Document:

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                                                                   EXHIBIT 10.11

                              PURCHASE AGREEMENT
                                (IMPROVEMENTS)

                                    BETWEEN

                            BNP LEASING CORPORATION

                                   ("BNPLC")

                                      AND

                            EXTREME NETWORKS, INC.

                                  ("Extreme")

                                 June 1, 2000

                           (Santa Clara, California)

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<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                                                               Page
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<S>                                                                                                            <C>
1.   EXTREME'S OPTIONS AND OBLIGATIONS ON THE DESIGNATED SALE DATE............................................    1
     (A)  Right to Purchase; Initial Remarketing Rights and Obligation........................................    1
          ------------------------------------------------------------
     (B)  Determinations Concerning Price.....................................................................    3
          -------------------------------
     (C)  Designation of the Purchaser........................................................................    4
          ----------------------------
     (D)  Effect of the Purchase Option and Extreme's Initial Remarketing Rights and Obligations..............    4
          --------------------------------------------------------------------------------------
          on Subsequent Title Encumbrances
          --------------------------------
     (E)  Security for the Purchase Option and Extreme's Initial Remarketing Rights and Obligations...........    4
          -----------------------------------------------------------------------------------------
     (F)  Delivery of Books and Records If BNPLC Retains the Property.........................................    5
          -----------------------------------------------------------

2.   EXTREME'S RIGHTS AND OPTIONS AFTER THE DESIGNATED SALE DATE..............................................    5
     (A)  Extreme's Extended Right to Remarket................................................................    5
          ------------------------------------
     (B)  Definition of Minimum Extended Remarketing Price....................................................    6
          ------------------------------------------------
     (C)  BNPLC's Right to Sell...............................................................................    6
          ---------------------
     (D)  Extreme's Right to Excess Sales Proceeds............................................................    7
          ----------------------------------------
     (E)  Permitted Transfers During Extreme's Extended Remarketing Period....................................    7
          ----------------------------------------------------------------

3.   TERMS OF CONVEYANCE UPON PURCHASE........................................................................    7

4.   SURVIVAL AND TERMINATION OF THE RIGHTS AND OBLIGATIONS OF EXTREME AND BNPLC..............................    8
     (A)  Status of this Agreement Generally..................................................................    8
          ----------------------------------
     (B)  Automatic Termination of Extreme's Rights...........................................................    8
          -----------------------------------------
     (C)  Termination of Extreme's Extended Remarketing Rights to Permit a Sale by BNPLC......................    9
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     (D)  Payment Only to BNPLC...............................................................................    9
          ---------------------
     (E)  Remedies Under the Other Operative Documents........................................................    9
          --------------------------------------------
     (F)  Occupancy by Extreme Prior to Closing of a Sale.....................................................    9
          -----------------------------------------------

5.   SECURITY FOR EXTREME'S OBLIGATIONS; RETURN OF FUNDS......................................................    9

6.   CERTAIN REMEDIES CUMULATIVE..............................................................................   10

7.   ATTORNEYS' FEES AND LEGAL EXPENSES.......................................................................   10

8.   ESTOPPEL CERTIFICATE.....................................................................................   10

9.   SUCCESSORS AND ASSIGNS...................................................................................   10
</TABLE>
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                            Exhibits and Schedules
                            ----------------------

<TABLE>
<S>                                                            <C>
Exhibit A.....................................................                      Legal Description
---------

Exhibit B.....................................................           Grant Deed Form Requirements
---------

Exhibit C.....................................................            Bill of Sale and Assignment
---------

Exhibit D.....................................................          Acknowledgment and Disclaimer
---------

Exhibit E.....................................................                Secretary's Certificate
---------

Exhibit F..................................................... Certificate Concerning Tax Withholding
---------
</TABLE>
<PAGE>

                              PURCHASE AGREEMENT
                                (IMPROVEMENTS)

     This PURCHASE AGREEMENT (IMPROVEMENTS) (this "Agreement") is made and dated
as of June 1, 2000 (the "Effective Date") by and between BNP LEASING
CORPORATION, a Delaware corporation ("BNPLC"), and EXTREME NETWORKS, INC., a
Delaware corporation ("Extreme").

                                   RECITALS

     Contemporaneously with the execution of this Agreement, BNPLC and Extreme
are executing a Common Definitions and Provisions Agreement (Improvements) dated
as of the Effective Date (the "Common Definitions and Provisions Agreement
(Improvements)"), which by this reference is incorporated into and made a part
of this Agreement for all purposes. As used in this Agreement, capitalized terms
defined in the Common Definitions and Provisions Agreement (Improvements) and
not otherwise defined in this Agreement are intended to have the respective
meanings assigned to them in the Common Definitions and Provisions Agreement
(Improvements).

     Pursuant to the Acquisition Contract, which covers the Land described in
Exhibit A, BNPLC is acquiring the Land and any appurtenances thereto and the
---------
existing Improvements thereon from Seller contemporaneously with the execution
of this Agreement. Pursuant to the Lease Agreement (Improvements) executed by
BNPLC and Extreme contemporaneously with this Agreement (the "Improvements
Lease"), BNPLC is leasing the Improvements on the Land to Extreme and agreeing
to provide funding for renovations, remodeling, improvements and furnishing of
the Improvements, all of which will be owned by BNPLC. (All of BNPLC's
interests, including those created by the documents delivered at the closing
under the Acquisition Contract, in the Improvements and in all other real and
personal property from time to time covered by the Improvements Lease and
included within the "Property" as defined therein are hereinafter collectively
referred to as the "Property". The Property does not include the Land itself, it
being understood that the Other Purchase Agreement constitutes a separate
agreement providing for the possible sale of the Land and the appurtenances
thereto, and only the Land and the appurtenances thereto, from BNPLC to Extreme
or a third party designated by Extreme.)

     Extreme and BNPLC have reached agreement upon the terms and conditions upon
which Extreme will purchase or arrange for the purchase of the Property, and by
this Agreement they desire to evidence such agreement.

                                  AGREEMENTS

     1.   EXTREME'S OPTIONS AND OBLIGATIONS ON THE DESIGNATED SALE DATE.

          (A)  Right to Purchase; Initial Remarketing Rights and Obligation.
               ------------------------------------------------------------
Whether or not an Event of Default shall have occurred and be continuing or the
Improvements Lease shall have been terminated, but subject to Paragraph 4 below:

               (1)  Extreme shall have the right (the "Purchase Option") to
     purchase or cause an Affiliate of Extreme to purchase the Property and
     BNPLC's interest in Escrowed Proceeds, if any, on the Designated Sale Date
     for a cash price equal to the Break Even Price (as defined below).

               (2)  If neither Extreme nor an Affiliate of Extreme purchases the
     Property and BNPLC's interest in any Escrowed Proceeds on the Designated
     Sale Date as provided in the preceding
<PAGE>

     subparagraph 1.(A)(1), then Extreme shall have the following rights and
     obligations (collectively, "Extreme's Initial Remarketing Rights and
     Obligations"):

                    (a)  First, Extreme shall have the right (but not the
          obligation) to cause an Applicable Purchaser who is not an Affiliate
          of Extreme to purchase the Property and BNPLC's interest in any
          Escrowed Proceeds on the Designated Sale Date for a cash purchase
          price (the "Third Party Price") determined as provided below. If,
          however, the Break Even Price exceeds the sum of any Third Party Price
          tendered or to be tendered to BNPLC by an Applicable Purchaser and any
          Supplemental Payment paid by Extreme as described below, then BNPLC
          may affirmatively elect to decline such tender from the Applicable
          Purchaser and to keep the Property and any Escrowed Proceeds rather
          than sell to the Applicable Purchaser pursuant to this subparagraph (a
          "Voluntary Retention of the Property").

                    (b)  Second, if the Third Party Price actually paid by an
          Applicable Purchaser to BNPLC on the Designated Sale Date exceeds the
          Break Even Price, Extreme shall be entitled to such excess, subject,
          however, to BNPLC's right to offset against such excess any and all
          sums that are then due from Extreme to BNPLC under the other Operative
          Documents.

                    (c)  Third, if for any reason whatsoever (including a
          Voluntary Retention of the Property or a decision by Extreme not to
          exercise its right to purchase or cause an Applicable Purchaser to
          purchase from BNPLC as described above) neither Extreme nor an
          Applicable Purchaser pays a net cash price to BNPLC on the Designated
          Sale Date equal to or in excess of the Break Even Price in connection
          with a sale of the Property and BNPLC's interest in any Escrowed
          Proceeds pursuant to this Agreement, then Extreme shall have the
          obligation to pay to BNPLC on the Designated Sale Date a supplemental
          payment (the "Supplemental Payment") equal to the lesser of (1) the
          amount by which the Break Even Price exceeds such net cash price (if
          any) actually received by BNPLC on the Designated Sale Date (such
          excess being hereinafter called a "Deficiency") or (2) the Maximum
          Remarketing Obligation. As used herein, the "Maximum Remarketing
          Obligation" means a dollar amount determined in accordance with the
          following provisions:

                              1)   The "Maximum Remarketing Obligation" will
               equal the product of (i) Stipulated Loss Value on the Designated
               Sale Date, times (ii) 100% minus the Residual Risk Percentage,
               provided that both of the following conditions are satisfied:

                                   (x)  Extreme shall not have elected to
                    accelerate the Designated Sale Date as provided in clause
                    (2) of the definition of Designated Sale Date in the Common
                    Definitions and Provisions Agreement (Improvements).

                                   (y)  No Event of Default, other than an Issue
                    97-1 Non-performance-related Subjective Event of Default,
                    shall occur on or be continuing on the Designated Sale Date.

                              2)   If either of the conditions listed in
               subparagraph 1) preceding are not satisfied, the "Maximum
               Remarketing Obligation" will equal the Break Even Price.

If any Supplemental Payment or other amount payable to BNPLC pursuant to this
subparagraph 1.(A) is not actually paid to BNPLC on the Designated Sale Date,
Extreme shall pay interest on the past due amount computed at the Default Rate
from the Designated Sale Date.

                                       2
<PAGE>

          (B)  Determinations Concerning Price.
               -------------------------------

               (1)  Determination of the Break Even Price.  As used herein,
                    -------------------------------------
     "Break Even Price" means an amount equal, on the Designated Sale Date, to
     Stipulated Loss Value, plus all out-of-pocket costs and expenses (including
     appraisal costs, withholding taxes (if any) not constituting Excluded
     Taxes, and Attorneys' Fees) incurred by BNPLC in connection with any sale
     of BNPLC's interests in the Property under this Agreement or in connection
     with collecting payments due hereunder, but less the aggregate amounts (if
                                             --------
     any) of Direct Payments to Participants and Deposit Taker Losses.

               (2)  Determination of Third Party Price.  The Third Party Price
                    ----------------------------------
     required of any Applicable Purchaser purchasing from BNPLC under
     subparagraph 1.(A)(2)(a) will be determined as follows:

               (a)  Extreme may give a notice (a "Remarketing Notice") to BNPLC
          and to each of the Participants no earlier than one hundred twenty
          days before the Designated Sale Date and no later than ninety days
          before the Designated Sale Date, specifying an amount as the Third
          Party Price that Extreme believes in good faith to constitute
          reasonably equivalent value for the Property and any Escrowed
          Proceeds. Once given, a Remarketing Notice shall not be rescinded or
          modified without BNPLC's written consent.

               (b)  If BNPLC believes in good faith that the Third Party Price
          specified by Extreme in a Remarketing Notice does not constitute
          reasonably equivalent value for the Property and any Escrowed
          Proceeds, BNPLC may at any time before sixty days prior to the
          Designated Sale Date respond to the Remarketing Notice with a notice
          back to Extreme, objecting to the Third Party Price so specified by
          Extreme. If BNPLC receives a Remarketing Notice, yet does not respond
          with an objection as provided in the preceding sentence, the Third
          Party Price suggested by Extreme in the Remarketing Notice will be the
          Third Party Price for purposes of this Agreement. If, however, BNPLC
          does respond with an objection as provided in this subparagraph, and
          if Extreme and BNPLC do not otherwise agree in writing upon a Third
          Party Price, then the Third Party Price will be the lesser of (I) fair
          market value of the Property, plus the amount of any Escrowed
          Proceeds, as determined by a professional independent appraiser
          selected by BNPLC, or (II) the Break Even Price.

