
threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority,
by or against any Company or against any of Company’s properties or revenues that (a) purport to
affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby, or (b) except as specifically disclosed in Schedule 11.6, either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

     11.7 No Default. No Company is in default under or with respect to any Contractual Obligation that
could, either individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing or would result from the consummation of the
transactions contemplated by this Agreement or any other Loan Document.

     11.8 Ownership of Property; Liens. ProLogis and each of its Consolidated Subsidiaries has good
record and marketable title in fee simple to, or valid leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

     11.9 Environmental Compliance. Each Company conducts in the ordinary course of business a review
of the effect of existing Environmental Laws and claims alleging potential Liability or
responsibility for violation of any
Environmental Law on their respective businesses, operations and properties, and as a result
thereof the Companies have reasonably concluded that, except as specifically disclosed in
Schedule 11.9, such Environmental Laws and claims could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

     11.10 Insurance. The properties of each Company are insured with financially sound and reputable
insurance companies not Affiliates of ProLogis, in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where such Company conducts business; provided that any Company
may maintain insurance with an insurance company that is an Affiliate of ProLogis, to the extent
such insurance company is reasonably acceptable to Global Administrative Agent and to the extent
such self-insurance is permitted by the jurisdiction under which such Company operates, solely for
the purpose of covering up to $10,000,000 of any applicable insurance claim.

					
	 
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     11.11 Taxes. Each Company has filed all Federal and other material state, provincial, and other
Tax returns and reports required to be filed, and has paid, collected, withheld and remitted all
Federal and other material state, provincial, and other material Taxes, assessments, fees and other
governmental charges levied or imposed upon it or its properties, income or assets otherwise due
and payable, or which it has been required to collect or withhold and remit, except those which are
being contested in good faith by appropriate proceedings diligently conducted and for which
adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment
against ProLogis or any Consolidated Subsidiary that would, if made, have a Material Adverse
Effect.

     11.12 Pension Law Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable
provisions of applicable Laws. Each Plan that is intended to qualify under Section
401(a) of the Code has received a favorable determination or opinion letter from the
IRS or an application for such a letter is currently being processed by the IRS with
respect thereto and, to the best knowledge of ProLogis, nothing has occurred which
would prevent, or cause the loss of, such qualification. ProLogis and each ERISA
Affiliate have made all required contributions to each Pension Plan subject to
Section 412 of the Code, and no application for a funding waiver or an extension of
any amortization period pursuant to Section 412 of the Code has been made with
respect to any such Pension Plan.

     (b) There are no pending or, to the best knowledge of any Borrower, threatened
claims, actions or lawsuits, or action by any Governmental Authority, with respect
to any Plan that could reasonably be expected to have a Material Adverse Effect.
Neither ProLogis nor any other Borrower has knowledge of any prohibited transaction
(within the meaning of Section 4975 of the Code or Section 406 of ERISA) or
violation of the fiduciary responsibility rules (within the
meaning of Section 404 or 405 of ERISA) with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect.

     (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii)
neither ProLogis nor any ERISA Affiliate has incurred, or reasonably expects to
incur, any Liability under Title IV of ERISA with respect to any Pension Plan (other
than premiums due and not delinquent under Section 4007 of ERISA); (iii) neither
ProLogis nor any ERISA Affiliate has incurred any unsatisfied, or reasonably expects
to incur any, Liability (and no event has occurred which, with the giving of notice
under Section 4219 of ERISA, would result in such Liability) under Section 4201 or
4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither ProLogis nor
any ERISA Affiliate has engaged in a transaction that reasonably could be expected
to be subject to Sections 4069 or 4212(c) of ERISA.

     11.13 Margin Regulations; Investment Company Act; Public Utility Holding Company Act.

					
	 
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     (a) No Borrower is engaged or will engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within
the meaning of Regulation U issued by the FRB), or extending credit for the purpose
of purchasing or carrying margin stock.

     (b) No Company nor any Person Controlling any Company (i) is a “holding
company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a
“holding company” or of a “subsidiary company” of a “holding company,” within the
meaning of the Public Utility Holding Company Act of 1935, or (ii) is or is required
to be registered as an “investment company” under the Investment Company Act of
1940.

     11.14 Disclosure. Each Borrower has disclosed to the Credit Parties all agreements, instruments
and corporate or other restrictions to which any Company is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. No report, financial statement, certificate or other information furnished
(whether in writing or orally) by or on behalf of any Loan Party to any Credit Party in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (in each case, as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading in any material respect; provided that, with respect to projected
financial information, each Borrower represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time.

     11.15 Compliance with Laws. Each Company is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its
properties, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being contested in good
faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith,
either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

     11.16 Dutch Banking Act. Each Dutch Borrower is in compliance with the Dutch Banking Act and any
regulations issued pursuant thereto (including, but not limited to, the Policy Guidelines and
Exemption Regulation).

     11.17 Solvency. Each Borrower is, and after giving effect to all Obligations hereunder will be,
Solvent.

     11.18 Exemption from ERISA; Plan Assets. The assets of each Company are not “plan assets” as
defined in 29 C.F.R. § 2510.3-101(a)(1) (or any successor regulation) of any Plan.

ARTICLE XII

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

					
	 
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     12.1 Financial Statements. ProLogis shall deliver to Global Administrative Agent, in form and
detail satisfactory to Global Administrative Agent:

     (a) as soon as available, but in any event within ninety (90) days after the
end of each fiscal year of ProLogis (commencing with the fiscal year ended December
31, 2005), a consolidated balance sheet of the Companies as at the end of such
fiscal year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case
in comparative form the figures for the previous fiscal year, all in reasonable
detail, audited and accompanied by a report and opinion of a Registered Public
Accounting Firm of nationally recognized standing reasonably acceptable to Global
Administrative Agent, which report and opinion shall be prepared in accordance with
generally accepted auditing standards and applicable Securities Laws; and

     (b) as soon as available, but in any event within forty-five (45) days after
the end of each of the first three (3) fiscal quarters of each fiscal year of
ProLogis (commencing with the fiscal quarter ended June 30, 2005), a consolidated
balance sheet of the Companies as at the end of such fiscal quarter, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows
for such fiscal quarter and for the portion of ProLogis’ fiscal year then ended,
setting forth in each case in comparative form a balance sheet as of the end of the
corresponding fiscal quarter of the previous fiscal year and statements of income or
operation and cash flows the corresponding portion of the previous fiscal year,
all in reasonable detail, certified by a Responsible Officer of ProLogis as fairly
presenting the financial condition, results of operations, shareholders’ equity and
cash flows of the Companies, subject only to normal year-end audit adjustments and
the absence of footnotes.

As to any information contained in materials furnished pursuant to Section 12.2(d),
ProLogis shall not be separately required to furnish such information under clause (a) or
(b) above, but the foregoing shall not be in derogation of the obligation of Borrower to
furnish the information and materials described in clauses (a) and (b) above at the
times specified therein.

     12.2 Certificates; Other Information. ProLogis shall deliver to Global Administrative Agent, in
form and detail satisfactory to Global Administrative Agent:

     (a) concurrently with the delivery of each set of financial statements referred
to in Section 12.1(a), an opinion from a Registered Public Accounting Firm
of nationally recognized standing to the effect that such financial statements were
prepared in accordance with GAAP and present fairly, in all material respects, the
consolidated financial condition of ProLogis as of the date thereof and the
consolidated results of operations of ProLogis for the fiscal year then ended;

     (b) concurrently with the delivery of each set of financial statements referred
to in Sections 12.1(a) and (b), a duly completed Compliance
Certificate signed by a Responsible Officer of ProLogis;

					
	 
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     (c) promptly after any request by Global Administrative Agent, copies of any
detailed audit reports, management letters or recommendations submitted to the board
of trustees (or the audit committee of the board of trustees) of ProLogis by
independent accountants in connection with the accounts or books of ProLogis or any
other Company, or any audit of any of them;

     (d) promptly after filing, true, correct, and complete copies of all material
reports or filings filed by or on behalf of any Company with any Governmental
Authority (including copies of each Form 10-K, Form 10-Q, and Form S-8 filed by or
on behalf of any Company with the SEC); and

     (e) promptly, such additional information regarding the business, financial or
corporate affairs of any Company (and to the extent available to a Company, any
other Borrower), or compliance with the terms of the Loan Documents, as Global
Administrative Agent may from time to time reasonably request.

Documents required to be delivered pursuant to Section 12.1(a) or (b) or
Section 12.2(d) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which Borrower posts such documents, or provides a link thereto on
ProLogis’ website on the Internet at
the website address listed on Schedule 16.2; or (ii) on which such documents are posted on
ProLogis’ behalf on an Internet or intranet website, if any, to which each Credit Party has access
(whether a commercial, third-party website or whether sponsored by Global Administrative Agent);
provided that: (A) ProLogis shall deliver paper copies of such documents to Global
Administrative Agent that requests ProLogis to deliver such paper copies until a written request to
cease delivering paper copies is given by Global Administrative Agent and (B) ProLogis shall notify
Global Administrative Agent (by telecopier or electronic mail) of the posting of any such documents
and provide to Global Administrative Agent by electronic mail electronic versions (i.e.,
soft copies) of such documents. Notwithstanding anything contained herein, in every instance
ProLogis shall be required to provide paper copies of the Compliance Certificates required by
Section 6.2.2 to Global Administrative Agent. Except for such Compliance Certificates,
Global Administrative Agent shall have no obligation to request the delivery or to maintain copies
of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by ProLogis with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.

ProLogis hereby acknowledges that (a) Agents and/or the Arrangers will make available to each
Lender and the L/C Issuers materials and/or information provided by or on behalf of
ProLogis hereunder (collectively, “Borrower Materials”) by posting Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain Lenders
may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to ProLogis or its securities) (each, a “Public Lender”).
ProLogis hereby agrees that: (w) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the
word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” ProLogis shall be deemed to have authorized each Credit Party to treat such Borrower
Materials as not containing any material

					
	 
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non-public information with respect to ProLogis or its
securities for purposes of United States Federal and state securities laws (provided that
to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 16.7); (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated “Public Investor;” and (z) Agents and the
Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Investor.”
Notwithstanding the foregoing, ProLogis shall have no obligation to mark any Borrower Materials
“PUBLIC”.

     12.3 Notices. ProLogis shall promptly notify Global Administrative Agent:

     (a) of the occurrence of any Default;

     (b) of any matter that has resulted or could reasonably be expected to result
in a Material Adverse Effect, including: (i) breach or non-performance of, or any
default under, a Contractual Obligation of any Company; (ii) any dispute,
litigation, investigation, proceeding or suspension between any Company and any
Governmental Authority; or (iii) the commencement of, or any material development
in, any litigation or proceeding affecting any Company, including pursuant to
any applicable Environmental Laws;

     (c) of the occurrence of any ERISA Event;

     (d) of any material change in accounting policies or financial reporting
practices by Borrower or any Consolidated Subsidiary (except to the extent disclosed
in financial statements provided pursuant to Section 12.1, including the
footnotes to such financial statements);

     (e) of the occurrence of any Internal Control Event; and

     (f) promptly upon receipt by ProLogis of notice thereof, and in any event
within five (5) Business Days after any change in the Moody’s Rating, the S&P
Rating, or the Fitch Rating, notice of such change.

Each notice pursuant to this Section 12.3 shall be accompanied by a statement of a
Responsible Officer of ProLogis setting forth details of the occurrence referred to therein and
stating what action ProLogis has taken and proposes to take with respect thereto. Each notice
pursuant to Section 12.3(a) shall describe with particularity any and all provisions of
this Agreement and any other Loan Document that have been breached. Global Administrative Agent
shall promptly notify Lenders of any notice received under this Section 12.3.

     12.4 Payment of Obligations. ProLogis shall, and shall cause each other Company to, pay and
discharge as the same shall become due and payable, all its Liabilities (including tax
Liabilities), except to the extent (a) the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained
therefor, or (b) the failure to pay and discharge Liabilities could not reasonably be expected to
result in a Material Adverse Effect.

					
	 
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     12.5 Preservation of Existence, Etc. ProLogis shall, and shall cause each other Loan Party to: (a)
preserve, renew and maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization except in a transaction permitted by Section
13.4 or 13.5; (b) take all reasonable action to maintain all rights, privileges,
permits, licenses and franchises necessary or desirable in the normal conduct of its business,
except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names
and service marks, the non-preservation of which could reasonably be expected to have a Material
Adverse Effect.

     12.6 Maintenance of Properties. ProLogis shall, and shall cause each other Company to: (a)
maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted; and
(b) make all necessary repairs thereto and
renewals and replacements thereof, in each case except where the failure to do so could not
reasonably be expected to have a Material Adverse Effect.

     12.7 Maintenance of Insurance. ProLogis shall, and shall cause each other Company to, maintain
with financially sound and reputable insurance companies not Affiliates of ProLogis, insurance in
such amounts, with such deductibles and covering such risks as is customarily carried by companies
engaged in similar businesses and owning similar properties in localities where such Company
conducts business; provided that any Company may maintain insurance with an insurance
company that is an Affiliate of ProLogis, to the extent such insurance company is reasonably
acceptable to Global Administrative Agent and to the extent such self-insurance is permitted by the
jurisdiction under which such Company operates, solely for the purpose of covering up to
$10,000,000 of any applicable insurance claim.

     12.8 Compliance with Laws. ProLogis shall, and shall cause each other Company to, comply in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted, or (b) the failure to comply therewith could not
reasonably be expected to have a Material Adverse Effect.

     12.9 Books and Records. ProLogis shall, and shall cause each other Company to, maintain proper
books of record and account, in which true and correct entries are made that are sufficient to
prepare ProLogis’ financial statements in conformity with GAAP consistently applied.

     12.10 Inspection Rights. Upon reasonable request, and subject to Section 16.7, ProLogis
shall, and shall cause each other Company to, allow any Agent (or its Related Parties who may be
accompanied by a Related Party of one (1) or more Lenders) to inspect any of its properties, to
review reports, files, and other records and to make and take away copies thereof, and to discuss
(provided that ProLogis or the applicable Eligible Affiliate is given the opportunity to be present
for such discussions) any of its affairs, conditions, and finances with its directors, officers,
employees, or representatives from time to time upon reasonable notice, during normal business
hours; provided that unless a Default has occurred and is continuing and except in the case
of Global Administrative Agent and its Related Parties, such inspections shall be at the applicable
Credit Party’s sole cost and expense.

					
	 
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     12.11 Use of Proceeds. Each Borrower shall use the proceeds of the Credit Extensions for general
corporate purposes not in contravention of any Law or of any Loan Document, provided that
Yen Borrowers shall only use the proceeds of Yen Credit Extensions denominated in Yen for (a)
refinancing obligations under the agreement referred to in clause (b) of the definition of
Existing Credit Agreements, (b) funding the
acquisition and development of Properties, or the acquisition of beneficial interests in
Properties, in Japan, (c) funding the acquisition of preferred Stock in entities held in a Japan
Properties Fund and (d) working capital and other general corporate purposes in connection with the
Companies’ operations in Japan.

     12.12 REIT Status. ProLogis shall, at all times, qualify as a REIT (including its organization and
method of operations and those of its Consolidated Subsidiaries).

     12.13 Guaranties.

     (a) Pursuant to the Parent Guaranty, ProLogis shall Guarantee the Obligations of all
Affiliate Borrowers.

     (b) ProLogis shall cause each Affiliate Borrower (other than any Property Fund Borrower
and any Short Term Affiliate Borrower) and each Major Subsidiary to execute a Subsidiary
Guaranty (provided that, a Major Subsidiary shall only be required to execute such
Subsidiary Guaranty on the Closing Date and thereafter within thirty days (30) after the end
of each fiscal quarter during the term of this Agreement) that Guarantees the Obligations
under each Tranche except to the extent that the Guarantee of such Obligations (i) is
prohibited by the Laws of the jurisdiction in which such Affiliate Borrower or Major
Subsidiary, as applicable, is organized or (ii) would result in material adverse tax
Liabilities to ProLogis, such Affiliate Borrower, or such Major Subsidiary; provided
that, except for PLD Europe Finance B.V. and ProLogis U.K. Funding II B.V., no Affiliate
Borrower or Major Subsidiary that is organized under the Laws of the United Kingdom or a
Participating Member State shall be required to execute a Subsidiary Guaranty. On the
Closing Date, ProLogis shall cause each Affiliate Borrower and each Major Subsidiary listed
on Schedule 12.13 to execute a Subsidiary Guaranty that Guarantees the Obligations
under each Tranche listed on such Schedule 12.13.

     12.14 Collateral. On the Closing Date and thereafter within thirty days (30) after the end of
each fiscal quarter during the term of this Agreement, ProLogis shall cause each Company to grant
to Collateral Agent, for the benefit of all Designated Senior Debt, on a pari passu basis, a
first-priority Lien in all Indebtedness (a) in excess of $1,000,000 payable to such Company by each
Consolidated Subsidiary that does not Guarantee all of the Obligations, and (b) in excess of
$25,000,000 payable to such Company by each Unconsolidated Affiliate (and its Consolidated
Subsidiaries), in each case except to the extent that the granting of such Lien (x) is not
permitted by applicable Laws or (y) would result in material adverse tax Liabilities to ProLogis or
such Company; provided that, except for PLD Europe Finance B.V., ProLogis U.K. Funding B.V. and
ProLogis U.K. Funding II B.V. (in each case to the extent such Company is required to grant a Lien
pursuant to the foregoing provisions of this Section 12.14), no Company that is organized
under the Laws of the United Kingdom or a Participating Member State shall be required to grant any
Lien to Collateral Agent pursuant to this Section 12.14. On the Closing Date, ProLogis
shall, and shall cause each other Company listed on Schedule 12.14 to, grant to Collateral
Agent, for the benefit of all

					
	 
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Designated Senior Debt, on a pari passu basis, a first-priority Lien in all Indebtedness listed on such
Schedule 12.14.

     12.15 Claims Pari Passu. Each Loan Party shall ensure that at all times the claims of the Credit
Parties under the Loan Documents rank at least pari passu with the claims of all its unsecured and
unsubordinated creditors other than those claims that are preferred by Debtor Relief Laws.

ARTICLE XIII

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

     13.1 Investments. ProLogis shall not permit, as of any date, the Companies’ aggregate direct and
indirect Investments in raw land, Non-Industrial Properties, and Refrigerated Warehouse Properties
(including the Companies’ Share of all such Investments of Unconsolidated Affiliates of the
Companies) to exceed in the aggregate twenty-five percent (25%) of Total Asset Value.

     13.2 Secured Indebtedness; Subsidiary Indebtedness.

     (a) ProLogis shall not permit the aggregate amount of all Secured Debt (including the
Companies’ Share of all Secured Debt of Unconsolidated Affiliates of the Companies) at any
time outstanding to exceed twenty-five percent (25%) of Total Asset Value.

     (b) ProLogis shall not permit any Consolidated Subsidiary to incur Indebtedness in
respect of any publicly-traded debt securities (“Public Debt”); provided
that (i) any Consolidated Subsidiary may incur Permitted Subsidiary Public Debt (as defined
below); and (ii) any Consolidated Subsidiary may incur additional Public Debt that does not
(at the time of issuance or at any time thereafter unless such Public Debt becomes Permitted
Subsidiary Public Debt) constitute Designated Senior Debt so long as, after giving effect to
such incurrence, the aggregate outstanding principal amount (without duplication if any such
Public Debt is guaranteed by any other Consolidated Subsidiary) of all Public Debt (other
than Permitted Subsidiary Public Debt) of all Consolidated Subsidiaries would not exceed the
Dollar Equivalent of $750,000,000. For purposes of the foregoing, “Permitted Subsidiary
Public Debt” means any Public Debt (i) issued by a Consolidated Subsidiary that is a
Subsidiary Guarantor or (ii) issued pursuant to documentation that (A) provides (initially
or via amendment) that, upon the occurrence of the Trigger Date, the trustee or other
relevant party that is to receive payments on behalf of the holders of such Public Debt
agrees that it will turn over such payments to Collateral Agent for sharing in accordance
with the terms of the Security Agency Agreement and (B) otherwise is in form reasonably
satisfactory to Global Administrative Agent.

     13.3 Fundamental Changes. ProLogis shall not, and shall not permit any other Company or other
Borrower to, merge, dissolve, liquidate, consolidate with or into another Person, except that, so
long as no Default exists or would result therefrom:

					
	 
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     (a) any Consolidated Subsidiary may merge with ProLogis, provided that
ProLogis shall be the continuing or surviving Person;

     (b) any Consolidated Subsidiary may merge with any one or more other
Consolidated Subsidiaries, provided that if any party to such merger was a
Subsidiary Guarantor, then the continuing or surviving Person must be a Subsidiary
Guarantor; and

     (c) any Company (other than ProLogis or any other Borrower) may be voluntarily
dissolved or liquidated under the laws of its jurisdiction of organization
(excluding any Debtor Relief Law).

     13.4 Dispositions. ProLogis shall not, and shall not permit any other Company to, make any
Disposition, except:

     (a) Dispositions of obsolete or worn out property, whether now owned or
hereafter acquired, in the ordinary course of business;

     (b) Dispositions of property to the extent that (i) such property is exchanged
for credit against the purchase price of similar replacement property or (ii) the
proceeds of such Disposition are reasonably promptly applied to the purchase price
of similar replacement property;

     (c) Dispositions of property by any Consolidated Subsidiary to ProLogis or
another Consolidated Subsidiary; provided that if the transferor of such
property is a Borrower or a Guarantor, the transferee thereof must either be a
Borrower or a Guarantor;

     (d) Dispositions permitted by Section 13.3;

     (e) leases of Properties in the ordinary course of business;

     (f) Dispositions of Refrigerated Warehouse Properties (and of Consolidated
Subsidiaries that own primarily Refrigerated Warehouse Properties);

     (g) sales or other transfers of assets to Property Funds; and

     (h) other sales or other transfers of assets during any period of four (4)
consecutive fiscal quarters having a fair market value of not more than twenty
percent (20%) of the fair market value of all assets of the Companies as of the
first (1st) day of such period or, if greater, immediately prior to such
sale or transfer;

provided that any Disposition pursuant to clauses (a), (b), (f),
(g) and (h) shall be for fair market value.

     13.5 Restricted Payments. ProLogis shall not, and shall not permit any other Company to, declare
or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, except that:

					
	 
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     (a) any Consolidated Subsidiary may make Restricted Payments to ProLogis or
another Consolidated Subsidiary;

     (b) so long as no Default exists of would result therefrom, any Consolidated
Subsidiary may make Restricted Payments to any other Person that owns an Equity
Interest in such Consolidated Subsidiary, so long as payments are concurrently made
ratably to all holders of the type of Equity Interest in respect of which such
Restricted Payment is being made;

     (c) any Company may declare and make dividend payments or other distributions
payable solely in the common stock or other common Equity Interests of such Person;

     (d) any Company may purchase, redeem or otherwise acquire Equity Interests
issued by it with the proceeds received from the substantially concurrent issue of
new shares of its common stock or other common Equity Interests;

     (e) ProLogis may purchase, redeem or otherwise acquire any of its Equity
Interests; provided that (i) no Default exists before or after giving effect
to such purchase, redemption or other acquisition, and (ii) the aggregate purchase
price, redemption price or other acquisition price of all such purchases,
redemptions or other acquisitions shall not exceed $400,000,000 in the aggregate
during the term of this Agreement; and

     (f) ProLogis may make Permitted Distributions.

     13.6 Change in Nature of Business. ProLogis shall not, and ProLogis shall not permit any other
Company to, engage in any material line of business substantially different from those lines of
business conducted by the Companies or Catellus and its subsidiaries on the date hereof or any
business substantially related or incidental thereto.

     13.7 Transactions with Affiliates. ProLogis shall not, and shall not permit any other Company to,
enter into any transaction of any kind with any Affiliate of ProLogis, whether or not in the
ordinary course of business; provided that the foregoing restriction shall not apply to (a)
transactions with existing shareholders of Consolidated Subsidiaries and Unconsolidated Affiliates,
(b) transactions in the ordinary course of
business (i) on fair and reasonable terms substantially as favorable to such Borrower or such
Company as would be obtainable by such Borrower or such Company at the time in a comparable arm’s
length transaction with a Person other than an Affiliate or (ii) that comply with the requirements
of the North America Security Administrators Association’s Statement of Policy of Real Estate
Investment Trusts, (c) payments to or from such Affiliates under leases of commercial space on
market terms, (d) payment of fees under asset or property management agreements under terms and
conditions available from qualified management companies, (e) intercompany Liabilities and other
Investments between any Company and its Consolidated Subsidiaries and Unconsolidated Affiliates
otherwise permitted pursuant to this Agreement, (f) transactions between Companies, and (g)
transactions otherwise permitted hereunder.

					
	 
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     13.8 Negative Pledge Agreements; Burdensome Agreements.

     (a) ProLogis shall not, and shall not permit any other Company to, enter into
any negative pledge or other agreement with any other Person such that ProLogis or
any Company that is an Affiliate Borrower or Subsidiary Guarantor shall be
prohibited from granting to Global Administrative Agent, for the benefit of the
Credit Parties, a first-priority Lien in any Unencumbered Property with Adjusted
EBITDA that is used in the calculation of Unencumbered Debt Service Coverage Ratio;
provided that the foregoing shall not apply to restrictions in any
Designated Senior Debt that require that any Liens in any property, assets, or
revenues of any Company secure such Designated Senior Debt on a pari passu basis.
Nothing herein should be construed as creating a Lien.

     (b) ProLogis shall not permit any Consolidated Subsidiary to enter into any
Contractual Obligation (other than this Agreement, any other Loan Document or any
other agreement or document evidencing or governing Indebtedness of such
Consolidated Subsidiary) that limits the ability of such Consolidated Subsidiary to
make Restricted Payments to any Company.

     13.9 Use of Proceeds. Borrowers shall not use the proceeds of any Credit Extension, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry
margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the
purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for
such purpose.

     13.10 Financial Covenants.

     13.10.1 Consolidated Net Worth. ProLogis shall not permit Consolidated Net
Worth at any time to be less than the sum of (a) $2,500,000,000, and (b) an amount
equal to seventy percent (70%) of the aggregate increases in Shareholders’ Equity after the
date hereof by reason of the issuance and sale of Equity Interests of any Company (other
than (x) the issuance and sale of preferred Equity Interests in substitution and replacement
of other preferred Equity Interests that ProLogis redeemed or otherwise acquired pursuant to
a Permitted Redemption to the extent that the net proceeds from such issuance and sale do
not
exceed the amount of such Permitted Redemption and (y) issuances to a Company),
including upon any conversion of debt securities of any Company into such Equity Interests.

     13.10.2 Consolidated Leverage Ratio. ProLogis shall not permit the
Consolidated Leverage Ratio at any time to be greater than the Maximum Leverage Ratio.

     13.10.3 Fixed Charge Coverage Ratio. ProLogis shall not permit the Fixed
Charge Coverage Ratio, as of the last day of any fiscal quarter, to be less than 1.75 to
1.0.

     13.10.4 Unencumbered Debt Service Coverage Ratio. ProLogis shall not permit
the Unencumbered Debt Service Coverage Ratio, as of the last day of any fiscal quarter, to
be less than 1.75 to 1.0.

					
	 
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     For purposes of calculating the covenants set forth in this Section 13.10, the amount
included in such calculations with respect to any Qualified Bridge Loan as a result of ProLogis’ or
any other Company’s guaranty of such Qualified Bridge Loan shall be limited to the Companies’ Share
of such Qualified Bridge Loan from the date of incurrence of such Qualified Bridge Loan until the
date that is one hundred and twenty (120) days after the incurrence thereof so long as no
default or event of default has occurred and is continuing under such Qualified Bridge Loan.

ARTICLE XIV

EVENTS OF DEFAULT AND REMEDIES

     14.1 Events of Default. Any of the following shall constitute an “Event of Default”:

     14.1.1 Non-Payment. Any Borrower or any other Loan Party fails to pay (a) when
and as required to be paid herein, any amount of principal of any Loan or any L/C
Obligation, or (b) within three (3) Business Days after the same becomes due, any interest
on any Loan or on any L/C Obligation, or any fee due hereunder, or (c) within five (5) days
after the same becomes due, any other amount payable hereunder or under any other Loan
Document.

     14.1.2 Specific Covenants. ProLogis (or, if applicable, any other Loan Party)
fails to perform or observe any term, covenant or agreement contained in any of Section
12.10, 12.13, 13.2, 13.5, or 13.10.

     14.1.3 Other Defaults. ProLogis (or, if applicable, any other Loan Party)
fails to perform or observe any other covenant or agreement (not specified in Section
14.1.1 or 14.1.2 above) contained in any Loan Document on its part to be
performed or observed and such failure continues for thirty (30) days (less, in the case of
Section 12.3, the number of days between the date a Responsible Officer of ProLogis
obtained knowledge of such failure and the date that notice thereof is given pursuant to
Section 12.3) after the first to occur of (a) a Responsible Officer of ProLogis
obtaining knowledge of such failure or (b) ProLogis’ receipt of notice from Global
Administrative Agent of such failure; provided that if such failure is of such a
nature that can be cured but cannot with reasonable effort be completely cured within thirty
(30) days, then such thirty (30) day period shall be extended for such
additional period of time (not exceeding thirty (30) additional days) as may be
reasonably necessary to cure such failure so long as ProLogis (or the applicable Loan Party)
commences such cure within such thirty (30) day period and diligently prosecutes same until
completion.

     14.1.4 Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of any Borrower or
any other Loan Party herein, in any other Loan Document, or in any document delivered in
connection herewith or therewith shall be incorrect or misleading in any material respect
when made or deemed made; provided that no Event of Default shall occur under this
Section 14.1.4 by reason of any representation by a Borrower set out in Section
11.16 being untrue as a result of a representation under Section 16.18.2 by a
Lender as to its status as a PMP being untrue.

					
	 
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     14.1.5 Cross-Default.

     (a) Any Company fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any
Indebtedness or Guarantee (other than Indebtedness hereunder or under any other Loan
Document and Indebtedness under Swap Contracts) having an aggregate principal amount
(including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $50,000,000; or

     (b) Any Company fails to observe or perform any other agreement or condition
relating to or in respect of any Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating to the same, or any other
event occurs, the effect of which default or other event is to cause Indebtedness
having an aggregate principal amount (including amounts owing to all creditors under
any combined or syndicated credit arrangement) of more than $50,000,000, to be
demanded or to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Indebtedness to be made, prior to its stated maturity, or such Guarantee to
become payable or cash collateral in respect thereof to be demanded; or

     (c) There occurs under any Swap Contract an Early Termination Date (as defined
in such Swap Contract) resulting from (i) any event of default under such Swap
Contract as to which any Borrower or any Consolidated Subsidiary is the Defaulting
Party (as defined in such Swap Contract) or (ii) any Termination Event (as so
defined) under such Swap Contract as to which any Borrower or any Consolidated
Subsidiary is an Affected Party (as so defined) and, in either event, the Swap
Termination Value owed by any Borrower or such Consolidated Subsidiary as a result
thereof is greater than $50,000,000.

     14.1.6 Insolvency Proceedings, Etc. Any Company institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the
benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for
all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent
of such Person
and the appointment continues undischarged or unstayed for sixty (60) calendar days; or
any proceeding under any Debtor Relief Law relating to any Company or to all or any material
part of its property is instituted without the consent of such Company and continues
undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in
any such proceeding.

     14.1.7 Inability to Pay Debts; Attachment. (a) Any Company becomes unable or
admits in writing its inability or fails generally to pay its debts as they become due, or
(b) any writ or warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any Company and is not released, vacated
or fully bonded within thirty (30) days after its issue or levy.

					
	 
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     14.1.8 Judgments. There is entered against any Company (a) a final judgment or
order for the payment of money in an aggregate amount exceeding $50,000,000 (to the extent
not covered by insurance as to which the insurer does not dispute coverage), or (b) any one
or more non-monetary final judgments that have, or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (i)
enforcement proceedings are commenced by any creditor upon such judgment or order, or (ii)
there is a period of ten (10) consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect.

     14.1.9 ERISA. (a) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in Liability
of any Company under Title IV of ERISA to such Pension Plan, such Multiemployer Plan or the
PBGC in an aggregate amount in excess of $5,000,000, or (b) ProLogis or any ERISA Affiliate
fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal Liability under Section 4201 of ERISA under a
Multiemployer Plan in an aggregate amount in excess of $5,000,000.

     14.1.10 Invalidity of Loan Documents. Any provision of any Loan Document, at
any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to
be in full force and effect; or any Loan Party contests in any manner the validity or
enforceability of any provision of any Loan Document; or any Loan Party denies that it has
any or further Liability or obligation under any Loan Document, or purports to revoke,
terminate or rescind any provision of any Loan Document.

     14.1.11 Change of Control. (a) A Change of Control occurs or (b) ProLogis
shall cease to own Equity Interests of any Affiliate Borrower unless all Loans of such
Affiliate Borrower have been paid in full.

     14.1.12 Plan Assets. The assets of any Borrower at any time constitute “plan
assets” as defined in 29 C.F.R. § 2510.3-101(a)(1) (or any successor regulation).

     14.1.13 Insolvency Proceedings in Japan. Any Company which is incorporated or
established in Japan takes any corporate or legal actions, or any other action or legal
proceeding is commenced against such Company for the purpose of winding-up, dissolution,
liquidation, administration or re-organization or for the appointment of a liquidator,
receiver, administrator, administrative receiver, conservator, custodian, trustee or similar
officer of it or of all or any material part of its revenues and assets (unless such
winding-up, dissolution, liquidation, administration, re-organization or appointment is
permitted under this Agreement or is otherwise carried out in connection with a
reconstruction or amalgamation when solvent, on terms previously approved by Global
Administrative Agent) under any domestic or foreign bankruptcy, insolvency, receivership or
similar Law now or hereafter in effect (including, under Japanese Law, any corporate action
or proceedings relating to the commencement of bankruptcy proceedings (hasan tetsuzuki), the
commencement of civil rehabilitation proceedings (minji saisei tetsuzuki), the commencement
of corporate reorganization proceedings (kaisha kosei tetsuzuki), the commencement of
company arrangement (kaisha seiri) or the commencement of special liquidation (tokubetsu
seisan));

					
	 
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provided that there shall be no Event of Default under this Section 14.1.13, to
the extent any such action or proceeding is not initiated by, at the request of, or with the
agreement of, such Company and such action, legal proceeding or appointment continues
undischarged or unstayed for a period ending on the earlier of (a) thirty (30) days after
commencement or, if earlier, the date on which such proceeding is advertised and (b) a
judgment to commence proceedings (or preservative order) has been made in relation to the
matter in respect of which the action, proceeding or appointment was initiated.

     14.2 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, Global
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of
any L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such
commitments and obligation shall be terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest
accrued and unpaid thereon, and all other amounts owing or payable hereunder or
under any other Loan Document to be immediately due and payable, without
presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by each Borrower;

     (c) require that each Borrower Cash Collateralize its respective L/C
Obligations (in an amount equal to the then Outstanding Amount of such L/C
Obligations); and

     (d) exercise on behalf of itself and each Lender all rights and remedies
available to it and Lenders under the Loan Documents;

provided that upon the occurrence of an actual or deemed entry of an order for relief with
respect to any Borrower under the Bankruptcy Code of the United States, the obligation of each
Lender to make Loans and any obligation of any L/C Issuer to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and
other amounts as aforesaid shall automatically become due and payable, and the obligation of each
Borrower to Cash
Collateralize its respective L/C Obligations as aforesaid shall automatically become effective, in
each case without further act of Global Administrative Agent or any Lender.

     14.3 Application of Funds.

     (a) Any amount applied to the Obligations of a Borrower during the existence of an Event of
Default but prior to the Trigger Date shall be applied, first, to the fees and expenses of the
applicable Agents to the extent then due and payable and such Borrower has liability therefor, and,
then, to the Obligations of such Borrower specified by the Required Lenders; provided that,
so long as no Event of Default exists under Section 14.1.1, no amount shall be applied in a
manner that results in an Event of Default under Section 14.1.1 if such payment could be
applied in a manner that would not result in such an Event of Default.

					
	 
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     (b) Any amount applied to the Obligations of a Borrower on and after the Trigger Date shall be
applied to such Obligations as set forth in the Security Agency Agreement.

ARTICLE XV

AGENTS

     15.1 Appointment and Authority.

     (a) Each Lender and each L/C Issuer hereby irrevocably appoints Bank of America
to act on its behalf as Global Administrative Agent and Collateral Agent hereunder
and under the other Loan Documents and authorizes Global Administrative Agent and
Collateral Agent to take such actions on its behalf and to exercise such powers as
are delegated to Global Administrative Agent and Collateral Agent, as applicable, by
the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto.

     (b) Each U.S. Lender and each U.S. L/C Issuer hereby irrevocably appoints Bank
of America to act on its behalf as U.S. Funding Agent hereunder and under the other
Loan Documents and authorizes U.S. Funding Agent to take such actions on its behalf
and to exercise such powers as are delegated to U.S. Funding Agent, as applicable,
by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.

     (c) Each Canadian Lender hereby irrevocably appoints Bank of America, acting
through its Canada branch, to act on its behalf as Canadian Funding Agent hereunder
and under the other Loan Documents and authorizes Canadian Funding Agent to take
such actions on its behalf and to exercise such powers as are delegated to Canadian
Funding Agent by the terms hereof or thereof, together with such actions and powers
as are reasonably incidental thereto.

     (d) Each Euro Lender and each Euro L/C Issuer hereby irrevocably appoints ABN
AMRO to act on its behalf as Euro Funding Agent hereunder and under the other Loan
Documents and authorizes Euro Funding Agent to take such
actions on its behalf and to exercise such powers as are delegated to Euro
Funding Agent by the terms hereof or thereof, together with such actions and powers
as are reasonably incidental thereto.

     (e) Each Yen Lender and each Yen L/C Issuer hereby irrevocably appoints SMBC to
act on its behalf as Yen Funding Agent hereunder and under the other Loan Documents
and authorizes Yen Funding Agent to take such actions on its behalf and to exercise
such powers as are delegated to Yen Funding Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto.

     (f) Each KRW Lender hereby irrevocably appoints SMBC to act on its behalf as
KRW Funding Agent hereunder and under the other Loan Documents and authorizes KRW
Funding Agent to take such actions on its behalf and to exercise

					
	 
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such powers as are
delegated to KRW Funding Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto.

     The provisions of this Article are solely for the benefit of Agents, Lenders, and L/C Issuers,
and no Loan Party shall have rights as a third party beneficiary of any of such provisions.

     15.2 Rights as a Lender. Any Person serving as an Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were
not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or the
context otherwise requires, include each Person serving as an Agent hereunder in its individual
capacity. Any Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of
business with ProLogis and its Affiliate as if such Person were not an Agent hereunder and without
any duty to account therefor to Lenders.

     15.3 Exculpatory Provisions. No Agent shall have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the
foregoing, no Agent:

     (a) shall be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

     (b) shall have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that such Agent is required to exercise as
directed in writing by the Required Lenders (or such other number, percentage or
group of Lenders as shall be expressly provided for herein or in the other Loan
Documents), provided that no Agent shall be required to take any action
that, in its opinion or the opinion of its counsel, may expose such Agent to
liability or that is contrary to any Loan Document or applicable law; and

     (c) shall, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, or be liable for failure to disclose, any
information relating to ProLogis or any of its Affiliates that is communicated to or
obtained by such Agent or any of its Affiliates.

No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number, percentage or group of Lenders as shall be
necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 16.1 and 14.2) or (ii) in the absence of its own gross
negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default unless
and until notice describing such Default is given to such Agent by ProLogis, a Lender or an L/C
Issuer.

No Agent shall be responsible for or have any duty to ascertain or inquire into (1) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document
(other than its own statements, warranties and representations), (2) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith
or therewith, (3) the performance or observance of any of the covenants, agreements or other terms
or

					
	 
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 conditions set forth herein or therein or the occurrence of any Default, (4) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (5) the satisfaction of any condition set forth in
Article X or elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to such Agent.

     15.4 Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally
or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or any L/C Issuer, each Agent may presume that such condition is
satisfactory to such Lender or such L/C Issuer unless such Agent shall have received notice to the
contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of
such Letter of Credit. Any Agent may consult with legal counsel (who may be counsel for the
Companies), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

     15.5 Delegation of Duties. Each Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more
sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of
its duties and exercise its rights and powers by or through its Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of each
Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as an Agent.

     15.6 Resignation of Global Administrative Agent. Global Administrative Agent may at any time give
notice of its resignation to each Funding Agent, Lenders, each L/C Issuer and ProLogis. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in
consultation with ProLogis, to appoint a successor, which shall be a bank with an office in the
United States, or an Affiliate of a bank with an office in the United States. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment
within thirty (30) days after retiring Global Administrative Agent gives notice of its resignation,
then retiring Global Administrative Agent may on behalf of Lenders and L/C Issuer, appoint a
successor Global Administrative Agent meeting the qualifications set forth above; provided
that if Global Administrative Agent shall notify ProLogis and Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (1) retiring Global Administrative Agent shall be discharged from its duties
and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by Global Administrative Agent on behalf of Lenders or L/C Issuer under
the Loan Documents, the retiring Global Administrative Agent shall continue to hold such collateral
security until such time as a successor Global Administrative Agent is appointed) and (2) all
payments, communications and determinations provided to be made by, to or through Global
Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until
such time as the

					
	 
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Required Lenders appoint a successor Global Administrative Agent as provided for
above in this Section. Upon the acceptance of a successor’s appointment as Global Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Global Administrative Agent, and the retiring
Global Administrative Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by ProLogis to a successor Global Administrative Agent shall be the
same as (but without duplication with) those payable to its predecessor unless otherwise agreed
between ProLogis and such successor. After the retiring Global Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Article and Section
16.4 shall continue in effect for the benefit of such retiring Global Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while the retiring Global Administrative Agent was acting as Global
Administrative Agent.

     15.7 Resignation of Funding Agents. Each Funding Agent may at any time give notice of its
resignation as Funding Agent for a Tranche to the Lenders with commitments in such Tranche, Global
Administrative Agent and ProLogis. Upon receipt of any such notice of resignation, Global
Administrative Agent shall have the right, in consultation with ProLogis, to appoint a successor,
which shall be a bank with an office in the applicable jurisdiction of the affected Tranche, or an
Affiliate of a bank with an office in the applicable jurisdiction of the affected Tranche. If no
such successor shall have been so appointed by Global Administrative Agent and shall have accepted
such appointment within thirty (30) days after the retiring Funding Agent gives notice of its
resignation, then the retiring Funding Agent may on behalf of the applicable Lenders appoint a
successor Funding Agent for the applicable Tranche
meeting the qualifications set forth above; provided that if Funding Agent shall notify
Global Administrative Agent, ProLogis and the applicable Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (1) the retiring Funding Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents with respect to the applicable Tranche and
(2) all payments, communications and determinations provided to be made by, to or through such
Funding Agent with respect to such Tranche shall instead be made by or to Global Administrative
Agent directly, until such time as Global Administrative Agent appoints a successor Funding Agent
for such Tranche as provided for above in this Section. Upon the acceptance of a successor’s
appointment as the applicable Funding Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or retired) Funding
Agent with respect to the applicable Tranche, and the retiring Funding Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents with respect to
such Tranche (if not already discharged therefrom as provided above in this Section). The fees
payable by ProLogis to a successor Funding Agent (including, if applicable, to Global
Administrative Agent for any period) shall be the same as (but without duplication of) those
payable to its predecessor unless otherwise agreed between ProLogis and such successor. After the
retiring Funding Agent’s resignation hereunder and under the other Loan Documents, the provisions
of this Article and Section 16.4 shall continue in effect for the benefit of such retiring
Funding Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while the retiring Funding Agent was acting as a Funding
Agent.

					
	 
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Any resignation by (a) U.S. Funding Agent pursuant to this Section shall also constitute its
resignation as a U.S. L/C Issuer, a Fronting Lender, and U.S. Swing Line Lender, (b) Canadian
Funding Agent pursuant to this Section shall also constitute its resignation as a Canadian L/C
Issuer, (c) Euro Funding Agent pursuant to this Section shall also constitute its resignation as a
Euro L/C Issuer, Fronting Lender and Euro Swing Line Lender, and (d) Yen Funding Agent pursuant to
this Section shall also constitute its resignation as a Yen L/C Issuer and a Fronting Lender.

If any Person resigns as an L/C Issuer under this Section, it shall retain all the rights, powers,
privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it
and outstanding as of the effective date of its resignation as an L/C Issuer and all L/C
Obligations with respect thereto (including the right to require Lenders to make Committed Loans or
fund risk participations in unreimbursed amounts). If any Person resigns as a Fronting Lender or
Swing Line Lender under this Section, it shall retain all the rights of a Fronting Lender or Swing
Line Lender provided for hereunder with respect to Fronting Loans or Swing Line Loans, as
applicable, made by it and outstanding as of the effective date of such resignation, including the
right to require Lenders to make Committed Loans or fund risk participations of such outstanding
Loans (in the original currency of such Loans).

Upon the acceptance of a successor’s appointment as the applicable Funding Agent hereunder, (a)
such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring L/C Issuer, Fronting Lender and Swing Line Lender (to the extent such
Funding Agent maintained these roles immediately prior to is resignation) under the applicable
Tranche, (b) the applicable retiring L/C Issuer, Fronting Lender and Swing Line Lender shall be
discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents under the applicable Tranche, and (c) the successor L/C Issuer shall issue letters of
credit in substitution for the
Letters of Credit under the applicable Tranche, if any, outstanding at the time of such succession
or make other arrangements satisfactory to such retiring L/C Issuer to effectively assume the
obligations of such retiring L/C Issuer with respect to such Letters of Credit.

     15.8 Non-Reliance on Agents and Other Lenders. Each Lender and each L/C Issuer acknowledges that
it has, independently and without reliance upon any Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer
also acknowledges that it will, independently and without reliance upon any Agent or any other
Lender or any of their Related Parties and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder.

     15.9 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of Global
Syndication Agent, Global Documentation Agent, Global Joint Book Runners, Global Joint Lead
Arrangers, or Tranche Bookrunners listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in their
capacities, as applicable, as an Agent, a Lender or an L/C Issuer hereunder.

     15.10 Global Administrative Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,

					
	 
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composition or other judicial proceeding relative to any Loan Party, Global Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether Global
Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans, L/C Obligations, and all other
Obligations that are owing and unpaid and to file such other documents as may be
necessary or advisable in order to have the claims of Lenders, L/C Issuers, and
Agents (including any claim for the reasonable compensation, expenses, disbursements
and advances of Lenders, L/C Issuers, and Agents and their respective agents and
counsel and all other amounts due Lenders, L/C Issuers, and Agents under
Sections 7.9, 7.10, 8.5, and 16.4) allowed in such
judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable
on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make
such payments to Global Administrative Agent and, in the event that Global Administrative Agent
shall
consent to the making of such payments directly to Lenders and L/C Issuers, to pay to Global
Administrative Agent any amount due to Global Administrative Agent under Sections 8.5 and
16.4.

Nothing contained herein shall be deemed to authorize Global Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize Global Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

     15.11 Collateral and Guaranty Matters. Lenders and L/C Issuers irrevocably authorize Collateral
Agent at its option and in its discretion:

     (a) to release any Lien on any property granted to or held by Collateral Agent under
any Loan Document or release any Guarantor, from its obligations under its Guaranty, in each
case as permitted by the Security Agency Agreement;

     (b) to release any Lien on any property granted to or held by Collateral Agent under
any Loan Document (i) upon termination of all of the Aggregate Tranche Commitments and
payment in full of all Obligations (other than contingent indemnification obligations that
are not yet due and payable) and the expiration or termination of all Letters of Credit (or
other provisions for the payment of the obligations of the applicable Borrower with respect
thereto reasonably satisfactory to the applicable L/C Issuer), (ii) that is sold or to be
sold as part of or in connection with any sale permitted hereunder or under any other Loan
Document, or (iii) subject to Section 16.1, if approved, authorized or ratified in
writing by the necessary Lenders; and

					
	 
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     (c) to release any Subsidiary Guarantor from its obligations under the Subsidiary
Guaranty if such Person ceases to be an Affiliate Borrower or a Major Subsidiary as a result
of a transaction permitted hereunder.

     Upon request by Collateral Agent or any other Agent at any time, the Required Lenders or the
applicable Tranche Required Lenders will confirm or deny in writing such Agent’s authority to
release its interest in particular types or items of property.

     15.12 Security Agency Agreement. Each Lender authorizes Global Administrative Agent to execute and
deliver the Security Agency Agreement on behalf of such Lender, and each Lender acknowledges that,
upon such execution and delivery by Global Administrative Agent, such Lender will be a “Credit
Party” under, and shall be bound by all of the provisions of, the Security Agency Agreement as if
it were a signatory thereto. Each Lender acknowledges that (a) it and its counsel have had an
opportunity to review the Security Agency Agreement prior to the Closing Date (or, in the case of
any Lender that becomes a party hereto after the Closing Date, prior to becoming a Lender
hereunder); and (b) pursuant to the Security Agency Agreement, it may be required to (and each
Lender agrees that under the applicable circumstances set forth in the Security Agency Agreement)
return to Collateral Agent (or to Global Administrative Agent for delivery to Collateral Agent)
amounts paid to such Lender for application to the Obligations.

ARTICLE XVI

MISCELLANEOUS

     16.1 Amendments, Etc. Except as otherwise expressly provided herein, no amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure by ProLogis
or any other Loan Party therefrom, shall be effective unless in writing signed by the Required
Lenders and ProLogis or the applicable Loan Party, as the case may be, and acknowledged by Global
Administrative Agent, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided that (a) to the extent an
amendment or waiver of any provision of this Agreement or any other Loan Document only affects a
specific Tranche, then such amendment or waiver shall be effective with the written consent of the
applicable Tranche Required Lenders and ProLogis and acknowledged by Global Administrative Agent
and the applicable Funding Agent; and (b) no amendment, waiver or consent shall:

     (i) extend or increase the Commitment (except for adjustments from time to time
in accordance with this Agreement) of any Lender (or reinstate any Commitment of any
Lender terminated pursuant to Section 14.2) without the written consent of
such Lender;

     (ii) postpone any date fixed by this Agreement or any other Loan Document for
any scheduled payment of principal, interest, fees or other amounts due to any
Lender hereunder or under any other Loan Document without the written consent of
each Lender directly affected thereby;

     (iii) reduce the principal of, or the rate of interest specified herein on, any
Loan or L/C Borrowing, or any fees or other amounts payable hereunder or under

					
	 
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any other Loan Document, without the written consent of each Lender and/or Agent
directly affected thereby; provided that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any
obligation of any Borrower to pay interest or Letter of Credit Fees at the Default
Rate;

     (iv) change Section 8.9 or Section 14.3 in a manner that would
alter the pro rata sharing of payments required thereby without the written consent
of each affected Lender;

     (v) amend the definition of “Alternative Currency” for any Tranche
without the written consent of each Applicable Tranche Lender;

     (vi) change any provision of this Section 16.1, the definition of
“Required Lenders”, the definition of “Tranche Required Lenders” or
any of the definitions listed in the definition of “Tranche Required
Lenders” or any other provision hereof specifying the number or percentage of
the aggregate Lenders (or of the Lenders in a particular Tranche) required to amend,
waive or otherwise modify any rights hereunder (or under such Tranche) or make any
determination or grant any consent
hereunder (or under such Tranche) without the written consent of each Lender
(or each Lender in such Tranche);

     (vii) authorize Collateral Agent to release ProLogis from the ProLogis
Guaranty, any Major Subsidiary from any Subsidiary Guaranty (except to the extent
permitted by Section 15.11(c)) , or all or substantially all of the
Subsidiary Guarantors from the Subsidiary Guaranties without the written consent of
each Lender; and;

     (viii) authorize Collateral Agent to release all or substantially all of the
Collateral in any transaction or series of related transactions without the written
consent of each Lender;

and provided, further, that (A) no amendment, waiver or consent shall, unless in
writing and signed by the applicable L/C Issuer in addition to Lenders required above, affect the
rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any
Letter of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in
writing and signed by the applicable Swing Line Lender or Fronting Lender in addition to Lenders
required above, affect the rights or duties of such Swing Line Lender or such Fronting Lender, as
applicable, under this Agreement; and (C) no amendment, waiver or consent shall, unless in writing
and signed by the applicable Agent in addition to Lenders required above, affect the rights or
duties of such Agent under this Agreement or any other Loan Document. Notwithstanding anything to
the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be
increased or extended without the consent of such Lender.

Notwithstanding the foregoing, any changes to any definitions in the Loan Documents pursuant to a
Supplemental Addendum that do not adversely affect any Lenders (other than Lenders party to the

					
	 
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Supplemental Addendum) shall be effective upon the execution of such Supplemental Addendum pursuant
to Section 8.14. For purposes of this paragraph, the addition of a Supplemental Tranche
shall not be deemed as having an adverse affect on any Lender, so long as the requirements of
Section 8.14 have been satisfied.

16.2 Notices; Effectiveness; Electronic Communication.

     16.2.1 Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in
subsection (b) below), all notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopier as follows, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

     (a) if to Borrowers, any Agent, any L/C Issuer or any Swing Line Lender, to the
address, telecopier number, electronic mail address or telephone number specified
for such Person on Schedule 16.2; and

     (b) if to any other Lender, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Notices delivered through electronic communications to the extent provided in Section 16.2.2
, shall be effective as provided in such Section 16.2.2.

     16.2.2 Electronic Communications. Notices and other communications to Lenders
and any L/C Issuer hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by
Global Administrative Agent and the applicable Funding Agent; provided that the
foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article
II if such Lender or any L/C Issuer, as applicable, has notified Global Administrative
Agent that it is incapable of receiving notices under such Article by electronic
communication. Global Administrative Agent or ProLogis may, in its discretion, agree to
accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may
be limited to particular notices or communications.

     Unless Global Administrative Agent (in consultation with Funding Agents) otherwise
prescribes, (a) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not sent
during the normal business hours of the recipient, such notice or communication shall be
deemed to

					
	 
	 	 	 	 
	 
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have been sent at the opening of business on the next business day for the
recipient, and (b) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause (a) of notification that such notice or
communication is available and identifying the website address therefor.

     16.2.3 The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER
MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS
MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no
event shall any Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to any Borrower, any Lender, any L/C Issuer or any other
Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of any Borrower’s or any Agent’s transmission of Borrower
Materials through the Internet, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of
such Agent Party; provided that in no event shall any Agent Party have any liability
to any Borrower, any Lender, any L/C Issuer or any other Person for indirect, special,
incidental, consequential or punitive damages (as opposed to direct or actual damages).

     16.2.4 Delivery to Funding Agents. Global Administrative Agent’s obligation
hereunder to deliver any information to any Lender may be satisfied by delivering the
required notice to the applicable Funding Agent, on behalf of such Lender, and such Funding
Agent agrees to promptly deliver such notices to the necessary Lender.

     16.2.5 Change of Address, Etc. Any Borrower, Agent, L/C Issuer or Swing Line
Lender may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may
change its address, telecopier or telephone number for notices and other communications
hereunder by notice to ProLogis, Global Administrative Agent and the applicable Funding
Agent. In addition, each Lender agrees to notify Global Administrative Agent and each
applicable Funding Agent from time to time to ensure that such Agents have on record (a) an
effective address, contact name, telephone number, telecopier number and electronic mail
address to which notices and other communications may be sent and (b) accurate wire
instructions for such Lender. Notwithstanding the foregoing, neither Global Administrative
Agent nor any Funding Agent shall change the location of Global Administrative Agent’s
Office with respect to any currency or Funding Agent’s Office, as applicable, if such change
would result in increased costs to the applicable Borrowers.

					
	 
	 	 	 	 
	 
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     16.2.6 Reliance by Agents, L/C Issuers and Lenders. Agents, L/C Issuers and
Lenders shall be entitled to rely and act upon any notice (including any telephonic
Committed Loan Notice or Swing Line Loan Notice) purportedly given by or on behalf of any
Borrower even if (a) such notice was not made in a manner specified herein, was incomplete
or was not preceded or followed by any other form of notice specified herein, or (b) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. Each
Borrower shall indemnify each Agent, each L/C Issuer, each Lender and the Related Parties of
each of them from all losses, costs, expenses and liabilities resulting from the reliance by
such Person on any notice purportedly given by or on behalf of any Borrower. All telephonic
notices to and other telephonic communications with any Agent may be recorded by such Agent,
and each of the parties hereto hereby consents to such recording.

     16.2.7 Notice from Funding Agents to Global Administrative Agent. On or before
the fifth (5th) Business Day of each calendar month, each Funding Agent shall
deliver to Global Administrative Agent a schedule, in form reasonably satisfactory to Global
Administrative Agent, setting forth the Aggregate Tranche Commitment of the applicable
Tranche, the Outstanding Amounts under such Tranche, and all outstanding Letters of Credit,
Fronting Loans of each Fronting Lender, and Swing Line Loans, if any, under such Tranche in
the applicable currency of such amounts or, at Global Administrative Agent’s request, in the
Foreign Currency Equivalent of such amounts, in each case as of the end of the calendar
month most recently ended. Furthermore, upon the request of Global Administrative Agent,
each Funding Agent shall promptly deliver to Global Administrative Agent copies of all
notices it has received under this Agreement from any Borrower or Lender, including all
Committed Loan Notices, to the extent requested by Global Administrative Agent. The parties
hereto agree Global Administrative Agent may deem such information from each Funding Agent
as conclusive absent demonstrable error, and Global Administrative Agent shall have no
liability for omissions or errors in the reports delivered by a Funding Agent.

     16.3 No Waiver; Cumulative Remedies. No failure by any Lender or any Agent to exercise, and no
delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

     16.4 Expenses; Indemnity; Damage Waiver.

     16.4.1 Costs and Expenses. ProLogis shall pay (a) all reasonable out-of-pocket
expenses incurred by any Agent and its Affiliates (including the reasonable fees, charges
and disbursements of counsel for such Agent), in connection with (x) the syndication of the
credit facilities provided for herein and the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents and (y) any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated); provided that
ProLogis shall have no liability under clause (x) for any fees, charges, or
disbursements of any counsel other than

					
	 
	 	 	 	 
	 
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Haynes and Boone, LLP, Clifford Chance, Kim & Chang,
Borden Ladner Gervais, and any other counsel selected by the applicable Agent and approved
by ProLogis (such approval not to be unreasonably withheld or delayed) and (b) all
reasonable out-of-pocket expenses incurred by any Agent, any Lender or any L/C Issuer
(including the reasonable fees, charges and disbursements of any counsel for any Agent, any
Lender or any L/C Issuer), and shall pay all fees and time charges for attorneys who may be
employees of any Agent, any Lender or any L/C Issuer, in connection with the enforcement or
protection of its rights (i) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (ii) in connection with the Loans or Letters of
Credit issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations arising hereunder.

     16.4.2 Indemnification by Borrowers. ProLogis shall indemnify each Agent, each
Arranger, Global Syndication Agent (and any sub-agents thereof), each Lender, and each L/C
Issuer, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the reasonable fees,
charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold
harmless each Indemnitee from all reasonable fees and time charges and disbursements for
attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by any Borrower or any other Loan Party arising
out of, in connection with, or as a result of (a) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the
case of Global Administrative Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents, (b) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal
by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (c) any actual or alleged presence or release of Hazardous Materials on
or from any property owned or operated by any Borrower or any Eligible Affiliate, or any
Environmental Liability related in any way to any Borrower or any Eligible Affiliates, or
(d) any actual or prospective claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory, whether brought by a
third party or by ProLogis or any other Loan Party, and regardless of whether any Indemnitee
is a party thereto, in all cases whether or not caused by or arising, in whole or in part,
out of the comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or any of its Related Parties or (y)
result from a claim brought by ProLogis or any other Loan Party against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if ProLogis or such other Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction.

					
	 
	 	 	 	 
	 
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     16.4.3 Reimbursement by Lenders. To the extent that ProLogis for any reason
fails to indefeasibly pay any amount required under Section 16.4.1 or 16.4.2
to be paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related
Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any
such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s
Applicable Global Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as
the case may be, was incurred by or asserted against such Agent (or any such sub-agent) or
such L/C Issuer in its capacity as such, or against any Related Party of any of the
foregoing acting for any Agent (or any such sub-agent) or any L/C Issuer in connection with
such capacity. The obligations of Lenders under this Section 16.4.3 are subject to
the provisions of Section 8.9.

     16.4.4 Indemnification by Funding Agents. Each Funding Agent shall indemnify
Global Administrative Agent and Collateral Agent (and any sub-agent thereof), and each
Related Party of any of the foregoing Persons (each such Person being called an “Agent
Indemnitee”) against, and hold each Agent Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Agent Indemnitee) incurred by any Agent Indemnitee or
asserted against any Agent Indemnitee by any third party or by any Borrower or any other
Loan Party to the extent such losses, claims, damages, liabilities and related expenses
arise from the action of such Funding Agent, in all cases whether or not caused by or
arising, in whole or in part, out of the comparative, contributory or sole negligence of
such Funding Agent; provided that such indemnity shall not, as to any Agent
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses (x) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of
such Agent Indemnitee or any of its Related Parties or (y) result from a claim brought by
such Funding Agent against an Agent Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if such Funding Agent has obtained a
final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction.

     16.4.5 Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any
damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby except to the extent that such damages are determined by a
court of competent jurisdiction by final and non-appealable judgment to have resulted from
the gross negligence or willful misconduct of such Indemnitee.

					
	 
	 	 	 	 
	 
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     16.4.6 Payments. All amounts due under this Section shall be payable not later
than ten (10) Business Days after demand therefor.

     16.4.7 Survival. The agreements in this Section shall survive the resignation
of any Agent and any L/C Issuer, the replacement of any Lender, the termination of the
Aggregate Tranche Commitments and the repayment, satisfaction or discharge of all other
Obligations.

     16.5 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is made to
any Agent, any L/C Issuer, any Fronting Lender or any Lender, or any Agent, any Fronting Lender,
any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of
such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by any
Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a)
to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or
such setoff had not occurred, and (b) each applicable Lender severally agrees to pay to the
applicable Agent upon demand its applicable share (without duplication) of any amount so recovered
from or repaid by such Agent, plus interest thereon from the date of such demand to the
date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to
time in effect, in the applicable currency of such recovery or payment. The obligations of Lenders
under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement.

     16.6 Successors and Assigns.

     16.6.1 Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, except that no Loan Party may assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of each Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (a) to an Eligible Assignee in accordance with the provisions
of Section 16.6.2, (b) by way of participation in accordance with the provisions of
Section 16.6.4 of this Section, or (c) by way of pledge or assignment of a security
interest subject to the restrictions of Section 16.6.6 (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and permitted assigns, Participants to the
extent provided in Section 16.6.4 and, to the extent expressly contemplated hereby,
the Related Parties of Agents, L/C Issuer and Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement. Notwithstanding the foregoing, any Borrower
may assign its rights under this Agreement to a Short Term Affiliate Borrower that assumes
the assigning Borrower’s obligations hereunder.

     16.6.2 Assignments by Lenders. Any Lender may at any time assign to one or
more Eligible Assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans (including for purposes of this

					
	 
	 	 	 	 
	 
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Section 16.6.2, participations in L/C Obligations, in Swing Line Loans, and in
Fronting Loans) at the time owing to it); provided that

     (a) except in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with
respect to a Lender, the aggregate amount of the Commitment or, if the Commitment is
not then in effect, the principal outstanding balance of the Loans of the assigning
Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the applicable Funding
Agent (with a copy to Global Administrative Agent) or, if “Trade Date” is specified
in the Assignment and Assumption, as of the Trade Date, shall not be less than (i)
$5,000,000 for assignments of Loans or Commitments denominated in Dollars, (ii) EUR
5,000,000 for assignments of Loans or Commitments denominated in EUR, (iii)
£5,000,000 for assignments of Loans or Commitments denominated in Sterling,
(iv) ¥500,000,000 for assignments of Loans or Commitments denominated in
Yen, (v) Cdn$5,000,000 for assignments of Loans or Commitments denominated in
Canadian Dollars, (vi) KRW 5,000,000,000 for assignments of Loans or Commitments
denominated in KRW, and (vii) the amount set forth in any Supplemental Tranche for
any other currencies, unless the applicable Funding Agent, and, so long as no Event
of Default has occurred and is continuing, ProLogis otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided that
concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single Eligible Assignee (or to an Eligible
Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met;

     (b) each partial assignment under a particular Tranche shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and
obligations under such Tranche with respect to the Loans or the Commitment assigned,
except that this clause (b) shall not apply to rights in respect of Swing
Line Loans and Fronting Loans;

     (c) any assignment of a Commitment under any Tranche must be approved by the
applicable Funding Agent, each applicable L/C Issuer and the applicable Swing Line
Lender (each such approval not to be unreasonably withheld or delayed) unless the
Person that is the proposed assignee is itself a Lender (whether or not the proposed
assignee would otherwise qualify as an Eligible Assignee);

     (d) to the extent that a Lender is assigning any portion of its Commitment or
Loans under more than one Tranche, then such Lender must submit a separate
Assignment and Assumption for each Tranche and each such assignment shall be deemed
a separate assignment under this Section 16.6; and

     (e) the parties to each assignment shall execute and deliver to the applicable
Funding Agent (with a copy to Global Administrative Agent) an

					
	 
	 	 	 	 
	 
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Assignment and
Assumption, together with a processing and recordation fee payable to such Funding
Agent in the amount (which fee is not an obligation of any Loan Party), if any,
required as set forth in Schedule 16.6, and the Eligible Assignee, if it is
not a Lender, shall deliver to the applicable Funding Agent (with a copy to Global
Administrative Agent) an Administrative Questionnaire.

Subject to acceptance and recording thereof by the applicable Funding Agent pursuant to Section
16.6.3, from and after the effective date specified in each Assignment and Assumption, the
Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 9.1, 9.4, 9.5, and 16.4 with
respect to facts and circumstances occurring prior to the effective date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with Section 16.6.4.

     16.6.3 Register. Each Funding Agent, acting solely for this purpose as an
agent of Borrowers, shall maintain at such Funding Agent’s Office a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses
of Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (each, a
“Register”). The entries in each Register shall be conclusive, and Borrowers,
Global Administrative Agent, each Funding Agent, and Lenders may treat each Person whose
name is recorded in a Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. Each Register shall be
available for inspection by any party to this Agreement at any reasonable time and from time
to time upon reasonable prior notice.

     16.6.4 Participations. Any Lender may at any time, without the consent of, or
notice to, any Borrower or any Agent, sell participations to any Person (other than a
natural person or ProLogis or any of ProLogis’ Affiliates or any Eligible Affiliates) (each,
a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans
(including such Lender’s participations in L/C Obligations and/or Swing Line Loans and/or
Fronting Loans) owing to it); provided that (a) such Lender’s obligations under this
Agreement shall remain unchanged, (b) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (c) Borrowers, Agents,
Lenders and L/C Issuers shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or

					
	 
	 	 	 	 
	 
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instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 16.1 that affects such Participant. Subject to Section 16.6.5, each
Borrower agrees that each Participant shall be entitled to the benefits of Sections 9.1,
9.4 and 9.5 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section 16.6.2. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 16.8 as though it were a Lender,
provided such Participant agrees to be subject to Section 8.9 as though it were a
Lender.

     16.6.5 Limitation upon Participant Rights. A Participant shall not be entitled
to receive any greater payment under Section 9.1 or 9.4 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with ProLogis’
prior written consent. A Participant that would be a Foreign Lender if it were a Lender
shall not be entitled to the benefits of Section 9.1 unless ProLogis is notified of
the participation sold to such Participant and such Participant agrees, for the benefit of
Borrowers, to comply with Section 9.1.6 as though it were a Lender.

     16.6.6 Certain Pledges. Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure obligations of
such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.

     16.6.7 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.

     16.6.8 Resignation as an L/C Issuer, Fronting Lender or a Swing Line Lender after
Assignment. Notwithstanding anything to the contrary contained herein, if at any time
any Agent or any Fronting Lender assigns all of its Commitment and Loans pursuant to
Section 16.6.2 above, such Agent or Fronting Lender, as applicable, may, (a) upon
thirty (30) days’ notice to ProLogis and Lenders in the affected Tranche, resign as an L/C
Issuer and/or (b) upon thirty (30) days’ notice to ProLogis and Lenders in the affected
Tranche, resign as a Fronting Lender and/or (c) upon thirty (30) days’ notice to ProLogis
and Lenders in the affected Tranche, resign as a Swing Line Lender. In the event of any
such resignation as an L/C Issuer, Fronting Lender, or a Swing Line Lender, ProLogis shall
be entitled to appoint from among Lenders a successor L/C Issuer, Fronting Lender, or Swing
Line Lender hereunder; provided that no failure by ProLogis to appoint any such
successor shall affect the resignation of such Agent as an L/C Issuer, Fronting Lender, or a
Swing Line Lender, as the case may be. If any Person resigns as an L/C Issuer, it shall
retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect
to all Letters of Credit issued

					
	 
	 	 	 	 
	 
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by it and outstanding as of the effective date of its
resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the
right to require Lenders to make Committed Loans or fund risk participations in unreimbursed
amounts). If any Lender resigns as a Fronting Lender or Swing Line Lender, it shall retain
all the rights of a Fronting Lender or Swing Line Lender provided for hereunder with respect
to Fronting Loans or Swing Line Loans, as applicable, made by it and outstanding as of the
effective date of such resignation, including the right to require Lenders to make Committed
Loans or fund risk participations of such outstanding Loans (in the original currency of
such Loans). Upon the appointment of a successor L/C Issuer, Fronting Lender, and/or Swing
Line Lender, (i) such successor shall succeed to and become vested with all of the rights,
powers, privileges, obligations, and duties of the retiring L/C Issuer, Fronting Lender, or
Swing Line Lender, as the case may be, and (ii) the successor L/C Issuer shall issue
letters of credit in substitution for the Letters of Credit issued by the resigning L/C
Issuer, if any, outstanding at the time of such succession or make other arrangements
satisfactory to such Agent to effectively assume the obligations of such Agent with respect
to such Letters of Credit.

     16.7 Treatment of Certain Information; Confidentiality. Each Credit Party agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a)
to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and representatives (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b) to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or
by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any actual or prospective assignee of or Participant in any of its rights or
obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to a Borrower and its obligations, (g) with the
consent of ProLogis or (h) to the extent such Information becomes publicly available other than as
a result of a breach of this Section.

For purposes of this Section, “Information” means all information received from ProLogis,
any Borrower, or any Consolidated Subsidiary relating to ProLogis, any Borrower, or any
Consolidated Subsidiary or any of their respective businesses, other than any such information that
is available to the applicable Credit Party on a nonconfidential basis from a source other than
ProLogis, any Borrower or any Consolidated Subsidiary.

Each Credit Party acknowledges that (1) the Information may include material non-public information
concerning ProLogis, any Borrower, or any Consolidated Subsidiary, as the case may be, (2) it has
developed compliance procedures regarding the use of material non-public information and (3) it
will handle such material non-public information in accordance with applicable Law, including
Federal and state securities Laws.

     16.8 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender,
each L/C Issuer, and each of their respective Affiliates is hereby authorized at any time and

					
	 
	 	 	 	 
	 
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from
time to time, after obtaining the prior written consent of Global Administrative Agent, to the
fullest extent permitted by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or such
Affiliate to or for the credit or the account of any Loan Party against any and all of the
obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan
Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C
Issuer shall have made any demand under this Agreement or any other Loan Document and although such
obligations of such Loan Party may be contingent or unmatured or are owed to a branch or office of
such Lender or L/C Issuer different from the branch or office holding such deposit or obligated on
such indebtedness. The rights of each Lender, each L/C Issuer and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each
L/C Issuer agrees to notify ProLogis and Global Administrative Agent promptly after any such setoff
and application, provided that the failure to give such notice shall not affect the
validity of such setoff and application.

     16.9 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the
excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the applicable Borrower. In determining whether the interest contracted
for, charged, or received by any Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount
of interest throughout the contemplated term of the Obligations hereunder.

     16.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 10.1, this
Agreement shall become effective when Global Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each party hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement.

     16.11 Severability. If any provision of this Agreement or any other Loan Document is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provision with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provision. The invalidity of a provision
in a

					
	 
	 	 	 	 
	 
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	 	Global Senior Credit Agreement

 

 

particular jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     16.12 Replacement of Lenders. If any Lender requests compensation under Section 9.4, or if
any Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 9.1, or if any Lender is a Defaulting
Lender or a Non-Consenting Lender, then ProLogis may, at its sole expense and effort, upon notice
to such Lender and Global Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 16.6), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that:

     (a) ProLogis shall have paid (or caused an Affiliate Borrower to pay) to Global
Administrative Agent the assignment fee specified in Section 16.6.2;

     (b) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and L/C Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 9.5) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the
applicable Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation
under Section 9.4 or payments required to be made pursuant to Section
9.1, such assignment will result in a reduction in such compensation or payments
thereafter; and

     (d) such assignment does not conflict with applicable Laws.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling ProLogis to require
such assignment and delegation cease to apply.