               (c)  If for any reason, including an acceleration of the
          Designated Sale Date as provided in the definition thereof in the
          Common Definitions and Provisions Agreement (Improvements), Extreme
          does not deliver a Remarketing Notice to BNPLC within the time period
          specified above, then the Third Party Price will be an amount
          determined in good faith by BNPLC as constituting reasonably
          equivalent value for the Property and any Escrowed Proceeds, but in no
          event more than the Break Even Price.

     If any payment to BNPLC by an Applicable Purchaser hereunder is held to
     constitute a preference or a voidable transfer under Applicable Law, or
     must for any other reason be refunded by BNPLC to the Applicable Purchaser
     or to another Person, and if such payment to BNPLC reduced or had the
     effect of reducing a Supplemental Payment or increased or had the effect of
     increasing any excess sale proceeds paid to Extreme pursuant to
     subparagraph 1(A)(2)(b) or pursuant to subparagraph 2.(D), then Extreme
     shall pay to BNPLC upon demand an amount equal to the reduction of the
     Supplemental Payment or to the increase of the excess sale proceeds paid to
     Extreme, as applicable, and this Agreement shall continue to be effective
     or shall be reinstated as necessary to permit BNPLC to enforce its right to
     collect such amount from Extreme.

                                       3
<PAGE>

          (C)  Designation of the Purchaser. To give BNPLC the opportunity
               ----------------------------
before the Designated Sale Date to prepare the deed and other documents that
BNPLC must tender pursuant to Paragraph 3 (collectively, the "Sale Closing
Documents"), Extreme must, by a notice to BNPLC given at least seven days prior
to the Designated Sale Date, specify irrevocably, unequivocally and with
particularity the party who will purchase the Property in order to satisfy the
obligations of Extreme set forth in subparagraph 1(A). If for any reason Extreme
fails to so specify a party who will in accordance with the terms and conditions
set forth herein purchase the Property (be it Extreme itself, an Affiliate of
Extreme or another Applicable Purchaser), BNPLC shall be entitled to postpone
the tender of the Sale Closing Documents until a date after the Designated Sale
Date and not more than twenty days after Extreme finally does so specify a
party, but such postponement will not relieve or postpone the obligation of
Extreme to make a Supplemental Payment on the Designated Sale Date as provided
in Paragraph 1.(A)(2)(c).

          (D)  Effect of the Purchase Option and Extreme's Initial Remarketing
               ---------------------------------------------------------------
Rights and Obligations on Subsequent Title Encumbrances. Any conveyance of the
-------------------------------------------------------
Property to Extreme or any Applicable Purchaser pursuant to this Paragraph 1.(A)
shall cut off and terminate any interest in the Improvements or other Property
claimed by, through or under BNPLC, including any interest claimed by the
Participants and including any Liens Removable by BNPLC (such as, but not
limited to, any judgment liens established against the Property because of a
judgment rendered against BNPLC and any leasehold or other interests conveyed by
BNPLC in the ordinary course of BNPLC's business), but not including personal
obligations of Extreme to BNPLC under the Improvements Lease or other Operative
Documents (including obligations arising under the indemnities therein). Anyone
accepting or taking any interest in the Property by or through BNPLC after the
date of this Agreement shall acquire such interest subject to the Purchase
Option and Extreme's Initial Remarketing Rights and Obligations. Further,
Extreme and any Applicable Purchaser shall be entitled to pay any payment
required by this Agreement for the purchase of the Property directly to BNPLC
notwithstanding any prior conveyance or assignment by BNPLC, voluntary or
otherwise, of any right or interest in this Agreement or the Property, and
neither Extreme nor any Applicable Purchaser shall be responsible for the proper
distribution or application of any such payments by BNPLC; and any such payment
to BNPLC shall discharge the obligation of Extreme to cause such payment to all
Persons claiming an interest in such payment. Contemporaneously with the
execution of this Agreement, the parties shall record a memorandum of this
Agreement for purposes of effecting constructive notice to all Persons of
Extreme's rights under this Agreement, including its rights under this
subparagraph.

          (E)  Security for the Purchase Option and Extreme's Initial
               ------------------------------------------------------
Remarketing Rights and Obligations. To secure BNPLC's obligation to sell the
----------------------------------
Property pursuant to Paragraph 1.(A) and to pay any damages to Extreme caused by
a breach of such obligations, including any such breach caused by a rejection or
termination of this Agreement in any bankruptcy or insolvency proceeding
instituted by or against BNPLC, as debtor, BNPLC does hereby grant to Extreme a
lien and security interest against all rights, title and interests of BNPLC from
time to time in and to the Improvements and other Property. Extreme may enforce
such lien and security interest judicially after any such breach by BNPLC, but
not otherwise. Contemporaneously with the execution of this Agreement, Extreme
and BNPLC will execute a memorandum of this Agreement which is in recordable
form and which specifically references the lien granted in this subparagraph,
and Extreme shall be entitled to record such memorandum at any time prior to the
Designated Sale Date.

          (F)  Delivery of Books and Records If BNPLC Retains the Property.
               -----------------------------------------------------------
Unless Extreme or its Affiliate or another Applicable Purchaser purchases the
Property pursuant to Paragraph 1.(A), promptly after the Designated Sale Date
Extreme shall deliver to BNPLC copies of all plans and specifications for the
Property prepared in connection with any Initial Renovations made as
contemplated by the Improvements Lease, together with all other books and
records of Extreme which will be necessary or useful to any future owner's or
occupant's use of the Property in the manner permitted by the Improvements
Lease.

     2.   EXTREME'S RIGHTS AND OPTIONS AFTER THE DESIGNATED SALE DATE.

                                       4
<PAGE>

          (A)  Extreme's Extended Right to Remarket. During the two years
               ------------------------------------
following the Designated Sale Date ("Extreme's Extended Remarketing Period"),
Extreme shall have the right ("Extreme's Extended Remarketing Right") to cause
an Applicable Purchaser who is not an Affiliate of Extreme to purchase the
Property for a cash purchase price not below the Minimum Extended Remarketing
Price (as defined below). Extreme's Extended Remarketing Right shall, however,
be subject to all of the following conditions:

               (1)  The Property and BNPLC's interest in Escrowed Proceeds, if
     any, shall not have been sold on the Designated Sale Date as provided in
     Paragraph 1 or within the thirty days thereafter as provided in
     subparagraph 4.(B).

               (2)  No Voluntary Retention of the Property shall have occurred
     as described in subparagraph 1.(A)(2)(a).

               (3)  Extreme's Extended Remarketing Right shall not have been
     terminated pursuant to subparagraph 4.(B) below because of Extreme's
     failure to make any Supplemental Payment required on the Designated Sale
     Date.

               (4)  Extreme's Extended Remarketing Right shall not have been
     terminated by BNPLC pursuant to subparagraph 4.(C) below to facilitate
     BNPLC's sale of the Property to a third party in accordance with
     subparagraph 2.(C).

               (5)  At least thirty days prior to the date upon which BNPLC is
     to convey the Property to an Applicable Purchaser because of Extreme's
     exercise of Extreme's Extended Remarketing Right (the "Final Sale Date"),
     Extreme shall have notified BNPLC of (x) the date proposed by Extreme as
     the Final Sale Date (which must be a Business Day), (y) the full legal name
     of the Applicable Purchaser and such other information as will be required
     to prepare the Sale Closing Documents, and (z) the amount of the purchase
     price that the Applicable Purchaser will pay (consistent with the minimum
     required pursuant to the other provisions of this subparagraph 2.(A)) for
     the Property.

          (B)  Definition of Minimum Extended Remarketing Price. As used herein,
               ------------------------------------------------
the "Minimum Extended Remarketing Price" means, subject to reduction as provided
in subparagraph 2.(C) below, an amount equal to the sum of the following:

               (1)  the amount by which the Break Even Price computed on the
     Designated Sale Date exceeds any Supplemental Payment actually paid to
     BNPLC on the Designated Sale Date, together with interest on such excess
     computed at the Default Rate from the period commencing on the Designated
     Sale Date and ending on the Final Sale Date, plus
                                                  ----

               (2)  all out-of-pocket costs and expenses (including withholding
     taxes [if any], other than Excluded Taxes, and Attorneys' Fees) incurred by
     BNPLC in connection with the sale to the Applicable Purchaser, to the
     extent not already included in the computation of Break Even Price, and
                                                                         ---
     plus
     ----

               (3)  the sum of all Impositions, insurance premiums and other
     Losses of every kind suffered or incurred by BNPLC or any other Interested
     Party with respect to the ownership, operation or maintenance of the
     Property on or after the Designated Sale Date, together with interest on
     such Impositions, insurance premiums and other Losses computed at the
     Default Rate from the date paid or incurred to the Final Sale Date.

If, however, Losses described in the preceding clause (3) consist of claims
against BNPLC or another Interested Party that have not been liquidated prior to
the Final Sale Date (and, thus, such Losses have yet to be fixed in

                                       5
<PAGE>

amount as of the Final Sale Date), then Extreme may elect to exclude any such
Losses from the computation of the Minimum Extended Remarketing Price by
providing to BNPLC, for the benefit of BNPLC and other Interested Parties, a
written agreement to indemnify and defend BNPLC and other Interested Parties
against such Losses. To be effective hereunder for purposes of reducing the
Minimum Extended Remarketing Price (and, thus, the Break Even Price), any such
written indemnity must be fully executed and delivered by Extreme on or prior to
the Final Sale Date, must include provisions comparable to subparagraphs
                                                           -------------
5(c)(ii), (iii), (iv) and (v) of the Improvements Lease and otherwise must be in
-----------------------------
form and substance satisfactory to BNPLC.

          (C)  BNPLC's Right to Sell.  After the Designated Sale Date, if the
               ---------------------
Property has not already been sold by BNPLC pursuant to Paragraph 1 or this
Paragraph 2, BNPLC shall have the right to sell the Property or offer the
Property for sale to any third party on any terms believed to be appropriate by
BNPLC in its sole good faith business judgment; provided, however, that so long
as the conditions to Extreme's Extended Remarketing Rights specified in
subparagraph 2.(A) continue to be satisfied:

               (1)  BNPLC shall not sell the Property to an Affiliate of BNPLC
     on terms less favorable than those which BNPLC would require from a
     prospective purchaser not an Affiliate of BNPLC;

               (2)  If BNPLC receives or desires to make a written proposal
     (whether in the form of a "letter of intent" or other nonbinding expression
     of interest or in the form of a more definitive purchase and sale
     agreement) for a sale of the Property to a prospective purchaser (a "Third
     Party Sale Proposal"), and if on the basis of such Third Party Sale
     Proposal BNPLC expects to enter into or to pursue negotiations for a
     definitive purchase and sale agreement with the prospective purchaser, then
     prior to executing any such definitive agreement, BNPLC shall submit the
     Third Party Sale Proposal to Extreme with a notice (the "Third Party Sale
     Notice") explaining that (A) BNPLC is then prepared to accept a price not
     below an amount specified in such Third Party Sale Notice (the "Third Party
     Target Price") if BNPLC and the prospective purchaser reach agreement on
     other terms and conditions to be incorporated into a definitive purchase
     and sale agreement, and (B) Extreme's Extended Remarketing Right may be
     terminated pursuant to subparagraph 4.(C) of this Agreement unless Extreme
     causes an Applicable Purchaser to consummate a purchase of the Property
     pursuant to this Paragraph 2 within ninety days after the date of such
     Third Party Sale Notice.

For a period of ninety days (but only ninety days) after the date of any Third
Party Sale Notice, the Minimum Extended Remarketing Price shall be limited in
amount so that it does not exceed the Third Party Target Price specified by
BNPLC therein. Accordingly, if BNPLC has delivered a Third Party Sale Notice
specifying a Third Party Target Price below the Minimum Extended Remarketing
Price calculated as provided in subparagraph 2.(B) within the ninety days prior
to the Final Sale Date for any sale to an Applicable Purchaser by BNPLC pursuant
to this Paragraph 2, then the Minimum Extended Remarketing Price applicable to
such sale shall be reduced to the amount of the Third Party Target Price so
specified. Such a reduction, however, will apply only to a sale to an Applicable
Purchaser actually consummated within the ninety days after the date of the
applicable Third Party Sale Notice.

          (D)  Extreme's Right to Excess Sales Proceeds.  If the cash price
               ----------------------------------------
actually paid by any third party purchasing the Property from BNPLC during
Extreme's Extended Remarketing Period, including any price paid by an Applicable
Purchaser purchasing from BNPLC pursuant to this Paragraph 2, exceeds the
Minimum Extended Remarketing Price (calculated as provided in subparagraph
2.(B), without reduction pursuant to subparagraph 2.(C)), then Extreme shall be
entitled to the excess; provided, that BNPLC may offset and retain from the
excess any and all sums that are then due and unpaid from Extreme to BNPLC under
any of the Operative Documents.

                                       6
<PAGE>

          (E)  Permitted Transfers During Extreme's Extended Remarketing Period.
               ----------------------------------------------------------------
Any "Permitted Transfer" described in clause (6) of the definition thereof in
                                      ----------
the Common Definitions and Provisions Agreement (Improvements) to an Affiliate
of BNPLC or that covers BNPLC's entire interest in the Improvements will be
subject to Extreme's Extended Remarketing Right if, at the time of the Permitted
Transfer, Extreme's Extended Remarketing Right has not expired or been
terminated as provided herein. Any other Permitted Transfer described in clause
(6) of the definition thereof, however, will not be subject to Extreme's
Extended Remarketing Right. Thus, for example, BNPLC's conveyance of a utility
easement or space lease more than thirty days after the Designated Sale Date to
a Person not an Affiliate of BNPLC shall not be subject to Extreme's Extended
Remarketing Right, though following the conveyance of the lesser estate,
Extreme's Extended Remarketing Right may continue to apply to BNPLC's remaining
interest in the Improvements and any Personal Property.

     3.   TERMS OF CONVEYANCE UPON PURCHASE. As necessary to consummate any sale
of the Property to Extreme or an Applicable Purchaser pursuant to this
Agreement, BNPLC must, subject to any postponement permitted by subparagraph
1.(C), promptly after the tender of the purchase price and any other payments to
BNPLC required pursuant to Paragraph 1 or Paragraph 2 (as applicable), and this
Paragraph 3 (as applicable), convey all of BNPLC's right, title and interest in
the Improvements and other Property to Extreme or the Applicable Purchaser, as
the case may be, by BNPLC's execution, acknowledgment (where appropriate) and
delivery of the Sale Closing Documents. Such conveyance by BNPLC will be subject
only to the Permitted Encumbrances and any other encumbrances that do not
constitute Liens Removable by BNPLC. However, such conveyance shall not include
the rights of BNPLC or other Interested Parties under the indemnities provided
in the Operative Documents, including rights to any payments then due from
Extreme under the indemnities or that may become due thereafter because of any
expense or liability incurred by BNPLC or another Interested Party resulting in
whole or in part from events or circumstances occurring or alleged to have
occurred before such conveyance. All costs, both foreseen and unforeseen, of any
purchase by Extreme or an Applicable Purchaser hereunder shall be the
responsibility of the purchaser. The Sale Closing Documents used to accomplish
such conveyance shall consist of the following: (1) a Corporation Grant Deed in
the form attached as Exhibit B-1 or Exhibit B-2 or Exhibit B-3, as required by
                     -----------    -----------    -----------
Exhibit B, (2) a Bill of Sale and Assignment in the form attached as Exhibit C,
---------                                                            ---------
(3) an Acknowledgment of Disclaimer of Representations and Warranties, in the
form attached as Exhibit D, which Extreme or the Applicable Purchaser must
                 ---------
execute and return to BNPLC, (4) a Secretary's Certificate in the form attached
as Exhibit E, and (5) a certificate concerning tax withholding in the form
   ---------
attached as Exhibit F. If for any reason BNPLC fails to tender the Sale Closing
            ---------
Documents as required by this Paragraph 3, BNPLC may cure such refusal at any
time before thirty days after receipt of a demand for such cure from Extreme.

     4    SURVIVAL AND TERMINATION OF THE RIGHTS AND OBLIGATIONS OF EXTREME AND
BNPLC.

          (A)  Status of this Agreement Generally. Except as expressly provided
               ----------------------------------
herein, this Agreement shall not terminate; nor shall Extreme have any right to
terminate this Agreement; nor shall Extreme be entitled to any reduction of the
Break Even Price, any Deficiency, the Maximum Remarketing Obligation, any
Supplemental Payment or the Minimum Extended Remarketing Price hereunder; nor
shall the obligations of Extreme to BNPLC under Paragraph 1 be affected, by
reason of (i) any damage to or the destruction of all or any part of the
Property from whatever cause (though it is understood that Extreme will receive
any remaining Escrowed Proceeds yet to be applied as provided in the
Improvements Lease that may result from such damage if Extreme purchases the
Property and the Escrowed Proceeds as herein provided), (ii) the taking of or
damage to the Property or any portion thereof by eminent domain or otherwise for
any reason (though it is understood that Extreme will receive any remaining
Escrowed Proceeds yet to be applied as provided in the Improvements Lease that
may result from such taking or damage if Extreme purchases the Property and the
Escrowed Proceeds as herein provided), (iii) the prohibition, limitation or
restriction of Extreme's use of all or any portion of the Property or any
interference with such use by governmental action or otherwise, (iv) any
eviction of Extreme or any party claiming under Extreme by paramount title or
otherwise, (v) Extreme's prior acquisition or ownership of any interest in the
Property, (vi) any default on the part of BNPLC under this Agreement, the
Improvements Lease or any other agreement to which

                                       7
<PAGE>

BNPLC is a party, or (vii) any other cause, whether similar or dissimilar to the
foregoing, any existing or future law to the contrary notwithstanding. It is the
intention of the parties hereto that the obligations of Extreme hereunder
(including the obligation to make any Supplemental Payment as provided in
Paragraph 1) shall be separate and independent covenants and agreements from
BNPLC's obligations under this Agreement or any other agreement between BNPLC
and Extreme; provided, however, that nothing in this subparagraph shall excuse
BNPLC from its obligation to tender the Sale Closing Documents in substantially
the form attached hereto as exhibits when required by Paragraph 3. Further,
nothing in this subparagraph shall be construed as a waiver by Extreme of any
right Extreme may have at law or in equity to the following remedies, whether
because of BNPLC's failure to remove a Lien Removable by BNPLC or because of any
other default by BNPLC under this Agreement: (i) the recovery of monetary
damages, (ii) injunctive relief in case of the violation, or attempted or
threatened violation, by BNPLC of any of the express covenants, agreements,
conditions or provisions of this Agreement which are binding upon BNPLC, or
(iii) a decree compelling performance by BNPLC of any of the express covenants,
agreements, conditions or provisions of this Agreement which are binding upon
BNPLC.

          (B)  Automatic Termination of Extreme's Rights. Without limiting
               -----------------------------------------
BNPLC's right to enforce Extreme's obligation to pay any Supplemental Payment or
other amounts required by this Agreement, the rights of Extreme (to be
distinguished from the obligations of Extreme) included in Extreme's Initial
Remarketing Rights and Obligations, the Purchase Option and Extreme's Extended
Remarketing Rights shall all terminate automatically if Extreme shall fail to
pay the full amount of any Supplemental Payment required by subparagraph
1.(A)(2)(c) on the Designated Sale Date or if BNPLC shall elect a Voluntary
Retention of the Property as provided in subparagraph 1.(A)(2)(a).
Notwithstanding anything in this subparagraph to the contrary, however, even
after a failure to pay any required Supplemental Payment on the Designated Sale
Date, Extreme may nonetheless tender to BNPLC the full Break Even Price and all
amounts then due under the Operative Documents, together with interest on the
total Break Even Price computed at the Default Rate from the Designated Sale
Date to the date of tender, on any Business Day within thirty days after the
Designated Sale Date, and if presented with such a tender within thirty days
after the Designated Sale Date, BNPLC must accept it and promptly thereafter
deliver any Escrowed Proceeds and the Sale Closing Documents listed in Paragraph
3 to Extreme.

          (C)  Termination of Extreme's Extended Remarketing Rights to Permit a
               ----------------------------------------------------------------
Sale by BNPLC. At any time more than ninety days after BNPLC has delivered a
-------------
Third Party Sale Notice to Extreme as described in subparagraph 2.(C)(2), BNPLC
may terminate Extreme's Extended Remarketing Rights contemporaneously with the
consummation of a sale of the Property by BNPLC to any third party (be it the
prospective purchaser named in the Third Party Sale Notice or another third
party) at a price equal to or in excess of the Third Party Target Price
specified in the Third Party Sale Notice, so as to permit the sale of the
Property unencumbered by Extreme's Extended Remarketing Rights.

          (D)  Payment Only to BNPLC. All amounts payable under this Agreement
               ---------------------
by Extreme and, if applicable, by an Applicable Purchaser must be paid directly
to BNPLC, and no payment to any other party shall be effective for the purposes
of this Agreement. In addition to the payments required under subparagraph
1.(A), on the Designated Sale Date Extreme must pay all amounts then due to
BNPLC under the Land Lease or other Operative Documents. This subparagraph shall
not, however, be construed to limit Extreme's right to require the deduction of
Direct Payments to Participants and Deposit Taker Losses in the calculation of
the Break Even Price as provided in subparagraph 1.(B)(1).

     In additional to the payments required under subparagraph 1.(A), on the
Designated Sale Date Extreme must pay all amounts then due to BNPLC under the
Improvements Lease or other Operative Documents.

          (E)  Remedies Under the Other Operative Documents. No repossession of
               --------------------------------------------
or re-entering upon the Property or exercise of any other remedies available to
BNPLC under the Land Lease or other Operative Documents shall terminate
Extreme's rights or obligations hereunder, all of which shall survive BNPLC's
exercise of remedies under the other Operative Documents. Extreme acknowledges
that the consideration for this Agreement is separate and independent of the
consideration for the Land Lease and the Closing

                                       8
<PAGE>

Certificate, and Extreme's obligations hereunder shall not be affected or
impaired by any event or circumstance that would excuse Extreme from performance
of its obligations under such other Operative Documents.

          (F)  Occupancy by Extreme Prior to Closing of a Sale. Prior to the
               -----------------------------------------------
closing of any sale of the Property to Extreme or an Applicable Purchaser
hereunder, Extreme's occupancy of the Land and its use of the Property shall
continue to be subject to the terms and conditions of the Land Lease, including
the terms setting forth Extreme's obligation to pay rent, prior to any
termination or expiration of the Land Lease pursuant to its express terms and
conditions.

     5    SECURITY FOR EXTREME'S OBLIGATIONS; RETURN OF FUNDS. Extreme's
obligations under this Agreement are secured by the Pledge Agreement, reference
to which is hereby made for a description of the Collateral covered thereby and
the rights and remedies provided to BNPLC thereby. Although the collateral agent
appointed for BNPLC as provided in the Pledge Agreement shall be entitled to
hold all Collateral as security for the full and faithful performance by Extreme
of Extreme's covenants and obligations under this Agreement, the Collateral
shall not be considered an advance payment of the Break Even Price or any
Supplemental Payment or a measure of BNPLC's damages should Extreme breach this
Agreement. If Extreme does breach this Agreement and fails to cure the same
within any time specified herein for the cure, BNPLC may, from time to time,
without prejudice to any other remedy and without notice to Extreme, require the
collateral agent to immediately apply the proceeds of any disposition of the
Collateral (and any cash included in the Collateral) to amounts then due
hereunder from Extreme. If by a Permitted Transfer BNPLC conveys its interest in
the Property before the Designated Sale Date, BNPLC may also assign BNPLC's
interest in the Collateral to the transferee. BNPLC shall be entitled to return
any Collateral not sold or used to satisfy the obligations secured by the Pledge
Agreement directly to Extreme notwithstanding any prior actual or attempted
conveyance or assignment by Extreme, voluntary or otherwise, of any right to
receive the same; neither BNPLC nor the collateral agent named in the Pledge
Agreement shall be responsible for the proper distribution or application by
Extreme of any such Collateral returned to Extreme; and any such return of
Collateral to Extreme shall discharge any obligation of BNPLC to deliver such
Collateral to all Persons claiming an interest in the Collateral. Further, BNPLC
shall be entitled to deliver any Escrowed Proceeds it holds on the Designated
Sale Date directly to Extreme or to any Applicable Purchaser purchasing BNPLC's
interest in the Property and the Escrowed Proceeds pursuant to this Agreement
notwithstanding any prior actual or attempted conveyance or assignment by
Extreme, voluntary or otherwise, of any right to receive the same; BNPLC shall
not be responsible for the proper distribution or application by Extreme or any
Applicable Purchaser of any such Escrowed Proceeds paid over to Extreme or the
Applicable Purchaser; and any such payment of Escrowed Proceeds to Extreme or an
Applicable Purchaser shall discharge any obligation of BNPLC to deliver the same
to all Persons claiming an interest therein.