     16.13 Additional Fronting Lenders. At any time after the Closing Date, ProLogis may make a request
to Global Administrative Agent that any existing Lender act as an additional Fronting Lender. Upon
Global Administrative Agent’s approval that such Lender may act as a Fronting Lender, Global
Administrative Agent shall promptly notify such Lender of such request. Upon the agreement by the
applicable Lender to act as a Fronting Lender, such Lender shall become a Fronting Lender hereunder
with a Fronting Commitment in an amount agreed to by ProLogis, Global Administrative Agent, and
such Fronting Lender, and Global Administrative Agent shall promptly notify ProLogis and each Agent
of such additional Fronting Lender and such Fronting Lender’s Fronting Commitment.

					
	 
	 	 	 	 
	 
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     16.14 GOVERNING LAW; JURISDICTION; ETC.

     16.14.1 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     16.14.2 SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF
THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK, NEW YORK AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH PARTY
HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR IN SUCH FEDERAL
COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT
SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     16.14.3 WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION
16.14.2. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT.

     16.14.4 SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 16.2. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LAW.

     16.15 Waiver of Jury Trial. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN

					
	 
	 	 	 	 
	 
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DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     16.16 USA PATRIOT ACT NOTICE. Each Lender that is subject to the Act (as defined below) and Global
Administrative Agent and U.S. Funding Agent (each for itself and not on behalf of any Lender)
hereby notify Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies Borrowers, which information includes the name and address
of each Borrower and other information that will allow such Lender or such Agent, as applicable, to
identify such Borrower in accordance with the Act.

     16.17 Know Your Customers

     16.17.1 Loan Party Information. If:

     (a) any Change in Law;

     (b) any change in the status of any Loan Party after the date of this
Agreement; or

     (c) a proposed assignment or transfer by a Lender of any of its rights and
obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer,

requires any Funding Agent or any Lender (or, in the case of paragraph (c) above, any
prospective new Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, each Loan Party under
the applicable Tranche shall promptly upon the request of the Funding Agent under such Tranche or
any Lender under such Tranche supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by such Funding Agent (for itself or on behalf of any Lender
under the applicable Tranche) or such Lender (for itself or, in the case of the event described in
paragraph (c) above, on behalf of any prospective new Lender under the applicable Tranche)
in order for such Funding Agent, such Lender or, in the case of the event described in
paragraph (c) above, such prospective new Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable Laws
pursuant to the transactions contemplated in the Loan Documents.

..

     16.17.2 Lender Information. Each Lender shall promptly upon the request of the
applicable Funding Agent supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by such Funding Agent to carry out and be satisfied it

					
	 
	 	 	 	 
	 
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has complied with all necessary “know your customer” or other similar checks under all
applicable Laws pursuant to the transactions contemplated in the Loan Documents.

     16.17.3 Additional Loan Parties. Following any request that an Eligible
Affiliate becomes an Affiliate Borrower under a Tranche pursuant to Section 8.11 or
the addition of any Guarantor in accordance with Section 12.13(b), if the accession
of such Affiliate Borrower or Guarantor requires any Lender to comply with “know your
customer” or similar identification procedures in circumstances where the necessary
information is not already available to it, ProLogis shall promptly upon the request of such
Credit Party supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by such Credit Party (for itself or on behalf of any other Credit
Party) in order for such Credit Party or any prospective new Credit Party to carry out and
be satisfied it has complied with the results of all necessary “know your customer” or other
similar checks under all applicable Laws pursuant to the accession of such Affiliate
Borrower or such Guarantor to this Agreement.

     16.17.4 Limitation on Assignments. Notwithstanding Section 16.6, an
assignment under any Tranche will only be effective on performance by the applicable Funding
Agent of all “know your customer” or other checks relating to any Person that it is required
to carry out in relation to such assignment, the completion of which the applicable Funding
Agent shall promptly notify to the assigning Lender and the applicable Eligible Assignee.

     16.17.5 Lender Responsibility. Nothing in this Agreement shall require any
Agent or any Arranger to carry out any “know your customer” or other checks in relation to
any person on behalf of any Lender and each Lender confirms to each Agent and each Arranger
that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by any Agent or any Arranger.

16.18 PMP Representations.

     16.18.1 Representation by Dutch Borrowers. Each Dutch Borrower represents and
warrants to the Credit Parties on the date of this Agreement and on each date on which a
Credit Extension to such Dutch Borrower is or is to be made or transferred that its
financing activities have been conducted and will be conducted in a manner so that it has
the benefit of the exemptive relief (the “Exemptive Relief”) available pursuant to
article 2 of the Exemption Regulation, including in particular that:

     (a) it has verified the status of each person which is a Lender, with respect
to Dutch Borrowers, on such date as a PMP in accordance with the requirements of the
Exemption Regulation;

     (b) it has not received and will not receive any repayable funds (opvorderbare
gelden) from others than PMPs or a group company (as defined in the Exemption
Regulation); and

     (c) it has not failed to make or will not fail to make any filing or
notification that could result in a loss of the Exemptive Relief and it will comply
with all filing and notification requirements pursuant to the Exemption Regulation.

					
	 
	 	 	 	 
	 
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     The representation under this Section 16.18.1 above shall not apply in case of (i) an
assignment or transfer as referred to in Section 16.6 which has not yet been notified in
accordance with Section 16.2 and (ii) a misrepresentation by the relevant Lender under
Section 16.18.2(b).

16.18.2 Representations by Lenders and Fronting Lenders.

     (a) Each Person that is a Lender to Dutch Borrowers on the Closing Date
represents that it is a PMP on the Closing Date and will continue to be a PMP so
long as it remains a Lender hereunder.

     (b) Each Person that becomes a Lender to Dutch Borrowers after the Closing Date
represents that it is a PMP on the date it becomes a Lender and will continue to be
a PMP so long as it remains a Lender hereunder.

     (c) Each Lender and each Fronting Lender acknowledges that each Dutch Borrower
has relied upon such representation.

     16.19 Time of the Essence. Time is of the essence of the Loan Documents.

     16.20 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary
to convert a sum due hereunder or any other Loan Document in one currency into another currency,
the rate of exchange used shall be that at which in accordance with normal banking procedures the
applicable Agent could purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given. The obligation of each Borrower in respect of any
such sum due from it to any Credit Party hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in
which such sum is denominated in accordance with the applicable provisions of this Agreement (the
“Agreement Currency”), be discharged only to the extent that on the Business Day following
receipt by the applicable Agent of any sum adjudged to be so due in the Judgment Currency, such
Agent may in accordance with normal banking procedures purchase the Agreement Currency with the
Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum
originally due to the applicable Credit Party from such Borrower in the Agreement Currency, such
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
applicable Credit Party against such loss. If the amount of the Agreement Currency so purchased is
greater than the sum originally due to the applicable Credit Party in such currency, such Credit
Party agrees to return the amount of any excess to such Borrower (or to any other Person who may be
entitled thereto under applicable law).

     16.21 Designation as Senior Debt. All Obligations shall be “Designated Senior Indebtedness” for
purposes of and as defined in the Security Agency Agreement.

     16.22 Acknowledgment of Borrowers. Each Borrower acknowledges and agrees to the terms and
conditions set forth in, and agrees to be bound by all of the provisions of, the Security Agency
Agreement as if it were a signatory thereto including the provisions that provide for the
allocation or reallocation of Recoveries (as defined in the Security Agency Agreement) from such
Borrower.

					
	 
	 	 	 	 
	 
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     16.23 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

     16.24 TERMINATION OF EXISTING CREDIT AGREEMENTS. Lenders and the Credit Parties that are
parties to each Existing Credit Agreement (which ProLogis confirms constitute sufficient parties
under such Existing Credit Agreement to make the agreements set forth in this paragraph) agree that
on the Closing Date (and after giving effect to the payments required under Section
10.1.1(g)), the commitments (if any) under such Existing Credit Agreement shall terminate
(without regard to any provision thereof that requires advance notice of such termination) and such
Existing Credit Agreement shall be of no further force or effect (except for provisions thereof
that by their terms survive termination thereof). Furthermore, each of the Lenders hereunder that
is a lender under an Existing Credit Agreement hereby waives the requirement set forth in such
Existing Credit Agreement, if any, that the applicable borrower provide any notice prior to
prepayment of the loans and credit extensions under such Existing Credit Agreement. The waiver set
forth herein is limited as provided herein and shall not be deemed to be a waiver or consent to any
deviation from the terms of this Agreement or the other Loan Documents.

[Signature pages follow.]

					
	 
	 	 	 	 
	 
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SCHEDULE 1.1

MANDATORY COST FORMULAE

     The Mandatory Cost (to the extent applicable) is an addition to the interest rate to
compensate Lenders for the cost of compliance with:

     the requirements of the Bank of England and/or the Financial Services Authority (or, in either
case, any other authority which replaces all or any of its functions); or

     the requirements of the European Central Bank.

     On the first day of each Interest Period (or as soon as practicable thereafter) the applicable
Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each
Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by
such Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to
the percentage participation of each Lender in the relevant Loan) and will be expressed as a
percentage rate per annum. The applicable Agent will, at the request of ProLogis or any Lender,
deliver to ProLogis or such Lender as the case may be, a statement setting forth the calculation of
any Mandatory Cost.

     The Additional Cost Rate for any Lender lending from a Lending Office in a Participating
Member State will be the percentage notified by that Lender to the applicable Agent. This
percentage will be certified by such Lender in its notice to such Agent as the cost (expressed as a
percentage of such Lender’s participation in all Loans made from such Lending Office) of complying
with the minimum reserve requirements of the European Central Bank in respect of Loans made from
that Lending Office.

     The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom
will be calculated by the applicable Agent as follows:

     in relation to any Loan in Sterling:

	 	 	 
	AB+C(B-D)+E x 0.01
	 	per cent per annum
	 	 	 
	100 — (A+C)	 	 

     in relation to any Loan in any currency other than Sterling:

	 	 	 
	E x 0.01
	 	per cent per annum
	 	 	 
	300	 	 

Where:

“A” is the percentage of Eligible Liabilities (assuming these to be in excess of any stated
minimum) which that Lender is from time to time required to maintain as an interest free cash ratio
deposit with the Bank of England to comply with cash ratio requirements.

“B” is the percentage rate of interest (excluding the Applicable Rate, the Mandatory Cost and any
interest charged on overdue amounts pursuant to the first sentence of Section 2.08(b) and,
in the case of interest (other than on overdue amounts) charged at the Default Rate, without
counting any increase in interest rate effected by the charging of the Default Rate) payable for
the relevant Interest Period of such Loan.

					
	 
	 	 	 	 
	 
	 	1
	 	Schedule 1.1

 

 

“C” is the percentage (if any) of Eligible Liabilities which that Lender is required from time to
time to maintain as interest bearing Special Deposits with the Bank of England.

“D” is the percentage rate per annum payable by the Bank of England to Global Administrative Agent
on interest bearing Special Deposits.

“E” is designed to compensate Lenders for amounts payable under the Fees Regulations and is
calculated by Global Administrative Agent as being the average of the most recent rates of charge
supplied by the Lenders to Global Administrative Agent pursuant to paragraph 7 below and
expressed in pounds per £1,000,000.

     For the purposes of this Schedule:

     “Eligible Liabilities” and “Special Deposits” have the meanings given to them
from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by
the Bank of England;

     “Fees Regulations” means the FSA Supervision Manual or such other law or regulation as
may be in force from time to time in respect of the payment of fees for the acceptance of deposits;

     “Fee Tariffs” means the fee tariffs specified in the Fees Regulations under the
activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant
to the Fees Regulations but taking into account any applicable discount rate); and

     “Tariff Base” has the meaning given to it in, and will be calculated in accordance
with, the Fees Regulations.

     In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5% will be included in the formula as 5 and not as 0.05). A negative result
obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to
four decimal places.

     If requested by the applicable Agent or ProLogis, each Lender with a Lending Office in the
United Kingdom or a Participating Member State shall, as soon as practicable after publication by
the Financial Services Authority, supply to such Agent and ProLogis, the rate of charge payable by
such Lender to the Financial Services Authority pursuant to the Fees Regulations in respect of the
relevant financial year of the Financial Services Authority (calculated for this purpose by such
Lender as being the average of the Fee Tariffs applicable to such Lender for that financial year)
and expressed in pounds per £1,000,000 of the Tariff Base of such Lender.

     Each Lender shall supply any information required by such Agent for the purpose of calculating
its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the
following information in writing on or prior to the date on which it becomes a Lender:

     its jurisdiction of incorporation and the jurisdiction of the Lending Office out of which it
is making available its participation in the relevant Loan; and

     any other information that such Agent may reasonably require for such purpose.

Each applicable Lender shall promptly notify such Agent in writing of any change to the information
provided by it pursuant to this paragraph.

					
	 
	 	 	 	 
	 
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	 	Schedule 1.1

 

 

     The percentages or rates of charge of each Lender for the purpose of A, C and E above shall be
determined by the applicable Agent based upon the information supplied to it pursuant to
paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies such
Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits, Special
Deposits and the Fees Regulations are the same as those of a typical bank from its jurisdiction of
incorporation with a Lending Office in the same jurisdiction as such Lender’s Lending Office.

     No Agent shall have liability to any Person if such determination results in an Additional
Cost Rate which over- or under-compensates any Lender and shall be entitled to assume that the
information provided by any Lender pursuant to paragraphs 3, 7 and 8 above
is true and correct in all respects.

     The applicable Agent shall distribute the additional amounts received as a result of the
Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each applicable Lender
based on the information provided by each Lender pursuant to paragraphs 3, 7 and
8 above.

     Any determination by the applicable Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence
of manifest error, be conclusive and binding on all parties hereto.

     Any Agent may from time to time, after consultation with the ProLogis and the applicable
Lenders, determine and notify to all parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any requirements from time to
time imposed by the Bank of England, the Financial Services Authority or the European Central Bank
(or, in any case, any other authority which replaces all or any of its functions) and any such
determination shall, in the absence of manifest error, be conclusive and binding on all parties
hereto.

					
	 
	 	 	 	 
	 
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	 	Schedule 1.1

 

 

SCHEDULE 2.1

COMMITMENTS

AND APPLICABLE TRANCHE PERCENTAGES

2.1(a)

Applicable Tranche Percentage — U.S. Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Currency Commitment	 	Jurisdiction Commitment	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	 	 	 	The	 	TMK
	 	 	Amount of	 	 	Applicable	 	Euro	 	Sterling	 	Yen	 	Dollars	 	Japan	 	Netherlands	 	Qualified
	Lender	 	Allocation	 	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Bank of America, N.A.
	 	$	26,000,000	 	 	3.823529412%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	LaSalle Bank National
Association
	 	$	26,000,000	 	 	3.823529412%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Sumitomo Mitsui Banking
Corporation
	 	$	26,000,000	 	 	3.823529412%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	JPMorgan Chase Bank, N.A.
	 	$	26,000,000	 	 	3.823529412%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	The Royal Bank of
Scotland Plc
	 	$	30,000,000	 	 	4.411764706%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Mizuho Corporate Bank,
Ltd.
	 	$	25,000,000	 	 	3.676470588%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	Bank of China, New York
Branch
	 	$	19,000,000	 	 	2.794117647%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	The Bank of Nova Scotia
	 	$	24,000,000	 	 	3.529411765%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Calyon New York Branch
	 	$	19,000,000	 	 	2.794117647%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	Citicorp North America,
Inc.
	 	$	14,000,000	 	 	2.058823529%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Deutsche Bank, AG
	 	$	24,000,000	 	 	3.529411765%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Societe Generale
	 	$	14,000,000	 	 	2.058823529%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	WestLB AG
	 	$	44,000,000	 	 	6.470588235%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Barclays Bank Plc
	 	$	34,000,000	 	 	5.000000000%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	X	 	 	 	X	 	 	 	 	 	X
	Fortis Bank (Nederland)
N.V.
	 	$	31,000,000	 	 	4.558823529%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	 	 	X	 	X	 	 	 	 	 	X

					
	 
	 	 	 	 
	 
	 	1
	 	Schedule 2.1

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Jurisdiction Commitment	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	 	 	 	The	 	TMK
	 	 	Amount of	 	 	Applicable	 	Euro	 	Sterling	 	Yen	 	Dollars	 	Japan	 	Netherlands	 	Qualified
	Lender	 	Allocation	 	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	ING Real Estate Finance
(USA) LLC
	 	$	19,000,000	 	 	2.794117647%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	Banque LBLux S.A.
	 	$	34,000,000	 	 	5.000000000%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	 	 	X
	UFJ Bank Limited
	 	$	19,000,000	 	 	2.794117647%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	U.S. Bank National
Association
	 	$	49,000,000	 	 	7.205882353%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	The Governor and Company
of the Bank of Ireland
	 	$	18,000,000	 	 	2.647058824%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	 	 	X	 	X	 	 	 	 	 	X
	Commerzbank AG New York
and Grand Cayman Branches
	 	$	19,000,000	 	 	2.794117647%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	 	 	X
	Morgan Stanley Bank
	 	$	14,000,000	 	 	2.058823529%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X
	PNC Bank, N.A.
	 	$	20,000,000	 	 	2.941176471%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	X	 	 
	Wachovia Bank, National
Association
	 	$	17,000,000	 	 	2.500000000%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X
	The International
Commercial Bank of China,
New York Agency
	 	$	24,000,000	 	 	3.529411765%	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X
	Chang Hwa Commercial
Bank, Ltd., New York
Branch
	 	$	23,000,000	 	 	3.382352941%	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X
	The Northern Trust Company
	 	$	23,000,000	 	 	3.382352941%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	 	 	X
	E. Sun Commercial Bank,
Ltd., Los Angeles Branch
	 	$	19,000,000	 	 	2.794117647%	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X
	Total
	 	$	680,000,000	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 
	 	 	 	 
	 
	 	2
	 	Schedule 2.1

 

 

2.1(b)

Applicable Tranche Percentage — Canadian Commitments1

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 
	Lender	 	Commitment	 	 	Percentage	 
	Bank of America, N.A.
	 	Cdn$31,652,100	 	 	27.000000000	%
	LaSalle Business Credit a Division of ABN AMRO Bank N.V., Canada Branch
	 	Cdn$17,584,500	 	 	15.000000000	%
	Sumitomo Mitsui Banking Corporation
of Canada
	 	Cdn$17,584,500	 	 	15.000000000	%
	JPMorganChase N.A., Toronto Branch
	 	Cdn$17,584,500	 	 	15.000000000	%
	Citibank, N.A. Canadian Branch
	 	Cdn$14,067,600	 	 	12.000000000	%
	Deutsche Bank AG, Canada Branch
	 	Cdn$9,378,400	 	 	8.000000000	%
	Morgan Stanley Senior Funding (Nova Scotia) Co.
	 	Cdn$9,378,400	 	 	8.000000000	%
	Total
	 	Cdn$117,230,000	 	 	100.000000000	%

 

			
	1Exchange Rates Based On Wall Street
Journal’s Spot Rate as of September 27, 2005

					
	 
	 	 	 	 
	 
	 	3
	 	Schedule 2.1

 

 

2.1(c)

Applicable Tranche Percentage — Euro Commitments2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 	 
	 	 	 	 	 	 	 	 	Currency Commitment	 	Commitment	 	TMK
	 	 	 	 	 	 	Applicable	 	Dollars	 	Sterling	 	Yen	 	Japan	 	U.S.	 	Qualified
	Lender	 	Commitment	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	ABN AMRO Bank, N.V.
	 	EUR 30,650,800	 	4.457831325%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Bank of America, N.A
	 	EUR 30,650,800	 	4.457831325%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Sumitomo Mitsui Banking
Corporation, Brussels Branch
	 	EUR 30,650,800	 	4.457831325%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	JPMorgan Chase Bank, N.A.
	 	EUR 29,822,400	 	4.337349398%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	The Royal Bank of Scotland Plc
	 	EUR 33,964,400	 	4.939759036%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Mizuho Corporate Bank Nederland,
N.V.
	 	EUR 20,710,000	 	3.012048193%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Bank of China (Luxembourgh) S.A.
	 	EUR 36,449,600	 	5.301204819%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Scotiabank Europe Plc
	 	EUR 29,822,400	 	4.337349398%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Calyon
	 	EUR 19,881,600	 	2.891566265%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Citicorp North America, Inc.
	 	EUR 29,822,400	 	4.337349398%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Deutsche Bank, AG
	 	EUR 21,538,400	 	3.132530120%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Societe Generale
	 	EUR 29,822,400	 	4.337349398%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	WestLB AG
	 	EUR 46,390,400	 	6.746987952%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Barclays Bank Plc
	 	EUR 33,964,400	 	4.939759036%	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	X	 	 	 	 	 	X
	Fortis Bank (Nederland) N.V.
	 	EUR 36,449,600	 	5.301204819%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	X	 	 	 	 	 	X
	ING Real Estate Finance (USA) LLC
	 	EUR 24,023,600	 	3.493975904%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Banque LBLux S.A.
	 	EUR 33,964,400	 	4.939759036%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X
	UFJ Bank Limited
	 	EUR 19,881,600	 	2.891566265%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	The Governor and Company of the
Bank of Ireland
	 	EUR 18,224,800	 	2.650602410%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	X	 	 	 	 	 	X
	Commerzbank AG New York and
Grand Cayman Branches
	 	EUR 20,710,000	 	3.012048193%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	 	 	X

 

	
	2Exchange Rates Based On Wall Street
Journal’s Spot Rate as of September 27, 2005

					
	 
	 
	 	4
	 	Schedule 2.1

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	 	 	 	 	 	Commitment	 	 	 	TMK
	 	 	 	 	 	 	Applicable	 	Dollars	 	Sterling	 	Yen	 	Japan	 	U.S.	 	Qualified
	Lender	 	Commitment	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Morgan Stanley Bank
	 	EUR 18,224,800	 	2.650602410%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X
	Deutsche Postbank AG
	 	EUR 36,449,600	 	5.301204819%	 	X	 	 	 	X	 	 	 	 	 	X	 	 	 	X	 	X	 	 	 	 	 	X
	PNC Bank, N.A.
	 	EUR 19,881,600	 	2.891566265%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 
	Wachovia Bank NA
	 	EUR 19,053,200	 	2.771084337%	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X
	Banque Artesia Nederland NV
	 	EUR 16,568,000	 	2.409638554%	 	X	 	 	 	X	 	 	 	X	 	 	 	 	 	X	 	X	 	 	 	 	 	X
	Total
	 	EUR 687,572,000	 	100.000000000%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 
	 
	 	5
	 	Schedule 2.1

 

 

2.1(d)

Applicable Tranche Percentage — Yen Commitments3

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Jurisdiction Commitment	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	The	 
	 	 	 	 	 	 	Applicable	 	 	Dollars	 	 	Euro	 	 	Sterling	 	 	U.S.	 	 	Netherlands	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Bank Of America, N.A.,
Tokyo Branch
	 	¥	5,497,800,000.00	 	 	 	5.764705882	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	ABN AMRO Bank, N.V., Tokyo
Branch
	 	¥	5,497,800,000.00	 	 	 	5.764705882	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking
Corporation
	 	¥	5,502,700,000.00	 	 	 	5.769843766	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	¥	5,497,800,000.00	 	 	 	5.764705882	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Royal Bank of Scotland
	 	¥	6,058,800,000.00	 	 	 	6.352941176	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Mizuho Bank, Ltd.
	 	¥	8,976,000,000.00	 	 	 	9.411764706	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Bank of China Limited, Tokyo
Branch
	 	¥	5,722,200,000.00	 	 	 	6.000000000	%	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Shinsei Bank, Limited
	 	¥	14,025,000,000.00	 	 	 	14.705882353	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Bank of Nova Scotia
	 	¥	4,488,000,000.00	 	 	 	4.705882353	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Calyon, Tokyo Branch
	 	¥	3,590,400,000.00	 	 	 	3.764705882	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Citibank, N.A., Tokyo Branch
	 	¥	4,712,400,000.00	 	 	 	4.941176471	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Deutsche Bank
	 	¥	4,712,400,000.00	 	 	 	4.941176471	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Societe Generale, Tokyo Branch
	 	¥	4,712,400,000.00	 	 	 	4.941176471	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	ING Bank N.V., Tokyo Branch
	 	¥	3,029,400,000.00	 	 	 	3.176470588	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	UFJ Bank Limited
	 	¥	4,768,500,000.00	 	 	 	5.000000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Saitama Resona Bank, Ltd.
	 	¥	4,263,600,000.00	 	 	 	4.470588235	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	The Sumitomo Trust & Banking
Co., Ltd.
	 	¥	3,814,800,000.00	 	 	 	4.000000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Woori Bank Tokyo Branch
	 	¥	500,000,000.00	 	 	 	0.524273881	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Total
	 	¥	95,370,000,000.00	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	
	3Exchange Rates Based On Wall Street
Journal’s Spot Rate as of September 27, 2005

					
	 
	 
	 	6
	 	Schedule 2.1

 

 

2.1(e)

Applicable Tranche Percentage — KRW Commitments4

	 	 	 	 	 
	 	 	 	 	Applicable
	Lender	 	Commitment	 	Percentage
	Sumitomo Mitsui Banking Corporation,
Seoul Branch
	 	KRW 25,860,000,000	 	25.000000000%
	Bank of America, N.A. Seoul
	 	KRW 25,860,000,000	 	25.000000000%
	ABN AMRO Seoul Branch
	 	KRW 25,860,000,000	 	25.000000000%
	Calyon, Seoul Branch
	 	KRW 25,860,000,000	 	25.000000000%
	Total
	 	KRW 103,440,000,000	 	100.000000000%

 

			
	 	 	4Exchange Rates Based On Wall Street
Journal’s Spot Rate as of September 27, 2005

					
	 
	 
	 	7
	 	Schedule 2.1

 

 

SCHEDULE 2.2

FRONTING LENDERS’ COMMITMENTS

Fronting Lenders’ Commitments

	 	 	 	 	 
	Lender	 	Commitment	 
	Bank of America, N.A. (or its Affiliates)
	 	$	77,000,000.00	 
	ABN AMRO Bank N.V. (or its Affiliates)
	 	$	89,000,000.00	 
	Sumitomo Mitsui Banking Corporation (or its Affiliates)
	 	$	88,956,327.99	 
	JPMorgan Chase Bank, N.A. (or its Affiliates)
	 	$	74,000,000.00	 
	The Royal Bank of Scotland PLC (or its Affiliates)
	 	$	75,000,000.00	 
	Total
	 	$	403,956,327.99	 

					
	 	 	 	 	 
	  
	 	1
	 	Schedule 2.2

 

 

SCHEDULE 2.3

INITIAL BORROWERS

	 	 	 	 	 	 	 
	 	 	 	 	Tax ID #	 	Ownership Percentage
	2.3(a) U.S. Tranche	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	ProLogis
	 	74-20604728
	 	Public company with numerous shareholders
	 
	 	 	 	 	 	 
	 

	 	PLD International Incorporated
	 	74-2835194
	 	100% by ProLogis
	 
	 	 	 	 	 	 
	 

	 	PLD Europe Finance B.V.
	 	98-0215180
	 	100% by PLD Finance
Sarl, which is
owned 70% by PLD
International Inc
and 30% by ProLogis
Developments
Holding Sarl.
ProLogis Services
Sarl owns 1 share
of ProLogis
Developments
Holding Sarl, with
PLD International
Inc. holding the
remaining interest.
	 
	 	 	 	 	 	 
	 

	 	ProLogis UK Funding II B.V.
	 	98-0440167
	 	100% owned by PLD
Europe Finance BV,
which is 100% owned
by PLD Finance
Sarl.
	 
	 	 	 	 	 	 
	 

	 	ProLogis Japan Finance Incorporated
	 	84-1597134
	 	100% by ProLogis
Japan Holdings LLC,
which is 100% owned
by ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis-Macquarie Fund
	 	35-2162723
	 	ProLogis owns
approximately 12%
of ProLogis
Macquarie Fund
through various
intermediate
entities. The
remainder of the
equity interests in
ProLogis Macquarie
Fund are owned by
third parties.
	 
	 	 	 	 	 	 
	2.3(b) Canadian Tranche	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 1 Trust (Maryland Business Trust)
	 	20-1886453
	 	100% by ProLogis
Canada Holding 1
LLC, which is 100%
owned

					
	  		 	 	 
	  
	 	1
	 	Schedule 2.3

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Tax ID #	 	Ownership Percentage
	 

	 	 	 	 	 	by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 2 Trust (Maryland Business Trust)
	 	20-1886483
	 	100% by ProLogis
Canada Holding 2
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 3 Trust (Maryland Business Trust)
	 	20-1886519
	 	100% by ProLogis
Canada Holding 3
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 4 Trust (Maryland Business Trust)
	 	20-1886543
	 	100% by ProLogis
Canada Holding 4
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 5 Trust (Maryland Business Trust)
	 	20-1886545
	 	100% by ProLogis
Canada Holding 5
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 6 Trust (Maryland Business Trust)
	 	20-1886583
	 	100% by ProLogis
Canada Holding 6
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by

					
	 				
	  
	 	2
	 	Schedule 2.3

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Tax ID #	 	Ownership Percentage
	 

	 	 	 	 	 	ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 7 Trust (Maryland Business Trust)
	 	20-1886605
	 	100% by ProLogis
Canada Holding 7
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 8 Trust (Maryland Business Trust)
	 	20-1886621
	 	100% by ProLogis
Canada Holding 8
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 9 Trust (Maryland Business Trust)
	 	20-1886699
	 	100% by ProLogis
Canada Holding 9
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Canada Investment 10 Trust (Maryland Business Trust)
	 	20-1886719
	 	100% by ProLogis
Canada Holding 10
LLC, which is 100%
owned by ProLogis
Canada Development
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	2.3(c) Euro Tranche	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	PLD Europe Finance B.V.
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis UK Funding II B.V.
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	PLD International Incorporated
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis Japan Finance Incorporated
	 	*
	 	*
	 
	 	 	 	 	 	 
	2.3(d) Yen Tranche	 	 	 	 

					
	 				
	  
	 	3
	 	Schedule 2.3

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Tax ID #	 	Ownership Percentage
	 

	 	ProLogis Japan Finance Incorporated
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis Kanto YK
	 	98-0400782
	 	100% by ProLogis
Japan Incorporated,
which is 100% owned
by ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Yokohama Special Purpose Company
	 	98-0384111
	 	100% by ProLogis
Japan Incorporated,
which is 100% owned
by ProLogis

 

			
	*	 	Information provided in first reference to applicable entity

	 	 	 	 	 	 	 
	 	 	 	 	Tax ID #	 	Ownership Percentage
	 

	 	ProLogis Misato Special Purpose Company
	 	98-0426828
	 	100% by ProLogis
Japan Incorporated,
which is 100% owned
by ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Narita Two Special Purpose Company
	 	98-0430655
	 	100% by ProLogis
Japan Incorporated,
which is 100% owned
by ProLogis
	 
	 	 	 	 	 	 
	 

	 	ProLogis Sugito Special Purpose Company
	 	98-0430651
	 	100% by ProLogis
Sugito YK, which is
100% owned by
ProLogis Japan
Incorporated, which
is 100% owned by
ProLogis
	 
	 	 	 	 	 	 
	 

	 	PLD International Incorporated
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	PLD Europe Finance B.V.
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis UK Funding II B.V.
	 	*
	 	*
	 
	 	 	 	 	 	 
	 

	 	ProLogis
	 	*
	 	*
	 
	 	 	 	 	 	 
	2.3(e) KRW Tranche	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	ProLogis Parc Ansung LLC
	 	20-3460117
	 	100% by ProLogis
Korean Developments
Inc., which is 100%
owned by ProLogis

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	4
	 	Schedule 2.3

 

 

SCHEDULE 2.4

EXISTING LETTERS OF CREDIT

2.4(a)

U.S. EXISTING LETTERS OF CREDIT

AS OF SEPTEMBER 21, 2005

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Issue	 	Expiry	 	 	 	 	 	 	 	 
	Prod Type	 	LC #	 	Date	 	Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	SBYPER

	 	 	00000003064852	 	 	8/24/2004
	 	8/4/2006
	 	PROLOGIS
	 	CATELLUS CONSTRUCTION
	 	VILLAGE OF GLENVIEW
	 	$	512,374.51	 
	SBYPER

	 	 	00000003061449	 	 	2/4/2004
	 	2/3/2006
	 	PROLOGIS
	 	CATELLUS DEVELOPMENT

CORPORATION
	 	VILLAGE OF WOODRIDGE
	 	$	14,835.00	 
	SBYPER

	 	 	00000003060897	 	 	1/9/2004
	 	1/9/2006
	 	PROLOGIS
	 	CATELLUS DEVELOPMENT

CORPORATION
	 	CITY OF LOS ANGELES,

CULTURAL AFFAIRS

DEPARTMENT
	 	$	37,250.00	 
	SBYPER

	 	 	00000003051589	 	 	9/26/2002
	 	9/30/2006
	 	PROLOGIS
	 	CATELLUS DEVELOPMENT

CORPORATION
	 	VILLAGE OF GLENVIEW
	 	$	312,336.75	 
	SBYFIN

	 	 	00000003061798	 	 	3/1/2004
	 	3/1/2006
	 	PROLOGIS
	 	CATELLUS FINANCE 1, LLC
	 	THE PRUDENTIAL

INSURANCE COMPANY OF

AMERICA
	 	$	4,300,000.00	 
	SBYPER

	 	 	00000003073767	 	 	3/17/2005
	 	3/2/2006
	 	PROLOGIS
	 	CATELLUS LAND AND

DEVELOPMENT

CORPORATION
	 	VILLAGE OF MINOOKA
	 	$	1,100,000.00	 
	SBYPER

	 	 	00000003073390	 	 	3/3/2005
	 	2/11/2006
	 	PROLOGIS
	 	CATELLUS LAND AND

DEVELOPMENT

CORPORATION
	 	VILLAGE OF MINOOKA
	 	$	750,000.00	 
	SBYPER

	 	 	00000003064950	 	 	8/24/2004
	 	8/9/2006
	 	PROLOGIS
	 	CATELLUS LAND AND

DEVELOPMENT

CORPORATION
	 	VILLAGE OF MINOOKA
	 	$	1,442,585.00	 

					
	 	 	 	 	 
	  
	 	1
	 	Schedule 2.4

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Issue	 	Expiry	 	 	 	 	 	 	 	 
	Prod Type	 	LC #	 	Date	 	Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	SBYFIN

	 	 	00000003075453	 	 	7/21/2005
	 	7/21/2006
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	THE BANK OF NEW YORK

TRUST COMPANY
	 	$	2,700,000.00	 
	SBYPER

	 	 	00000003075234	 	 	6/3/2005
	 	5/18/2006
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	VILLAGE OF MINOOKA
	 	$	1,125,000.00	 
	SBYPER

	 	 	00000003038394	 	 	6/12/2001
	 	10/31/2005
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	COUNTY OF SAN

BERNARDINO
	 	$	300,000.00	 
	SBYPER

	 	 	00000003038513	 	 	6/12/2001
	 	10/31/2005
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	VILLAGE OF GLENVIEW
	 	$	146,300.00	 
	SBYPER

	 	 	00000003027888	 	 	7/27/2000
	 	10/31/2005
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	VILLAGE OF ROMEOVILLE
	 	$	170,460.00	 
	SBYPER

	 	 	00000003048895	 	 	5/15/2002
	 	10/31/2005
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	VILLAGE OF GLENVIEW
	 	$	115,856.84	 
	SBYFIN

	 	 	00000003062465	 	 	3/30/2004
	 	3/1/2006
	 	PROLOGIS
	 	CATELLUS OPERATING LP
& CATELLUS LAND AND
DEVELOPMENT CORP.
	 	OLD REPUBLIC

INSURANCE COMPANY
	 	$	1,750,000.00	 
	SBYFIN

	 	 	00000003075575	 	 	6/14/2005
	 	6/14/2008
	 	PROLOGIS
	 	PROLOGIS
	 	COMMONWEALTH OF PENN
	 	$	647,056.00	 
	SBYFIN

	 	 	00000003064002	 	 	6/30/2004
	 	5/1/2006
	 	PROLOGIS
	 	PROLOGIS
	 	ALLSTATE INSURANCE CO
	 	$	600,000.00	 
	SBYFIN

	 	 	00000003050351	 	 	7/29/2002
	 	7/26/2006
	 	PROLOGIS
	 	PROLOGIS
	 	UNITED STATES FIDELITY
	 	$	1,875,000.00	 
	SBYFIN

	 	 	00000003057994	 	 	8/7/2003
	 	6/30/2006
	 	PROLOGIS
	 	PROLOGIS
	 	ZURICH AMERICAN

INSURANCE
	 	$	591,000.00	 

					
	 	 	 	 	 
	  
	 	2
	 	Schedule 2.4

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Issue	 	Expiry	 	 	 	 	 	 	 	 
	Prod Type	 	LC #	 	Date	 	Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	 	 	 	 															
	SBYFIN

	 	 	00000003028158	 	 	8/10/2000
	 	6/30/2006
	 	PROLOGIS
	 	PROLOGIS TRUST FOR THE

ACCOUNT OF CS

INTEGRATED LLC
	 	LUMBERMENS MUTUAL

CASUALTY
	 	$	1,879,000.00	 
	SBYPER

	 	 	00000000940558	 	 	1/1/1999
	 	1/1/2006
	 	PROLOGIS
	 	SECURITY CAPITAL IND
	 	VILLAGE OF

BLOOMINGDALE
	 	$	1,340,236.24	 
	SBYPER

	 	 	00000003076673	 	 	8/16/2005
	 	8/5/2006
	 	PROLOGIS
	 	SF PACIFIC PROPERTIES
	 	MILFORD TOWNSHIP

WATER AUTHORITY
	 	$	495,486.75	 
	SBYPER

	 	 	00000003074540	 	 	8/9/2005
	 	4/4/2006
	 	PROLOGIS
	 	SF PACIFIC PROPERTIES
	 	MILFORD

TRUMBAUERSVILLE AREA

SEWER AUTHORITY
	 	$	114,650.00	 
	SBYPER

	 	 	00000003074444	 	 	7/26/2005
	 	3/31/2006
	 	PROLOGIS
	 	SF PACIFIC PROPERTIES
	 	MILFORD TOWNSHIP
	 	$	865,391.01	 
	SBYFIN

	 	 	00000003038232	 	 	6/19/2001
	 	6/21/2006
	 	PROLOGIS
	 	CATELLUS URBAN

DEVELOPMENT GROUP
	 	WELLS FARGO BANK
	 	$	40,486,580.00	 
	SBYFIN

	 	 	00000003077225	 	 	9/23/2005
	 	9/10/2006
	 	PROLOGIS
	 	PROLOGIS
	 	HARTFORD FIRE

INSURANCE COMPANY
	 	$	378,000.00	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	64,049,398.10	 

					
	 	 	 	 	 
	 
	 	3
	 	Schedule 2.4

 

 

2.4(b)

EURO EXISTING LETTERS OF CREDIT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Issue	 	Expiry	 	 	 	 	 	 	 	 
	L/C Issuer	 	LC #	 	Date	 	Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab Amt
	ABN AMRO Bank,
N.V.