     6    CERTAIN REMEDIES CUMULATIVE. No right or remedy herein conferred upon
or reserved to BNPLC is intended to be exclusive of any other right or remedy
BNPLC has with respect to the Property, and each and every right and remedy
shall be cumulative and in addition to any other right or remedy given hereunder
or now or hereafter existing at law or in equity or by statute. In addition to
other remedies available under this Agreement, either party shall be entitled,
to the extent permitted by applicable law, to a decree compelling performance of
any of the other party's agreements hereunder.

     7    ATTORNEYS' FEES AND LEGAL EXPENSES. If either party to this Agreement
commences any legal action or other proceeding to enforce any of the terms of
this Agreement, or because of any breach by the other party or dispute
hereunder, the party prevailing in such action or proceeding shall be entitled
to recover from the other party all Attorneys' Fees incurred in connection
therewith, whether or not such controversy, claim or dispute is prosecuted to a
final judgment. Any such Attorneys' Fees incurred by either party in enforcing a
judgment in its favor under this Agreement shall be recoverable separately from
such judgment, and the obligation for such Attorneys' Fees is intended to be
severable from other provisions of this Agreement and not to be merged into any
such judgment.

                                       9
<PAGE>

     8    ESTOPPEL CERTIFICATE. Upon request by BNPLC, Extreme shall execute,
acknowledge and deliver a written statement certifying that this Agreement is
unmodified and in full effect (or, if there have been modifications, that this
Agreement is in full effect as modified, and setting forth such modification)
and either stating that no default exists hereunder or specifying each such
default of which Extreme has knowledge. Any such statement may be relied upon by
any Participant or prospective purchaser or assignee of BNPLC with respect to
the Property.

     9    SUCCESSORS AND ASSIGNS. The terms, provisions, covenants and
conditions hereof shall be binding upon Extreme and BNPLC and their respective
permitted successors and assigns and shall inure to the benefit of Extreme and
BNPLC and all permitted transferees, mortgagees, successors and assignees of
Extreme and BNPLC with respect to the Property; provided, that (A) the rights of
BNPLC hereunder shall not pass to Extreme or any Applicable Purchaser or any
subsequent owner claiming through Extreme or an Applicable Purchaser, (B) BNPLC
shall not assign this Agreement or any rights hereunder except pursuant to a
Permitted Transfer, and (C) Extreme shall not assign this Agreement or any
rights hereunder without the prior written consent of BNPLC.

                           [Signature pages follow.]

                                      10
<PAGE>

     IN WITNESS WHEREOF, Extreme and BNPLC have caused this Agreement to be
executed as of June 1, 2000.

                                             "Extreme"

                                             EXTREME NETWORKS, INC.

                                             By:  ___________________________
                                                  Name:______________________
                                                  Title:_____________________
<PAGE>

[Continuation of signature pages to Purchase Agreement (Land) dated to be
effective June 1, 2000]

                                             "BNPLC"

                                             BNP LEASING CORPORATION

                                             By:  ______________________________
                                                  Lloyd G. Cox, Vice President
<PAGE>

                                   Exhibit A
                                   ---------

                               LEGAL DESCRIPTION

All that certain real property situated in the City of Santa Clara, County of
Santa Clara, State of California, described as follows:

Being a portion of that certain 24.740 acre parcel as shown on that certain
Record of Survey filed in Book 447 of Maps, at Page 33, Santa Clara County
Records, described as follows:

Beginning at the Northwest corner of said 24.740 acre parcel; thence from said
point of beginning along the Northerly line of said 24.470 acre parcel N. 89
degrees 25 minutes 00 seconds E. 995.17 feet; thence leaving said Northerly
lines S. 0 degrees 10 minutes 00 seconds W. 705.02 feet to a point in the
Southerly line of said 24.740 acre parcel; thence along said Southerly line the
following courses: S. 89 degrees 25 minutes 00 seconds W. 181.82 feet; S. 2.00
feet and S. 89 degrees 25 minutes 00 seconds W. 760.70 feet; thence leaving said
Southerly line along a tangent curve to the right, with a radius of 50.00 feet,
through a central angle of 90 degrees 34 minutes 33 seconds for an arc length of
79.4 feet to a point in the Westerly line of said 24.470 acre parcel; thence
along said Westerly line N. 0 degrees 00 minutes 27 seconds W. 656.49 feet to
the point of beginning.
<PAGE>

                                   Exhibit B
                                   ---------

             Requirements Re: Form of Grant Deed and Ground Lease

The form of deed to be used to convey BNPLC's interest in the Land to Extreme or
an Applicable Purchaser will depend upon whether BNPLC's interest in the
Improvements has been or is being conveyed at the same time to the same party.

If BNPLC's interests in both the Land and the Improvements are to be conveyed to
Extreme or an Applicable Purchaser at the same time, because a sale under this
Purchase Agreement and a sale under the Other Purchase Agreement (covering the
Improvements) are being consummated at the same time and to the same party, then
the one deed in form attached as Exhibit B-1 will be used to convey both.
                                 -----------

If, however, a sale of BNPLC's interest in the Improvements pursuant to the
Other Purchase Agreement has not been consummated before, and is not being
consummated contemporaneously with the sale of BNPLC's interest in the Land
under this Agreement, then BNPLC's interest in the Land will be conveyed by a
deed in the from attached as Exhibit B-2, and BNPLC and the grantee under such
deed shall, as a condition to BNPLC's obligation to deliver the deed, execute
and deliver a Ground Lease covering the Land in the form attached hereto as
Exhibit B-3.
-----------

Finally, BNPLC's interest in the Land will be conveyed by a deed in the from
attached as Exhibit B-4 if BNPLC's interest in the Improvements has been sold
pursuant to the Other Purchase Agreement before a sale of BNPLC's interest in
the Land under this Agreement, or if BNPLC's interest in the Improvements is
being sold contemporaneously with a sale of BNPLC's interest in the Land, but
the purchaser of the Improvements is not the same as the purchaser of the Land.
<PAGE>

                                  Exhibit B-1
                                  -----------

                            CORPORATION GRANT DEED

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
-------------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:  _____________________________
ATTN:     _____________________________
CITY:     _____________________________
STATE: ________________________________
Zip:      _____________________________

MAIL TAX STATEMENTS TO:
----------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:  _____________________________
ATTN:     _____________________________
CITY:     _____________________________
STATE: ________________________________
Zip:      _____________________________

                            CORPORATION GRANT DEED
                       (Covering Land and Improvements)

FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, BNP
LEASING CORPORATION, a Delaware corporation ("Grantor"), hereby grants to
[Extreme or the Applicable Purchaser] ("Grantee") all of Grantor's interest in
the land situated in Santa Clara, California, described on Annex A attached
hereto and hereby made a part hereof and all improvements on such land, together
with the any other right, title and interest of Grantor in and to any easements,
rights-of-way, privileges and other rights appurtenant to such land or the
improvements thereon; provided, however, that this grant is subject to the
encumbrances described on Annex B (the "Permitted Encumbrances"). Grantee hereby
assumes the obligations (including any personal obligations) of Grantor, if any,
created by or under, and agrees to be bound by the terms and conditions of, the
Permitted Encumbrances to the extent that the same concern or apply to the land
or improvements conveyed by this deed.
<PAGE>

                                             BNP LEASING CORPORATION

Date: As of_____________                     By:     ___________________________
                                                     Its:

                                             Attest: ___________________________
                                                     Its:

                                             [Extreme or Applicable Purchaser]

Date: As of_____________                     By:     ___________________________
                                                     Its:

                                             Attest: ___________________________
                                                     Its:

STATE OF _____________    )
                          )   SS
COUNTY OF _____________   )

     On___________________ before me,_________, personally appeared _________
and________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature________________________________

                             Exhibit B-1 - Page 2
<PAGE>

STATE OF _____________    )
                          )   SS
COUNTY OF _____________   )

     On___________________ before me,_________, personally appeared _________
and____________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature____________________________

                             Exhibit B-1 - Page 3
<PAGE>

                                    Annex A

                               LEGAL DESCRIPTION

[DRAFTING NOTE: TO THE EXTENT THAT THE "LAND" COVERED BY THE LAND LEASE CHANGES
---------------
FROM TIME TO TIME BECAUSE OF ADJUSTMENTS FOR WHICH EXTREME REQUESTS BNPLC'S
CONSENT OR APPROVAL, SO TOO WILL THE DESCRIPTION OF THE LAND BELOW CHANGE. ANY
SUCH CHANGES WILL BE INCORPORATED INTO THE DESCRIPTION BELOW AND THIS "DRAFTING
NOTE" WILL BE DELETED BEFORE THE DEED TO WHICH THIS DESCRIPTION IS ATTACHED IS
ACTUALLY EXECUTED AND DELIVERED.]

All that certain real property situated in the City of Santa Clara, County of
Santa Clara, State of California, described as follows:

Being a portion of that certain 24.740 acre parcel as shown on that certain
Record of Survey filed in Book 447 of Maps, at Page 33, Santa Clara County
Records, described as follows:

Beginning at the Northwest corner of said 24.740 acre parcel; thence from said
point of beginning along the Northerly line of said 24.470 acre parcel N. 89
degrees 25 minutes 00 seconds E. 995.17 feet; thence leaving said Northerly
lines S. 0 degrees 10 minutes 00 seconds W. 705.02 feet to a point in the
Southerly line of said 24.740 acre parcel; thence along said Southerly line the
following courses: S. 89 degrees 25 minutes 00 seconds W. 181.82 feet; S. 2.00
feet and S. 89 degrees 25 minutes 00 seconds W. 760.70 feet; thence leaving said
Southerly line along a tangent curve to the right, with a radius of 50.00 feet,
through a central angle of 90 degrees 34 minutes 33 seconds for an arc length of
79.4 feet to a point in the Westerly line of said 24.470 acre parcel; thence
along said Westerly line N. 0 degrees 00 minutes 27 seconds W. 656.49 feet to
the point of beginning.

                             Exhibit B-1 - Page 4
<PAGE>

                                    Annex B

                            Permitted Encumbrances

[DRAFTING NOTE: TO THE EXTENT THAT ENCUMBRANCES (OTHER THAN "LIENS REMOVABLE BY
---------------
BNPLC") ARE IDENTIFIED IN ADDITION TO THOSE DESCRIBED BELOW, SUCH ADDITIONAL
ENCUMBRANCES WILL BE ADDED TO THE LIST BELOW AND THIS "DRAFTING NOTE" WILL BE
DELETED BEFORE THIS DEED IS ACTUALLY EXECUTED AND DELIVERED BY BNPLC. SUCH
ADDITIONAL ENCUMBRANCES WOULD INCLUDE ANY NEW ENCUMBRANCES APPROVED BY BNPLC AS
"PERMITTED ENCUMBRANCES" UNDER THE LAND LEASE OR THE OTHER LEASE AGREEMENT FROM
TIME TO TIME OR BECAUSE OF EXTREME'S REQUEST FOR BNPLC'S CONSENT OR APPROVAL TO
AN ADJUSTMENT.]

     This conveyance is subject to all encumbrances not constituting a "Lien
Removable by BNPLC" (as defined in the Common Definitions and Provisions
Agreement (Land) incorporated by reference into the Lease Agreement (Land)
referenced in the last item of the list below), including the following matters
to the extent the same are still valid and in force:

1.   TAXES for the fiscal year 2000-2001, a lien not yet due or payable.

2.   The lien of supplemental taxes, if any, assessed pursuant to the provisions
     of Chapter 3.5, (commencing with Section 75) to the Revenue and Taxation
     Code of the State of California.

3.   An easement affecting the portion of said land and for the purpose stated
     herein and incidental purposes,
     In Favor Of:   City of Santa Clara
     For:      electric wire overhang purposes
     Recorded: November 28, 1960 in Book 4995, Page 160, Official Records
     Affects:  Northerly 5 feet of said land, and as shown on the survey
               prepared by Anthony C. McCants, L.S. 5944, dated April 27, 2000,
               revised May 22, 2000

4.   The fact that the ownership of said land does not include any right of
     ingress or egress to or from Lawrence Expressway contiguous thereto, said
     right having been relinquished by deed,
     From:  Jefferson Union Elementary School District of the County of Santa
            Clara
     To:    County of Santa Clara, State of California
     Recorded:  June 4, 1965 in Book 6982, Page 1, Official Records

     Said land, however, abuts on a public street other than the one referred to
     above, over which rights of vehicular access have not been relinquished.

5.   An Agreement, affecting said land, for the purposes stated herein and
     subject to the terms, covenants, conditions, restrictions, and easements,
     if any, contained therein
     For:      Postponed Traffic Signal Improvements
     Dated:    October 4, 1983
     Executed by:   City of Santa Clara, California, a municipal corporation and
                    MPJ, a California partnership
     Recorded:      November 16, 1983 in Book I 070, Page 333, Official Records.

6.   An easement affecting the portion of said land and for the purpose stated
     herein and incidental purposes,
     In Favor Of:   City of Santa Clara, a municipal corporation
     For:      roadway purposes and public utilities
     Recorded:      November 30, 1983 in Book I 111, Page 606, Official Records
     Affects:A portion of that certain 24.740 acre parcel of land as shown on
                    that certain Record of Survey filed for record in Book 447
                    of Maps, at page 33, Santa Clara County Records, described
                    as

                         Exhibit B-1 - Page 5 follows:
<PAGE>

                         follows:

         Beginning at a point in the Northerly line of Monroe Avenue, as shown
         on said map at the Westerly terminus of the course shown as N. 89
         degrees 25 minutes 00 seconds E. 760.70; thence from said point of
         beginning along said Northerly line N. 89 degrees 25 minutes 00 seconds
         E. 760.70 feet and N. 2.00 feet; thence leaving said Northerly line
         along a line parallel with said course of N. 89 degrees 25 minutes 00
         seconds E.; S. 89 degrees 25 minutes 00 seconds W. 334.99 feet; thence
         leaving said parallel line N. 87 degrees 09 minutes 00 seconds W. 66.79
         feet; thence along a line parallel with said course N. 89 degrees 25
         minutes 00 seconds E.; S. 89 degrees 25 minutes 00 seconds W. 359.00
         feet; thence leaving said Westerly line along a tangent curve to the
         right, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to a
         point of cusp in the Westerly line of said 24.740 acre parcel; thence
         along said Westerly line S. 0 degrees 00 minutes 27 seconds E. 6.00
         feet; thence leaving said Westerly line along a tangent curve to the
         left, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to the
         point of beginning, and as shown on the survey prepared by Anthony C.
         McCants, L.S. 5944, dated April 27, 2000, revised May 22, 2000.

7.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara, a municipal corporation
         For:   underground electrical distribution and/or communication systems
         Recorded:    May 17, 1984 in Book I 552, Page 595, Official Records
         Affects. as follows:

         Parcel 1:

         Commencing at the point of intersection of the Westerly line of that
         certain 24.74 acre parcel of land shown upon that Record of Survey
         filed for recorded August 10, 1979 in Book 447 of Maps, at page 33,
         Santa Clara County Records, with a line parallel with and 10 feet
         Southerly of, measured at right angles to, the Northerly line of said
         parcel; thence along said parallel line N. 89 degrees 25 minutes 00
         seconds E. 107.00 feet; thence parallel with said Westerly line S. 0
         degrees 00 minutes 27 seconds E. 319.16 feet; thence S. 34 degrees 02
         minutes 45 seconds W. 87.51 feet, more or less, to intersection with a
         line parallel with and 58 feet Easterly of measured at right angles to,
         said Westerly line; thence along last said parallel line S. 0 degrees
         00 minutes 27 seconds E. 294.30 feet, more or less, to intersection
         with a line parallel with and 5 feet Northerly of, measured at right
         angles to, the Northerly line of that real property conveyed to the
         City of Santa Clara by that deed filed for record November 30, 1983 in
         Book I 111 of Official Records, at page 606, said County Records;
         thence along last said parallel line the following three (3) courses:
         N. 89 degrees 25 minutes 00 seconds E. 351.81 feet; S. 87 degrees 09
         minutes 00 seconds E. 66.79 feet; N. 89 degrees 25 minutes 00 seconds
         E. 334.69 feet; thence continuing parallel with the Southerly line of
         first said parcel N. 89 degrees 25 minutes 00 seconds E. 181.89 feet,
         more or less, to termination in the Easterly line of that certain
         parcel of real property conveyed to MPJ Partnership, by that Grant Deed
         filed for record August 25, 1983 in Book H 838 of Official Records, at
         page 215, said County Records.

         Parcel 2:

         A portion of said 24.74 acre parcel of land contiguous to and Northerly
         of said real property conveyed by deed recorded in Book I 111, at page
         606, contiguous to and Westerly of hereinabove described strip of land
         and bounded on the North by a line parallel with and 5 feet Northerly
         of, measured at right angles to, that course N. 89 degrees 25 minutes
         00 seconds E. 351.81 feet in the hereinabove described centerline.

         Parcel 3:

         A strip of land 10 feet in width and 30 feet in length of centerline of
         said strip being parallel with and 325.5 feet Southerly of, measured at
         right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on

                             Exhibit B-1 - Page 6
<PAGE>

         the West in the Easterly line of first hereinabove described strip;
         thence continuing Easterly along last said parallel line for a distance
         of 15 feet, as the centerline of a strip of land 15 feet in width, to
         termination of said centerline and strip.

         Parcel 4:

         A strip of land 10 feet in width and 12 feet in length the centerline
         of said strip being parallel with and 116.5 feet Southerly of, measured
         at right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on the West in the Easterly line of first hereinabove
         described strip; thence continuing Easterly along last said parallel
         line for a distance of 15 feet in width, lying 5 feet Northerly and 10
         feet Southerly of said parallel line to the Easterly terminus of said
         strip.

         Parcel 5:

         A strip of land 10 feet in width, the centerline of said strip being
         described as follows:

         Commencing at the point of intersection of the Northerly line of first
         hereinabove described strip of land with a line parallel with and 824.5
         feet Easterly of, measured at right angles to, that course in the
         Westerly boundary of said 24.75 acre parcel bearing N. 0 degrees 00
         minutes 27 seconds W.; thence along last said parallel line N. 0
         degrees 00 minutes 27 seconds W. 367.96 feet, more or less, to a line
         parallel with and 327 feet Southerly of, measured at right angles to,
         said Northerly line of the 24.74 acre parcel; thence along last said
         parallel line S. 89 degrees 25 minutes 00 seconds W. 78 feet to a line
         parallel with and 746.5 feet Easterly of, measured at right angles to,
         said Westerly line of the 24.74 acre parcel; thence along last said
         parallel line N. 0 degrees 00 minutes 27 seconds W. 203 feet; thence
         continuing as the centerline of a strip of land 15 feet in width N. 0
         degrees 00 minutes 27 seconds W. 15 feet, more or less, to termination
         of said strip and centerline in a line parallel with and 109 feet
         Southerly of, measured at right angles to, last said Northerly line.

         Parcel 6:

         A 15 foot square parcel of land contiguous to and Southerly of last
         hereinabove described 10 foot wide strip of land and centered on the
         Southerly prolongation of hereinabove mentioned course N. 0 degrees 00
         minutes 27 seconds W. 203 feet, and as shown on the survey prepared by
         Anthony C. McCants, L.S. 5944, dated April 27, 2000, revised May 22,
         2000.

8.       Lease Agreement (Land) dated as of June 1, 2000, by and between BNP
         Leasing Corporation, as lessor, and Extreme Networks, Inc., as lessee,
         and Lease Agreement (Improvements) dated as of June 1, 2000, by and
         between BNP Leasing Corporation, as lessor, and Extreme Networks, Inc.,
         as lessee.

                             Exhibit B-1 - Page 7
<PAGE>

                                  Exhibit B-2
                                  -----------

                            CORPORATION GRANT DEED

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
-------------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:       ___________________
ATTN:          ___________________
CITY:          ___________________
STATE:   ___________________
Zip:           ___________________

MAIL TAX STATEMENTS TO:
----------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:       ___________________
ATTN:          ___________________
CITY:          ___________________
STATE:   ___________________
Zip:           ___________________

                            CORPORATION GRANT DEED
        (Covering Improvements but not the Land under the Improvements)

FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, BNP
LEASING CORPORATION, a Delaware corporation ("Grantor"), hereby grants to
[Extreme or the Applicable Purchaser] ("Grantee") all of Grantor's interest in
the buildings and other improvements (the "Improvements") on the land situated
in Santa Clara, California, described on Annex A attached hereto and hereby made
a part hereof (the "Land"), together with the any other right, title and
interest of Grantor in and to any easements, rights-of-way, privileges and other
rights appurtenant to the Improvements; provided, however, that this grant is
subject to the encumbrances described on Annex B (the "Permitted Encumbrances")
and any reservations or qualifications set forth below. Grantee hereby assumes
the obligations (including any personal obligations) of Grantor, if any, created
by or under, and agrees to be bound by the terms and conditions of, the
Permitted Encumbrances to the extent that the same concern or apply to the
Improvements.

Although this deed conveys Grantor's interest in the Improvements, this deed
does not convey any interest in the Land under the Improvements or any rights or
easements appurtenant to Improvements. Grantor retains and reserves all right,
title and interest of Grantor in and to the Land and any rights and easements
appurtenant to Land. Further, this deed does not convey any right of access over
or right to use the Land, it being understood that the right of Grantee or its
successors and assigns to maintain or use the improvements conveyed hereby shall
be on and subject to the terms and conditions of any separate ground lease or
deed that Grantee may from time to time obtain from the owner of the Land. If
Grantee does not obtain a separate deed or ground lease giving Grantee the
authority to maintain the Improvements on the Land, Grantee shall remove or
abandon the Improvements promptly upon request of the owner of the Land. Nothing
herein or in the agreements pursuant to which this deed is being delivered shall
be construed as an obligation on the part of Grantor to deliver or cooperate
reasonably in obtaining for Grantee any deed or ground lease covering the Land
described on Annex A.
<PAGE>

                                             BNP LEASING CORPORATION

Date: As of ____________                     By:     ___________________________
                                                     Its:

                                             Attest: ___________________________
                                                     Its:

                                             [Extreme or Applicable Purchaser]

Date: As of ____________                     By:     ___________________________
                                                     Its:

                                             Attest: ___________________________
                                                     Its:

STATE OF ____________      )
                           )       SS
COUNTY OF ___________      )

     On ___________________ before me,__________, personally appeared __________
and ______________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature _______________________________

                             Exhibit B-2 - Page 2
<PAGE>

STATE OF ____________      )
                           )       SS
COUNTY OF ___________      )

     On ___________________ before me, ___________, personally appeared ________
and ____________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature ______________________________

                             Exhibit B-2 - Page 3
<PAGE>

                                    Annex A

                               LEGAL DESCRIPTION

[DRAFTING NOTE: TO THE EXTENT THAT THE "LAND" COVERED BY THE LAND LEASE CHANGES
 --------------
FROM TIME TO TIME BECAUSE OF ADJUSTMENTS FOR WHICH EXTREME REQUESTS BNPLC'S
CONSENT OR APPROVAL, SO TOO WILL THE DESCRIPTION OF THE LAND BELOW CHANGE. ANY
SUCH CHANGES WILL BE INCORPORATED INTO THE DESCRIPTION BELOW AND THIS "DRAFTING
NOTE" WILL BE DELETED BEFORE THE DEED TO WHICH THIS DESCRIPTION IS ATTACHED IS
ACTUALLY EXECUTED AND DELIVERED.]