	 	 115.03.66.765
	 	8-May-05
	 	31-Dec-06
	 	PLD Europe Finance BV
	 	ProLogis Italy XVI S.r.l.
	 	Immobilarie D4 S.r.l.
	 	EUR 20,650,031
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ABN AMRO Bank,
N.V.

	 	GA1135679034
	 	30-Aug-04
	 	31-Dec-05
	 	PLD Europe Finance BV
	 	ProLogis France IX EURL
	 	La Societe
Establissement
Public D’Amenagement
De La Villa Novuella
De Senart
	 	EUR 4,397,380

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	4
	 	Schedule 2.4

 

 

2.4(c)

YEN EXISTING LETTERS OF CREDIT

NONE

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 2.4

 

 

SCHEDULE 8.1

PRE-APPROVED REALLOCATIONS

	 	 	 	 	 	 	 	 	 
	 	 	Amount of Pre-	 	 	 	 
	 	 	Approved	 	 	 	Available Tranches
	Lender	 	Reallocations	 	Current Tranches	 	for Reallocation
	Bank of America,
N.A. (together with
its Affiliates)

	 	$	127,000,000*	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian,
Euro, and Yen
	ABN AMRO Bank N.V.
(together with its
Affiliates)

	 	$	127,000,000*	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian,
Euro, and Yen
	Sumitomo
Mitsui Banking Corporation (together with its Affiliates)

	 	$	127,043,672*	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian,
Euro, and Yen
	JPMorgan Chase
Bank, N.A.
(together with its
Affiliates)

	 	$	126,000,000*	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian,
Euro, and Yen
	The Royal Bank of
Scotland PLC
(together with its
Affiliates)

	 	$	125,000,000*	 	 	U.S., Euro, and Yen
	 	U.S., Euro, and Yen
	Total

	 	$	632,043,672	 	 	 	 	 

 

			
	*	 	Provided that the amount of the Pre-Approved Reallocation for a Lender and its Affiliates
shall not exceed, as of any date of determination, the Dollar Equivalent aggregate amount of such
Lender’s and its Affiliate’s Commitments under each of the applicable Tranches.

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	1
	 	Schedule 10.1

 

 

SCHEDULE 10.1

OPINIONS

	 	 	 	 	 
	Tranche	 	Law Firms Providing Opinions	 
	 
	U.S. Tranche
	 	Mayer, Brown, Rowe & Maw LLP
	Euro Tranche
	 	Wedema Van Tol
	Yen Tranche
	 	Anderson Möri & Tomotsure

					
	 	 	 	 	 
	 
	 
	 	2
	 	Schedule 10.1

 

 

SCHEDULE 11.6

LITIGATION

NONE

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 11.06

 

 

SCHEDULE 11.9

ENVIRONMENTAL MATTERS

NONE

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 11.9

 

 

SCHEDULE 12.13

INITIAL GUARANTORS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Tranches	 	 	 	 
	 	 	 	 	 	 	subject to	 	 	Ownership	 
	Initial Guarantors	 	Tax ID #	 	 	Guaranty	 	 	Percentage*	 
	ProLogis
	 	 	74-20604728	 	 	All	 	 	*	 
	PLD International Incorporated
	 	 	74-2835194	 	 	All	 	 	*	 
	PLD Europe Finance B.V.
	 	 	98-0215180	 	 	All	 	 	*	 
	ProLogis UK Funding II B.V.
	 	 	98-0440167	 	 	All	 	 	*	 
	ProLogis Japan Finance Incorporated
	 	 	84-1597134	 	 	All	 	 	*	 
	ProLogis Japan Incorporated
	 	 	74-2955407	 	 	All	 	100% owned by ProLogis
	ProLogis Canada Investment 1 Trust (Maryland Business Trust)
	 	 	20-1886453	 	 	All	 	 	*	 
	ProLogis Canada Investment 2 Trust (Maryland Business Trust)
	 	 	20-1886483	 	 	All	 	 	*	 
	ProLogis Canada Investment 3 Trust (Maryland Business Trust)
	 	 	20-1886519	 	 	All	 	 	*	 
	ProLogis Canada Investment 4 Trust (Maryland Business Trust)
	 	 	20-1886543	 	 	All	 	 	*	 
	ProLogis Canada Investment 5 Trust (Maryland Business Trust)
	 	 	20-1886545	 	 	All	 	 	*	 
	ProLogis Canada Investment 6 Trust (Maryland Business Trust)
	 	 	20-1886583	 	 	All	 	 	*	 
	ProLogis Canada Investment 7 Trust (Maryland Business Trust)
	 	 	20-1886605	 	 	All	 	 	*	 
	ProLogis Canada Investment 8 Trust (Maryland Business Trust)
	 	 	20-1886621	 	 	All	 	 	*	 
	ProLogis Canada Investment 9 Trust (Maryland Business Trust)
	 	 	20-1886699	 	 	All	 	 	*	 
	ProLogis Canada Investment 10 Trust (Maryland Business Trust)
	 	 	20-1886719	 	 	All	 	 	*	 
	Palmtree Acquisition Corporation
	 	 	20-3313813	 	 	All	 	80% owned by ProLogis; 20% owned by ProLogis Fraser LP, which is 89.42% owned by ProLogis, (with the balance owned by third parties)

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 12.13

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Tranches	 	 	 	 
	 	 	 	 	 	 	subject to	 	 	Ownership	 
	Initial Guarantors	 	Tax ID #	 	 	Guaranty	 	 	Percentage*	 
	ProLogis Kanto YK
	 	 	98-0400782	 	 	All	 	100% owned by ProLogis

 

			
	*	 	Information provided on Schedule 2.3

					
	 	 	 	 	 
	 
	 	2
	 	Schedule 12.13

 

 

SCHEDULE 12.14

INITIAL PLEDGED INDEBTEDNESS

[SEE ATTACHED]

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 12.14

 

 

ProLogis

INITIAL PLEDGED INDEBTEDNESS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Current	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Amount	 	 	 	 	 	 
	 	 	 	 	 	 	Lender	 	Borrower	 	Currency	 	Outstanding	 	 	Comments	 	Enclosures
	 	 	 	1	 	 	ProLogis
	 	ProLogis—North Carolina Limited Partnership	 	USD	 	 	324,327,291	 	 	 	 	Pledge Agreement1
	 	 	 	2	 	 	ProLogis
	 	ProLogis Management Incorporated	 	USD	 	 	314,464,056	 	 	 	 	 	 
	 	 	 	3	 	 	ProLogis
	 	TCL Holding SA	 	USD	 	 	284,022,449	 	 	 	 	 	 
	 	 	 	4	 	 	ProLogis
	 	ProLogis—China Development Incorporated	 	USD	 	 	52,192,992	 	 	 	 	 	 
	 	 	 	5	 	 	ProLogis
	 	ProLogis Logistics Services Incorporated	 	USD	 	 	45,118,071	 	 	 	 	 	 
	 	 	 	6	 	 	ProLogis
	 	ProLogis Limited Partnership IV	 	USD	 	 	17,642,513	 	 	 	 	 	 
	 	 	 	7	 	 	ProLogis
	 	ProLogis — Reynosa 1 LLC	 	USD	 	 	16,819,906	 	 	 	 	 	 
	 	 	 	8	 	 	ProLogis
	 	ProLogis — Reynosa 2 LLC	 	USD	 	 	16,819,905	 	 	 	 	 	 
	 	 	 	9	 	 	ProLogis
	 	Meridian Realty Partners, L.P.	 	USD	 	 	8,784,720	 	 	 	 	 	 
	 	 	 	10	 	 	ProLogis
	 	ProLogis — Monterrey 1 LLC	 	USD	 	 	6,473,745	 	 	 	 	 	 
	 	 	 	11	 	 	ProLogis
	 	ProLogis — Monterrey 2 LLC	 	USD	 	 	6,473,744	 	 	 	 	 	 
	 	 	 	12	 	 	ProLogis
	 	ProLogis de Reynosa 1, S. de R.L. de C.V.	 	USD	 	 	5,954,132	 	 	 	 	 	 
	 	 	 	13	 	 	ProLogis
	 	ProLogis Juarez (1) Investment LLC	 	USD	 	 	3,331,494	 	 	 	 	 	 
	 	 	 	14	 	 	ProLogis
	 	ProLogis Limited Partnership III	 	USD	 	 	2,819,706	 	 	 	 	 	 
	 	 	 	15	 	 	ProLogis
	 	Tijuana—Mexico Investment I LLC	 	USD	 	 	2,099,202	 	 	 	 	 	 
	 	 	 	16	 	 	PorLogis — Monterrey 1 LLC
	 	ProLogis de Monterrey 1, S. de R.L. de C.V.	 	USD	 	 	4,703,591	 	 	 	 	 	 
	 	 	 	17	 	 	ProLogis — Monterrey 2 LLC
	 	ProLogis de Monterrey 1, S. de R.L. de C.V.	 	USD	 	 	4,703,591	 	 	 	 	 	 
	 	 	 	18	 	 	ProLogis — Reynosa 1 LLC
	 	ProLogis de Reynosa 1, S. de R.L. de C.V.	 	USD	 	 	14,862,158	 	 	 	 	 	 
	 	 	 	19	 	 	ProLogis — Reynosa 2 LLC
	 	ProLogis de Reynosa 1, S. de R.L. de C.V.	 	USD	 	 	14,862,157	 	 	 	 	 	 
	 	 	 	20	 	 	ProLogis Development Services Incorporated
	 	ProLogis Logistics Services Incorporated	 	USD	 	 	19,531,577	 	 	 	 	 	 
	 	 	 	21	 	 	ProLogis Development Services Incorporated
	 	ProLogis — DS Mexico Incorporated	 	USD	 	 	12,321,122	 	 	 	 	 	 
	 	 	 	22	 	 	ProLogis Management Incorporated
	 	ProLogis Development Services Incorporated	 	USD	 	 	26,184,203	 	 	 	 	 	 
	 	 	 	23	 	 	ProLogis—North Carolina (2) Incorporated
	 	ProLogis—North Carolina Limited Partnership	 	USD	 	 	70,442,910	 	 	 	 	 	 
	 	 	 	24	 	 	Tijuana—Mexico Investment I LLC
	 	ProLogis — Mexico Holding II LLC	 	USD	 	 	3,300,491	 	 	 	 	 	 
	 	 	 	25	 	 	ProLogis UK Funding BV
	 	ProLogis UK VII Sarl	 	USD	 	 	1,068,171	 	 	 	 	 	 
	 	 	 	26	 	 	ProLogis UK Funding BV
	 	ProLogis UK XXIX Sarl	 	USD	 	 	27,389,016	 	 	 	 	 	 
	 	 	 	27	 	 	ProLogis UK Funding BV
	 	ProLogis UK XXXVII Sarl	 	USD	 	 	6,024,612	 	 	 	 	 	 
	 	 	 	28	 	 	ProLogis UK Funding BV
	 	ProLogis UK XXXIX Sarl	 	USD	 	 	3,170,079	 	 	 	 	 	 
	 	 	 	29	 	 	ProLogis UK Funding BV
	 	ProLogis UK XLII Sarl	 	USD	 	 	23,067,045	 	 	 	 	 	 
	 	 	 	30	 	 	ProLogis UK Funding BV
	 	ProLogis UK XLIII Sarl	 	USD	 	 	12,300,615	 	 	 	 	 	 
	 	 	 	31	 	 	ProLogis UK Funding BV
	 	ProLogis UK XLVIII Sarl	 	USD	 	 	6,314,634	 	 	 	 	 	 
	 	 	 	32	 	 	ProLogis UK Funding BV
	 	ProLogis UK LV Sarl	 	USD	 	 	10,385,537	 	 	 	 	 	 
	 	 	 	33	 	 	ProLogis UK Funding BV
	 	ProLogis UK LVIII Sarl	 	USD	 	 	21,964,871	 	 	 	 	 	 
	 	 	 	34	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXII Sarl	 	USD	 	 	6,732,145	 	 	 	 	 	 
	 	 	 	35	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXVII Sarl	 	USD	 	 	15,395,139	 	 	 	 	 	 
	 	 	 	36	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXVIII Sarl	 	USD	 	 	40,237,060	 	 	 	 	 	 
	 	 	 	37	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXIX Sarl	 	USD	 	 	13,524,553	 	 	 	 	 	 
	 	 	 	38	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXXVI Sarl	 	USD	 	 	11,151,815	 	 	 	 	 	 
	 	 	 	39	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXXVII Sarl	 	USD	 	 	30,072,014	 	 	 	 	 	 
	 	 	 	40	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXXIV Sarl	 	USD	 	 	14,071,441	 	 	 	 	 	 
	 	 	 	41	 	 	ProLogis UK Funding BV
	 	ProLogis UK LXXXVII Sarl	 	USD	 	 	19,706,816	 	 	 	 	 	 
	 	 	 	42	 	 	ProLogis UK Funding BV
	 	ProLogis UK XCI Sarl	 	USD	 	 	15,510,996	 	 	 	 	 	 
	 	 	 	43	 	 	ProLogis UK Funding BV
	 	ProLogis Developments Limited	 	USD	 	 	21,530,130	 	 	 	 	 	 
	 	 	 	44	 	 	ProLogis UK Funding BV
	 	ProLogis (Hayes) Ltd.	 	USD	 	 	35,908,308	 	 	 	 	 	 
	 	 	 	45	 	 	ProLogis UK Funding II BV
	 	ProLogis UK XXIX Sarl	 	USD	 	 	28,106,320	 	 	 	 	 	 
	 	 	 	46	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LV Sarl	 	USD	 	 	6,105,581	 	 	 	 	 	 
	 	 	 	47	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXII Sarl	 	USD	 	 	9,399,801	 	 	 	 	 	 
	 	 	 	48	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXIX Sarl	 	USD	 	 	1,135,984	 	 	 	 	 	 
	 	 	 	49	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXVI Sarl	 	USD	 	 	8,300,128	 	 	 	 	 	 
	 	 	 	50	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXVI Sarl	 	USD	 	 	1,873,923	 	 	 	 	 	 
	 	 	 	51	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXXIII Sarl	 	USD	 	 	14,092,573	 	 	 	 	 	 
	 	 	 	52	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXXIV Sarl	 	USD	 	 	29,595,754	 	 	 	 	 	 
	 	 	 	53	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXXVII Sarl	 	USD	 	 	8,351,381	 	 	 	 	 	 
	 	 	 	54	 	 	ProLogis UK Funding II BV
	 	ProLogis UK LXXXVIII Sarl	 	USD	 	 	8,628,792	 	 	 	 	 	 
	 	 	 	55	 	 	ProLogis UK Funding II BV
	 	ProLogis UK XCV Sarl	 	USD	 	 	15,422,298	 	 	 	 	 	 
	 	 	 	56	 	 	ProLogis UK Funding II BV
	 	ProLogis (Hayes) Ltd.	 	USD	 	 	3,304,271	 	 	 	 	 	 
	 	 	 	57	 	 	PLD Europe Finance BV
	 	ProLogis Belgium V Sprl	 	USD	 	 	3,482,841	 	 	 	 	 	 
	 	 	 	58	 	 	PLD Europe Finance BV
	 	ProLogis Belgium VI Sprl	 	USD	 	 	4,818,504	 	 	 	 	 	 
	 	 	 	59	 	 	PLD Europe Finance BV
	 	ProLogis Belgium VII Sprl	 	USD	 	 	3,297,844	 	 	 	 	 	 
	 	 	 	60	 	 	PLD Europe Finance BV
	 	ProLogis Belgium VIII Sprl	 	USD	 	 	3,626,130	 	 	 	 	 	 
	 	 	 	61	 	 	PLD Europe Finance BV
	 	ProLogis Czech VI S.r.o	 	USD	 	 	1,331,594	 	 	 	 	 	 
	 	 	 	62	 	 	PLD Europe Finance BV
	 	ProLogis Czech XII S.r.o	 	USD	 	 	9,955,023	 	 	 	 	 	 
	 	 	 	63	 	 	PLD Europe Finance BV
	 	ProLogis Czech XIII S.r.o	 	USD	 	 	1,932,053	 	 	 	 	 	 
	 	 	 	64	 	 	PLD Europe Finance BV
	 	ProLogis Czech XV S.r.o	 	USD	 	 	1,111,757	 	 	 	 	 	 
	 	 	 	65	 	 	PLD Europe Finance BV
	 	ProLogis France IX Eurl	 	USD	 	 	63,429,328	 	 	 	 	 	 
	 	 	 	66	 	 	PLD Europe Finance BV
	 	ProLogis France XIX Eurl	 	USD	 	 	14,634,028	 	 	 	 	 	 
	 	 	 	67	 	 	PLD Europe Finance BV
	 	ProLogis France XXVIII Eurl	 	USD	 	 	2,685,090	 	 	 	 	 	 
	 	 	 	68	 	 	PLD Europe Finance BV
	 	ProLogis France XXIX Eurl	 	USD	 	 	6,755,041	 	 	 	 	 	 
	 	 	 	69	 	 	PLD Europe Finance BV
	 	ProLogis France XXXI Eurl	 	USD	 	 	17,763,101	 	 	 	 	 	 
	 	 	 	70	 	 	PLD Europe Finance BV
	 	ProLogis France XL Eurl	 	USD	 	 	12,778,444	 	 	 	 	 	 
	 	 	 	71	 	 	PLD Europe Finance BV
	 	ProLogis France XLII Eurl	 	USD	 	 	11,154,253	 	 	 	 	 	 
	 	 	 	72	 	 	PLD Europe Finance BV
	 	ProLogis France XLIV Eurl	 	USD	 	 	7,843,226	 	 	 	 	 	 
	 	 	 	73	 	 	PLD Europe Finance BV
	 	ProLogis France XLVIII Eurl	 	USD	 	 	19,233,804	 	 	 	 	 	 
	 	 	 	74	 	 	PLD Europe Finance BV
	 	ProLogis France XLIX Eurl	 	USD	 	 	10,991,809	 	 	 	 	 	 
	 	 	 	75	 	 	PLD Europe Finance BV
	 	ProLogis France LII Eurl	 	USD	 	 	1,824,175	 	 	 	 	 	 
	 	 	 	76	 	 	PLD Europe Finance BV
	 	ProLogis France LIII Eurl	 	USD	 	 	1,252,695	 	 	 	 	 	 
	 	 	 	77	 	 	PLD Europe Finance BV
	 	ProLogis France LIV Eurl	 	USD	 	 	3,132,840	 	 	 	 	 	 
	 	 	 	78	 	 	PLD Europe Finance BV
	 	ProLogis Germany II Sarl	 	USD	 	 	7,344,176	 	 	 	 	 	 
	 	 	 	79	 	 	PLD Europe Finance BV
	 	ProLogis Germany II BV	 	USD	 	 	12,773,054	 	 	 	 	 	 
	 	 	 	80	 	 	PLD Europe Finance BV
	 	ProLogis Germany X Sarl	 	USD	 	 	1,595,138	 	 	 	 	 	 
	 	 	 	81	 	 	PLD Europe Finance BV
	 	ProLogis Germany XI Sarl	 	USD	 	 	6,268,692	 	 	 	 	 	 
	 	 	 	82	 	 	PLD Europe Finance BV
	 	ProLogis Germany X BV	 	USD	 	 	4,489,838	 	 	 	 	 	 
	 	 	 	83	 	 	PLD Europe Finance BV
	 	ProLogis Germany XI BV	 	USD	 	 	7,120,724	 	 	 	 	 	 
	 	 	 	84	 	 	PLD Europe Finance BV
	 	ProLogis Germany XIII BV	 	USD	 	 	1,409,204	 	 	 	 	 	 
	 	 	 	85	 	 	PLD Europe Finance BV
	 	ProLogis Germany XIV BV	 	USD	 	 	4,065,583	 	 	 	 	 	 
	 	 	 	86	 	 	PLD Europe Finance BV
	 	Prologis Germany XXIX BV	 	USD	 	 	9,948,680	 	 	 	 	 	 
	 	 	 	87	 	 	PLD Europe Finance BV
	 	Prologis Germany XXX BV	 	USD	 	 	3,751,223	 	 	 	 	 	 
	 	 	 	88	 	 	PLD Europe Finance BV
	 	ProLogis Germany XXXV BV	 	USD	 	 	14,632,707	 	 	 	 	 	 
	 	 	 	89	 	 	PLD Europe Finance BV
	 	ProLogis Germany XXXVI BV	 	USD	 	 	9,059,920	 	 	 	 	 	 
	 	 	 	90	 	 	PLD Europe Finance BV
	 	ProLogis Germany XXXVII BV	 	USD	 	 	1,046,572	 	 	 	 	 	 
	 	 	 	91	 	 	PLD Europe Finance BV
	 	ProLogis Germany XXXIX BV	 	USD	 	 	3,029,390	 	 	 	 	 	 
	 	 	 	92	 	 	PLD Europe Finance BV
	 	ProLogis Germany XL BV	 	USD	 	 	2,310,455	 	 	 	 	 	 
	 	 	 	93	 	 	PLD Europe Finance BV
	 	ProLogis Germany XLI BV	 	USD	 	 	3,258,456	 	 	 	 	 	 
	 	 	 	94	 	 	PLD Europe Finance BV
	 	ProLogis Germany XLII BV	 	USD	 	 	5,078,589	 	 	 	 	 	 
	 	 	 	95	 	 	PLD Europe Finance BV
	 	ProLogis Germany XLIII BV	 	USD	 	 	8,613,979	 	 	 	 	 	 
	 	 	 	96	 	 	PLD Europe Finance BV
	 	Hungary VI Epitési és Beruházá	 	USD	 	 	5,734,825	 	 	 	 	 	 
	 	 	 	97	 	 	PLD Europe Finance BV
	 	Hungary VII Epitési éx
Beruház	 	USD	 	 	1,028,466	 	 	 	 	 	 
	 	 	 	98	 	 	PLD Europe Finance BV
	 	Prologis Hungary Eleven Klt	 	USD	 	 	2,055,645	 	 	 	 	 	 
	 	 	 	99	 	 	PLD Europe Finance BV
	 	ProLogis Italy VII Srl	 	USD	 	 	2,512,674	 	 	 	 	 	 
	 	 	 	100	 	 	PLD Europe Finance BV
	 	ProLogis Italy IXa  Srl	 	USD	 	 	16,847,413	 	 	 	 	 	 
	 	 	 	101	 	 	PLD Europe Finance BV
	 	ProLogis Italy XI Srl	 	USD	 	 	3,427,252	 	 	 	 	 	 
	 	 	 	102	 	 	PLD Europe Finance BV
	 	ProLogis Italy XII Srl	 	USD	 	 	5,328,897	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	2
	 	Global Pledge Listing v3.05

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Current	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Amount	 	 	 	 	 	 
	 	 	 	Lender	 	 	 	 	Borrower	 	Currency	 	Outstanding	 	 	Comments	 	Enclosures
	103	 	 	PLD Europe
Finance BV
	 	 	 	 	ProLogis Italy XIII Srl	 	USD	 	 	4,895,319	 	 	 	 	 	 
	104	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XVII Sarl	 	USD	 	 	2,955,773	 	 	 	 	 	 
	105	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XIV Srl	 	USD	 	 	3,118,270	 	 	 	 	 	 
	106	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XV Srl	 	USD	 	 	4,847,140	 	 	 	 	 	 
	107	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy VI 1 Srl	 	USD	 	 	11,704,989	 	 	 	 	 	 
	108	 	 	PLD Europe Finance BV

	 	 	 	 	ProLogis Italy VI 3 Srl	 	USD	 	 	3,676,278	 	 	 	 	 	 
	109	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy VI 4 Srl	 	USD	 	 	9,106,298	 	 	 	 	 	 
	110	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XX Srl	 	USD	 	 	6,077,336	 	 	 	 	 	 
	111	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XXI Srl	 	USD	 	 	3,251,326	 	 	 	 	 	 
	112	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Italy XXII Srl	 	USD	 	 	4,149,160	 	 	 	 	 	 
	113	 	 	PLD Europe Finance BV
	 	 	 	 	Crux Immobiliare Srl	 	USD	 	 	15,483,714	 	 	 	 	 	 
	114	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Developments BV	 	USD	 	 	7,522,170	 	 	 	 	 	 
	115	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Developments Funding SL	 	USD	 	 	141,061,159	 	 	 	 	 	 
	116	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain Management SL	 	USD	 	 	3,332,793	 	 	 	 	 	 
	117	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain V Sarl	 	USD	 	 	1,033,206	 	 	 	 	 	 
	118	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain  III SL	 	USD	 	 	10,520,201	 	 	 	 	 	 
	119	 	 	PLD Europe Finance BV
	 	 	 	 	Prologis Spain IV SL	 	USD	 	 	12,671,232	 	 	 	 	 	 
	120	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain V SL	 	USD	 	 	8,272,931	 	 	 	 	 	 
	121	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain XIV SL	 	USD	 	 	2,442,598	 	 	 	 	 	 
	122	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain XV SL	 	USD	 	 	5,141,646	 	 	 	 	 	 
	123	 	 	PLD Europe Finance BV
	 	 	 	 	ProLogis Spain XVI SL	 	USD	 	 	3,915,747	 	 	 	 	 	 
	124	 	 	ProLogis Japan Incorporated US
	 	 	 	 	ProLogis Japan Management Incorporated	 	USD	 	 	1,824,006	 	 	 	 	 	 
	125	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis KK	 	USD	 	 	15,196,374	 	 	 	 	 	 
	126	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Osaka Hakko YK	 	USD	 	 	27,386,296	 	 	 	 	 	 
	127	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Tokyo Two YK	 	USD	 	 	40,089,268	 	 	 	 	 	 
	128	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Urayasu Three YK	 	USD	 	 	54,471,038	 	 	 	 	 	 
	129	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Amagasaki YK	 	USD	 	 	9,253,492	 	 	 	 	 	 
	130	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Sugilo Two YK	 	USD	 	 	21,679,531	 	 	 	 	 	 
	131	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Koshigaya Two YK	 	USD	 	 	20,535,635	 	 	 	 	 	 
	132	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Moji YK	 	USD	 	 	2,918,409	 	 	 	 	 	 
	133	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Maishima One YK	 	USD	 	 	29,975,977	 	 	 	 	 	 
	134	 	 	ProLogis KK
	 	 	 	 	ProLogis Parc Ansung YH	 	USD	 	 	4,487,619	 	 	 	 	 	 
	135	 	 	ProLogis KK
	 	 	 	 	ProLogis Osaka Hokko YK	 	USD	 	 	3,381,351	 	 	 	 	 	 
	136	 	 	ProLogis KK
	 	 	 	 	ProLogis Japan Management Incorporated	 	USD	 	 	6,055,780	 	 	 	 	 	 
	137	 	 	ProLogis Japan Finance Incorporated
	 	 	 	 	ProLogis Japan Holdings LLC	 	USD	 	 	4,250,000	 	 	 	 	 	 
	138	 	 	ProLogis Japan Incorporated US
	 	 	 	 	ProLogis Japan Investment US	 	USD	 	 	61,665,307	 	 	 	 	 	 
	139	 	 	ProLogis Japan Incorporated US
	 	 	 	 	ProLogis Osaka Two YK	 	USD	 	 	8,968,769	 	 	 	 	 	 
	140	 	 	ProLogis Japan Incorporated US
	 	 	 	 	ProLogis Sugilo Two YK	 	USD	 	 	5,338,553	 	 	 	 	 	 
	141	 	 	ProLogis Japan Incorporated US
	 	 	 	 	ProLogis Maishima One YK	 	USD	 	 	1,708,337	 	 	 	 	 	 
	142	 	 	ProLogis
China Holding II Srl.
	 	 	 	 	ProLogis Park Suzhou Development
Co., LTD.	 	USD	 	 	41,840,912.96	 	 	Unconsolidated Affiliate	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Total
	 	 	 	 	 	 	 	 	 	$2,720,068,601.94	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	1	 	Pledge Agreement has been completed and will be provided in accordance with the Global Senior
Credit Agreement.

 
					
	 	 	 	 	 
	 
	 	3
	 	Schedule 12.14

 

 

SCHEDULE 16.2

AGENT’S OFFICE;

CERTAIN ADDRESSES FOR NOTICES

PROLOGIS and AFFILIATED BORROWERS:

ProLogis

14100 East 35th Place

Aurora, Colorado 80011

Attn: Mr. M. Gordon Keiser, Jr.

Fax: 303-375-8581

Electronic Mail: gkeiser@prologis.com

Website Address: www.prologis.com

GLOBAL ADMINISTRATIVE AGENT:

Notices as Global Administrative Agent:

Bank of America, N.A.

Agency Management

901 Main Street, 14th Floor

Mail Code: TX1-492-14-11

Dallas, TX 75202

Attention: Sheri Starbuck

Telephone: 214 209-3712

Telecopier: 214 290-8392

Electronic Mail: sheri.starbuck@bankofamerica.com

Bank of America, N.A.

Portfolio Management

901 Main Street, 64th Floor

Mail Code: TX1-492-64-01

Dallas, TX 75202

Attention: Will T. Bowers

Telephone: 214 209-0276

Telecopier: 214 209-0995

Electronic Mail: will.t.bowers@bankofamerica.com

U.S. FUNDING AGENT

Global Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

901 Main Street, 14th Floor

Mail Code: TX1-492-14-05

Dallas, TX 75202

Attention: Nora Taylor

Telephone: 214 209-0592

Telecopier: 214 290-9673

Electronic Mail: nora.j.taylor@bankofamerica.com

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 16.2

 

 

Bank of America, NA

Dallas, Texas

ABA# 111000012

Account No. (for Dollars): 1292000883

Ref: ProLogis, Attn: Credit Services

Account No. (for Euro): 65280019

Ref: Prologis, Attn: Credit Services

Swift Address: BOFAGB22

Account No. (for Sterling): 65280027

Ref: Prologis, Attn: Credit Services

London Sort Code: 16-50-50

Swift Address: BOFAGB22

Account No. (for Yen): 606490661046

Ref: Prologis, Attn: Credit Services

Swift Address: BOFAJJX

Account No. (for Canadian Transit# 01312): 04719018

Ref: Prologis, Attn: Credit Services

Swift Address: BOFACATT

U.S. L/C ISSUER:

Bank of America, N.A.

Trade Operations

333 S Beaudry Avenue

Mail Code: CA9-703-19-23

Los Angeles, CA 90017

Attention: Rose T. Agustin

Telephone: 213 345-0132

Telecopier: 213 345-6684

Electronic Mail: rose.t.agustin@bankofamerica.com

U.S. SWING LINE LENDER:

Bank of America, N.A.

901 Main Street, 14th Floor

Mail Code: TX1-492-14-05

Dallas, TX 75202

Attention: Nora Taylor

Telephone: 214 209-0592

Telecopier: 214 290-9673

Electronic Mail: nora.j.taylor@bankofamerica.com

Bank of America, NA

Dallas, Texas

ABA# 111000012

Account No. (for Dollars): 1292000883

Ref: ProLogis, Attn: Credit Services

CANADIAN FUNDING AGENT:

(for payments and Requests for Credit Extensions):

Bank of America, N.A., acting through its Canada Branch

200 Front Street West, Suite 2700

					
	 	 	 	 	 
	 
	 	2
	 	Schedule 16.2

 

 

Toronto, Ontario M5V 3L2

Attention: Teresa Tsui

Telephone: (416)349-5390

Telecopier: (416)349-4282

Electronic Mail: teresa.tsui@bankofamerica.com

LVTS – Large Value Transaction System

Bank of America, N.A., Canada Branch

Attn: Loans Department

Swift Code: BOFACATT

Transit #: 01312-241 Account # : 90083-255 Ref: ProLogis

CANADIAN L/C ISSUER:

Bank of America, N.A., acting through its Canada Branch

200 Front Street West, Suite 2700

Toronto, Ontario M5V 3L2

Attention: Sophia Ngai / Teresa Tsui

Telephone: (416)349-5380 / (416)349-5390

Telecopier: (416)349-5252 / (416)349-4282

Electronic Mail: sophia.ngai@bankofamerica.com / teresa.tsui@bankofamerica.com

EURO FUNDING AGENT:

Euro Funding Agent’s Office

(for payments and Requests for Credit Extensions):

ABN AMRO Bank, N.V.

Street Address: 250 Bishopsgate

Mail Code:

City, State ZIP Code: London, EC2M 4AA

Attention: Alison Scoot / Michael Oates

Telephone: +44 207 678 5235 /

Telecopier: +44 207 678 6021

Electronic Mail: alison.scoot@uk.abnamro.com / michael.oates@uk.abnamro.com

Account No. (for Dollars):

USD

Bank: ABN AMRO BANK NV, NEW YORK

Swift: ABNAUS33

A/c No: 661001036741

A/c Name: ABN AMRO BANK NV, LONDON

Attn: Agency Europe

Account No. (for Euro):

EUR

Bank: ABN AMRO BANK NV, AMSTERDAM

Swift: ABNANL2A

					
	 	 	 	 	 
	 
	 	3
	 	Schedule 16.2

 

 

A/c No: 429276230

A/c Name: ABN AMRO BANK NV, LONDON

Attn Agency Europe

Account No. (for Sterling):

GBP

Bank: ABN AMRO BANK NV, LONDON

Direct Chaps: 405030

Swift: ABNAGB2L

Attn: Agency Europe

Account No. (for Yen):

JPY

Bank: ABN AMRO BANK NV, TOKYO

Swift: ABNAJPJT

A/c No: 1722794

A/c Name: ABN AMRO BANK NV, LONDON

Attn: Agency Europe

EURO L/C ISSUER:

ABN AMRO Bank, N.V.

Agency Europe

Street Address: 250 Bishopsgate

Mail Code:

City, State ZIP Code: London EC2M 4AA

Attention: Joyce Weekes

Telephone: +44 207 678 5019

Telecopier: +44 207 678 6021

Electronic Mail: joyce.weekes@uk.abnamro.com

EURO SWING LINE LENDER:

ABN AMRO Bank N.V.

Gustav Mahlerlaan 10

PO Box 283

1000 EA Amsterdam

Attn. Credit Administration Netherlands/HQ6044

contacts for operational matters:

Loan Servicing CPM Desk

Telephone +31-20-433 271

Fax.: +31-20-383 1887

e-mail: loan.servicing.cpm.desk@nl.abnamro.com

            ca.nl.analysis@nl.abnamro.com

Payment instructions:

Bank: ABN AMRO Bank N.V., Amsterdam (Swift ABNANL2A)

account no. 52.47.14.274

account name: ABN AMRO, Credit Administration Netherlands

reference: FC/ProLogis

					
	 	 	 	 	 
	 
	 	4
	 	Schedule 16.2

 

 

YEN FUNDING AGENT:

Yen Funding Agent’s Office

(for payments and Requests for Credit Extensions):

Sumitomo Mitsui Banking Corporation

Yusen-Odenmacho Build.

13-6, Kodenma-cho Nihonbashi

Chuo-ku Tokyo 103-0001, Japan

Attention: Syndication Dept. / Masahiko Nakamura

Telephone: 81-3-5640-6726

Telecopier: 81-3-5695-5268

Electronic Mail: Nakamura_Masahiko@dn.smbc.co.jp

Account No. (for Dollars):

CITIBANK, NA

ABA#:021000089

Account #:36023837

Account Name: SMBC, NEW YORK

Attention: SDAD-LOAN SERVICES

Ref: ProLogis

Account No. (for Euro):

DEUTSCHE BANK, AG

SWIFT ADDRESS: DEUTDEFF

Account #: 958780910

Account Name: SMBC, NY (SMBCUS33)

Attention: SDAD-LOAN SERVICES

Ref: ProLogis

Account No. (for Sterling):

SMBC, London

SWIFT ADDRESS: SMBCGB2L

Account #: 680156

Account Name: SMBC, NY (SMBCUS33)

Attention: SDAD-LOAN SERVICES

Ref: ProLogis

Account No. for Yen:

Bank Name: Sumitomo Mitsui Banking Corporation

Branch: Head Office, Account Type: Others

Account Name: Agent Account

Account #: 936020

Ref: ProLogis Account, Attn: Credit Services

YEN L/C ISSUER:

Sumitomo Mitsui Banking Corporation, New York Branch

277 Park Avenue,

New York, NY10172

Attention: Delma C. Mitchell

					
	 	 	 	 	 
	 
	 	5
	 	Schedule 16.2

 

 

Telephone: 1-212-224-4387

Telecopier: 1-212-224-4391

Electronic Mail: Delma_c_Mitchell@smbcgroup.com KRW FUNDING AGENT:

KRW Funding Agent’s Office

(for payments and Requests for Committed Borrowings):

Sumitomo Mitsui Banking Corporation, Seoul Branch

7th floor, Young Poong Bldg. 33, Seorin-Dong, Jongno-Gu,

Seoul, 110-752, Korea

Attention: Min-Kyung Kim

Telephone: 822-399-6325

Telecopier: 822-399-6332

Electronic Mail: minkyung_kim@kr.smbc.co.jp

Account No. (for KRW): 1599 (with Bank of Korea)

Ref: Sumitomo Mitsui Banking Corporation, Seoul Branch, Attn: Min-kyung Kim

					
	 	 	 	 	 
	 
	 	6
	 	Schedule 16.2

 

 

SCHEDULE 16.6

PROCESSING AND RECORDATION FEES

The applicable Agent will charge a processing and recordation fee (an “Assignment Fee”) in
the amount of $3,500 for each assignment; provided, however, that in the event of
two or more concurrent assignments to members of the same Assignee Group (which may be effected by
a suballocation of an assigned amount among members of such Assignee Group) or two or more
concurrent assignments by members of the same Assignee Group to a single Eligible Assignee (or to
an Eligible Assignee and members of its Assignee Group), the Assignment Fee will be $2,500 plus the
amount set forth below:

	 	 	 	 	 
	Transaction	 	Assignment Fee
	 
	First four concurrent assignments or suballocations to
members of an Assignee Group (or from members of an
Assignee Group, as applicable)

	 	 	-0-	 
	Each additional concurrent assignment or suballocation to a
member of such Assignee Group (or from a member of such
Assignee Group, as applicable)

	 	$	500	 

					
	 	 	 	 	 
	 
	 	1
	 	Schedule 16.6

 

 

EXHIBIT A-1

FORM OF U.S. COMMITTED LOAN NOTICE

Date: ___________, _____

			
	To:	 	Bank of America, N.A., as U.S. Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

     The Borrower listed below hereby requests (select one):

o A U.S. Committed Borrowing of U.S. Committed Loans.

o A conversion or continuation of U.S. Committed Loans that currently are [currency and Type of
existing U.S. Committed Loans to be converted or continued][with an Interest Period ending on
___.]

	1.	 	On                    (a Business Day).
	 
	2.	 	In the aggregate amount of                                         .
	 
	3.	 	Comprised of                    .

[Type of U.S. Committed Loans requested]
	 
	4.	 	In the following currency:                                         .
	 
	5.	 	For Eurocurrency Rate Loans: with an Interest Period of days/months.

The U.S. Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 2.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit A-1

 

 

EXHIBIT A-2

FORM OF CANADIAN COMMITTED LOAN NOTICE

Date: ___________, _____

			
	To:	 	Bank of America, N.A., acting through its Canada branch, as Canadian Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The Borrower listed below hereby requests (select one):

o A Canadian Committed Borrowing of Canadian Committed Loans.

o A conversion or continuation of Canadian Committed Loans that currently are [Type of existing
Canadian Committed Loans to be converted or continued][with an Interest Period ending on ___.]

	1.	 	On                                         (a Business Day).
	 
	2.	 	In the aggregate amount of Cdn$                                        .
	 
	3.	 	Comprised of                    .

[Type of Canadian Committed Loan requested]
	 
	4.	 	For Eurocurrency Rate Loans: with an Interest Period of                     days/months.
	 
	5.	 	For BA Rate Loans: with an Interest Period of                      days/months.

The Canadian Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 3.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	CANADIAN BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit A-2

 

 

EXHIBIT A-3

FORM OF EURO COMMITTED LOAN NOTICE

Date: ___________, _____

			
	To:	 	ABN AMRO Bank N.V., as Euro Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The Borrower listed below hereby requests (select one):

o A Euro Committed Borrowing of Euro Committed Loans.

o A continuation of Euro Committed Loans

	1.	 	On                                        (a Business Day).
	 
	2.	 	In the aggregate amount of                                          .
	 
	3.	 	In the following currency:                                         .
	 
	4.	 	Eurocurrency Rate Loans: with an Interest Period                    of days/months.

The Euro Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 4.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	EURO BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit A-3

 

 

EXHIBIT A-4

FORM OF YEN COMMITTED LOAN NOTICE

Date: ___________, _____

			
	To:	 	Sumitomo Mitsui Banking Corporation, as Yen Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The Borrower listed below hereby requests (select one):

o A Yen Committed Borrowing of Yen Committed Loans.

o A conversion or continuation of Yen Committed Loans that currently are [currency and Type of
existing Yen Committed Loans to be converted or continued][with an Interest Period ending on
___.]

	1.	 	On                                        (a Business Day).
	 
	2.	 	In the aggregate amount of                                         .
	 
	3.	 	Comprised of                     .

[Type of Yen Committed Loans requested]
	 
	4.	 	In the following currency:                                         .
	 
	5.	 	For Eurocurrency Rate Loans: with an Interest Period of                     days/months.

The Yen Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 5.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	YEN BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit A-4

 

 

EXHIBIT A-5

FORM OF KRW COMMITTED LOAN NOTICE

Date: ___________, _____

			
	To:	 	Sumitomo Mitsui Banking Corporation, as KRW Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The Borrower listed below hereby requests a KRW Committed Borrowing of KRW Committed Loans:

	1.	 	On                                        (a Business Day).
	 
	2.	 	In the aggregate amount of                                        .

	 	 	The KRW Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 6.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	KRW BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit A-5

 

 

EXHIBIT B-1

FORM OF U.S. SWING LINE LOAN NOTICE

Date: ___________, _____

			
	To:	 	Bank of America, N.A., as U.S. Swing Line Lender

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The undersigned hereby requests a U.S. Swing Line Loan:

	1.	 	On                                         (a Business Day).
	 
	2.	 	In the amount of $                                        .

The U.S. Swing Line Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 2.5.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit B-1

 

 

EXHIBIT B-2

FORM OF EURO SWING LINE LOAN NOTICE

Date: ___________, _____

			
	To:	 	ABN AMRO Bank N.V., as Euro Swing Line Lender

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

The undersigned hereby requests a Euro Swing Line Loan:

	1.	 	On                                        (a Business Day).
	 
	2.	 	In the amount of                                        .
	 
	3.	 	In the following currency: o Euro or o Sterling.

The Euro Swing Line Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 4.5.1 of the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	EURO BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit B-2

 

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: __________________,

			
	To:	 	Bank of America, N.A., as Global Administrative Agent

Ladies and Gentlemen:

     Reference is made to that certain Global Senior Credit Agreement, dated as of October 6, 2005
(as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, and Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

     The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                                            of the Company, and that, as such, he/she is authorized to execute and deliver this Certificate to
Global Administrative Agent on the behalf of the Company, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto as Schedule 1 are the year-end audited financial statements required by
Section 12.01(a) of the Agreement for the fiscal year of the Company ended as of the above
date, together with the report and opinion of an independent certified public accountant required
by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 12.01(b) of the Agreement for the fiscal quarter of the Company ended as of the
above date. Such financial statements fairly present the financial condition, results of
operations and cash flows of the Company and its Subsidiaries in accordance with GAAP as at such
date and for such period, subject only to normal year-end audit adjustments and the absence of
footnotes.

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the condition (financial or
otherwise) of the Company as of the date of the attached financial statements and for the
accounting period then ended with the purpose of determining whether Company was in compliance with
the Agreement as of such date, and

[select one:]

[to the best knowledge of the undersigned, no Default existed on such date.]

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit C

 

 

—or—

     [the following is a list of Defaults that, to the best knowledge of the undersigned, existed
on such date, together with a description of the nature and status of each such Default:]

3. The financial covenant analyses and information set forth on Schedule 2 attached hereto
are true and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of___,___.

	 	 	 	 	 	 	 	 	 
	 	 	PROLOGIS, a Maryland real estate investment trust
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	2
	 	Exhibit C

 

 

For the Quarter/Year ended ___________________(“Statement Date”)

SCHEDULE 2

to the Compliance Certificate

($ in 000’s)

     The following covenant computations, together with the supporting schedules attached hereto,
are true and correct:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	a.
	 	Minimum Consolidated Net Worth.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Actual:
	 	$                    	 	 	 	 	 	 
	 

	 	 	 	Required Minimum:
	 	$                    1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	b.
	 	Leverage Ratio (ProLogis and
Consolidated Affiliates).	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Actual:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Indebtedness of the Companies
	 	$                    2
	 	 	(1	)	 	 
	 

	 	 	 	Total Assets Value
	 	$                    
	 	 	(2	)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Ratio of (1) to (2):	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Required Maximum:
	 	0.60 to 1.03	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	C.
	 	Fixed Charge Coverage Ratio.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Adjusted EBITDA
	 	$                    
	 	 	(1	)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Capital Expenditures
	 	 	 	 	(2	)	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Subtotal (1) — (2)
	 	 	 	 	(3	)	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Debt Service
	 	 	 	 	(4	)	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Preferred Dividends
	 	 	 	 	(5	)	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Subtotal (4) + (5)
	 	 	 	 	(6	)	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Ratio of (3) to (6):	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Required Minimum:
	 	1.75 to 1.0	 	 	 	 	 	 

 

			
	1	 	$2,500,000,000 plus 70% of the Net
Proceeds of all Equity Issuances after the Closing Date (other than other than
(x) the issuance and sale of preferred Equity Interests in substitution and
replacement of other preferred Equity Interests that ProLogis redeemed or
otherwise acquired pursuant to a Permitted Redemption to the extent that the
net proceeds from such issuance and sale do not exceed the amount of such
Permitted Redemption and (y) issuances to a Company).
	 
	2	 	Includes Companies’ Share of Indebtedness
of Unconsolidated Affiliates of Companies.
	 
	3	 	May be increased to 0.65 to 1.0 upon the
satisfaction of conditions outlined in the Credit Agreement.

					
	 	 	 	 	 
	 
	 	3
	 	Exhibit C

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	d.
	 	Unencumbered Debt Service
Coverage
Ratio.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	Unencumbered EBITDA
	 	$                    
	 	 	(1	)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	Unencumbered Debt Service
	 	                      	 	 	(2	)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	Ratio of (1) to (2):	 	                      	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	Required Minimum 1.75 to 1.0	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 e.
	 	Investments.	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Percent of	 	 	Maximum	 
	 	 	 	 	 	 	Amount	 	 	Total Assets	 	 	Permitted	 
	 	 	 	 	Investments in raw land, Non-Industrial
Properties and Refrigerated Properties
	 	 	                      	 	 	 	                      	%	 	 	25	%
	 	 	 	 	Total Asset Value
	 	$	                    	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	f.
	 	Secured Indebtedness.	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Percent of	 	 	Maximum	 
	 	 	 	 	 	 	Amount	 	 	Total Assets	 	 	Permitted	 
	 
	 	Secured Debt	 	 	                      	 	 	 	                      	%	 	 	25	%
	 
	 	Total Asset Value	 	$	                      	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	g.
	 	Distributions and Redemptions.	 	 	 	 	 	 	 	 
	 

	 	 	 	Funds from Operations
	 	$                    
	 	 	(1	)	 	 
	 
	 

	 	 	 	Distributions
	 	$                    
	 	 	(2	)	 	 
	 
	 

	 	 	 	Percent (2) ÷ (1):	 	                      
	 	 	 	 	 	 
	 

	 	 	 	          Redemption of Common Stock
	 	$                    	 	 	 	 	 	 
	 
	 

	 	 	 	          Permitted aggregate maximum
	 	$400,000,0004	 	 	 	 	 	 

Date:__________________________

 

			
	4	 	Excluding Restricted Payments otherwise
permitted by Section 13.5 of the Agreement.

					
	 	 	 	 	 
	 
	 	4
	 	Exhibit C

 

 

EXHIBIT D

ASSIGNMENT AND ASSUMPTION

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

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and
the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions and the Agreement, as of the Effective Date
inserted by the applicable Funding Agent as contemplated below, (i) all of the Assignor’s rights
and obligations as a Lender under the Agreement and any document or instrument delivered pursuant
thereto to the extent related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the respective Tranches identified below
(including, without limitation, the Letters of Credit and the Swing Line Loans included in such
facilities1) and (ii) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and other rights of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection with the Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to
herein collectively as the “Assigned Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

	1.	 	Assignor:                                         
	 
	2.	 	Assignee:                                         [and is an Affiliate/Approved Fund of [identify Lender]2]
	 
	3.	 	Borrower(s):                                         
	 
	4.	 	Global Administrative Agent: Bank of America, N.A., as the global administrative
agent under the Agreement
	 
	5.	 	Applicable Funding Agent:                                         

 

			
	1	 	Include all applicable subfacilities.
	 
	2	 	Select as applicable.

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit D

 

 

6. Agreement: Credit Agreement, dated as of October 6, 2005 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”), among ProLogis (the “Company”), certain Affiliate Borrowers from time
to time party thereto, the Lenders from time to time party thereto, Bank of America, N.A., as
Global Administrative Agent, Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a
U.S. L/C Issuer, Bank of America, N.A., acting through its Canada branch, as Canadian Funding Agent
and a Canadian L/C Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent,
Euro Swing Line Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen
Funding Agent, KRW Funding Agent, and a Yen L/C Issuer.

7. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	AGGREGATE AMOUNT	 	 	 	 	 	 	 	 
	 	 	OF	 	 	 	 	 	 	 	 
	 	 	COMMITMENT/LOANS	 	 	 	PERCENTAGE	 	 	 	 
	TRANCHE	 	FOR ALL APPLICABLE	 	AMOUNT OF	 	ASSIGNED OF	 	 	 	 
	ASSIGNED	 	TRANCHE LENDERS	 	COMMITMENT	 	COMMITMENT	 	CUSIP NUMBER	 	 
	 

	 	 	 	$-
	 	$-
	 	%-	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	$-
	 	$-
	 	%-	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	$-
	 	 	 	$-
	 	%-	 	 
	 
	 	 	 	 	 	 	 	 	 	 

[8. Trade Date: ___]3

9. Qualifications. Annex 2 attached hereto sets forth the specific qualifications
of the Assignee.

10. Acknowledgment of Security Agency Agreement. Assignee acknowledges and agrees to the
terms and conditions set forth in, and agrees to be bound by all of the provisions of, the Security
Agency Agreement as if it were a signatory thereto including the provisions that provide for the
allocation or reallocation of Recoveries (as defined in the Security Agency Agreement) from such
Assignee.

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

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

	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

 

			
	3	 	To be completed if the Assignor and the
Assignee intend that the minimum assignment amount is to be determined as of
the Trade Date.

					
	 	 	 	 	 
	 
	 	2
	 	Exhibit D

 

 

	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 
	 

	 	Include bracketed language below if a Dutch Borrower
is a Borrounder the applicable Tranche.
	 
	 	 
	 

	 	[For the purpose of Dutch Banking Act, Subsequent
Lender expressly confirms the representations in Section
16.18.2 of the Agreement.]

	 	 	 	 	 	 	 	 	 
	[Consented to and]4 Accepted:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[Consented to:]5	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PROLOGIS	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

 

			
	4	 	To be added only if the consent of the applicable Agent is required by the terms of the Credit Agreement.
	 
	5	 	To be added only if the consent of the Company and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.

					
	 	 	 	 	 
	 
	 	3
	 	Exhibit D

 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

PROLOGIS SENIOR GLOBAL CREDIT AGREEMENT

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

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

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Agreement, (ii) it meets all requirements of an Eligible Assignee under the Agreement (subject to
receipt of such consents as may be required under the Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has
received a copy of the Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 12.1 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on any Agent or any other
Lender, and (v) if it is a Foreign Lender, attached hereto is any documentation required to be
delivered by it pursuant to the terms of the Agreement, duly completed and executed by the
Assignee; and (b) agrees that (i) it will, independently and without reliance on any Agents, the
Assignor or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender.

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

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

					
	 	 	 	 	 
	 
	 	4
	 	Exhibit D

 

 

Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York.

					
	 	 	 	 	 
	 
	 	5
	 	Exhibit D

 

 

ANNEX 2 TO ASSIGNMENT AND ASSUMPTION

PROLOGIS SENIOR GLOBAL CREDIT AGREEMENT

I. Alternative Currency Qualifications (complete for each Assigned Applicable Tranche):

1. Assignee represents and warrants to U.S. Funding Agent that it can provide U.S. Committed Loans
in each of the following Alternative Currencies marked as “Available” under the U.S. Tranche:

	 	 	 	 	 	 	 	 	 
	Canadian Dollars	 	Euro	 	Sterling	 	Yen	 	 
	Available / Not

Available

	 	Available /
	 	Not Available
	 	Available / Not Available
	 	Available / Not Available

2. Assignee represents and warrants Euro Funding Agent that it can provide Euro Committed
Loans in each of the following Alternative Currencies marked as “Available” under the Euro Tranche:

	 	 	 	 	 
	Dollars	 	Sterling	 	Yen
	Available / Not Available

	 	Available / Not Available
	 	Available / Not Available

3. Assignee represents and warrants to Yen Funding Agent that it can provide Yen Committed
Loans in each of the following Alternative Currencies marked as “Available” under the Yen Tranche:

	 	 	 	 	 
	Dollars	 	Euro	 	Sterling
	Available / Not Available

	 	Available / Not Available
	 	Available / Not Available

II. TMK Qualifications (Complete if assigned U.S. Tranche, Euro Tranche, or Yen Tranche):

[select one:]

[1. Assignee represents and warrants to the applicable Funding Agents that it is an
institution from which a TMK may, pursuant to the Laws of Japan, borrow money.]

[1. Assignee represents and warrants to the applicable Funding Agents that it is not an
institution from which a TMK may, pursuant to the Laws of Japan, borrow money.]

Note: a Yen Lender must be an institution from which a TMK may, pursuant to the Laws of Japan,
borrow money.

					
	 	 	 	 	 
	 
	 	6
	 	Exhibit D

 

 

III. Foreign Borrower Qualifications (complete for each Assigned Applicable Tranche):

1. Assignee represents and warrants to U.S. Funding Agent that it can provided U.S. Committed
Loans in each of the following jurisdictions marked as “Available” under the U.S. Tranche without
the imposition of any withholding tax:

	 	 	 
	The Netherlands	 	Japan
	Available / Not Available

	 	Available / Not Available

2. Assignee represents and warrants to Euro Funding Agent that it can provided Euro Committed
Loans in each of the following jurisdictions marked as “Available” under the Euro Tranche without
the imposition of any withholding tax:

	 	 	 
	United States	 	Japan
	Available / Not Available

	 	Available / Not Available

3. Assignee represents and warrants to Yen Funding Agent that it can provided Yen Committed
Loans in each of the following jurisdictions marked as “Available” under the Yen Tranche without
the imposition of any withholding tax:

	 	 	 
	United States	 	The Netherlands
	Available / Not Available

	 	Available / Not Available

					
	 	 	 	 	 
	 
	 	7
	 	Exhibit D

 

 

EXHIBIT E

FORM OF PARENT GUARANTY

     THIS PARENT GUARANTY AGREEMENT is executed as of October 6, 2005 (this “Guaranty Agreement”),
by PROLOGIS, a Maryland real estate investment trust (“ProLogis”), as guarantor (“Guarantor”) for
the benefit of the Guaranteed Credit Parties (as defined below). Capitalized terms used but not
defined herein have the respective meanings set forth in the Security Agency Agreement referred to
below, and the rules of interpretation set forth in Sections 1.2(a) and (c) of the Global Credit
Agreement referred to below shall apply herein as if fully set forth herein.

R E C I T A L S:

     1. Pursuant to the Global Senior Credit Agreement dated as of even date herewith (the “Global
Credit Agreement”), by and among ProLogis, the Affiliate Borrowers party thereto from time to time
(the “Affiliate Borrowers”), Bank of America, N.A. (“Bank of America”), as Global Administrative
Agent (in such capacity, “Global Administrative Agent”), and the other agents, letter of credit
issuers and lenders from time to time party thereto, the Global Lenders have agreed to provide a
global credit facility to ProLogis and the Affiliate Borrowers.

     2. The Global Credit Agreement requires that, subject to certain limitations set forth
therein, Guarantor execute this Guaranty Agreement in order to guaranty all of the “Obligations”
(as defined in the Global Credit Agreement) of all Affiliate Borrowers under the Credit Agreement.

     3. Bank of America, as Global Administrative Agent and Collateral Agent, and certain other
creditors of Guarantor have entered into a Second Amended and Restated Security Agency Agreement
dated as of October 6, 2005 (the “Security Agency Agreement”).

     4. Guarantor intends that all Credit Obligations of all subsidiaries and affiliates of
Guarantor (all subsidiaries and affiliates of Guarantor that have Credit Obligations, each an
“Obligor” and collectively the “Obligors”) shall be guaranteed hereunder.

     5. Guarantor will benefit from the extensions of credit to the Obligors by the Guaranteed
Credit Parties.

     NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, Guarantor hereby guarantees payment of the Guaranteed Obligations
(as defined below) as more specifically described herein and hereby agree as follows:

SECTION 1

NATURE AND SCOPE OF GUARANTY

     1.1 Definition of Guaranteed Obligations and Guaranteed Credit Parties. As used herein, (a)
the term “Guaranteed Credit Parties” means all Credit Parties other than Noteholders; and (b) the
term “Guaranteed Obligations” means (i) all Credit Obligations owing to the Guaranteed Credit
Parties and (ii) all costs, expenses and fees, including court costs and reasonable attorneys’
fees, arising in connection with the collection of any Guaranteed Obligations.

					
	 	 	 	 	 
	 
	 	1
	 	Parent Guaranty

 

 

     1.2 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the
liabilities and obligations of Guarantor to the Guaranteed Credit Parties hereunder shall not be
reduced, discharged or released because or by reason of any existing or future offset, claim or
defense of any Obligor (including any offset for present or future Taxes as set forth in Section
1.10 hereof), or any other party, against any Guaranteed Credit Party or against payment of the
Guaranteed Obligations, whether such offset, claim or defense arises in connection with the
Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.
Without limiting the foregoing or Guarantor’s liability hereunder, to the extent that any
Guaranteed Credit Party advances funds or extends credit to any Obligor, and does not receive
payments or benefits thereon in the amounts and at the times required or provided by the Financing
Agreements or under applicable law, Guarantor is absolutely liable to make such payments to (and
confer such benefits on) such Guaranteed Credit Party, on a timely basis.

     1.3 Guaranty of Guaranteed Obligations. Guarantor hereby irrevocably and unconditionally
guarantees to the Guaranteed Credit Parties (a) the due and punctual payment of the Guaranteed
Obligations when due (whether at stated maturity, upon acceleration or otherwise) and (b) the
timely performance of all other obligations now or hereafter owed by all Obligors to the Guaranteed
Credit Parties under the Financing Agreements. Guarantor hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as primary obligor and not
merely as surety.

     1.4 Nature of Guaranty. This Guaranty Agreement is intended to be an irrevocable, absolute
and continuing guaranty of payment and is not a guaranty of collection. This Guaranty Agreement
may not be revoked by Guarantor. The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced or paid in full shall not release, discharge or reduce the
obligation of Guarantor with respect to indebtedness or obligations of any Obligor to the
Guaranteed Credit Parties thereafter incurred (or other Guaranteed Obligations thereafter arising)
under the Financing Agreements. This Guaranty Agreement shall not be discharged by the assignment
or negotiation of all or part of the Guaranteed Obligations.

     1.5 Payment by Guarantor. If all or any part of the Guaranteed Obligations shall not be
punctually paid when due, whether at maturity or earlier by acceleration or otherwise, then
Guarantor shall, immediately upon demand by Collateral Agent for the benefit of the Guaranteed
Credit Parties, and without presentment, protest, notice of protest, notice of nonpayment, notice
of intention to accelerate or acceleration or any other notice whatsoever, pay, at the election of
Collateral Agent, in the lawful currency in which the applicable Guaranteed Obligations have been
incurred or in lawful money of the United States of America (or such other currency as may be
required under the applicable Financing Agreement), the amount due on the Guaranteed Obligations to
Collateral Agent, for the benefit of the Guaranteed Credit Parties, at Collateral Agent’s principal
office in Dallas, Texas. Any such demand may be made at any time coincident with or after the time
for payment of all or part of the Guaranteed Obligations, and may be made from time to time with
respect to the same or different items of Guaranteed Obligations. Any such demand shall be deemed
made, given and received in accordance with Section 5.2 hereof. Guarantor agrees to make all
payments hereunder strictly in accordance with the terms hereof regardless of any law, regulation
or order now or hereafter in effect in the jurisdiction in which Guarantor is organized or formed
or any other jurisdiction (except the laws of the State of New York) affecting any of such terms or
the rights of the Guaranteed Credit Parties with respect thereto.

     1.6 Payment of Expenses. If Guarantor breaches or fails to timely perform any provision of
this Guaranty Agreement, then Guarantor shall, immediately upon demand by Collateral Agent, pay to
Collateral Agent, for the benefit of the Guaranteed Credit Parties, all costs and expenses
(including court costs and reasonable attorneys’ fees and expenses) incurred by the Guaranteed
Credit Parties in the enforcement hereof or the preservation of the Guaranteed Credit Parties’
rights hereunder, including any

					
	 	 	 	 	 
	 
	 	2
	 	Parent Guaranty

 

 

of the foregoing arising out of any case commenced by or against Guarantor under the
Bankruptcy Code (Title 11, United States Code) or any similar or successor statute. The covenant
contained in this Section 1.6 shall survive the payment of the Guaranteed Obligations.

     1.7 No Duty to Pursue Others. Neither Collateral Agent nor any other Guaranteed Credit Party
shall be required (and Guarantor hereby waives any rights which it may have to require Collateral
Agent or any other Guaranteed Credit Party) to, in order to enforce payment by Guarantor, first (a)
institute suit or exhaust remedies against any Obligor or others liable on the Guaranteed
Obligations or any other Person, (b) enforce the Guaranteed Credit Parties’ (or Collateral Agent’s)
rights against any security which shall ever have been given to secure the Guaranteed Obligations,
(c) enforce the Guaranteed Credit Parties’ (or Collateral Agent’s) rights against any other
guarantors of the Guaranteed Obligations, (d) join Obligors or any others liable on the Guaranteed
Obligations in any action seeking to enforce this Guaranty Agreement, (e) exhaust any remedies
available to the Guaranteed Credit Parties (or Collateral Agent) against any security which shall
ever have been given to secure the Guaranteed Obligations or (f) resort to any other means of
obtaining payment of the Guaranteed Obligations. The Guaranteed Credit Parties shall not be
required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed
Obligations. Further, Guarantor expressly waives each and every right to which it may be entitled
by virtue of the suretyship law of any applicable jurisdiction.

     1.8 Waiver of Notices, etc. Guarantor agrees to the provisions of each of the Financing
Agreements, and hereby waives notice of (a) any loan or advance made by any Guaranteed Credit Party
to any Obligor or issuance or redemption of any instrument evidencing indebtedness of an Obligor in
favor of a Guaranteed Credit Party, (b) acceptance of this Guaranty Agreement, (c) any amendment or
extension of any Financing Agreement or any other instrument or document pertaining to all or any
part of the Guaranteed Obligations, (d) the execution and delivery by any Obligor and any
Guaranteed Credit Party of any other loan or credit agreement or of any Obligor’s execution and
delivery of any promissory note or other document in connection therewith, (e) the occurrence of
any Event of Default, (f) any Guaranteed Credit Party’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (g) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral for the Guaranteed Obligations, (h) protest, proof of nonpayment or
default by any Obligor with respect to any of the Guaranteed Obligations, (i) the release of any
other guarantor of the Guaranteed Obligations or (j) any other action at any time taken or omitted
by any Guaranteed Credit Party, and, generally, all demands and notices of every kind in connection
with this Guaranty Agreement, any Financing Agreement, and any other document or agreement
evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby
guaranteed.

     1.9 Effect of Bankruptcy, Other Matters. If, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order, or decision
thereunder, or for any other reason, (a) any Guaranteed Credit Party must rescind or restore any
payment, or any part thereof, received by such Guaranteed Credit Party in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this
Guaranty Agreement given to Guarantor by such Guaranteed Credit Party shall be without effect, and
this Guaranty Agreement shall remain in full force and effect, (b) any Obligor shall cease to be
liable to the Guaranteed Credit Parties for any of the Guaranteed Obligations (other than by reason
of the indefeasible payment in full thereof), then the obligations of Guarantor under this Guaranty
Agreement shall remain in full force and effect. It is the intention of the Guaranteed Credit
Parties and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance.
Without limiting the generality of the foregoing, it is the intention of the Guaranteed Credit
Parties and Guarantor that the filing of any Bankruptcy Proceeding by or against any Obligor or any
other Person obligated on any portion of the Guaranteed Obligations shall not affect the
obligations of Guarantor under this Guaranty Agreement or the rights of the Guaranteed Credit
Parties (or Collateral

					
	 	 	 	 	 
	 
	 	3
	 	Parent Guaranty

 

 

Agent acting on their behalf) under this Guaranty Agreement, including the right or ability of
the Guaranteed Credit Parties (or Collateral Agent on their behalf) to pursue or institute suit
against Guarantor for the entire Guaranteed Obligations.

     1.10 Taxes. If Guarantor makes a payment hereunder to which Indemnified Taxes or Other Taxes
(each as defined in the Global Credit Agreement) apply or are at any time imposed on any payment
under or in respect of this Guaranty Agreement, Guarantor shall pay all such Taxes to the relevant
authority in accordance with applicable law such that the Guaranteed Credit Parties receive the sum
they would have received had no such deduction or withholding of such Taxes been made and shall
also pay to the Guaranteed Credit Parties, on demand, all additional amounts which any such
Guaranteed Credit Party specifies as necessary to preserve the after-tax yield the Guaranteed
Credit Party would have received if such taxes had not been imposed. Guarantor shall, as soon as
practicable after any payment described above, deliver to Collateral Agent the original or a
certified copy of a receipt issued by the relevant authority evidencing the payment of any such
amount required to be deducted or withheld.

SECTION 2

ADDITIONAL EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agree that Guarantor’s
obligations under this Guaranty Agreement shall not be released, diminished, impaired, reduced or
adversely affected by any of the following, and waives any common law, equitable, statutory or
other rights (including, without limitation, rights to notice) which Guarantor might otherwise have
as a result of or in connection with any of the following:

     2.1 Modifications, etc. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations or of the Financing Agreements;

     2.2 Adjustment, etc. Any adjustment, indulgence, forbearance or compromise that might be
granted or given by any Guaranteed Credit Party to Guarantor or any Obligor;

     2.3 Condition, Composition or Structure of Obligor or Guarantor. The insolvency, bankruptcy,
arrangement, adjustment, composition, structure, liquidation, disability, dissolution or lack of
power of any Obligor, Guarantor or any other party at any time liable for the payment of all or
part of the Guaranteed Obligations; or any dissolution of any Obligor or of Guarantor, or any sale,
lease or transfer of any or all of the assets of any Obligor or of Guarantor, or any change in
name, business, location, composition, structure, shareholders, partners or members (whether by
accession, secession, cessation, death, dissolution, transfer of assets or otherwise) of any
Obligor or of Guarantor; or any reorganization of any Obligor or of Guarantor;

     2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality, or unenforceability of
any part of the Guaranteed Obligations, or any document or agreement executed in connection with
the Guaranteed Obligations, for any reason whatsoever, including the fact that (a) the Guaranteed
Obligations, or any part thereof, exceed the amount permitted by law, (b) the act of creating the
Guaranteed Obligations, or any part thereof, is ultra vires, (c) the officers or representatives
executing the Financing Agreements or any other documents otherwise creating the Guaranteed
Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable
usury laws, (e) any Obligor has valid defenses, claims or offsets (whether at law, in equity or by
agreement) which render any Guaranteed Obligations wholly or partially uncollectible from such
Obligor, (f) the creation, performance

					
	 	 	 	 	 
	 
	 	4
	 	Parent Guaranty

 

 

or repayment of the Guaranteed Obligations (or the execution, delivery, and performance of any
document or instrument representing part of the Guaranteed Obligations or executed in connection
with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is
illegal, uncollectible, or unenforceable, or (g) the Financing Agreements or other documents or
instruments pertaining to the Guaranteed Obligations have been forged or otherwise are irregular or
not genuine or authentic.

     2.5 Release of Obligors. Any full or partial release of the liability of any Obligor on the
Guaranteed Obligations, or any part thereof, or of any co-guarantor or any other Person now or
hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof,
it being recognized, acknowledged and agreed by Guarantor that it may be required to pay the
Guaranteed Obligations in full without assistance or support of any other party, and Guarantor has
not been induced to enter into this Guaranty Agreement on the basis of a contemplation, belief,
understanding or agreement that other parties will be liable to perform the Guaranteed Obligations,
or that the Guaranteed Credit Parties will look to other parties to perform the Guaranteed
Obligations; notwithstanding the foregoing, Guarantor does not hereby waive or release (expressly
or impliedly) any rights of subrogation, reimbursement or contribution which it may have, after
indefeasible payment in full of the Guaranteed Obligations (other than contingent indemnification
obligations not yet due and payable (“Contingent Indemnification Obligations”)), against others
liable on the Guaranteed Obligations; provided that Guarantor’s rights of subrogation,
reimbursement and contribution are subordinate to the rights and claims of the Guaranteed Credit
Parties until the payment in full of all Guaranteed Obligations (other than Contingent
Indemnification Obligations);

     2.6 Other Security. The taking or accepting of any other security, collateral, guaranty or
other assurance of payment for all or any part of the Guaranteed Obligations;

     2.7 Release of Collateral, etc. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including negligent, willful, unreasonable, or
unjustifiable impairment) of any collateral, property or security at any time existing in
connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations;

     2.8 Care and Diligence. The failure of any Guaranteed Credit Party, Collateral Agent or any
other party to exercise diligence or reasonable care or to act, fail to act or comply with any duty
in the administration, preservation, protection, enforcement, sale application, disposal or other
handling or treatment of all or any part of Guaranteed Obligations or any collateral, property, or
security at any time securing any portion thereof, including the failure to conduct any foreclosure
or exercise any other remedy fairly, in a commercially reasonable manner, or in such a way so as to
obtain the best possible price or a favorable price or otherwise act or fail to act;

     2.9 Status of Liens. The fact that any collateral, security, security interest or lien
contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed
by Guarantor that Guarantor is not entering into this Guaranty Agreement in reliance on, or in
contemplation of the benefits of, the validity, enforceability, collectibility or value of any
collateral for the Guaranteed Obligations; notwithstanding the foregoing, Guarantor does not hereby
waive or release (expressly or impliedly) any right to be subrogated to the rights of the
Guaranteed Credit Parties in any collateral or security for the Guaranteed Obligations after
payment in full of the Guaranteed Obligations; provided that Guarantor’s rights of subrogation are
subordinate to the rights, claims, liens, and security interests of the Guaranteed Credit Parties
until the payment in full of the Guaranteed Obligations (other than Contingent Indemnification
Obligations);

					
	 	 	 	 	 
	 
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     2.10 Offset. Any existing or future right of offset, claim or defense of any Obligor against
the Guaranteed Credit Parties or any other party, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise;

     2.11 Merger. The reorganization, merger, or consolidation of any Obligor or Guarantor into or
with any other Person;

     2.12 Preference. Any payment by any Obligor to any Guaranteed Credit Party being held to
constitute a preference under bankruptcy laws, or for any reason any Guaranteed Credit Party is
required to refund such payment or pay such amount to such Obligor or another Person (other than in
accordance with the Security Agency Agreement); or

     2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with
respect to the Financing Agreements, the Guaranteed Obligations, or the security and collateral
therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood
or risk that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms
hereof; it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance,
event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction
of the Guaranteed Obligations.