All that certain real property situated in the City of Santa Clara, County of
Santa Clara, State of California, described as follows:

Being a portion of that certain 24.740 acre parcel as shown on that certain
Record of Survey filed in Book 447 of Maps, at Page 33, Santa Clara County
Records, described as follows:

Beginning at the Northwest corner of said 24.740 acre parcel; thence from said
point of beginning along the Northerly line of said 24.470 acre parcel N. 89
degrees 25 minutes 00 seconds E. 995.17 feet; thence leaving said Northerly
lines S. 0 degrees 10 minutes 00 seconds W. 705.02 feet to a point in the
Southerly line of said 24.740 acre parcel; thence along said Southerly line the
following courses: S. 89 degrees 25 minutes 00 seconds W. 181.82 feet; S. 2.00
feet and S. 89 degrees 25 minutes 00 seconds W. 760.70 feet; thence leaving said
Southerly line along a tangent curve to the right, with a radius of 50.00 feet,
through a central angle of 90 degrees 34 minutes 33 seconds for an arc length of
79.4 feet to a point in the Westerly line of said 24.470 acre parcel; thence
along said Westerly line N. 0 degrees 00 minutes 27 seconds W. 656.49 feet to
the point of beginning.

                             Exhibit B-2 - Page 4
<PAGE>

                                    Annex B

                            Permitted Encumbrances

[DRAFTING NOTE: TO THE EXTENT THAT ENCUMBRANCES (OTHER THAN "LIENS REMOVABLE BY
 --------------
BNPLC") ARE IDENTIFIED IN ADDITION TO THOSE DESCRIBED BELOW, SUCH ADDITIONAL
ENCUMBRANCES WILL BE ADDED TO THE LIST BELOW AND THIS "DRAFTING NOTE" WILL BE
DELETED BEFORE THIS DEED IS ACTUALLY EXECUTED AND DELIVERED BY BNPLC. SUCH
ADDITIONAL ENCUMBRANCES WOULD INCLUDE ANY NEW ENCUMBRANCES APPROVED BY BNPLC AS
"PERMITTED ENCUMBRANCES" UNDER THE LAND LEASE OR THE OTHER LEASE AGREEMENT FROM
TIME TO TIME OR BECAUSE OF EXTREME'S REQUEST FOR BNPLC'S CONSENT OR APPROVAL TO
AN ADJUSTMENT.]

         This conveyance is subject to all encumbrances not constituting a "Lien
Removable by BNPLC" (as defined in the Common Definitions and Provisions
Agreement (Improvements) incorporated by reference into the Lease Agreement
(Improvements) referenced in the last item of the list below), including the
following matters to the extent the same are still valid and in force:

1.       TAXES for the fiscal year 2000-2001, a lien not yet due or payable.

2.       The lien of supplemental taxes, if any, assessed pursuant to the
         provisions of Chapter 3.5, (commencing with Section 75) to the Revenue
         and Taxation Code of the State of California.

3.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara
         For:     electric wire overhang purposes
         Recorded:    November 28, 1960 in Book 4995, Page 160, Official Records
         Affects: Northerly 5 feet of said land, and as shown on the survey
                      prepared by Anthony C. McCants, L.S. 5944, dated
                      April 27, 2000, revised May 22, 2000

4.       The fact that the ownership of said land does not include any right of
         ingress or egress to or from Lawrence Expressway contiguous thereto,
         said right having been relinquished by deed,
         From: Jefferson Union Elementary School District of the County of Santa
               Clara
         To:   County of Santa Clara, State of California
         Recorded:  June 4, 1965 in Book 6982, Page 1, Official Records

         Said land, however, abuts on a public street other than the one
         referred to above, over which rights of vehicular access have not been
         relinquished.

5.       An Agreement, affecting said land, for the purposes stated herein and
         subject to the terms, covenants, conditions, restrictions, and
         easements, if any, contained therein
         For:     Postponed Traffic Signal Improvements
         Dated:   October 4, 1983
         Executed by: City of Santa Clara, California, a municipal corporation
         and MPJ, a California partnership
         Recorded:    November 16, 1983 in Book I 070, Page 333, Official
                      Records.

6.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,

         In Favor Of: City of Santa Clara, a municipal corporation
         For:     roadway purposes and public utilities
         Recorded:    November 30, 1983 in Book I 111, Page 606, Official
                      Records
         Affects: A portion of that certain 24.740 acre parcel of land as shown
                      on that certain Record of Survey filed for record in Book
                      447 of Maps, at page 33, Santa Clara County Records,
                      described as

                             Exhibit B-2 - Page 5
<PAGE>

                    follows:

         Beginning at a point in the Northerly line of Monroe Avenue, as shown
         on said map at the Westerly terminus of the course shown as N. 89
         degrees 25 minutes 00 seconds E. 760.70; thence from said point of
         beginning along said Northerly line N. 89 degrees 25 minutes 00 seconds
         E. 760.70 feet and N. 2.00 feet; thence leaving said Northerly line
         along a line parallel with said course of N. 89 degrees 25 minutes 00
         seconds E.; S. 89 degrees 25 minutes 00 seconds W. 334.99 feet; thence
         leaving said parallel line N. 87 degrees 09 minutes 00 seconds W. 66.79
         feet; thence along a line parallel with said course N. 89 degrees 25
         minutes 00 seconds E.; S. 89 degrees 25 minutes 00 seconds W. 359.00
         feet; thence leaving said Westerly line along a tangent curve to the
         right, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to a
         point of cusp in the Westerly line of said 24.740 acre parcel; thence
         along said Westerly line S. 0 degrees 00 minutes 27 seconds E. 6.00
         feet; thence leaving said Westerly line along a tangent curve to the
         left, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to the
         point of beginning, and as shown on the survey prepared by Anthony C.
         McCants, L.S. 5944, dated April 27, 2000, revised May 22, 2000.

7.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara, a municipal corporation
         For:   underground electrical distribution and/or communication systems
         Recorded:    May 17, 1984 in Book I 552, Page 595, Official Records
         Affects. as follows:

         Parcel 1:

         Commencing at the point of intersection of the Westerly line of that
         certain 24.74 acre parcel of land shown upon that Record of Survey
         filed for recorded August 10, 1979 in Book 447 of Maps, at page 33,
         Santa Clara County Records, with a line parallel with and 10 feet
         Southerly of, measured at right angles to, the Northerly line of said
         parcel; thence along said parallel line N. 89 degrees 25 minutes 00
         seconds E. 107.00 feet; thence parallel with said Westerly line S. 0
         degrees 00 minutes 27 seconds E. 319.16 feet; thence S. 34 degrees 02
         minutes 45 seconds W. 87.51 feet, more or less, to intersection with a
         line parallel with and 58 feet Easterly of measured at right angles to,
         said Westerly line; thence along last said parallel line S. 0 degrees
         00 minutes 27 seconds E. 294.30 feet, more or less, to intersection
         with a line parallel with and 5 feet Northerly of, measured at right
         angles to, the Northerly line of that real property conveyed to the
         City of Santa Clara by that deed filed for record November 30, 1983 in
         Book I 111 of Official Records, at page 606, said County Records;
         thence along last said parallel line the following three (3) courses:
         N. 89 degrees 25 minutes 00 seconds E. 351.81 feet; S. 87 degrees 09
         minutes 00 seconds E. 66.79 feet; N. 89 degrees 25 minutes 00 seconds
         E. 334.69 feet; thence continuing parallel with the Southerly line of
         first said parcel N. 89 degrees 25 minutes 00 seconds E. 181.89 feet,
         more or less, to termination in the Easterly line of that certain
         parcel of real property conveyed to MPJ Partnership, by that Grant Deed
         filed for record August 25, 1983 in Book H 838 of Official Records, at
         page 215, said County Records.

         Parcel 2:

         A portion of said 24.74 acre parcel of land contiguous to and Northerly
         of said real property conveyed by deed recorded in Book I 111, at page
         606, contiguous to and Westerly of hereinabove described strip of land
         and bounded on the North by a line parallel with and 5 feet Northerly
         of, measured at right angles to, that course N. 89 degrees 25 minutes
         00 seconds E. 351.81 feet in the hereinabove described centerline.

         Parcel 3:

         A strip of land 10 feet in width and 30 feet in length of centerline of
         said strip being parallel with and 325.5 feet Southerly of, measured at
         right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on

                             Exhibit B-2 - Page 6
<PAGE>

         the West in the Easterly line of first hereinabove described strip;
         thence continuing Easterly along last said parallel line for a distance
         of 15 feet, as the centerline of a strip of land 15 feet in width, to
         termination of said centerline and strip.

         Parcel 4:

         A strip of land 10 feet in width and 12 feet in length the centerline
         of said strip being parallel with and 116.5 feet Southerly of, measured
         at right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on the West in the Easterly line of first hereinabove
         described strip; thence continuing Easterly along last said parallel
         line for a distance of 15 feet in width, lying 5 feet Northerly and 10
         feet Southerly of said parallel line to the Easterly terminus of said
         strip.

         Parcel 5:

         A strip of land 10 feet in width, the centerline of said strip being
         described as follows:

         Commencing at the point of intersection of the Northerly line of first
         hereinabove described strip of land with a line parallel with and 824.5
         feet Easterly of, measured at right angles to, that course in the
         Westerly boundary of said 24.75 acre parcel bearing N. 0 degrees 00
         minutes 27 seconds W.; thence along last said parallel line N. 0
         degrees 00 minutes 27 seconds W. 367.96 feet, more or less, to a line
         parallel with and 327 feet Southerly of, measured at right angles to,
         said Northerly line of the 24.74 acre parcel; thence along last said
         parallel line S. 89 degrees 25 minutes 00 seconds W. 78 feet to a line
         parallel with and 746.5 feet Easterly of, measured at right angles to,
         said Westerly line of the 24.74 acre parcel; thence along last said
         parallel line N. 0 degrees 00 minutes 27 seconds W. 203 feet; thence
         continuing as the centerline of a strip of land 15 feet in width N. 0
         degrees 00 minutes 27 seconds W. 15 feet, more or less, to termination
         of said strip and centerline in a line parallel with and 109 feet
         Southerly of, measured at right angles to, last said Northerly line.

         Parcel 6:

         A 15 foot square parcel of land contiguous to and Southerly of last
         hereinabove described 10 foot wide strip of land and centered on the
         Southerly prolongation of hereinabove mentioned course N. 0 degrees 00
         minutes 27 seconds W. 203 feet, and as shown on the survey prepared by
         Anthony C. McCants, L.S. 5944, dated April 27, 2000, revised May 22,
         2000.

8.       Lease Agreement (Land) dated as of June 1, 2000, by and between BNP
         Leasing Corporation, as lessor, and Extreme Networks, Inc., as lessee,
         and Lease Agreement (Improvements) dated as of June 1, 2000, by and
         between BNP Leasing Corporation, as lessor, and Extreme Networks, Inc.,
         as lessee.

                             Exhibit B-2 - Page 7
<PAGE>

                                  Exhibit B-3
                                  -----------

                            CORPORATION GRANT DEED

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
-------------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:       ___________________
ATTN:          ___________________
CITY:          ___________________
STATE:   ___________________
Zip:           ___________________

MAIL TAX STATEMENTS TO:
----------------------

NAME: [Extreme or the Applicable Purchaser]
ADDRESS:       ___________________
ATTN:          ___________________
CITY:          ___________________
STATE:   ___________________
Zip:           ___________________

                            CORPORATION GRANT DEED
          (Covering Improvements but not Land under the Improvements)

FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, BNP
LEASING CORPORATION, a Delaware corporation ("Grantor"), hereby grants to
[Extreme or the Applicable Purchaser] ("Grantee") all of Grantor's interest in
the buildings and other improvements (the "Improvements") on the land situated
in Santa Clara, California, described on Annex A attached hereto and hereby made
a part hereof (the "Land"), together with the any other right, title and
interest of Grantor in and to any easements, rights-of-way, privileges and other
rights appurtenant to the Improvements; provided, however, that this grant is
subject to the encumbrances described on Annex B (the "Permitted Encumbrances")
and any reservations or qualifications set forth below. Grantee hereby assumes
the obligations (including any personal obligations) of Grantor, if any, created
by or under, and agrees to be bound by the terms and conditions of, the
Permitted Encumbrances to the extent that the same concern or apply to the
Improvements.

Although this deed conveys Grantor's interest in the Improvements on the Land,
this deed does not convey any interest in the Land itself or any rights or
easements appurtenant to Land. Prior to or contemporaneously with the delivery
of this deed, Grantor has conveyed or is conveying the Land and appurtenant
rights and easements to another party, subject to the terms and conditions of a
Ground Lease dated ________, filed or to be filed for record in the Santa Clara
County records. Grantor is assigning it's rights as lessee under the Ground
Lease to Grantee by a separate instrument dated of even date herewith.
<PAGE>

                                        BNP LEASING CORPORATION

Date: As of ____________                By:     ________________________________
                                                Its:

                                        Attest: ________________________________
                                                Its:

                                        [Extreme or Applicable Purchaser]

Date: As of ____________                By:     ________________________________
                                                Its:

                                        Attest: ________________________________
                                                Its:

STATE OF ____________      )
                           )       SS
COUNTY OF ___________      )

     On ___________________ before me,_________, personally appeared ___________
and _____________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature _________________________________

                             Exhibit B-3 - Page 2
<PAGE>

STATE OF ____________      )
                           )       SS
COUNTY OF ___________      )

     On ___________________ before me, ___________, personally appeared ________
and __________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

     WITNESS my hand and official seal.

     Signature _______________________________

                             Exhibit B-3 - Page 3
<PAGE>

                                    Annex A

                               LEGAL DESCRIPTION

[DRAFTING NOTE: TO THE EXTENT THAT THE "LAND" COVERED BY THE LAND LEASE CHANGES
 --------------
FROM TIME TO TIME BECAUSE OF ADJUSTMENTS FOR WHICH EXTREME REQUESTS BNPLC'S
CONSENT OR APPROVAL, SO TOO WILL THE DESCRIPTION OF THE LAND BELOW CHANGE. ANY
SUCH CHANGES WILL BE INCORPORATED INTO THE DESCRIPTION BELOW AND THIS "DRAFTING
NOTE" WILL BE DELETED BEFORE THE DEED TO WHICH THIS DESCRIPTION IS ATTACHED IS
ACTUALLY EXECUTED AND DELIVERED.]

All that certain real property situated in the City of Santa Clara, County of
Santa Clara, State of California, described as follows:

Being a portion of that certain 24.740 acre parcel as shown on that certain
Record of Survey filed in Book 447 of Maps, at Page 33, Santa Clara County
Records, described as follows:

Beginning at the Northwest corner of said 24.740 acre parcel; thence from said
point of beginning along the Northerly line of said 24.470 acre parcel N. 89
degrees 25 minutes 00 seconds E. 995.17 feet; thence leaving said Northerly
lines S. 0 degrees 10 minutes 00 seconds W. 705.02 feet to a point in the
Southerly line of said 24.740 acre parcel; thence along said Southerly line the
following courses: S. 89 degrees 25 minutes 00 seconds W. 181.82 feet; S. 2.00
feet and S. 89 degrees 25 minutes 00 seconds W. 760.70 feet; thence leaving said
Southerly line along a tangent curve to the right, with a radius of 50.00 feet,
through a central angle of 90 degrees 34 minutes 33 seconds for an arc length of
79.4 feet to a point in the Westerly line of said 24.470 acre parcel; thence
along said Westerly line N. 0 degrees 00 minutes 27 seconds W. 656.49 feet to
the point of beginning.

                             Exhibit B-3 - Page 4
<PAGE>

                                    Annex B

                            Permitted Encumbrances

[DRAFTING NOTE: TO THE EXTENT THAT ENCUMBRANCES (OTHER THAN "LIENS REMOVABLE BY
 --------------
BNPLC") ARE IDENTIFIED IN ADDITION TO THOSE DESCRIBED BELOW, SUCH ADDITIONAL
ENCUMBRANCES WILL BE ADDED TO THE LIST BELOW AND THIS "DRAFTING NOTE" WILL BE
DELETED BEFORE THIS DEED IS ACTUALLY EXECUTED AND DELIVERED BY BNPLC. SUCH
ADDITIONAL ENCUMBRANCES WOULD INCLUDE ANY NEW ENCUMBRANCES APPROVED BY BNPLC AS
"PERMITTED ENCUMBRANCES" UNDER THE LAND LEASE OR THE OTHER LEASE AGREEMENT FROM
TIME TO TIME OR BECAUSE OF EXTREME'S REQUEST FOR BNPLC'S CONSENT OR APPROVAL TO
AN ADJUSTMENT.]

         This conveyance is subject to all encumbrances not constituting a "Lien
Removable by BNPLC" (as defined in the Common Definitions and Provisions
Agreement (Improvements) incorporated by reference into the Lease Agreement
(Improvements) referenced in the last item of the list below), including the
following matters to the extent the same are still valid and in force:

1.       TAXES for the fiscal year 2000-2001, a lien not yet due or payable.

2.       The lien of supplemental taxes, if any, assessed pursuant to the
         provisions of Chapter 3.5, (commencing with Section 75) to the Revenue
         and Taxation Code of the State of California.

3.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara
         For:     electric wire overhang purposes
         Recorded:    November 28, 1960 in Book 4995, Page 160, Official Records
         Affects: Northerly 5 feet of said land, and as shown on the survey
                           prepared by Anthony C. McCants, L.S. 5944, dated
                           April 27, 2000, revised May 22, 2000

4.       The fact that the ownership of said land does not include any right of
         ingress or egress to or from Lawrence Expressway contiguous thereto,
         said right having been relinquished by deed,
         From: Jefferson Union Elementary School District of the County of Santa
               Clara
         To:   County of Santa Clara, State of California
         Recorded:   June 4, 1965 in Book 6982, Page 1, Official Records

         Said land, however, abuts on a public street other than the one
         referred to above, over which rights of vehicular access have not been
         relinquished.

5.       An Agreement, affecting said land, for the purposes stated herein and
         subject to the terms, covenants, conditions, restrictions, and
         easements, if any, contained therein
         For:     Postponed Traffic Signal Improvements
         Dated:   October 4, 1983
         Executed by: City of Santa Clara, California, a municipal corporation
                      and MPJ, a California partnership
         Recorded: November 16, 1983 in Book I 070, Page 333, Official Records.

6.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara, a municipal corporation
         For:     roadway purposes and public utilities
         Recorded:   November 30, 1983 in Book I 111, Page 606, Official Records
         Affects:  A portion of that certain 24.740 acre parcel of land as shown
                     on that certain Record of Survey filed for record in Book
                     447 of Maps, at page 33, Santa Clara County Records,
                     described as

                             Exhibit B-3 - Page 5
<PAGE>

                        follows:

         Beginning at a point in the Northerly line of Monroe Avenue, as shown
         on said map at the Westerly terminus of the course shown as N. 89
         degrees 25 minutes 00 seconds E. 760.70; thence from said point of
         beginning along said Northerly line N. 89 degrees 25 minutes 00 seconds
         E. 760.70 feet and N. 2.00 feet; thence leaving said Northerly line
         along a line parallel with said course of N. 89 degrees 25 minutes 00
         seconds E.; S. 89 degrees 25 minutes 00 seconds W. 334.99 feet; thence
         leaving said parallel line N. 87 degrees 09 minutes 00 seconds W. 66.79
         feet; thence along a line parallel with said course N. 89 degrees 25
         minutes 00 seconds E.; S. 89 degrees 25 minutes 00 seconds W. 359.00
         feet; thence leaving said Westerly line along a tangent curve to the
         right, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to a
         point of cusp in the Westerly line of said 24.740 acre parcel; thence
         along said Westerly line S. 0 degrees 00 minutes 27 seconds E. 6.00
         feet; thence leaving said Westerly line along a tangent curve to the
         left, with a radius of 50.00 feet, through a central angle of 90
         degrees 34 minutes 33 seconds for an arc length of 79.04 feet to the
         point of beginning, and as shown on the survey prepared by Anthony C.
         McCants, L.S. 5944, dated April 27, 2000, revised May 22, 2000.

7.       An easement affecting the portion of said land and for the purpose
         stated herein and incidental purposes,
         In Favor Of: City of Santa Clara, a municipal corporation
         For:     underground electrical distribution and/or communication
         systems
         Recorded:    May 17, 1984 in Book I 552, Page 595, Official Records
         Affects. as follows:

         Parcel 1:

         Commencing at the point of intersection of the Westerly line of that
         certain 24.74 acre parcel of land shown upon that Record of Survey
         filed for recorded August 10, 1979 in Book 447 of Maps, at page 33,
         Santa Clara County Records, with a line parallel with and 10 feet
         Southerly of, measured at right angles to, the Northerly line of said
         parcel; thence along said parallel line N. 89 degrees 25 minutes 00
         seconds E. 107.00 feet; thence parallel with said Westerly line S. 0
         degrees 00 minutes 27 seconds E. 319.16 feet; thence S. 34 degrees 02
         minutes 45 seconds W. 87.51 feet, more or less, to intersection with a
         line parallel with and 58 feet Easterly of measured at right angles to,
         said Westerly line; thence along last said parallel line S. 0 degrees
         00 minutes 27 seconds E. 294.30 feet, more or less, to intersection
         with a line parallel with and 5 feet Northerly of, measured at right
         angles to, the Northerly line of that real property conveyed to the
         City of Santa Clara by that deed filed for record November 30, 1983 in
         Book I 111 of Official Records, at page 606, said County Records;
         thence along last said parallel line the following three (3) courses:
         N. 89 degrees 25 minutes 00 seconds E. 351.81 feet; S. 87 degrees 09
         minutes 00 seconds E. 66.79 feet; N. 89 degrees 25 minutes 00 seconds
         E. 334.69 feet; thence continuing parallel with the Southerly line of
         first said parcel N. 89 degrees 25 minutes 00 seconds E. 181.89 feet,
         more or less, to termination in the Easterly line of that certain
         parcel of real property conveyed to MPJ Partnership, by that Grant Deed
         filed for record August 25, 1983 in Book H 838 of Official Records, at
         page 215, said County Records.

         Parcel 2:

         A portion of said 24.74 acre parcel of land contiguous to and Northerly
         of said real property conveyed by deed recorded in Book I 111, at page
         606, contiguous to and Westerly of hereinabove described strip of land
         and bounded on the North by a line parallel with and 5 feet Northerly
         of, measured at right angles to, that course N. 89 degrees 25 minutes
         00 seconds E. 351.81 feet in the hereinabove described centerline.

         Parcel 3:

         A strip of land 10 feet in width and 30 feet in length of centerline of
         said strip being parallel with and 325.5 feet Southerly of, measured at
         right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on

                             Exhibit B-3 - Page 6
<PAGE>

         the West in the Easterly line of first hereinabove described strip;
         thence continuing Easterly along last said parallel line for a distance
         of 15 feet, as the centerline of a strip of land 15 feet in width, to
         termination of said centerline and strip.

         Parcel 4:

         A strip of land 10 feet in width and 12 feet in length the centerline
         of said strip being parallel with and 116.5 feet Southerly of, measured
         at right angles to, said Northerly line of the 24.74 acre parcel and
         terminating on the West in the Easterly line of first hereinabove
         described strip; thence continuing Easterly along last said parallel
         line for a distance of 15 feet in width, lying 5 feet Northerly and 10
         feet Southerly of said parallel line to the Easterly terminus of said
         strip.

         Parcel 5:

         A strip of land 10 feet in width, the centerline of said strip being
         described as follows:

         Commencing at the point of intersection of the Northerly line of first
         hereinabove described strip of land with a line parallel with and 824.5
         feet Easterly of, measured at right angles to, that course in the
         Westerly boundary of said 24.75 acre parcel bearing N. 0 degrees 00
         minutes 27 seconds W.; thence along last said parallel line N. 0
         degrees 00 minutes 27 seconds W. 367.96 feet, more or less, to a line
         parallel with and 327 feet Southerly of, measured at right angles to,
         said Northerly line of the 24.74 acre parcel; thence along last said
         parallel line S. 89 degrees 25 minutes 00 seconds W. 78 feet to a line
         parallel with and 746.5 feet Easterly of, measured at right angles to,
         said Westerly line of the 24.74 acre parcel; thence along last said
         parallel line N. 0 degrees 00 minutes 27 seconds W. 203 feet; thence
         continuing as the centerline of a strip of land 15 feet in width N. 0
         degrees 00 minutes 27 seconds W. 15 feet, more or less, to termination
         of said strip and centerline in a line parallel with and 109 feet
         Southerly of, measured at right angles to, last said Northerly line.