SECTION 3

REPRESENTATIONS AND WARRANTIES

     To induce the Guaranteed Credit Parties to enter into the Global Credit Agreement and the
other Financing Agreements and to extend credit to Obligors, Guarantor represents and warrants to
the Guaranteed Credit Parties that:

     3.1 Benefit. Guarantor has received, or will receive, direct or indirect benefit from the
making of this Guaranty Agreement and the Guaranteed Obligations;

     3.2 No Representation by the Guaranteed Credit Parties. No Guaranteed Credit Party or any
other Person has made any representation, warranty, or statement to Guarantor in order to induce
Guarantor to execute this Guaranty Agreement;

     3.3 Guarantor’s’ Financial Condition. As of the date hereof, and after giving effect to this
Guaranty Agreement and the contingent obligations evidenced hereby, Guarantor is, and will be,
solvent;

     3.4 Legality. The execution, delivery, and performance by Guarantor of this Guaranty
Agreement and the consummation of the transactions contemplated hereunder (a) have been duly
authorized by all necessary trust action of Guarantor, (b) do not, and will not, contravene or
conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute
a default (or an event which with notice or lapse of time or both would constitute a default)
under, or result in the breach of, any indenture, mortgage, deed of trust, charge or lien, or any
contract, agreement or other instrument to which Guarantor is a party or which may be applicable to
Guarantor or any of its assets or violate any provisions of its Constituent Documents; and (c) this
Guaranty Agreement is a legal and binding obligation of Guarantor and is enforceable in accordance
with its terms, except as limited by bankruptcy, insolvency or

					
	 	 	 	 	 
	 
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other laws of general application relating to the enforcement of creditors’ rights and to
general principles of equity; and

     3.5 Survival. All representations and warranties made by Guarantor herein shall survive the
execution hereof.

SECTION 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     4.1 Subordination of Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean
all debts and liabilities of any Obligor to Guarantor, whether such debts and liabilities now exist
or are hereafter incurred or arise, or whether the obligations of such Obligor thereon be direct,
contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of
whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and
irrespective of the Person or Persons in whose favor such debts or liabilities may, at their
inception, have been, or may hereafter be created, or the manner in which they have been or may
hereafter be acquired by Guarantor. The Guarantor Claims shall include all rights and claims of
Guarantor against any Obligor (arising as a result of subrogation or otherwise) as a result of
Guarantor’s payment of all or a portion of the Guaranteed Obligations. If an Event of Default
exists, Guarantor shall not receive or collect, directly or indirectly, from any Obligor or any
other party any amount upon the Guarantor Claims unless and until the Guaranteed Obligations (other
than Contingent Indemnification Obligations) shall be paid and satisfied in full and Guarantor
shall have performed all of its obligations hereunder.

     4.2 Claims in Bankruptcy. In the event of any Bankruptcy Proceeding involving any Obligor as
debtor, Collateral Agent shall have the right to prove the claims of each Guaranteed Credit Party
in any such proceeding so as to establish their rights hereunder and receive directly from the
receiver, trustee or other court custodian dividends and payments which would otherwise be payable
upon Guarantor Claims. Should Collateral Agent receive, for application upon the Guaranteed
Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as
between any Obligor and Guarantor, shall constitute a credit upon the Guarantor Claims, then upon
payment to the Guaranteed Credit Parties in full of the Guaranteed Obligations (other than
Contingent Indemnification Obligations), Guarantor shall become subrogated to the rights of the
Guaranteed Credit Parties to the extent that such payments to the Guaranteed Credit Parties on the
Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such
subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have
been unpaid if Collateral Agent had not received dividends or payments upon the Guarantor Claims.

     4.3 Payments Held in Trust. In the event that, notwithstanding Sections 4.1 and 4.2 above,
Guarantor should receive any funds, payment, claim or distribution which is prohibited by such
Sections, Guarantor agrees to hold in trust for Collateral Agent, in kind, all funds, payments,
claims or distributions so received, and agrees that it shall have absolutely no dominion over such
funds, payments, claims or distributions so received except to pay them promptly to Collateral
Agent, for the benefit of the Guaranteed Credit Parties, and Guarantor covenants promptly to pay
the same to Collateral Agent.

     4.4 Liens Subordinate. Guarantor agrees that any lien, security interest, judgment lien,
charge or other encumbrance upon any Obligor’s assets securing payment of the Guarantor Claims
shall be and remain inferior and subordinate to any lien, security interest, judgment lien, charge
or other encumbrance upon such Obligor’s assets securing payment of the Guaranteed Obligations,
regardless of whether any such encumbrances presently exist or are hereafter created or attach.
Without the prior written consent of Collateral Agent, Guarantor shall not (a) exercise or enforce
any creditor’s right it may

					
	 	 	 	 	 
	 
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have against any Obligor or (b) foreclose, repossess, sequester or otherwise take steps or
institute any action or proceedings (judicial or otherwise, including the commencement of, or
joinder in, any Bankruptcy Proceeding) to enforce any lien, mortgage, deed of trust, security
interest, collateral right, judgment or other encumbrance on assets of any Obligor held by
Guarantor.

     4.5 Notation of Records. All promissory notes, accounts receivable ledgers, or other
evidences of the Guarantor Claims accepted by or held by Guarantor shall contain a specific written
notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this
Guaranty Agreement.

SECTION 5

MISCELLANEOUS

     5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of any Guaranteed
Credit Party, any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right. The rights and remedies of the Guaranteed Credit Parties hereunder shall be in
addition to all other rights and remedies provided by law or in equity. No modification or waiver
of any provision of this Guaranty Agreement, or consent to departure therefrom, shall be effective
unless in writing and no such consent or waiver shall extend beyond the particular case and purpose
involved. No notice or demand given in any case shall constitute a waiver of the right to take
other action in the same, similar, or other instances without such notice or demand. The
obligations hereunder shall not be affected, limited or impaired by any act of any Governmental
Authority affecting any Obligor, including any restriction on or regarding the conversion of
currency or repatriation or control of funds or any total or partial expropriation of such
Obligor’s property, or by any economic, political, regulatory or other event in any country in
which such Obligor is located.

     5.2 Notices. Any notice or other communication required or permitted to be given by this
Guaranty Agreement must be (a) given in writing and delivered by hand or overnight courier service
or mailed by prepaid certified or registered mail, return receipt requested, or (b) sent by
telecopier to the party to whom such notice or communication is directed (i) in the case of a
notice to a Guaranteed Credit Party or Collateral Agent, to the address or facsimile number of such
Person determined pursuant to the Security Agency Agreement, and (ii) in the case of a notice to
Guarantor, to the following:

Guarantor:

ProLogis

14100 East 35th Place

Aurora, Colorado 80011

Attention: Mr. M. Gordon Keiser, Jr.

Facsimile: 303-375-8581

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Any party may change its address for purposes of this Guaranty Agreement by giving notice of such
change to the other party pursuant to this Section 5.2. Any notice hereunder sent by Guarantor to
Collateral Agent shall be deemed to have been received by all Voting Credit Parties.

					
	 	 	 	 	 
	 
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     5.3 GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. GUARANTOR IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK, NEW YORK AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. GUARANTOR AGREES THAT A
FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
GUARANTY AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY GUARANTEED CREDIT PARTY MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY AGREEMENT OR ANY OTHER FINANCING AGREEMENT
AGAINST GUARANTOR OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 5.2. NOTHING IN THIS GUARANTY AGREEMENT WILL AFFECT THE RIGHT OF ANY GUARANTEED CREDIT
PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     5.4 Invalid Provisions. If any provision of this Guaranty Agreement is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term of this Guaranty
Agreement, such provision shall be fully severable and this Guaranty Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of
this Guaranty Agreement, and the remaining provisions of this Guaranty Agreement shall remain in
full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision
or by its severance from this Guaranty Agreement, unless such continued effectiveness of this
Guaranty Agreement, as modified, would be contrary to the basic understandings and intentions of
the parties as expressed herein.

     5.5 Entirety. This Guaranty Agreement embodies the entire agreement between the parties and
supersedes all prior agreements and understandings, if any, relating to the subject matter hereof.

     5.6 Parties Bound; Assignment. This Guaranty Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors, assigns, and legal representatives;
provided that Guarantor may not, without the prior written consent of Collateral Agent, assign any
of its rights, powers, duties, or obligations hereunder.

     5.7 Role of Collateral Agent. This Guaranty Agreement has been delivered to Collateral Agent
for the benefit of the Credit Parties. Collateral Agent has been authorized to enforce this
Guaranty Agreement for itself and on behalf of all other Credit Parties. Except as otherwise
agreed by Collateral Agent, no other Credit Party shall have any right to enforce this Guaranty
Agreement against Guarantor. All payments by Guarantor pursuant to this Guaranty Agreement shall
be made to or as directed by Collateral Agent for distribution in accordance with the Security
Agency Agreement.

					
	 	 	 	 	 
	 
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     5.8 Multiple Counterparts. This Guaranty Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement, and any of
the parties hereto may execute this Guaranty Agreement by signing any such counterpart.

     5.9 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by an Obligor
to the Guaranteed Credit Parties, by endorsement or otherwise, other than under this Guaranty
Agreement, then such liability shall not be in any manner impaired or affected hereby and the
rights of the Guaranteed Credit Parties hereunder shall be cumulative of all other rights that the
Guaranteed Credit Parties (or any of them) may ever have against Guarantor. The exercise by the
Guaranteed Credit Parties of any right or remedy hereunder or under any other instrument, or at law
or in equity, shall not preclude the concurrent or subsequent exercise of any other right or
remedy.

     5.10 WAIVER OF TRIAL BY JURY. GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS GUARANTY AGREEMENT AND THE FINANCING AGREEMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     5.11 Foreign Currency. If, for the purposes of obtaining judgment in any court, it is
necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the applicable Funding Agent under the Global Credit Agreement could purchase the first
currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of Guarantor in respect of any such sum due from it to the Guaranteed Credit
Parties hereunder shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such Guaranteed Obligation is denominated (the “Obligations Currency”), be
discharged only to the extent that on the Business Day following receipt by such Funding Agent of
any sum adjudged to be so due in the Judgment Currency, such Funding Agent may in accordance with
normal banking procedures purchase the Obligations Currency with the Judgment Currency. If the
amount of the Obligations Currency so purchased is less than the sum originally due from Guarantor
on such Guaranteed Obligation, Guarantor agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify and hold the Guaranteed Credit Parties harmless against such loss. If
Global Administrative Agent so notifies Guarantor in writing, at Global Administrative Agent’s sole
and absolute discretion, payments under this Guaranty Agreement shall be the Dollar Equivalent
amount of the Guaranteed Obligations or any portion thereof, determined as of the date payment is
made.

     5.12 Other Guaranties. Guarantor has issued and may in the future issue other guaranties of
Designated Senior Debt. Any such other guaranty shall supplement and be in addition to, and not
limit or otherwise affect, this Guaranty Agreement.

[Remainder of Page Intentionally Left Blank.

Signature Pages Follow.]

					
	 	 	 	 	 
	 
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	Acknowledged and Agreed:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PROLOGIS, a Maryland Real Estate Investment Trust	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

 

 

EXHIBIT F

FORM OF SUBSIDIARY GUARANTY

     THIS MASTER SUBSIDIARY GUARANTY AGREEMENT (this “Guaranty Agreement”) is executed as of
October 6, 2005, by each of the Consolidated Subsidiaries and Unconsolidated Affiliates of
PROLOGIS, a Maryland real estate investment trust (“ProLogis”), listed on Schedule 1 attached
hereto or which became a party hereto pursuant to Section 5.10 below (each a “Guarantor” and,
collectively, the “Guarantors”), for the benefit of the Guaranteed Credit Parties (as defined
below). Capitalized terms used but not defined herein have the respective meanings set forth in
the Security Agency Agreement referred to below, and the rules of interpretation set forth in
Sections 1.2(a) and (c) of the Global Credit Agreement referred to below shall apply herein as if
fully set forth herein.

R E C I T A L S:

     1. Pursuant to the Global Senior Credit Agreement dated as of even date herewith (the “Global
Credit Agreement”), by and among ProLogis, the Affiliate Borrowers party thereto, Bank of America,
N.A. (“Bank of America”), as Global Administrative Agent (in such capacity, “Global Administrative
Agent”), and the other agents, letter of credit issuers and lenders from time to time party
thereto, the Global Lenders have agreed to provide a global credit facility to ProLogis and the
Affiliate Borrowers as described therein.

     2. The Global Credit Agreement requires that, subject to certain limitations set forth
therein, each Major Subsidiary and each Affiliate Borrower execute this Guaranty Agreement in order
to guaranty, among other things, some or all of the “Obligations” under and as defined in the
Global Credit Agreement.

     3. Bank of America, as Global Administrative Agent and Collateral Agent, and certain other
creditors of ProLogis have entered into a Second Amended and Restated Security Agency Agreement
dated as of October 6, 2005 (the “Security Agency Agreement”).

     4. ProLogis intends that all Credit Obligations (other than Credit Obligations owing to
Noteholders) shall be guaranteed hereunder.

     5. Each Guarantor will benefit from the extensions of credit to Borrowers and other issuers of
Designated Senior Debt (the Borrowers and each such issuer, each an “Obligor” and, collectively,
the “Obligors”) by the Guaranteed Credit Parties (as defined below).

     NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, Guarantors hereby jointly and severally guarantee payment of the
Guaranteed Obligations (as defined below) as more specifically described herein and hereby agree as
follows:

      

					
	 
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SECTION 1

NATURE AND SCOPE OF GUARANTY

     1.1 Definition of Guaranteed Obligations and Guaranteed Credit Parties. As used herein, (a)
the term “Guaranteed Credit Parties” means all Credit Parties other than Noteholders; and (b) the
term “Guaranteed Obligations” means (i) all Credit Obligations owing to the Guaranteed Credit
Parties and (ii) all costs, expenses and fees, including court costs and reasonable attorneys’
fees, arising in connection with the collection of any Guaranteed Obligations.

     Notwithstanding the foregoing paragraph, the Guaranteed Obligations of any Guarantor shall not
include the indebtedness, obligations and liabilities created or arising under the agreements or
instruments set forth opposite such Guarantor’s name on Exhibit C.

     1.2 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the
liabilities and obligations of Guarantors to the Guaranteed Credit Parties hereunder shall not be
reduced, discharged or released because or by reason of any existing or future offset, claim or
defense of any Obligor (including any offset for present or future Taxes as set forth in Section
1.11 hereof), or any other party, against any Guaranteed Credit Party or against payment of the
Guaranteed Obligations, whether such offset, claim or defense arises in connection with the
Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.
Without limiting the foregoing or Guarantors’ liability hereunder, to the extent that any
Guaranteed Credit Party advances funds or extends credit to any Obligor, and does not receive
payments or benefits thereon in the amounts and at the times required or provided by the Financing
Agreements or under applicable law, Guarantors are absolutely liable to make such payments to (and
confer such benefits on) such Guaranteed Credit Party, on a timely basis.

     1.3 Guaranty of Guaranteed Obligations. Subject to the limitations set forth in Section 1.10,
Guarantors irrevocably and unconditionally guarantee, jointly and severally, to the Guaranteed
Credit Parties (a) the due and punctual payment of the Guaranteed Obligations when due (whether at
stated maturity, upon acceleration or otherwise) and (b) the timely performance of all other
obligations now or hereafter owed by Obligors to the Guaranteed Credit Parties under the Financing
Agreements. Each Guarantor hereby irrevocably and unconditionally covenants and agrees that it is
liable for the Guaranteed Obligations as primary obligor and not merely as surety.

     1.4 Nature of Guaranty. This Guaranty Agreement is intended to be an irrevocable, absolute
and continuing guaranty of payment and is not a guaranty of collection. This Guaranty Agreement
may not be revoked by any Guarantor. The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced or paid in full shall not release, discharge or reduce the
obligation of Guarantors with respect to indebtedness or obligations of any Obligor to the
Guaranteed Credit Parties thereafter incurred (or other Guaranteed Obligations thereafter arising)
under the Financing Agreements. This Guaranty Agreement shall not be discharged by the assignment
or negotiation of all or part of the Guaranteed Obligations.

     1.5 Payment by Guarantors. If all or any part of the Guaranteed Obligations shall not be
punctually paid when due, whether at maturity or earlier by acceleration or otherwise, then
Guarantors shall, immediately upon demand by Collateral Agent for the benefit of the Guaranteed
Credit Parties, and without presentment, protest, notice of protest, notice of nonpayment, notice
of intention to accelerate or acceleration, or any other notice whatsoever, pay, at the election of
Collateral Agent, in the lawful currency in which the applicable Guaranteed Obligations have been
incurred or in lawful money of the United States of America (or such other currency as may be
required under the applicable Financing Agreement), the amount due on the Guaranteed Obligations to
Collateral Agent, for the benefit of the

      

					
	 
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Guaranteed Credit Parties, at Collateral Agent’s principal office in Dallas, Texas. Any such
demand may be made at any time coincident with or after the time for payment of all or part of the
Guaranteed Obligations, and may be made from time to time with respect to the same or different
items of Guaranteed Obligations. Any such demand shall be deemed made, given and received in
accordance with Section 5.2 hereof. Each Guarantor agrees to make all payments hereunder strictly
in accordance with the terms hereof regardless of any law, regulation or order now or hereafter in
effect in the jurisdiction in which such Guarantor is organized or formed or any other jurisdiction
(except the laws of the State of New York) affecting any of such terms or the rights of the
Guaranteed Credit Parties with respect thereto.

     1.6 Payment of Expenses. If any Guarantor breaches or fails to timely perform any provision
of this Guaranty Agreement, then Guarantors shall, immediately upon demand by Collateral Agent, pay
to Collateral Agent, for the benefit of the Guaranteed Credit Parties, all costs and expenses
(including court costs and reasonable attorneys’ fees and expenses) incurred by the Guaranteed
Credit Parties in the enforcement hereof or the preservation of the Guaranteed Credit Parties’
rights hereunder, including any of the foregoing arising out of any case commenced by or against
any Guarantor under the Bankruptcy Code (Title 11, United States Code) or any similar or successor
statute. The covenant contained in this Section 1.6 shall survive the payment of the Guaranteed
Obligations.

     1.7 No Duty to Pursue Others. Neither Collateral Agent nor any other Guaranteed Credit Party
shall be required (and Guarantors hereby waive any rights which Guarantors may have to require
Collateral Agent or any other Guaranteed Credit Party) to, in order to enforce payment by any
Guarantor, first (a) institute suit or exhaust remedies against any Obligor or others liable on the
Guaranteed Obligations or any other Person, (b) enforce the Guaranteed Credit Parties’ (or
Collateral Agent’s) rights against any security which shall ever have been given to secure the
Guaranteed Obligations, (c) enforce the Guaranteed Credit Parties’ (or Collateral Agent’s) rights
against any other Guarantor or any other guarantors of the Guaranteed Obligations, (d) join
Obligors, any other Guarantor or any others liable on the Guaranteed Obligations in any action
seeking to enforce this Guaranty Agreement, (e) exhaust any remedies available to the Guaranteed
Credit Parties (or Collateral Agent) against any security which shall ever have been given to
secure the Guaranteed Obligations or (f) resort to any other means of obtaining payment of the
Guaranteed Obligations. The Guaranteed Credit Parties shall not be required to mitigate damages or
take any other action to reduce, collect or enforce the Guaranteed Obligations. Further, each
Guarantor expressly waives each and every right to which it may be entitled by virtue of the
suretyship law of any applicable jurisdiction.

     1.8 Waiver of Notices, etc. Each Guarantor agrees to the provisions of each of the Financing
Agreements, and hereby waives notice of (a) any loan or advance made by any Guaranteed Credit Party
to any Obligor or issuance or redemption of any instrument evidencing indebtedness of an Obligor in
favor of a Guaranteed Credit Party, (b) acceptance of this Guaranty Agreement, (c) any amendment or
extension of any Financing Agreement or any other instrument or document pertaining to all or any
part of the Guaranteed Obligations, (d) the execution and delivery by any Obligor and any
Guaranteed Credit Party of any other loan or credit agreement or of any Obligor’s execution and
delivery of any promissory note or other document in connection therewith, (e) the occurrence of
any Event of Default, (f) any Guaranteed Credit Party’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (g) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral for the Guaranteed Obligations, (h) protest, proof of nonpayment or
default by any Obligor with respect to any of the Guaranteed Obligations, (i) the release of any
other Guarantor or (j) any other action at any time taken or omitted by any Guaranteed Credit
Party, and, generally, all demands and notices of every kind in connection with this Guaranty
Agreement, any Financing Agreement, and any other document or agreement evidencing, securing or
relating to any of the Guaranteed Obligations and the obligations hereby guaranteed.

      

					
	 
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     1.9 Effect of Bankruptcy, Other Matters. If, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order or decision
thereunder, or for any other reason, (a) any Guaranteed Credit Party must rescind or restore any
payment, or any part thereof, received by such Guaranteed Credit Party in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this
Guaranty Agreement given to any Guarantor by such Guaranteed Credit Party shall be without effect,
and this Guaranty Agreement shall remain in full force and effect, (b) any Obligor shall cease to
be liable to the Guaranteed Credit Parties for any of the Guaranteed Obligations (other than by
reason of the indefeasible payment in full thereof), then the obligations of each Guarantor under
this Guaranty Agreement shall remain in full force and effect. It is the intention of the
Guaranteed Credit Parties and Guarantors that Guarantors’ obligations hereunder shall not be
discharged except by Guarantors’ performance of such obligations and then only to the extent of
such performance. Without limiting the generality of the foregoing, it is the intention of the
Guaranteed Credit Parties and Guarantors that the filing of any Bankruptcy Proceeding by or against
any Obligor or any other Person obligated on any portion of the Guaranteed Obligations shall not
affect the obligations of Guarantors under this Guaranty Agreement or the rights of the Guaranteed
Credit Parties (or Collateral Agent acting on their behalf) under this Guaranty Agreement,
including the right or ability of the Guaranteed Credit Parties (or Collateral Agent on their
behalf) to pursue or institute suit against Guarantors for the entire Guaranteed Obligations.

     1.10 Limitation. It is the intention of Guarantors and the Guaranteed Credit Parties that the
amount of the Guaranteed Obligations shall be in, but not in excess of, the maximum amount
permitted by fraudulent conveyance, fraudulent transfer or other similar laws applicable to
Guarantors. Accordingly, notwithstanding anything to the contrary contained in this Guaranty
Agreement or any other agreement or instrument executed in connection with the payment of any of
the Guaranteed Obligations, the amount of the Guaranteed Obligations shall be limited to that
amount which after giving effect thereto would not (a) render any Guarantor insolvent, (b) result
in the fair saleable value of the assets of any Guarantor being less than the amount required to
pay its debts and other liabilities (including contingent liabilities) as they mature, or (c) leave
any Guarantor with unreasonably small capital to carry out its business as now conducted and as
proposed to be conducted, including its capital needs, as such concepts described in (a), (b), and
(c) above are determined under applicable law, if the obligations of any Guarantor hereunder would
otherwise be set aside, terminated, annulled or avoided for such reason by a court of competent
jurisdiction in a proceeding actually pending before such court.

     1.11 Taxes. If any Guarantor makes a payment hereunder to which Indemnified Taxes or Other
Taxes (each as defined in the Global Credit Agreement) apply or are at any time imposed on any
payment under or in respect of this Guaranty Agreement, such Guarantor shall pay all such Taxes to
the relevant authority in accordance with applicable law such that the Guaranteed Credit Parties
receive the sum they would have received had no such deduction or withholding of such Taxes been
made and shall also pay to the Guaranteed Credit Parties, on demand, all additional amounts which
any such Guaranteed Credit Party specifies as necessary to preserve the after-tax yield the
Guaranteed Credit Party would have received if such taxes had not been imposed. Each such
Guarantor shall, as soon as practicable after any payment described above, deliver to Collateral
Agent the original or a certified copy of a receipt issued by the relevant authority evidencing the
payment of any such amount required to be deducted or withheld.

      

					
	 
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SECTION 2

ADDITIONAL EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTORS’ OBLIGATIONS

     Guarantors hereby consent and agree to each of the following, and agree that Guarantors’
obligations under this Guaranty Agreement shall not be released, diminished, impaired, reduced or
adversely affected by any of the following, and waive any common law, equitable, statutory or other
rights (including rights to notice) which Guarantors might otherwise have as a result of or in
connection with any of the following:

     2.1 Modifications, etc. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations or of the Financing Agreements;

     2.2 Adjustment, etc. Any adjustment, indulgence, forbearance or compromise that might be
granted or given by any Guaranteed Credit Party to any Obligor or any Guarantor;

     2.3 Condition, Composition or Structure of Obligor or Guarantors. The insolvency, bankruptcy,
arrangement, adjustment, composition, structure, liquidation, disability, dissolution or lack of
power of any Obligor or any other party at any time liable for the payment of all or part of the
Guaranteed Obligations; or any dissolution of any Obligor or any Guarantor, or any sale, lease or
transfer of any or all of the assets of any Obligor or any Guarantor, or any change in name,
business, location, composition, structure, shareholders, partners or members (whether by
accession, secession, cessation, death, dissolution, transfer of assets or otherwise) of any
Obligor or any Guarantor; or any reorganization of any Obligor or any Guarantor;

     2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of
any part of the Guaranteed Obligations, or any document or agreement executed in connection with
the Guaranteed Obligations, for any reason whatsoever, including the fact that (a) the Guaranteed
Obligations, or any part thereof, exceed the amount permitted by law, (b) the act of creating the
Guaranteed Obligations, or any part thereof, is ultra vires, (c) the officers or representatives
executing the Financing Agreements or any other documents otherwise creating the Guaranteed
Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable
usury laws, (e) any Obligor has valid defenses, claims or offsets (whether at law, in equity or by
agreement) which render any Guaranteed Obligations wholly or partially uncollectible from such
Obligor, (f) the creation, performance or repayment of the Guaranteed Obligations (or the
execution, delivery, and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to
secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or
(g) the Financing Agreements or other documents or instruments pertaining to the Guaranteed
Obligations have been forged or otherwise are irregular or not genuine or authentic.

     2.5 Release of Obligors. Any full or partial release of the liability of any Obligor on the
Guaranteed Obligations, or any part thereof, or of any co-guarantor or any other Person now or
hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof,
it being recognized, acknowledged and agreed by Guarantors that Guarantors may be required to pay
the Guaranteed Obligations in full without assistance or support of any other party, and Guarantors
have not been induced to enter into this Guaranty Agreement on the basis of a contemplation,
belief, understanding or agreement that other parties will be liable to perform the Guaranteed
Obligations, or that the Guaranteed Credit Parties will look to other parties to perform the
Guaranteed Obligations; notwithstanding the foregoing,

      

					
	 
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Guarantors do not hereby waive or release (expressly or impliedly) any rights of subrogation,
reimbursement or contribution which they may have, after indefeasible payment in full of the
Guaranteed Obligations (other than contingent indemnification obligations not yet due and payable
(“Contingent Indemnification Obligations”)), against others liable on the Guaranteed Obligations;
provided that Guarantors’ rights of subrogation, reimbursement and contribution are
subordinate to the rights and claims of the Guaranteed Credit Parties until the payment in full of
all Guaranteed Obligations (other than Contingent Indemnification Obligations);

     2.6 Other Security. The taking or accepting of any other security, collateral, guaranty or
other assurance of payment for all or any part of the Guaranteed Obligations;

     2.7 Release of Collateral, etc. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including negligent, willful, unreasonable or
unjustifiable impairment) of any collateral, property or security at any time existing in
connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations;

     2.8 Care and Diligence. The failure of any Guaranteed Credit Party, Collateral Agent or any
other party to exercise diligence or reasonable care or to act, fail to act or comply with any duty
in the administration, preservation, protection, enforcement, sale application, disposal or other
handling or treatment of all or any part of Guaranteed Obligations or any collateral, property or
security at any time securing any portion thereof, including the failure to conduct any foreclosure
or exercise any other remedy fairly, in a commercially reasonable manner, or in such a way so as to
obtain the best possible price or a favorable price or otherwise act or fail to act;

     2.9 Status of Liens. The fact that any collateral, security, security interest or lien
contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed
by Guarantors that Guarantors are not entering into this Guaranty Agreement in reliance on, or in
contemplation of the benefits of, the validity, enforceability, collectibility or value of any
collateral for the Guaranteed Obligations; notwithstanding the foregoing, Guarantors do not hereby
waive or release (expressly or impliedly) any right to be subrogated to the rights of the
Guaranteed Credit Parties in any collateral or security for the Guaranteed Obligations after
payment in full of the Guaranteed Obligations; provided that Guarantors’ rights of
subrogation are subordinate to the rights, claims, liens, and security interests of the Guaranteed
Credit Parties until the payment in full of the Guaranteed Obligations (other than Contingent
Indemnification Obligations);

     2.10 Offset. Any existing or future right of offset, claim or defense of any Obligor against
the Guaranteed Credit Parties or any other party, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise;

     2.11 Merger. The reorganization, merger or consolidation of any Obligor or any other
Guarantor into or with any other Person;

     2.12 Preference. Any payment by any Obligor to any Guaranteed Credit Party being held to
constitute a preference under bankruptcy laws, or for any reason any Guaranteed Credit Party is
required to refund such payment or pay such amount to such Obligor or another Person (other than in
accordance with the Security Agency Agreement); or

     2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with
respect to the Financing Agreements, the Guaranteed Obligations or the security and collateral
therefor,

      

					
	 
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whether or not such action or omission prejudices Guarantors or increases the likelihood or
risk that Guarantors will be required to pay the Guaranteed Obligations pursuant to the terms
hereof; it is the unambiguous and unequivocal intention of Guarantors that Guarantors shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance,
event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction
of the Guaranteed Obligations.

SECTION 3

REPRESENTATIONS AND WARRANTIES

     To induce the Guaranteed Credit Parties to enter into the Global Credit Agreement and the
other Financing Agreements and to extend credit to Obligors, each Guarantor represents and warrants
to the Guaranteed Credit Parties that:

     3.1 Benefit. Such Guarantor has received, or will receive, direct or indirect benefit from
the making of this Guaranty Agreement and the Guaranteed Obligations;

     3.2 Familiarity and Reliance. Such Guarantor is familiar with, and has independently reviewed
books and records regarding, the financial condition of each Obligor and is familiar with the value
of collateral intended to be created as security for the payment of the Guaranteed Obligations;
however, such Guarantor is not relying on such financial condition or the collateral as an
inducement to enter into this Guaranty Agreement;

     3.3 No Representation by the Guaranteed Credit Parties. No Guaranteed Credit Party or any
other Person has made any representation, warranty or statement to such Guarantor in order to
induce such Guarantor to execute this Guaranty Agreement;

     3.4 Guarantors’ Financial Condition. As of the date hereof, and after giving effect to this
Guaranty Agreement and the contingent obligations evidenced hereby, such Guarantor is, and will be,
solvent;

     3.5 Directors’ Determination of Benefit. The Board of Directors, partners, members or other
managers or owners of such Guarantor have, acting pursuant to a duly called and constituted
meeting, after proper notice, or pursuant to a valid unanimous consent, or otherwise in accordance
with the organizational documents of such Guarantor, determined that this Guaranty Agreement
directly or indirectly benefits such Guarantor and is in the best interests of such Guarantor;

     3.6 Legality. The execution, delivery, and performance by each Guarantor of this Guaranty
Agreement and the consummation of the transactions contemplated hereunder (a) have been duly
authorized by all necessary trust, corporate, partnership or other organizational action of such
Guarantor, (b) do not, and will not, contravene or conflict with any law, statute or regulation
whatsoever to which such Guarantor is subject or constitute a default (or an event which with
notice or lapse of time or both would constitute a default) under, or result in the breach of, any
indenture, mortgage, deed of trust, charge or lien, or any contract, agreement or other instrument
to which such Guarantor is a party or which may be applicable to such Guarantor or any of its
assets or violate any provisions of its Constituent Documents; and (c) this Guaranty Agreement is a
legal and binding obligation of such Guarantor and is enforceable in accordance with its terms,
except as limited by bankruptcy, insolvency or other laws of general application relating to the
enforcement of creditors’ rights and to general principles of equity; and

      

					
	 
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     3.7 Survival. All representations and warranties made by each Guarantor herein shall survive
the execution hereof.

SECTION 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     4.1 Subordination of Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean
all debts and liabilities of any Obligor to any Guarantor, whether such debts and liabilities now
exist or are hereafter incurred or arise, or whether the obligations of such Obligor thereon be
direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective
of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise,
and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their
inception, have been, or may hereafter be, created, or the manner in which they have been or may
hereafter be acquired by any Guarantor. The Guarantor Claims shall include all rights and claims
of each Guarantor against any Obligor (arising as a result of subrogation or otherwise) as a result
of any Guarantor’s payment of all or a portion of the Guaranteed Obligations. If an Event of
Default exists, Guarantors shall not receive or collect, directly or indirectly, from any Obligor
or any other party any amount upon the Guarantor Claims unless and until the Guaranteed Obligations
(other than Contingent Indemnification Obligations) shall be paid and satisfied in full and each
Guarantor shall have performed all of its obligations hereunder.

     4.2 Claims in Bankruptcy. In the event of any Bankruptcy Proceeding involving any Obligor as
debtor, Collateral Agent shall have the right to prove the claims of each Guaranteed Credit Party
in any such proceeding so as to establish their rights hereunder and receive directly from the
receiver, trustee or other court custodian dividends and payments which would otherwise be payable
upon Guarantor Claims. Should Collateral Agent receive, for application upon the Guaranteed
Obligations, any such dividend or payment which is otherwise payable to any Guarantor, and which,
as between any Obligor and such Guarantor, shall constitute a credit upon the Guarantor Claims,
then upon payment to the Guaranteed Credit Parties in full of the Guaranteed Obligations (other
than Contingent Indemnification Obligations), such Guarantor shall become subrogated to the rights
of the Guaranteed Credit Parties to the extent that such payments to the Guaranteed Credit Parties
on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and
such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would
have been unpaid if Collateral Agent had not received dividends or payments upon the Guarantor
Claims.

     4.3 Payments Held in Trust. In the event that, notwithstanding Sections 4.1 and 4.2 above,
any Guarantor should receive any funds, payment, claim or distribution which is prohibited by such
Sections, such Guarantor agrees to hold in trust for Collateral Agent, in kind, all funds,
payments, claims or distributions so received, and agrees that it shall have absolutely no dominion
over such funds, payments, claims or distributions so received except to pay them promptly to
Collateral Agent, for the benefit of the Guaranteed Credit Parties, and such Guarantor covenants
promptly to pay the same to Collateral Agent.

     4.4 Liens Subordinate. Each Guarantor agrees that any lien, security interest, judgment lien,
charge or other encumbrance upon any Obligor’s assets securing payment of the Guarantor Claims
shall be and remain inferior and subordinate to any lien, security interest, judgment lien, charge
or other encumbrance upon such Obligor’s assets securing payment of the Guaranteed Obligations,
regardless of whether any such encumbrances presently exist or are hereafter created or attach.
Without the prior written consent of Collateral Agent, no Guarantor shall (a) exercise or enforce
any creditor’s right it may have against any Obligor or (b) foreclose, repossess, sequester or
otherwise take steps or institute any action or proceedings (judicial or otherwise, including the
commencement of, or joinder in, any

      

					
	 
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Bankruptcy Proceeding) to enforce any lien, mortgage, deed of trust, security interest,
collateral right, judgment or other encumbrance on assets of any Obligor held by any Guarantor.

     4.5 Notation of Records. All promissory notes, accounts receivable ledgers or other evidences
of the Guarantor Claims accepted by or held by each Guarantor shall contain a specific written
notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this
Guaranty Agreement.

SECTION 5

MISCELLANEOUS

     5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of any Guaranteed
Credit Party, any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right. The rights and remedies of the Guaranteed Credit Parties hereunder shall be in
addition to all other rights and remedies provided by law or in equity. No modification or waiver
of any provision of this Guaranty Agreement, or consent to departure therefrom, shall be effective
unless in writing and no such consent or waiver shall extend beyond the particular case and purpose
involved. No notice or demand given in any case shall constitute a waiver of the right to take
other action in the same, similar or other instances without such notice or demand. The
obligations hereunder shall not be affected, limited or impaired by any act of any Governmental
Authority affecting any Obligor, including any restriction on or regarding the conversion of
currency or repatriation or control of funds or any total or partial expropriation of such
Obligor’s property, or by any economic, political, regulatory or other event in any country in
which such Obligor is located.

     5.2 Notices. Any notice or other communication required or permitted to be given by this
Guaranty Agreement must be (a) given in writing and delivered by hand or overnight courier service
or mailed by prepaid certified or registered mail, return receipt requested, or (b) sent by
telecopier to the party to whom such notice or communication is directed (i) in the case of a
notice to a Guaranteed Credit Party or Collateral Agent, to the address or facsimile number of such
Person determined pursuant to the Security Agency Agreement, and (ii) in the case of a notice to
any Guarantor, to the following:

Guarantors:

c/o ProLogis

14100 East 35th Place

Aurora, Colorado 80011

Attention: Mr. M. Gordon Keiser, Jr.

Facsimile: 303-375-8581

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Any party may change its address for purposes of this Guaranty Agreement by giving notice of such
change to the other party pursuant to this Section 5.2. Any notice hereunder sent by any Guarantor
to Collateral Agent shall be deemed to have been received by all Voting Credit Parties.

     5.3 GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS GUARANTY AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE

      

					
	 
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LAW OF THE STATE OF NEW YORK. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK, NEW YORK AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS GUARANTY AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTION BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY AGREEMENT SHALL AFFECT
ANY RIGHT THAT ANY GUARANTEED CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS GUARANTY AGREEMENT OR ANY OTHER FINANCING AGREEMENT AGAINST ANY OBLIGOR OR ANY
OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     EACH GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 5.2. NOTHING IN THIS GUARANTY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     5.4 Invalid Provisions. If any provision of this Guaranty Agreement is held to be illegal,
invalid or unenforceable under present or future laws effective during the term of this Guaranty
Agreement, such provision shall be fully severable and this Guaranty Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of
this Guaranty Agreement, and the remaining provisions of this Guaranty Agreement shall remain in
full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance from this Guaranty Agreement, unless such continued effectiveness of this
Guaranty Agreement, as modified, would be contrary to the basic understandings and intentions of
the parties as expressed herein.

     5.5 Entirety. This Guaranty Agreement embodies the entire agreement between the parties and
supersedes all prior agreements and understandings, if any, relating to the subject matter hereof.

     5.6 Parties Bound; Assignment. This Guaranty Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors, assigns, and legal representatives;
provided, however, that no Guarantor may, without the prior written consent of Collateral Agent,
assign any of its rights, powers, duties, or obligations hereunder.

     5.7 Role of Collateral Agent. This Guaranty Agreement has been delivered to Collateral Agent
for the benefit of the Credit Parties. Collateral Agent has been authorized to enforce this
Guaranty Agreement for itself and on behalf of all other Credit Parties. Except as otherwise
agreed by Collateral Agent, no other Credit Party shall have any right to enforce this Guaranty
Agreement against any Guarantor. All payments by the Guarantors pursuant to this Guaranty
Agreement shall be made to or as directed by Collateral Agent for distribution in accordance with
the Security Agency Agreement.

     5.8 Multiple Counterparts. This Guaranty Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement, and any of
the parties hereto may execute this Guaranty Agreement by signing any such counterpart.

      

					
	 
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     5.9 Rights and Remedies. If any Guarantor becomes liable for any indebtedness owing by an
Obligor to the Guaranteed Credit Parties, by endorsement or otherwise, other than under this
Guaranty Agreement, then such liability shall not be in any manner impaired or affected hereby and
the rights of the Guaranteed Credit Parties hereunder shall be cumulative of all other rights that
the Guaranteed Credit Parties (or any of them) may ever have against such Guarantor. The exercise
by the Guaranteed Credit Parties of any right or remedy hereunder or under any other instrument, or
at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or
remedy.

     5.10 WAIVER OF TRIAL BY JURY. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS GUARANTY AGREEMENT AND THE FINANCING AGREEMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     5.11 Additional Guarantors. The initial Guarantors hereunder shall be each of the
Consolidated Subsidiaries and Unconsolidated Affiliates of ProLogis that are signatories hereto and
that are listed on Schedule 1 attached hereto. From time to time subsequent to the date hereof,
additional Consolidated Subsidiaries of ProLogis may become parties hereto as additional guarantors
(each an “Additional Guarantor”) by executing a counterpart of this Guaranty Agreement in the form
of Exhibit A attached hereto. Upon delivery of any such counterpart to Collateral Agent, notice of
which is hereby waived by Guarantors, each such Additional Guarantor shall be a Guarantor and shall
be a party hereto as if such Additional Guarantor were an original signatory hereof. Each
Guarantor expressly agrees that its obligations arising hereunder shall not be affected or
diminished by the addition or release of any other Guarantor hereunder, or by any election by
Collateral Agent not to cause any Consolidated Subsidiary of ProLogis to become an Additional
Guarantor hereunder. This Guaranty Agreement shall be fully effective as to any Guarantor that is
or becomes a party hereto regardless of whether any such person becomes or fails to become or
ceases to be a Guarantor hereunder.

     5.12 Foreign Currency. If, for the purposes of obtaining judgment in any court, it is
necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the applicable Funding Agent under the Global Credit Agreement could purchase the first
currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of each Guarantor in respect of any such sum due from it to the Guaranteed
Credit Parties hereunder shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such Guaranteed Obligation is denominated (the “Obligations
Currency”), be discharged only to the extent that on the Business Day following receipt by such
Funding Agent of any sum adjudged to be so due in the Judgment Currency, such Funding Agent may in
accordance with normal banking procedures purchase the Obligations Currency with the Judgment
Currency. If the amount of the Obligations Currency so purchased is less than the sum originally
due from such Guarantor on such Guaranteed Obligation, such Guarantor agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify and hold the Guaranteed Credit
Parties harmless against such loss. If Global Administrative Agent so notifies Guarantors in
writing, at Global Administrative Agent’s sole and absolute discretion,

      

					
	 
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payments under this Guaranty Agreement shall be the Dollar Equivalent amount of the Guaranteed
Obligations or any portion thereof, determined as of the date payment is made.

     5.13 Release of Guarantors. Prior to the termination of the Global Credit Agreement, if a
party hereto is no longer a Major Subsidiary or a Subsidiary Borrower under the Global Credit
Agreement, Collateral Agent shall, upon request of ProLogis after or substantially
contemporaneously with such event and so long as no Event of Default exists or would result
therefrom, execute and deliver a Release of Guaranty in the form of Exhibit B attached hereto with
respect to such party. Each Guarantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the release of any other Guarantor hereunder. Upon the
termination of the Global Credit Agreement and the payment in full of all Guaranteed Obligations
thereunder (other than Contingent Indemnification Obligations), this Guaranty Agreement shall
automatically terminate without further action by Collateral Agent or any other Guaranteed Credit
Party. Collateral Agent shall, upon written request of ProLogis, execute and deliver such
documents and instruments as ProLogis may request to evidence any release pursuant to this Section
5.13.

     5.14 Security Agency Agreement.

     (a) By acceptance of the benefits of this Guaranty Agreement, each Guaranteed Credit Party
acknowledges and consents to be bound by the terms of the Security Agency Agreement.

     (b) Each Guarantor expressly agrees that its obligations arising hereunder shall not be
affected or diminished by the addition of any additional Guaranteed Credit Party pursuant to the
Security Agency Agreement.

     (c) Each Guarantor acknowledges and agrees to the terms and conditions set forth in, and
agrees to be bound by all of the provisions of, the Security Agency Agreement as if it were a
signatory thereto, including the provisions that provide for the allocation or reallocation of
Recoveries from such Guarantor.

     5.15 Other Guaranties. One or more Guarantors have issued and may in the future issue other
guaranties of Designated Senior Debt. Any such other guaranty shall supplement and be in addition
to, and not limit or otherwise affect, this Guaranty Agreement.

[Remainder of Page Intentionally Left Blank.

Signature Pages Follow.]

 

					
	 
	 	12
	 	Subsidiary Guaranty Agreement

 

 

[GUARANTOR SIGNATURE BLOCKS]

	 	 	 	 	 	 	 
	 	 	Acknowledged and agreed:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Collateral Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Will T. Bowers, Jr.	 	 
	 

	 	 	 	     Principal	 	 

Signature Page to Master Subsidiary Guaranty Agreement

 

 

	 	 	 	 	 	 	 
	 	 	Acknowledged and agreed:	 	 
	 
	 	 	 	 	 	 
	 	 	PROLOGIS, a Maryland real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     M. Gordon Keiser, Jr.	 	 
	 

	 	 	 	     Senior Vice President and Treasurer	 	 

Signature Page to Master Subsidiary Guaranty Agreement

 

 

SCHEDULE 1

to Master Subsidiary Guaranty

PROLOGIS

Subsidiary Guarantors

			
	Entity
	 	State of Formation

Schedule 1 to Master Subsidiary Guaranty Agrement

 

 

EXHIBIT A

to Master Subsidiary Guaranty

COUNTERPART TO SUBSIDIARY GUARANTY

     In witness whereof, the undersigned Additional Guarantor has caused this Guaranty Agreement to
be executed by delivered by its officer thereunto duly authorized as of                                         , 20___.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[NAME OF ADDITIONAL GUARANTOR]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 
	Address for Notice:

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

Exhibit A to Master Subsidiary Guaranty Agreement

 

 

EXHIBIT B

to Master Subsidiary Guaranty

FORM OF RELEASE OF GUARANTOR

     In witness whereof, the undersigned Collateral Agent, for itself and on behalf of each of the
Guaranteed Credit Parties (as defined in the Master Subsidiary Guaranty Agreement referred to
below), hereby releases and discharges ___from all obligations and liabilities to
the Guaranteed Credit Parties under the Master Subsidiary Guaranty Agreement dated as of October 6,
2005, executed by certain consolidated subsidiaries and/or unconsolidated affiliates of ProLogis, a
Maryland real estate investment trust, in favor of the Guaranteed Credit Parties defined therein.

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Collateral Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Exhibit B to Master Subsidiary Guaranty Agreement

 

 

EXHIBIT C

to Master Subsidiary Guaranty

EXCEPTED OBLIGATIONS

	 	 	 	 	 
	NAME OF GUARANTOR	 	EXCEPTED OBLIGATION(S)
	 
	 

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 

	 	 	 	 
	 
	 	 	 	 

Exhibit C to Master Subsidiary Guaranty Agreement

 

 

EXHIBIT G-1

FORM OF PROLOGIS PLEDGE AGREEMENT

SECOND AMENDED AND RESTATED BORROWER PLEDGE AGREEMENT

          THIS SECOND AMENDED AND RESTATED BORROWER PLEDGE AGREEMENT (this “Agreement”) dated as of
October 6, 2005 is between PROLOGIS, a Maryland real estate investment trust (“Pledgor”), and BANK
OF AMERICA, N.A. (“Bank of America”), a national banking association acting in its capacity as
collateral agent (in such capacity, “Collateral Agent”) for the Credit Parties under and as defined
in the Security Agency Agreement referred to below.

R E C I T A L S

          1. Pledgor and Collateral Agent are parties to an Amended and Restated Pledge Agreement dated
as of August 8, 2003 (the “Existing Borrower Pledge Agreement”).

          2. In order to secure (a) the obligations of Pledgor under a Global Senior Credit Agreement
dated as of even date herewith (the “Global Credit Agreement”) by and among Pledgor, the Affiliate
Borrowers party thereto, Bank of America, as Global Administrative Agent, and the other agents,
letter of credit issuers, and lenders from time to time party thereto, and (b) certain other
obligations of Pledgor, Pledgor and Collateral Agent agreed to amend and restate the Existing
Borrower Pledge Agreement

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Pledgor and Collateral Agent, for the benefit of the Credit Parties, agree as
follows:

1. Certain Terms.

     In addition to terms defined in the introductory paragraph and the recitals, (i) capitalized
terms used but not defined herein shall have the respective meanings given thereto in the Security
Agency Agreement; (ii) unless otherwise defined herein, terms used in Articles 8 and 9 of the Code
are used herein as defined therein; and (iii) the following terms shall have the following
meanings, respectively:

          “Business Day” means any day other than Saturday, a Sunday or a day that commercial banks are
authorized by Law to be closed in the State of Texas or the State of New York.

          “Code” means the Uniform Commercial Code as adopted in the State of New York.

          “Collateral” is defined in Section 2.

          “Commitment” means for any Credit Party, the commitment (if any) of such Credit Party to make
extensions of credit pursuant to the terms of any applicable Financing Agreement.

          “Consolidated Subsidiary” means, with respect to any Person (a “Parent”), any other Person in
which such Parent directly or indirectly holds an Equity Interest and which would be consolidated
in the preparation of consolidated financial statements of such Parent in accordance with GAAP.
Any reference herein or in any other Loan Document to a “Consolidated Subsidiary” shall, unless
otherwise specified, be a reference to a Consolidated Subsidiary of ProLogis.

					
	 	 	 	 	 
	 
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          “Laws” means all applicable statutes, laws, treaties, ordinances, rules, regulations,
orders, writs, injunctions, decrees, judgments, opinions and interpretations of any Tribunal.

          “Permitted Liens” means (a) Liens granted to Collateral Agent to secure the Secured
Obligations and (b) Liens that are not prohibited by any Financing Agreement.

          “Pledged Debt” means the indebtedness described on Schedule 1 and any additional indebtedness
that Pledgor is required to pledge to Collateral Agent pursuant to the Global Credit Agreement,
including the Subject Debt.

          “Secured Obligations” is defined in Section 3.

          “Security Agency Agreement” means the Second Amended and Restated Security Agency Agreement
dated as of the date hereof among various creditors of Pledgor and Collateral Agent.

          “Subject Debt” means indebtedness payable to Pledgor either (a) of an obligor that is a
Consolidated Subsidiary but is not a Subsidiary Guarantor (as such term is defined in the Global
Credit Agreement) and is in an aggregate amount in excess of $1,000,000 or (b) of an Unconsolidated
Affiliate (and its Consolidated Subsidiaries) in an aggregate amount in excess of
$25,000,000.

          “Tribunal” means any (a) local, state, or federal judicial, executive or legislative
instrumentality, (b) private arbitration board or panel or (c) central bank.

          “Unconsolidated Affiliate” is defined in the Global Credit Agreement.

          “Underlying Debt” is defined in Section 3.

     The rules of interpretation set forth in Sections 1.2(a) and 1.2(c) of the Global Credit
Agreement shall apply herein as if fully set forth herein.

     2. Pledge of Security. Pledgor pledges and assigns to Collateral Agent, for the
benefit of the Credit Parties, and grants to Collateral Agent, for the benefit of the Credit
Parties, a security interest in, all of Pledgor’s right, title, and interest in and to the
following (the “Collateral”):

               (a) the Pledged Debt and all instruments evidencing the Pledged Debt, and all interest, cash,
instruments and other property and proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any Pledged Debt;

          (b) all supporting obligations for the Pledged Debt;

          (c) all rights of Pledgor as holder of the Pledged Debt (including the right to demand
issuance of a certificate or instrument to evidence any Pledged Debt, any right to demand payment
of, or to accelerate, Pledged Debt, and the right to otherwise enforce (including via judicial
proceedings) any Pledged Debt);

          (d) all books, records, ledger cards, files, correspondence, computer programs, tapes,
disks and related data processing software that at any time evidence or contain information
relating to any of the foregoing or are otherwise necessary or helpful in the collection thereof or
realization thereupon; and

          (e) to the extent not covered by clauses (a) through (d) above, all proceeds of any of the
foregoing Collateral. For purposes of this Agreement, the term “proceeds” includes whatever is

					
	 	 	 	 	 
	 
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receivable or received when Collateral is sold, exchanged, collected or otherwise disposed of,
whether such disposition is voluntary or involuntary.

     3. Security for Obligations. This Agreement secures, and the Collateral is collateral
security for, the prompt payment and performance in full when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise (including the payment of
amounts that would become due but for the operation of the automatic stay under Section 362(a) of
the United States Bankruptcy Code, 11 U.S.C. § 362(a)), of the Credit Obligations, whether or not
jointly owed with others, and whether or not from time to time decreased or extinguished and later
increased, created or incurred, and all or any portion of the Credit Obligations paid, to the
extent all or any part of such payment is avoided or recovered directly or indirectly from
Collateral Agent or any other Credit Party as a preference, fraudulent transfer or otherwise (all
such obligations and liabilities, the “Underlying Debt”), and all obligations of every nature of
Pledgor now or hereafter existing under this Agreement (all such obligations of Pledgor, together
with the Underlying Debt, the “Secured Obligations”).

     4. Delivery of Collateral; Release of Collateral.

     All certificates or instruments representing or evidencing the Collateral shall be delivered
to and held by or on behalf of Collateral Agent pursuant hereto and shall be in suitable form for
transfer by delivery or, as applicable, shall be accompanied by Pledgor’s endorsement, where
necessary, or duly executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to Collateral Agent. Collateral Agent shall have the right, at
any time in its discretion and without notice to Pledgor at any time that an Event of Default
exists, to transfer to or to register in the name of Collateral Agent or any of its nominees any
Collateral. In addition, Collateral Agent shall have the right at any time to exchange
certificates or instruments representing or evidencing Collateral for certificates or instruments
of smaller or larger denominations.

     If any Pledged Debt or any other indebtedness pledged hereunder is no longer Subject Debt,
then, upon the request of Pledgor so long as no Event of Default exists, Collateral Agent shall
release such Collateral and all certificates or instruments representing or evidencing such
Collateral shall be delivered to Pledgor.

     5. Representations and Warranties. Pledgor represents and warrants as follows:

          (a) Due Authorization, etc. All Pledged Debt has been duly authorized and issued and is the
legal, valid, and binding obligation of the issuer thereof, subject to bankruptcy, insolvency and
other laws of general application relating to creditors’ rights and to general equitable
principles.

          (b) Description of Collateral. The Pledged Debt owed by each issuer constitutes all of the
issued and outstanding indebtedness evidenced by a promissory note of such issuer owing to Pledgor
that is Subject Debt.

          (c) Ownership of Collateral; Validity and Enforceability. Pledgor is the legal, record and
beneficial owner of the Collateral free and clear of any Lien except for Permitted Liens. The
execution, delivery, and performance by Pledgor of this Agreement have been duly authorized by all
necessary trust action, and this Agreement constitutes a legal, valid, and binding obligation of Pledgor, subject
to bankruptcy, insolvency and other laws of general application relating to creditors’ rights and
to general equitable principles.

          (d) Governmental Authorizations. No authorization, approval or other action by, and no notice
to or filing with, any Tribunal is required for (i) the pledge by Pledgor of the Collateral
pursuant to

					
	 	 	 	 	 
	 
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this Agreement and the grant by Pledgor of the security interest granted hereby, (ii)
the execution, delivery or performance of this Agreement by Pledgor or (iii) the exercise by
Collateral Agent of the voting or other rights, or the remedies in respect of the Collateral,
provided for in this Agreement (except as may be required in connection with a disposition of
Collateral by laws affecting the offering and sale of securities generally).

          (e) Perfection. The pledge of the Collateral pursuant to this Agreement creates a valid and
perfected first priority security interest in the Collateral, securing the payment of the Secured
Obligations, subject only to Permitted Liens.

          (f) No Conflicts and Contracts; No Default. None of the execution, delivery and performance
by Pledgor of this Agreement, the creation and perfection of the security interest in the
Collateral granted hereunder or compliance by Pledgor with the terms and provisions hereof will (i)
violate or conflict with (or, in case of clause (z), constitute a default under) (x) any Law that
is binding on Pledgor, (y) Pledgor’s declaration of trust, bylaws or other organizational documents
or (z) the provisions of any indenture, instrument or agreement to which Pledgor is a party or is
subject, or by which it, or its property, is bound, or (ii) result in the creation or imposition of
any Lien pursuant to the terms of any such indenture, instrument or agreement (other than any
security interest created hereunder). No Pledged Debt is in default.

          (g) Other Information. All information heretofore, herein or hereafter supplied to Collateral
Agent by or on behalf of Pledgor with respect to the Collateral is accurate and complete in all
material respects.

     6. Assurances and Covenants of Pledgor.

          (a) Transfers and Other Liens. Pledgor shall not:

               (i) sell, assign (by operation of law or otherwise), pledge, hypothecate or otherwise dispose
of, or grant any option with respect to, any of the Collateral if such action would violate any
Financing Agreement; or

               (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral, except
for Permitted Liens.

          (b) Additional Collateral. Pledgor shall pledge hereunder from time to time, within the time
required by the Global Credit Agreement, any instrument or other evidence of indebtedness that
evidences Pledged Debt.

          (c) Updates of Schedule 1. Promptly upon request of Collateral Agent, Pledgor shall deliver
to Collateral Agent a Confirmation, duly executed by Pledgor, in substantially the form of Exhibit
A, listing all then-current Pledged Debt (it being understood that the failure of Pledgor to
provide any Confirmation, or to list any Pledged Debt on any Confirmation, shall not impair the
security interest of Collateral Agent in any Pledged Debt or otherwise adversely affect the rights
and remedies of Collateral Agent hereunder with respect thereto).

          (d) Written Notices. Pledgor shall promptly deliver to Collateral Agent all written notices
received by it with respect to the Collateral.

          (e) Further Assurances; Perfection. Pledgor shall from time to time, at the expense of
Pledgor, promptly execute and deliver all further instruments and documents, and take all further
action,

					
	 	 	 	 	 
	 
	 	4
	 	Second Amended and Restated

Borrower Pledge Agreement

 

 

that may be necessary or desirable, or that Collateral Agent may reasonably request, in
order to perfect and protect any security interest granted hereby or to enable Collateral Agent to
exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without
limiting the generality of the foregoing, Pledgor will:

               (i) at Collateral Agent’s request, mark conspicuously each item of its records pertaining to
the Collateral with a legend, in form and substance reasonably satisfactory to Collateral Agent,
indicating that such Collateral is subject to the security interest granted hereby;

               (ii) execute (if necessary) and file such financing or continuation statements, or amendments
thereto, and such other instruments or notices, as may be necessary or desirable, or as Collateral
Agent may reasonably request, in order to perfect and preserve the security interests granted
hereby;

               (iii) at Collateral Agent’s request, appear in and defend any action or proceeding that may
affect Pledgor’s title to or Collateral Agent’s security interest in any Collateral; and

               (iv) execute and deliver to Collateral Agent appropriate assignments of any collateral or
collateral documents securing any of the Pledged Debt.

          (f) Authorization to File Financing Statements. Pledgor authorizes Collateral Agent to file
one or more financing or continuation statements, and amendments thereto, relative to any
Collateral, in such filing offices as Collateral Agent shall reasonably deem appropriate, without
the signature of Pledgor, and Pledgor shall pay Collateral Agent’s reasonable costs and expenses
incurred in connection therewith.

     7. Right to Receive Payments.

          (a) So long as no Event of Default exists:

               (i) Pledgor shall be entitled to receive and retain, and to utilize free and clear of the
security interest granted hereby, all payments in respect of the Collateral; provided that
any amount paid or payable other than in cash in respect of, and instruments and other property
received, receivable or otherwise distributed in respect of, or in exchange for, any Collateral
shall be, and shall forthwith be delivered to Collateral Agent to hold as, Collateral and shall, if
received by Pledgor, be received in trust for the benefit of Collateral Agent, be segregated from
the other property or funds of Pledgor and be forthwith delivered to Collateral Agent as Collateral
in the same form as so received (with all necessary endorsements); and

               (ii) Collateral Agent shall promptly execute and deliver (or cause to be executed and
delivered) to Pledgor all such instruments as Pledgor may from time to time reasonably request for
the purpose of enabling Pledgor to receive the payments which it is authorized to receive and
retain pursuant to Section 7(a)(i).

          (b) During the existence of an Event of Default:

               (i) all rights of Pledgor to receive the payments which it would otherwise be authorized to
receive and retain pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon
become vested in Collateral Agent, which shall thereupon have the sole right to receive and hold as
Collateral such interest payments; and

					
	 	 	 	 	 
	 
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	 	Second Amended and Restated

Borrower Pledge Agreement

 

 

               (ii) all payments which are received by Pledgor contrary to the provisions of this Section
7(b)(i) shall be received in trust for the benefit of Collateral Agent, shall be segregated from
other funds of Pledgor and shall forthwith be paid over to Collateral Agent as Collateral in the
same form as so received (with any necessary endorsements).

          (c) Notwithstanding any of the foregoing, Pledgor agrees that this Agreement shall not in any
way be deemed to obligate Collateral Agent or any other Credit Party to assume any of Pledgor’s
obligations, duties, expenses or liabilities with respect to any Pledged Debt or any other
Collateral.

     8. Collateral Agent Appointed Attorney-in-Fact. Pledgor irrevocably appoints
Collateral Agent as Pledgor’s attorney-in-fact, with full authority in the place and stead of
Pledgor and in the name of Pledgor, Collateral Agent or otherwise, from time to time during the
existence of an Event of Default, in Collateral Agent’s discretion, to take any action and to
execute any instrument that Collateral Agent may deem necessary or advisable to accomplish the
purposes of this Agreement, including:

          (a) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and
receipts for moneys due and to become due under or in respect of any Collateral;

          (b) to receive, endorse and collect any instrument made payable to Pledgor representing any
principal or interest payment, or other distribution, in respect of any Collateral and to give full
discharge for the same; and

          (c) to file any claim, take any action, or institute any proceeding that Collateral Agent
deems necessary or desirable for the collection of any Collateral or otherwise to enforce the
rights of Collateral Agent with respect to any Collateral.

     9. Collateral Agent May Perform. If Pledgor fails to perform any agreement contained
herein, then Collateral Agent may itself perform, or cause performance of, such agreement, and the
expenses of Collateral Agent incurred in connection therewith shall be payable by Pledgor under
Section 13(b).

     10. Standard of Care. The powers conferred on Collateral Agent hereunder are solely
to protect its interest in the Collateral and shall not impose any duty upon it to exercise any
such power. Except for the exercise of reasonable care in the custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder, Collateral Agent shall
have no duty as to any Collateral, it being understood that Collateral Agent shall have no
responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relating to any Collateral, whether or not Collateral Agent
has or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than
steps taken in accordance with the standard of care set forth above to maintain possession of the
Collateral) to preserve rights against any parties with respect to any Collateral, (c) taking any
necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or
any Collateral, or (d) initiating any action to protect the Collateral against the possibility of a
decline in market value. Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which Collateral Agent accords its own property consisting of
negotiable securities.

     11. Remedies. If any Event of Default exists, then Collateral Agent may exercise in
respect of the Collateral, in addition to all other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party on default under the Code
(whether or not the Code applies to the affected Collateral), and Collateral Agent may also in its
sole discretion, without notice except as specified below, sell the Collateral or any part thereof
in one or more parcels at public or private sale, at

					
	 	 	 	 	 
	 
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any exchange or broker’s board or at any of
Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time
or times and at such price or prices and upon such other terms as Collateral Agent may deem
commercially reasonable, irrespective of the impact of any such sale on the market price of the
Collateral. Collateral Agent or any other Credit Party may be the purchaser of any or all of the
Collateral at any such sale and Collateral Agent, as agent for and representative of the Credit
Parties (but not any Credit Party or Credit Parties in its or their respective individual
capacities unless the Majority Credit Parties shall otherwise agree in writing), shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any
portion of the Collateral sold at any such public sale, to use and apply any of the Secured
Obligations as a credit on account of the purchase price for any Collateral payable by Collateral
Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free
from any claim or right on the part of Pledgor, and Pledgor hereby waives (to the extent permitted
by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any
time in the future have under any rule of law or statute now existing or hereafter enacted.
Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’
notice to Pledgor of the time and place of any public sale or the time after which any private sale
is to be made shall constitute reasonable notification. Collateral Agent shall not be obligated to
make any sale of Collateral regardless of notice of sale having been given. Collateral Agent may
adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned. Pledgor waives any claim against Collateral Agent arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale, even if Collateral Agent accepts the first offer
received and does not offer such Collateral to more than one offeree. If the proceeds of any sale
or other disposition of the Collateral are insufficient to pay all the Secured Obligations, then
Pledgor shall be liable for the deficiency and the fees of any attorneys employed by Collateral
Agent to collect such deficiency.

     12. Application of Proceeds. Except as expressly provided elsewhere in this
Agreement, all proceeds received by Collateral Agent in respect of any sale of, collection from or
other realization upon any Collateral may, in the discretion of Collateral Agent, be held by
Collateral Agent as Collateral for the Secured Obligations and/or then, or at any time thereafter,
applied in full or in part by Collateral Agent in accordance with the provisions of the Security
Agency Agreement.

     13. Indemnity and Expenses.

          (a) Pledgor agrees to indemnify each Credit Party from and against any and all claims, losses
and liabilities in any way relating to, growing out of or resulting from this Agreement and the
transactions contemplated hereby (including enforcement of this Agreement) in all cases, whether or
not caused by or arising, in whole or in part, out of the negligence of Collateral Agent or any
other Credit Party, except to the extent such claims, losses or liabilities result from Collateral
Agent or any other Credit Party’s gross negligence or willful misconduct as finally determined by a
court of competent jurisdiction.

          (b) Pledgor shall pay to Collateral Agent upon demand all reasonable costs and expenses
(including the reasonable fees and expenses of counsel to, and of any expert or agent of,
Collateral Agent) that Collateral Agent may incur in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, or the sale of, collection from or other
realization upon, any of the Collateral, (iii) the exercise or enforcement of any right of
Collateral Agent hereunder or (iv) the failure by Pledgor to perform or observe any provision hereof.

          14. Continuing Security Interest; Transfer of Credit Obligations. This Agreement
shall create a continuing security interest in the Collateral and shall (a) remain in full force
and effect until the payment in full of all Secured Obligations and the cancellation or termination
of all Commitments, (b) be

					
	 	 	 	 	 
	 
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binding upon Pledgor, its successors and assigns and (c) inure, together
with the rights and remedies of Collateral Agent hereunder, to the benefit of Collateral Agent and
the other Credit Parties and their respective successors and permitted transferees and assigns.
Upon the indefeasible payment in full of all Secured Obligations and the cancellation or
termination of all Commitments, the security interest granted hereby shall terminate and all rights
to the Collateral shall revert to Pledgor. Upon any such termination, Collateral Agent will, at
Pledgor’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably
request to evidence such termination and Pledgor shall be entitled to the return, upon its request
and at its expense, against receipt and without recourse to Collateral Agent, of such of the
Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

     15. Amendments; Etc. No amendment, modification, termination or waiver of any
provision of this Agreement, and no consent to any departure by Pledgor from the terms and
conditions hereof, shall be effective unless the same shall be in writing and signed by Collateral
Agent and, in the case of any such amendment or modification, by Pledgor. Any such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which it
was given.

     16. Notices. Any notice or other communication required or permitted to be given
hereunder shall be in writing and may be personally served or sent by facsimile or mail or courier
service to the applicable party at its address set forth on the signature pages hereof or to such
other address as such party may hereafter specify in writing to the other party. Such notice or
other communication shall be deemed to have been given when delivered in person or by courier
service, upon receipt of facsimile, or five (5) Business Days after deposit in the mail with
postage prepaid and properly addressed; provided that any notice, request or demand to or
upon Collateral Agent shall not be effective until received.

     17. Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the
part of Collateral Agent in the exercise of any power, right or privilege hereunder shall impair
such power, right or privilege or be construed to be a waiver of any default or acquiescence
therein, nor shall any single or partial exercise of any such power, right or privilege preclude
any other or further exercise thereof or of any other power, right or privilege. All rights and
remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or
remedies otherwise available.

     18. Severability. If any provision in or obligation under this Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations hereof, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.

     19. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO
THE EXTENT THAT THE CODE PROVIDES THAT THE VALIDITY OR PERFECTION OF ANY SECURITY INTEREST
HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS
OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

     20. Consent to Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK, COUNTY OF NEW YORK AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF

					
	 	 	 	 	 
	 
	 	8
	 	Second Amended and Restated

Borrower Pledge Agreement

 

 

THE AFORESAID COURTS AND WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH THIS AGREEMENT. Pledgor agrees that service of all process in any such
proceeding in any such court may be made by registered or certified mail, return receipt requested,
to Pledgor at its address provided on the signature page hereof, such service being hereby
acknowledged by Pledgor to be sufficient for personal jurisdiction in any action against Pledgor in
any such court and to be otherwise effective and binding service in every respect. Nothing herein
shall affect the right to serve process in any other manner permitted by law or shall limit the
right of Collateral Agent to bring proceedings against Pledgor in the courts of any other
jurisdiction.

     21. Waiver of Jury Trial. PLEDGOR AND COLLATERAL AGENT HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT.
The scope of this waiver is intended to be all-encompassing of all disputes that may be filed in
any court and that relate to the subject matter of this transaction, including contract claims,
tort claims, breach of duty claims and all other common law and statutory claims. Pledgor and
Collateral Agent each acknowledge that this waiver is a material inducement for Pledgor and
Collateral Agent to enter into a business relationship, that Pledgor and Collateral Agent have
already relied on this waiver in entering into this Agreement and that each will continue to rely
on this waiver in their related future dealings with respect to the transactions contemplated
hereby. Each of Pledgor and Collateral Agent further warrants and represents that it has reviewed
this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial
rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT
MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENT, RENEWAL, SUPPLEMENT OR MODIFICATION TO THIS AGREEMENT. In the event of litigation, this
Agreement may be filed as a written consent to a trial by the court.

     22. Counterparts. This Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document.

     23. Obligations Absolute. All rights and remedies of Collateral Agent hereunder, and
all obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of:

          (a) any lack of validity or enforceability of any Financing Agreement or any other agreement
or instrument relating thereto;

          (b) any change in the time, manner, or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure
from any Financing Agreement or any other agreement or instrument relating thereto;

          (c) any exchange, release, or non-perfection of any Collateral, or any release or amendment or
waiver of or consent to any departure from any guarantee, for any of the Secured Obligations; or

          (d) any other circumstance (other than payment in full of the Secured Obligations) that might
otherwise constitute a defense available to, or a discharge of, Pledgor.

					
	 	 	 	 	 
	 
	 	9
	 	Second Amended and Restated

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     24. Amendment and Restatement of Existing Borrower Pledge Agreement. This Agreement
amends and restates in its entirety the Existing Borrower Pledge Agreement.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

					
	 	 	 	 	 
	 
	 	10
	 	Second Amended and Restated

Borrower Pledge Agreement

 

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 	 	 
	 	 	PROLOGIS
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 
	 	 	Address:
	 
	 	 	 	 	 	 
	 	 	ProLogis
	 	 	14100 East 35th Place
	 	 	Aurora, Colorado 80011
	 	 	Attn: Mr. M. Gordon Keiser, Jr.
	 	 	Fax: 303-375-8581

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Collateral Agent
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 
	 	 	Address:
	 
	 	 	 	 	 	 
	 	 	Bank of America, N.A.
	 	 	901 Main Street, 64th Floor
	 	 	Dallas, Texas 75202
	 	 	Attn: Mr. Will T. Bowers, Jr.
	 	 	Fax: 214-209-0085

Signature Page to
Amended and Restated Borrower Pledge Agreement

 

 

SCHEDULE 1

Pledged Debt

	 	 	 
	Maker	 	Amount
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

Schedule 1 to
Amended and Restated Borrower Pledge Agreement

 

 

EXHIBIT A

to Second Amended and Restated Borrower Pledge Agreement

CONFIRMATION

     This Confirmation, dated , 20___, is delivered pursuant to Section 6(c) of the Second Amended
and Restated Borrower Pledge Agreement dated as of ___, 2005 between the undersigned and Bank of
America, N.A., as Collateral Agent (the “Pledge Agreement”). The undersigned confirms that set
forth below is a complete list of all Pledged Debt (as defined in the Pledge Agreement) as of the
date hereof.

	 	 	 	 	 	 	 
	 	 	PROLOGIS
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 

	 	 	 
	Maker	 	Amount
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 

Exhibit A to
Amended and Restated Pledge Agreement

 

 

EXHIBIT G-2

FORM OF SUBSIDIARY PLEDGE AGREEMENT

SECOND AMENDED AND RESTATED SUBSIDIARY PLEDGE AGREEMENT

     THIS SECOND AMENDED AND RESTATED SUBSIDIARY PLEDGE AGREEMENT (this “Agreement”) dated as of
___, 2005 is between, ___(“Pledgor”), a ___, and BANK OF AMERICA, N.A.
(“Bank of America”), a national banking association acting in its capacity as collateral agent (in
such capacity, and together with its successors and assigns “Collateral Agent”) for the Credit
Parties under and as defined in the Security Agency Agreement referred to below.

R E C I T A L S

     1. Pledgor is a subsidiary of ProLogis, a Maryland real estate investment trust
(“ProLogis”).

     2. Pledgor and Collateral Agent are parties to an Amended and Restated Pledge Agreement dated
as of August 8, 2003 (the “Existing Subsidiary Pledge Agreement”).

     3. In order to secure (a) the obligations of ProLogis and Affiliate Borrowers under that
certain Global Senior Credit Agreement dated as of even date herewith (the “Global Credit
Agreement”) by and among ProLogis, the Affiliate Borrowers party thereto, Bank of America, as
Global Administrative Agent, and the other agents, letter of credit issuers, and lenders from time
to time party thereto, and (b) certain other obligations of Pledgor, Pledgor and Collateral Agent
agreed to amend and restate the Existing Subsidiary Pledge Agreement .

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Pledgor and Collateral Agent, for the benefit of the Credit Parties, agree as
follows:

     1. Certain Terms. In addition to terms defined in the introductory paragraph and the
recitals, (a) capitalized terms used but not defined herein shall have the respective meanings
given thereto in the Security Agency Agreement, (b) unless otherwise defined herein, terms used in
Articles 8 and 9 of the Code are used herein as defined therein, and (c) the following terms shall
have the following meanings, respectively:

     “Business Day” means any day other than Saturday, a Sunday or a day that commercial banks are
authorized by Law to be closed in the State of Texas or the State of New York.

     “Code” means the Uniform Commercial Code as adopted in the State of New York.

     “Collateral” is defined in Section 2.

     “Commitment” means, for any Credit Party, the commitment (if any) of such Credit Party to make
extensions of credit pursuant to the terms of any applicable Financing Agreement.

     “Consolidated Subsidiary” means, with respect to any Person (a “Parent”), any other Person in
which such Parent directly or indirectly holds an Equity Interest and which would be consolidated
in the preparation of consolidated financial statements of such Parent in accordance with GAAP. Any
reference

					
	 	 	 	 	 
	 
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	 	Second Amended And Restated
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herein or in any other Loan Document to a “Consolidated Subsidiary” shall, unless
otherwise specified, be a reference to a Consolidated Subsidiary of ProLogis.

     “Laws” means all applicable statutes, laws, treaties, ordinances, rules, regulations, orders,
writs, injunctions, decrees, judgments, opinions and interpretations of any Tribunal.

     “Permitted Liens” means (a) Liens granted to Collateral Agent to secure the Secured
Obligations and (b) Liens that are not prohibited by any Financing Agreement.

     “Pledged Debt” means the indebtedness described on Schedule 1 and any additional indebtedness
that Pledgor is required to pledge to Collateral Agent pursuant to the Global Credit Agreement,
including the Subject Debt.

     “Secured Obligations” is defined in Section 3.

     “Security Agency Agreement” means the Second Amended and Restated Security Agency Agreement
dated as of the date hereof among Collateral Agent and various creditors of ProLogis.

     “Subject Debt” means indebtedness payable to Pledgor either (a) of an obligor that is a
Consolidated Subsidiary but is not a Subsidiary Guarantor (as such term is defined in the Global
Credit Agreement) and is in an aggregate amount in excess of $1,000,000 or (b) of an Unconsolidated
Affiliate (and its Consolidated Subsidiaries) in an aggregate amount in excess of $25,000,000.

     “Tribunal” means any (a) local, state, or federal judicial, executive or legislative
instrumentality, (b) private arbitration board or panel or (c) central bank.

     “Unconsolidated Affiliate” is defined in the Global Credit Agreement.

     “Underlying Debt” is defined in Section 3.

     The rules of interpretation set forth in Sections 1.2(a) and 1.2(c) of the Global Credit
Agreement shall apply herein as if fully set forth herein.

     2. Pledge of Security. Pledgor pledges and assigns to Collateral Agent, for the
benefit of the Credit Parties, and grants to Collateral Agent, for the benefit of the Credit
Parties, a security interest in, all of Pledgor’s right, title, and interest in and to the
following (the “Collateral”):

     (a) the Pledged Debt and all instruments evidencing the Pledged Debt, and all interest, cash,
instruments and other property and proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any Pledged Debt;

     (b) all supporting obligations for the Pledged Debt;

     (c) all rights of Pledgor as holder of the Pledged Debt (including the right to demand
issuance of a certificate or instrument to evidence any Pledged Debt, any right to demand payment
of, or to accelerate, Pledged Debt, and the right to otherwise enforce (including via judicial
proceedings) any Pledged Debt;

     (d) all books, records, ledger cards, files, correspondence, computer programs, tapes, disks
and related data processing software that at any time evidence or contain information relating to
any of the foregoing or are otherwise necessary or helpful in the collection thereof or
realization thereupon; and

					
	 	 	 	 	 
	 
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	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     (e) to the extent not covered by clauses (a) through (d) above, all proceeds of any of the
foregoing Collateral. For purposes of this Agreement, the term “proceeds” includes whatever is
receivable or received when Collateral is sold, exchanged, collected or otherwise disposed of,
whether such disposition is voluntary or involuntary.

     3. Security for Obligations. This Agreement secures, and the Collateral is collateral
security for, the prompt payment and performance in full when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise (including the payment of
amounts that would become due but for the operation of the automatic stay under Section 362(a) of
the United States Bankruptcy Code, 11 U.S.C. § 362(a)), of the Credit Obligations, whether or not
jointly owed with others, and whether or not from time to time decreased or extinguished and later
increased, created or incurred, and all or any portion of the Credit Obligations paid, to the
extent all or any part of such payment is avoided or recovered directly or indirectly from
Collateral Agent or any other Credit Party as a preference, fraudulent transfer or otherwise (all
such obligations and liabilities, the “Underlying Debt”), and all obligations of every nature of
Pledgor now or hereafter existing under this Agreement (all such obligations of Pledgor, together
with the Underlying Debt, the “Secured Obligations”).

     4. Delivery of Collateral; Release of Collateral.

     (a) All certificates or instruments representing or evidencing the Collateral shall be
delivered to and held by or on behalf of Collateral Agent pursuant hereto and shall be in suitable
form for transfer by delivery or, as applicable, shall be accompanied by Pledgor’s endorsement,
where necessary, or duly executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to Collateral Agent. Collateral Agent shall have the right, at
any time in its discretion and without notice to Pledgor at any time that an Event of Default
exists, to transfer to or to register in the name of Collateral Agent or any of its nominees any
Collateral. In addition, Collateral Agent shall have the right at any time to exchange
certificates or instruments representing or evidencing Collateral for certificates or instruments
of smaller or larger denominations.

     (b) If any Pledged Debt or any other indebtedness pledged hereunder is no longer Subject
Debt, then, upon the request of Pledgor so long as no Event of Default exists, Collateral Agent
shall release such Collateral and all certificates or instruments representing or evidencing such
Collateral shall be delivered to Pledgor.

     5. Representations and Warranties. Pledgor represents and warrants as follows:

     (a) Due Authorization, etc. All Pledged Debt has been duly authorized and issued and is the
legal, valid, and binding obligation of the issuer thereof, subject to bankruptcy, insolvency and
other laws of general application relating to creditors’ rights and to general equitable
principles.

     (b) Description of Collateral. The Pledged Debt owed by each issuer constitutes all of the
issued and outstanding indebtedness evidenced by a promissory note of such issuer owing to Pledgor
that is Subject Debt.

     (c) Ownership of Collateral; Validity and Enforceability. Pledgor is the legal, record and
beneficial owner of the Collateral free and clear of any Lien except for Permitted Liens. The
execution, delivery, and performance by Pledgor of this Agreement have been duly authorized by all
necessary trust action, and this Agreement constitutes a legal, valid, and binding obligation of Pledgor,
subject to bankruptcy, insolvency and other laws of general application relating to creditors’
rights and to general equitable principles.

					
	 	 	 	 	 
	 
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	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     (d) Governmental Authorizations. No authorization, approval or other action by, and no notice
to or filing with, any Tribunal is required for (i) the pledge by Pledgor of the Collateral
pursuant to this Agreement and the grant by Pledgor of the security interest granted hereby, (ii)
the execution, delivery or performance of this Agreement by Pledgor or (iii) the exercise by
Collateral Agent of the voting or other rights, or the remedies in respect of the Collateral,
provided for in this Agreement (except as may be required in connection with a disposition of
Collateral by laws affecting the offering and sale of securities generally).

     (e) Perfection. The pledge of the Collateral pursuant to this Agreement creates a valid and
perfected first priority security interest in the Collateral, securing the payment of the Secured
Obligations, subject only to Permitted Liens.

     (f) No Conflicts and No Defaults. None of the execution, delivery and performance by Pledgor
of this Agreement, the creation and perfection of the security interest in the Collateral granted
hereunder or compliance by Pledgor with the terms and provisions hereof will (i) violate or
conflict with (or, in case of clause (z), constitute a default under) (x) any Law that is binding
on Pledgor, (y) Pledgor’s declaration of trust, bylaws or other organizational documents or (z) the
provisions of any indenture, instrument or agreement to which Pledgor is a party or is subject, or
by which it, or its property, is bound, or (ii) result in the creation or imposition of any Lien
pursuant to the terms of any such indenture, instrument or agreement (other than the security
interest created hereunder). No Pledged Debt is in default.

     (g) Other Information. All information heretofore, herein or hereafter supplied to Collateral
Agent by or on behalf of Pledgor with respect to the Collateral is accurate and complete in all
material respects.

     6. Assurances and Covenants of Pledgor.

     (a) Transfers and Other Liens. Pledgor shall not:

     sell, assign (by operation of law or otherwise), pledge, hypothecate or otherwise dispose of,
or grant any option with respect to, any of the Collateral if such action would violate any
Financing Agreement; or

     create or suffer to exist any Lien upon or with respect to any of the Collateral, except for
Permitted Liens.

     (b) Additional Collateral. Pledgor shall pledge hereunder, from time to time, within the time
required by the Global Credit Agreement, any instrument or other evidence of indebtedness that
evidences Pledged Debt.

     (c) Updates of Schedule 1. Promptly upon request of Collateral Agent, Pledgor shall deliver
to Collateral Agent a Confirmation, duly executed by Pledgor, in substantially the form of Exhibit
A hereto, listing all then-current Pledged Debt (it being understood that the failure of Pledgor to
provide a Confirmation or to list any Pledged Debt on any Confirmation, shall not impair the
security interest of Collateral Agent in any Pledged Debt or otherwise adversely affect the rights
and remedies of Collateral Agent hereunder with respect thereto).

     (d) Written Notices. Pledgor shall promptly deliver to Collateral Agent all written notices
received by it with respect to the Collateral.

					
	 	 	 	 	 
	 
	 	4
	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     (e) Further Assurances; Perfection. Pledgor shall from time to time, at the expense of
Pledgor, promptly execute and deliver all further instruments and documents, and take all further
action, that may be necessary or desirable, or that Collateral Agent may reasonably request, in
order to perfect and protect any security interest granted hereby or to enable Collateral Agent to
exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without
limiting the generality of the foregoing, Pledgor will:

          (i) at Collateral Agent’s request, mark conspicuously each item of its records pertaining to
the Collateral with a legend, in form and substance reasonably satisfactory to Collateral Agent,
indicating that such Collateral is subject to the security interest granted hereby;

          (ii) execute (if necessary) and file such financing or continuation statements, or amendments
thereto, and such other instruments or notices, as may be necessary or desirable, or as Collateral
Agent may reasonably request, in order to perfect and preserve the security interests granted
hereby;

          (iii) at Collateral Agent’s request, appear in and defend any action or proceeding that may
affect Pledgor’s title to or Collateral Agent’s security interest in any Collateral; and

          (iv) execute and deliver to Collateral Agent appropriate assignments of any collateral or
collateral documents securing any of the Pledged Debt.

     (f) Authorization to File Financing Statements. Pledgor authorizes Collateral Agent to file
one or more financing or continuation statements, and amendments thereto, relative to any
Collateral, in such filing offices as Collateral Agent shall reasonably deem appropriate, without
the signature of Pledgor, and Pledgor shall pay Collateral Agent’s reasonable costs and expenses
incurred in connection therewith.

     7. Right to Receive Payments.

     (a) So long as no Event of Default exists:

          (i) Pledgor shall be entitled to receive and retain, and to utilize free and clear of the
security interest granted hereby, all payments in respect of the Collateral; provided that any
amount paid or payable other than in cash in respect of, and instruments and other property
received, receivable or otherwise distributed in respect of, or in exchange for, any Collateral
shall be, and shall forthwith be delivered to Collateral Agent to hold as, Collateral and shall, if
received by Pledgor, be received in trust for the benefit of Collateral Agent, be segregated from
the other property or funds of Pledgor and be forthwith delivered to Collateral Agent as Collateral
in the same form as so received (with all necessary endorsements); and

          (ii) Collateral Agent shall promptly execute and deliver (or cause to be executed and
delivered) to Pledgor all such instruments as Pledgor may from time to time reasonably request for
the purpose of enabling Pledgor to receive the payments which it is authorized to receive and
retain pursuant to Section 7(a)(i).

     (b) During the existence of an Event of Default:

          (i) all rights of Pledgor to receive the payments which it would otherwise be authorized to
receive and retain pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon

					
	 	 	 	 	 
	 
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	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

become vested in Collateral Agent which shall thereupon have the sole right to receive and hold as
Collateral such interest payments; and

          (ii) all payments which are received by Pledgor contrary to the provisions of this Section
7(b)(i) shall be received in trust for the benefit of Collateral Agent, shall be segregated from
other funds of Pledgor and shall forthwith be paid over to Collateral Agent as Collateral in the
same form as so received (with any necessary endorsements).

     (c) Notwithstanding any of the foregoing, Pledgor agrees that this Agreement shall not in any
way be deemed to obligate Collateral Agent or any other Credit Party to assume any of Pledgor’s
obligations, duties, expenses or liabilities with respect to any Pledged Debt or any other
Collateral.

     8. Collateral Agent Appointed Attorney-in-Fact. Pledgor irrevocably appoints
Collateral Agent as Pledgor’s attorney-in-fact, with full authority in the place and stead of
Pledgor and in the name of Pledgor, Collateral Agent or otherwise, from time to time during the
existence of an Event of Default, in Collateral Agent’s discretion, to take any action and to
execute any instrument that Collateral Agent may deem necessary or advisable to accomplish the
purposes of this Agreement, including:

     (a) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and
receipts for moneys due and to become due under or in respect of the Collateral;

     (b) to receive, endorse and collect any instrument made payable to Pledgor representing any
principal, or interest payment, or other distribution in respect of any Collateral and to give full
discharge for the same; and

     (c) to file any claim, take any action or institute any proceeding that Collateral Agent deems
necessary or desirable for the collection of the Collateral or otherwise to enforce the rights of
Collateral Agent with respect to any Collateral.

     9. Collateral Agent May Perform. If Pledgor fails to perform any agreement contained
herein, then Collateral Agent may itself perform, or cause performance of, such agreement, and the
expenses of Collateral Agent incurred in connection therewith shall be payable by Pledgor under
Section 13(b).

     10. Standard of Care. The powers conferred on Collateral Agent hereunder are solely
to protect its interest in the Collateral and shall not impose any duty upon it to exercise any
such power. Except for the exercise of reasonable care in the custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder, Collateral Agent shall
have no duty as to any Collateral, it being understood that Collateral Agent shall have no
responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relating to any Collateral, whether or not Collateral Agent
has or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than
steps taken in accordance with the standard of care set forth above to maintain possession of the
Collateral) to preserve rights against any parties with respect to any Collateral, (c) taking any
necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or
any Collateral, or (d) initiating any action to protect the Collateral against the possibility of a
decline in market value. Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which Collateral Agent accords its own property consisting of
negotiable securities.

     11. Remedies. If any Event of Default exists, then Collateral Agent may exercise in
respect of the Collateral, in addition to all other rights and remedies provided for herein or
otherwise available to it,

					
	 	 	 	 	 
	 
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 Subsidiary Pledge Agreement

 

 

all the rights and remedies of a secured party on default under the Code
(whether or not the Code applies to the affected Collateral), and Collateral Agent may also in its
sole discretion, without notice except as specified below, sell the Collateral or any part thereof
in one or more parcels at public or private sale, at any exchange or broker’s board or at any of
Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time
or times and at such price or prices and upon such other terms as Collateral Agent may deem
commercially reasonable, irrespective of the impact of any such sale on the market price of the
Collateral. Collateral Agent or any other Credit Party may be the purchaser of any or all of the
Collateral at any such sale and Collateral Agent, as agent for and representative of the Credit
Parties (but not any Credit Party or Credit Parties in its or their respective individual
capacities unless the Majority Credit Parties shall otherwise agree in writing), shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any
portion of the Collateral sold at any such public sale, to use and apply any of the Secured
Obligations as a credit on account of the purchase price for any Collateral payable by Collateral
Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free
from any claim or right on the part of Pledgor, and Pledgor hereby waives (to the extent permitted
by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any
time in the future have under any rule of law or statute now existing or hereafter enacted.
Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’
notice to Pledgor of the time and place of any public sale or the time after which any private sale
is to be made shall constitute reasonable notification. Collateral Agent shall not be obligated to
make any sale of Collateral regardless of notice of sale having been given. Collateral Agent may
adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned. Pledgor waives any claim against Collateral Agent arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale, even if Collateral Agent accepts the first offer
received and does not offer such Collateral to more than one offeree. If the proceeds of any sale
or other disposition of the Collateral are insufficient to pay all the Secured Obligations, then
Pledgor shall be liable for the deficiency and the fees of any attorneys employed by Collateral
Agent to collect such deficiency.

     12. Application of Proceeds. Except as expressly provided elsewhere in this
Agreement, all proceeds received by Collateral Agent in respect of any sale of, collection from or
other realization upon Collateral may, in the discretion of Collateral Agent, be held by Collateral
Agent as Collateral for the Secured Obligations and/or then, or at any time thereafter, applied in
full or in part by Collateral Agent in accordance with the provisions of the Security Agency
Agreement.

     13. Indemnity and Expenses.

     (a) Pledgor agrees to indemnify each Credit Party from and against any and all claims, losses
and liabilities in any way relating to, growing out of or resulting from this Agreement and the
transactions contemplated hereby (including enforcement of this Agreement) in all cases, whether or
not caused by or arising, in whole or in part, out of the negligence of Collateral Agent or any
other Credit Party, except to the extent such claims, losses or liabilities result from Collateral
Agent or any other Credit Party’s gross negligence or willful misconduct as finally determined by a
court of competent jurisdiction.

     (b) Pledgor shall pay to Collateral Agent upon demand all reasonable costs and expenses
(including the reasonable fees and expenses of counsel to, and of any expert or agent of,
Collateral Agent) that Collateral Agent may incur in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, or the sale of, collection from or other
realization upon, any of the Collateral, (iii) the exercise or enforcement of any right of
Collateral Agent hereunder or (iv) the failure by Pledgor to perform or observe any provision
hereof.

					
	 	 	 	 	 
	 
	 	7
	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     14. Continuing Security Interest; Transfer of Obligations. This Agreement shall
create a continuing security interest in the Collateral and shall (a) remain in full force and
effect until the payment in full of all Secured Obligations and the cancellation or termination of
all Commitments, (b) be binding upon Pledgor, its successors and assigns and (c) inure, together
with the rights and remedies of Collateral Agent hereunder, to the benefit of Collateral Agent and
the other Credit Parties and their respective successors and permitted transferees and assigns.
Upon the indefeasible payment in full of all Secured Obligations and the cancellation or
termination of all Commitments, the security interest granted hereby shall terminate and all rights
to the Collateral shall revert to Pledgor. Upon any such termination, Collateral Agent will, at
Pledgor’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably
request to evidence such termination and Pledgor shall be entitled to the return, upon its request
and at its expense, against receipt and without recourse to Collateral Agent, of such of the
Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

     15. Amendments; Etc. No amendment, modification, termination or waiver of any
provision of this Agreement, and no consent to any departure by Pledgor from the terms and
conditions hereof, shall be effective unless the same shall be in writing and signed by Collateral
Agent and, in the case of any such amendment or modification, by Pledgor. Any such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which it
was given.

     16. Notices. Any notice or other communication required or permitted to be given
hereunder shall be in writing and may be personally served or sent by facsimile or mail or courier
service to the applicable party at its address set forth on the signature pages hereof or to such
other address as such party may hereafter specify in writing to the other party. Such notice or
other communication shall be deemed to have been given when delivered in person or by courier
service, upon receipt of facsimile, or five (5) Business Days after deposit in the mail with
postage prepaid and properly addressed; provided that any notice, request or demand to or
upon Collateral Agent shall not be effective until received.

     17. Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the
part of Collateral Agent in the exercise of any power, right or privilege hereunder shall impair
such power, right or privilege or be construed to be a waiver of any default or acquiescence
therein, nor shall any single or partial exercise of any such power, right or privilege preclude
any other or further exercise thereof or of any other power, right or privilege. All rights and
remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or
remedies otherwise available.

     18. Severability. If any provision in or obligation under this Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations hereof, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.

     19. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO
THE EXTENT THAT THE CODE PROVIDES THAT THE VALIDITY OR PERFECTION OF ANY SECURITY INTEREST
HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE
LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

     20. Consent to Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE

					
	 	 	 	 	 
	 
	 	8
	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

STATE OF NEW YORK, COUNTY OF NEW YORK AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH THIS AGREEMENT. Pledgor agrees that service of all process in any such
proceeding in any such court may be made by registered or certified mail, return receipt requested,
to Pledgor at its address provided on the signature page hereof, such service being hereby
acknowledged by Pledgor to be sufficient for personal jurisdiction in any action against Pledgor in
any such court and to be otherwise effective and binding service in every respect. Nothing herein
shall affect the right to serve process in any other manner permitted by law or shall limit the
right of Collateral Agent to bring proceedings against Pledgor in the courts of any other
jurisdiction.

     21. Waiver of Jury Trial. PLEDGOR AND COLLATERAL AGENT HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT.
The scope of this waiver is intended to be all-encompassing of all disputes that may be filed in
any court and that relate to the subject matter of this transaction, including contract claims,
tort claims, breach of duty claims and all other common law and statutory claims. Pledgor and
Collateral Agent each acknowledge that this waiver is a material inducement for Pledgor and
Collateral Agent to enter into a business relationship, that Pledgor and Collateral Agent have
already relied on this waiver in entering into this Agreement and that each will continue to rely
on this waiver in their related future dealings with respect to the transactions contemplated
hereby. Each of Pledgor and Collateral Agent further warrants and represents that it has reviewed
this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial
rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT
MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENT, RENEWAL, SUPPLEMENT OR MODIFICATION TO THIS AGREEMENT. In the event of litigation, this
Agreement may be filed as a written consent to a trial by the court.

     22. Counterparts. This Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document.

     23. Obligations Absolute. All rights and remedies of Collateral Agent hereunder, and
all obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of:

     (a) any lack of validity or enforceability of any Financing Agreement or any other agreement
or instrument relating thereto;

     (b) any change in the time, manner, or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure
from any Financing Agreement or any other agreement or instrument relating thereto;

     (c) any exchange, release, or non-perfection of any Collateral, or any release or amendment or
waiver of or consent to any departure from any guarantee, for any of the Secured Obligations; or

     (d) any other circumstance (other than payment in full of the Secured Obligations) that might
otherwise constitute a defense available to, or a discharge of, Pledgor.

					
	 	 	 	 	 
	 
	 	9
	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     24. Amendment and Restatement of Existing Subsidiary Pledge Agreement. This Agreement
amends and restates in its entirety the Existing Subsidiary Pledge Agreement.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

					
	 	 	 	 	 
	 
	 	10
	 	Second Amended And Restated
 Subsidiary Pledge Agreement

 

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 	 	 
	 	 	[PLEDGOR]
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 
	 	 	Address:
	 
	 	 	 	 	 	 
	 	 	[c/o ProLogis
	 	 	14100 East 35th Place
	 	 	Aurora, Colorado 80011
	 	 	Attn: Mr. M. Gordon Keiser, Jr.
	 	 	Fax: 303-375-8581]

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Collateral Agent
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 
	 	 	Address:
	 
	 	 	 	 	 	 
	 	 	Bank of America, N.A.
	 	 	901 Main Street, 64th Floor
	 	 	Dallas, Texas 75202
	 	 	Attn: Mr. Will T. Bowers, Jr.
	 	 	Fax: 214-209-0085

Signature Page to
Amended and Restated Subsidiary Pledge Agreement

 

 

SCHEDULE 1

Pledged Debt

	 	 	 	 	 
	Maker	 	Amount (and Currency)
	 
	 	 	00	 

Schedule 1 to
Amended and Restated Subsidiary Pledge Agreement

 

 

\

EXHIBIT A

to Amended and Restated Subsidiary Pledge Agreement

CONFIRMATION

     This Confirmation, dated , 20___, is delivered pursuant to Section 6(c) of the Second Amended
and Restated Subsidiary Pledge Agreement dated as of ___, 2005 between the undersigned and Bank
of America, N.A., as Collateral Agent (the “Pledge Agreement”). The undersigned confirms that set
forth below is a complete list of all Pledged Debt (as defined in the Pledge Agreement) as of the
date hereof.

	 	 	 	 	 	 	 
	 	 	[INSERT PARTY]
	 
	 	 	By:
	 	 	 	 	  
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
 

	 	 	 
	Debt Issuer	 	Amount of Indebtedness
	 
	 
	 	 
	 
	 
	 	 
	 

					
	 	 	 	 	 
	 
	 	1
	 	
Exhibit G-2

 

 

EXHIBIT H-1

FORM OF SUPPLEMENTAL ADDENDUM

Date: ___________, _____

To: The Lender under the Supplemental Tranche (as defined below)

Ladies and Gentlemen:

Reference is made to the Credit Agreement, dated as of October 6, 2005 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among ProLogis (the
“Company”), certain Affiliate Borrowers from time to time party thereto, the Lenders from
time to time party thereto, Bank of America, N.A., as Global Administrative Agent, Collateral
Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of America, N.A.,
acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C Issuer, ABN AMRO
Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line Lender, and a Euro L/C
Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW Funding Agent, and a Yen
L/C Issuer.

Pursuant to Section 8.14 of the Agreement, ProLogis hereby requests a Supplemental Tranche (the
“Supplemental Tranche”) on the terms and conditions set forth below:

	1.	 	A Supplemental Tranche with aggregate commitments from the Supplemental Lender in Foreign
Equivalent amount of $                                        .
	 
	2.	 	The Primary Currency of such Supplemental Tranche shall be                                         .
	 
	3.	 	The Alternative Currencies with respect to such Supplemental Tranche shall be                                         .
	 
	4.	 	The Supplemental Tranche shall have the following subfacilities:

	 	 	 	o A Supplemental Letter of Credit subfacility in the maximum amount of $                                        .
	 
	 	 	 	o A Supplemental Swing Line subfacility in the maximum amount of $                                         .

	5.	 	The Facility Fee for such Supplemental Tranche shall be                                         %.
	 
	6.	 	Such Supplemental Tranche shall be repaid as follows:                                         .

7. Pursuant to Section 8.1, the minimum amount for Borrowings and repayments of such
Supplemental Tranche shall be as follows:                                                             .

8. Pursuant to Section 8.2, the minimum amount for termination and reductions of such
Supplemental Tranche shall be as follows:                                                             .

9. Pursuant to Section 8.4, such Supplemental Tranche shall bear interest at follows:                                                                                 .

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit H-1

 

 

10. The definitions listed on Annex A part 1 hereto shall the following meanings for
purposes of this Supplemental Tranche, and the definitions under Annex A part 2 are hereby
amended in there entirety for the purpose of this Supplemental Tranche.

11. ProLogis confirms that the conditions set forth in Sections 8.13 and 8.14 have
been satisfied.

THIS SUPPLEMENTAL ADDENDUM SHALL CONSTITUTE A LOAN DOCUMENT UNDER THE CREDIT AGREEMENT AND SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

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

	 	 	 	 	 	 	 	 	 
	 	 	PROLOGIS	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	2
	 	Exhibit H-1

 

 

ANNEX A

DEFINED TERMS

Part 1 (delete from this Addendum any terms not defined in this Addendum):

     “Supplemental Aggregate Commitments” means                                                            .

     “Supplemental Borrowers” means                                                            .

     “Supplemental Commitments” means                                                             .

     “Supplemental Committed Borrowing” means                                                            .

     “Supplemental Committed Loan” means                                                            .

     “Supplemental Committed Loan Notice” means                                                             .

     “Supplemental Funding Agent” means                                                             .

     “Supplemental Funding Agent’s Office” means                                                             .

     “Supplemental L/C Obligations” means                                                            .

     “Supplemental Lenders” means                                                            .

     “Supplemental Letter of Credit Fee” means                                                             .

     “Supplemental Letters of Credit” means                                                            .

     “Supplemental Letters of Credit Issuer” means                                                             .

     “Supplemental Letter of Credit Sublimit” means                                                            .

     “Supplemental Loans” means                                                            .

     “Supplemental Note” means                                                            .

     “Supplemental Outstanding Amount” means                                                            .

     “Supplemental Rate Loan” means                                                            .

     “Supplemental Required Lenders” means                                                             .

     “Supplemental Swing Line Borrowing” means                                                            .

     “Supplemental Swing Line Lender” means                                                            .

     “Supplemental Swing Line Loans” means                                                            .

					
	 	 	 	 	 
	 
	 	3
	 	Exhibit H-1

 

 

Part 2 (delete from this Addendum any terms not amended):

“Applicable Tranche Percentage” means: (f)                                        

“Eurocurrency Rate” means, for any Interest Period with respect to: (d)                                        

“Interest Payment Date” means (d)                                        

					
	 	 	 	 	 
	 
	 	4
	 	Exhibit H-1

 

 

EXHIBIT H-2

FORM OF RMB ADDENDUM

Date: ___________, _____

To: The Lender under the RMB Tranche (as defined below)

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

Pursuant to Section 8.14.4 of the Agreement, ProLogis hereby requests an RMB Tranche (the
“RMB Tranche”) on the terms and conditions set forth in the RMB Loan Agreement attached
hereto as Annex A.

THIS RMB ADDENDUM SHALL CONSTITUTE A LOAN DOCUMENT UNDER THE CREDIT AGREEMENT AND SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

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

	 	 	 	 	 	 	 	 	 
	 	 	PROLOGIS	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit J

 

 

ANNEX A

FORM OF RMB LOAN AGREEMENT

					
	 	 	 	 	 
	 
	 	2
	 	Exhibit J

 

 

EXHIBIT I

FORM OF BORROWER ACCESSION AGREEMENT

Date: ___________, _____

To:                                         , as                                          Funding Agent

     Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

ProLogis and the applicable Agents agree as follows:

	1.	 	The terms defined in the Credit Agreement shall have the same meanings herein.
	 
	2.	 	[Name of New Borrower] (“Eligible Affiliate”) shall become an Affiliate Borrower
pursuant to Section 8.11 of the Credit Agreement.
	 
	3.	 	Eligible Affiliate is a [type of entity] duly organized under the laws of [name of relevant
jurisdiction].
	 
	4.	 	Eligible Affiliate confirms that it has received from the Company a true and up-to-date copy
of the Credit Agreement.
	 
	5.	 	Eligible Affiliate undertakes, upon its becoming a Borrower, to perform all the obligations
expressed to be undertaken under the Credit Agreement by an Affiliate Borrower and agrees that
it shall be bound by the Credit Agreement in all respects as if it had been an original party
thereto as an Affiliate Borrower.
	 
	6.	 	ProLogis:

	 	(a)	 	confirms that the representations and warranties of a continuing nature
contained in the Credit Agreement are true and correct in all material respects, with
the same force and effect as though made on the date hereof (unless they speak to a
different date or are based on facts which have changed by transactions contemplated
or permitted by the Credit Agreement); and
	 
	 	(b)	 	confirms that no Default or Event of Default is continuing or would occur
as a result Eligible Affiliate becoming an Affiliate Borrower.

					
	 	 	 	 	 
	 
	 	3
	 	Exhibit J

 

 

	7.	 	Eligible Affiliate makes the representations and warranties set out in Section
XI of the Credit Agreement (to the extent applicable thereto).
	 
	8.	 	Administrative details for Eligible Affiliate are as follows:

	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	Fax No.:	 	 	 	 
	 

	 	 	 	 

	 	 

	9.	 	This Agreement shall be governed by New York law.

	 	 	[10. Eligible Affiliate is a Short Term Affiliate Borrower and agrees to assume [EUR/$/other
currency] of the principal amount of the outstanding [Tranche] Loans to [Name of Borrower
that has debt that will be assumed by Eligible Affiliate] consisting of [___Loans
[with an Interest Period ending on ___], which principal amount shall be paid within
thirty (30) days after the date of the effectiveness hereof.]

	 	 	 	 	 	 	 	 	 
	 	 	PROLOGIS	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	[NEW AFFILIATE BORROWER]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	4
	 	Exhibit J

 

 

EXHIBIT J

JOINDER AGREEMENT

     Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

     Pursuant to Section 8.13 of the Agreement, the undersigned hereby agrees that it shall be a
party to the Agreement as a “Subsequent Lender” under the [ ] Tranche(s)
([each an/the] “Applicable Tranche”) and shall have the rights and obligations of a Lender
under the Loan Documents.

     The undersigned (a) represents and warrants that (i) it has full power and authority, and has
taken all action necessary, to execute and deliver this Joinder Agreement and to consummate the
transactions contemplated hereby and to become a Subsequent Lender under the Agreement, (ii) it
meets all requirements of Lender under the Agreement (subject to receipt of such consents as may be
required under the Agreement) and under [each/the] Applicable Tranche, (iii) it has received a copy
of the Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 12.1 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Joinder Agreement on
the basis of which it has made such analysis and decision independently and without reliance on
Administrative Agent or any other Lender, and (iv) if it is a Foreign Lender, attached hereto is
any documentation required to be delivered by it pursuant to the terms of the Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on Administrative Agent or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Loan Documents are required to be performed by it
as a Lender.

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

[Signature Page Follows.]

					
	 	 	 	 	 
	 
	 	5
	 	Exhibit J

 

 

     IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the ___day of
___, 20___.

	 	 	 
	 

	 	SUBSEQUENT LENDER
	 

	 	[NAME OF SUBSEQUENT LENDER]
	 
	 	 
	 

	 	Include bracketed language below if a Dutch Borrower
	 

	 	is a Borrower under the applicable Tranche.
	 
	 	 
	 

	 	[For the purpose of the Dutch Banking Act, Subsequent
	 

	 	Lender expressly confirms the representations in
	 

	 	Section 16.18.2 of the Agreement.]

	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	6
	 	Exhibit J

 

 

EXHIBIT K

INCREASE CERTIFICATE

     Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
ProLogis (the “Company”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, Bank of America, N.A., as Global Administrative Agent,
Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of
America, N.A., acting through its Canada branch, as Canadian Funding Agent and a Canadian L/C
Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line
Lender, and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as Yen Funding Agent, KRW
Funding Agent, and a Yen L/C Issuer.

     Pursuant to Section 8.13 of the Agreement, the undersigned hereby agrees and consents
to an increase in its [ ] Commitment. After giving effect to such increase, the [ ]
Commitment of the undersigned will equal $___.

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

[Signature Page Follows.]

					
	 	 	 	 	 
	 
	 	1
	 	Exhibit K

 

 

     IN WITNESS WHEREOF, the undersigned has executed this Increase Certificate as of the ___day of
___, 20___.

	 	 	 	 	 	 	 	 	 
	 	 	INCREASING LENDER	 	 
	 	 	[NAME OF INCREASING LENDER]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	2
	 	Exhibit K

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]