         Parcel 6:

         A 15 foot square parcel of land contiguous to and Southerly of last
         hereinabove described 10 foot wide strip of land and centered on the
         Southerly prolongation of hereinabove mentioned course N. 0 degrees 00
         minutes 27 seconds W. 203 feet, and as shown on the survey prepared by
         Anthony C. McCants, L.S. 5944, dated April 27, 2000, revised May 22,
         2000.

8.       Lease Agreement (Land) dated as of June 1, 2000, by and between BNP
         Leasing Corporation, as lessor, and Extreme Networks, Inc., as lessee,
         and Lease Agreement (Improvements) dated as of June 1, 2000, by and
         between BNP Leasing Corporation, as lessor, and Extreme Networks, Inc.,
         as lessee.

                             Exhibit B-3 - Page 7
<PAGE>

                                   Exhibit C
                                   ---------

                          BILL OF SALE AND ASSIGNMENT

     Reference is made to: (1) that certain Purchase Agreement (Improvements)
between BNP Leasing Corporation ("Assignor") and Extreme Networks, Inc., dated
as of June 1, 2000, (the "Purchase Agreement") and (2) that certain Lease
Agreement (Improvements) between Assignor, as landlord, and Extreme Networks,
Inc., as tenant, dated as of June 1, 2000 (the "Improvements Lease").
(Capitalized terms used and not otherwise defined in this document are intended
to have the meanings assigned to them in the Common Definitions and Provisions
Agreement (Improvements) incorporated by reference into both the Purchase
Agreement and Improvements Lease.)

     As contemplated by the Purchase Agreement, Assignor hereby sells, transfers
and assigns unto [EXTREME OR THE APPLICABLE PURCHASER, AS THE CASE MAY BE], a
_____________ ("Assignee"), all of Assignor's right, title and interest in and
to the following property, if any, to the extent such property is assignable:

     (a)  the Improvements Lease [DRAFTING NOTE: THE FOLLOWING WILL BE ADDED
ONLY IF APPLICABLE BECAUSE OF THE SIMULTANEOUS DELIVERY OF A GRANT DEED IN THE
FORM OF EXHIBIT B-3: and the Ground Lease dated _________, between _________, as
        -----------
lessor, and Assignor, as lessee, filed for record on in ___________ of Santa
Clara County records (the "Ground Lease")];

     (b)  any pending or future award made because of any condemnation affecting
the Property or because of any conveyance to be made in lieu thereof, and any
unpaid award for damage to the Property and any unpaid proceeds of insurance or
claim or cause of action for damage, loss or injury to the Property; and

     (c)  all other property included within the definition of "Property" as set
forth in the Purchase Agreement, including but not limited to any of the
following transferred to Assignor by the tenant pursuant to Paragraph 7 of the
                                                            -----------
Improvements Lease or otherwise acquired by Assignor, at the time of the
execution and delivery of the Improvements Lease and Purchase Agreement or
thereafter, by reason of Assignor's status as the owner of any interest in the
Property: (1) any goods, equipment, furnishings, furniture, chattels and
tangible personal property of whatever nature that are located on the Property
and all renewals or replacements of or substitutions for any of the foregoing;
(ii) the rights of Assignor, existing at the time of the execution of the
Improvements Lease and Purchase Agreement or thereafter arising, under Permitted
Encumbrances or Development Documents (both as defined in the Improvements
Lease); and (iii) any other permits, licenses, franchises, certificates, and
other rights and privileges related to the Property that Assignee would have
acquired if Assignee had itself acquired the Improvements covered by the
Improvements Lease and constructed the Improvements included in the Property.

Provided, however, excluded from this conveyance and reserved to Assignor are
any rights or privileges of Assignor under the following ("Excluded Rights"):
(1) the indemnities set forth in the Improvements Lease, whether such rights are
presently known or unknown, including rights of the Assignor to be indemnified
against environmental claims of third parties as provided in the Improvements
Lease which may not presently be known, (2) provisions in the Improvements Lease
that establish the right of Assignor to recover any accrued unpaid rent under
the Improvements Lease which may be outstanding as of the date hereof, (3)
agreements between Assignor and "BNPLC's Parent" or any "Participant," both as
defined in the Improvements Lease, or any modification or extension thereof, or
(4) any other instrument being delivered to Assignor contemporaneously herewith
pursuant to the Purchase Agreement. To the extent that this conveyance does
include any rights to receive future payments under the Improvements Lease, such
rights ("Included Rights") shall be subordinate to Assignor's Excluded Rights,
and Assignee hereby waives any rights to enforce Included Rights until such time
as Assignor has received all payments to which it remains entitled by reason of
Excluded Rights. If any amount shall be paid to Assignee on account of any
Included Rights at any time before Assignor has received all payments to which
it is entitled because of Excluded Rights, such amount shall be held in trust by
Assignee for the benefit of Assignor, shall be segregated from the other funds
of Assignee and shall forthwith be paid over to Assignor to be held by Assignor
as collateral for, or then or at any time thereafter applied in whole or
<PAGE>

in part by Assignor against, the payments due to Assignor because of Excluded
Rights, whether matured or unmatured, in such order as Assignor shall elect.

          Assignor does for itself and its successors covenant and agree to
warrant and defend the title to the property assigned herein against the just
and lawful claims and demands of any person claiming under or through a Lien
Removable by BNPLC, but not otherwise.

          Assignee hereby assumes and agrees to keep, perform and fulfill
Assignor's obligations, if any, relating to any permits or contracts, under
which Assignor has rights being assigned herein.

          IN WITNESS WHEREOF, the parties have executed this instrument as of
_______________, _____.

                                        ASSIGNOR:
                                        --------

                                        BNP LEASING CORPORATION a Delaware
                                        corporation

                                        By:_____________________________________
                                        Its:____________________________________

                                        ASSIGNEE:
                                        --------

                                        [Extreme or the Applicable Purchaser], a
                                        ____________________

                                        By:_____________________________________
                                        Its:____________________________________

                              Exhibit C - Page 2
<PAGE>

STATE OF ____________               )
                                    )        SS
COUNTY OF ___________      )

          On ___________________ before me,__________ , personally appeared
____________ and ____________, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the persons whose names are subscribed to
the within instrument and acknowledged to me that they executed the same in
their authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

          WITNESS my hand and official seal.

          Signature _______________________________

STATE OF ____________               )
                                    )        SS
COUNTY OF ___________      )

          On ___________________ before me,__________ , personally appeared
___________ and ____________, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the persons whose names are subscribed to
the within instrument and acknowledged to me that they executed the same in
their authorized capacities, and that by their signatures on the instrument the
person, or the entity upon behalf of which the persons acted, executed the
instrument.

          WITNESS my hand and official seal.

          Signature _______________________________

                              Exhibit C - Page 3
<PAGE>

                                    Annex A

                               LEGAL DESCRIPTION

[DRAFTING NOTE: TO THE EXTENT THAT THE "LAND" COVERED BY THE OTHER LEASE CHANGES
 --------------
FROM TIME TO TIME BECAUSE OF ADJUSTMENTS FOR WHICH EXTREME REQUESTS BNPLC'S
CONSENT OR APPROVAL, SO TOO WILL THE DESCRIPTION OF THE LAND BELOW CHANGE. ANY
SUCH CHANGES WILL BE INCORPORATED INTO THE DESCRIPTION BELOW AND THIS "DRAFTING
NOTE" WILL BE DELETED BEFORE THE DOCUMENT TO WHICH THIS DESCRIPTION IS ATTACHED
IS ACTUALLY EXECUTED AND DELIVERED.]

All that certain real property situated in the City of Santa Clara, County of
Santa Clara, State of California, described as follows:

Being a portion of that certain 24.740 acre parcel as shown on that certain
Record of Survey filed in Book 447 of Maps, at Page 33, Santa Clara County
Records, described as follows:

Beginning at the Northwest corner of said 24.740 acre parcel; thence from said
point of beginning along the Northerly line of said 24.470 acre parcel N. 89
degrees 25 minutes 00 seconds E. 995.17 feet; thence leaving said Northerly
lines S. 0 degrees 10 minutes 00 seconds W. 705.02 feet to a point in the
Southerly line of said 24.740 acre parcel; thence along said Southerly line the
following courses: S. 89 degrees 25 minutes 00 seconds W. 181.82 feet; S. 2.00
feet and S. 89 degrees 25 minutes 00 seconds W. 760.70 feet; thence leaving said
Southerly line along a tangent curve to the right, with a radius of 50.00 feet,
through a central angle of 90 degrees 34 minutes 33 seconds for an arc length of
79.4 feet to a point in the Westerly line of said 24.470 acre parcel; thence
along said Westerly line N. 0 degrees 00 minutes 27 seconds W. 656.49 feet to
the point of beginning.

                              Exhibit C - Page 4
<PAGE>

                                   Exhibit D
                                   ---------

        ACKNOWLEDGMENT OF DISCLAIMER OF REPRESENTATIONS AND WARRANTIES

     THIS ACKNOWLEDGMENT OF DISCLAIMER OF REPRESENTATIONS AND WARRANTIES (this
"Certificate") is made as of ___________________, ____, by [Extreme or the
Applicable Purchaser, as the case may be], a ___________________ ("Grantee").

     Contemporaneously with the execution of this Certificate, BNP Leasing
Corporation, a Delaware corporation ("BNPLC"), is executing and delivering to
Grantee (1) a corporate grant deed and (2) a Bill of Sale and Assignment (the
foregoing documents and any other documents to be executed in connection
therewith are herein called the "Conveyancing Documents" and any of the
properties, rights or other matters assigned, transferred or conveyed pursuant
thereto are herein collectively called the "Subject Property").

     Notwithstanding any provision contained in the Conveyancing Documents to
the contrary, Grantee acknowledges that BNPLC makes no representations or
warranties of any nature or kind, whether statutory, express or implied, with
respect to environmental matters or the physical condition of the Subject
Property, and Grantee, by acceptance of the Conveyancing Documents, accepts the
Subject Property "AS IS," "WHERE IS," "WITH ALL FAULTS" and without any such
                  -- --    ----- --    ---- --- ------
representation or warranty by Grantor as to environmental matters, the physical
condition of the Subject Property, compliance with subdivision or platting
requirements or construction of any improvements. Without limiting the
generality of the foregoing, Grantee hereby further acknowledges and agrees that
warranties of merchantability and fitness for a particular purpose are excluded
from the transaction contemplated by the Conveyancing Documents, as are any
warranties arising from a course of dealing or usage of trade. Grantee hereby
assumes all risk and liability (and agrees that BNPLC shall not be liable for
any special, direct, indirect, consequential, or other damages) resulting or
arising from or relating to the ownership, use, condition, location,
maintenance, repair, or operation of the Subject Property, except for damages
proximately caused by (and attributed by any applicable principles of
comparative fault to) the Established Misconduct of BNPLC. As used in the
preceding sentence, "Established Misconduct" is intended to have, and be limited
to, the meaning given to it in the Common Definitions and Provisions Agreement
(Improvements) incorporated by reference into the Purchase Agreement between
BNPLC and Extreme Networks, Inc. dated as of June 1, 2000, pursuant to which
Purchase Agreement BNPLC is delivering the Conveyancing Documents.

     The provisions of this Certificate shall be binding on Grantee, its
successors and assigns and any other party claiming through Grantee. Grantee
hereby acknowledges that BNPLC is entitled to rely and is relying on this
Certificate.

     EXECUTED as of ________________, ____.

                                       [Extreme or the Applicable Purchaser]
                                       By:______________________________________
                                          Name:_________________________________
                                          Title:________________________________
<PAGE>

                                   Exhibit E
                                   ---------

                            SECRETARY'S CERTIFICATE

     The undersigned, [Secretary or Assistant Secretary] of BNP Leasing
Corporation, a Delaware corporation (the "Corporation"), hereby certifies as
follows:

     1.   That he is the duly, elected, qualified and acting Secretary [or
Assistant Secretary] of the Corporation and has custody of the corporate
records, minutes and corporate seal.

     2.   That the following named persons have been properly designated,
elected and assigned to the office in the Corporation as indicated below; that
such persons hold such office at this time and that the specimen signature
appearing beside the name of such officer is his or her true and correct
signature.

[The following blanks must be completed with the names and signatures of the
officers who will be signing the deed and other Sale Closing Documents on behalf
of the Corporation.]

Name                        Title                      Signature
----                        -----                      ---------

___________________         ________________           _________________________

___________________         ________________           _________________________

     3.   That the resolutions attached hereto and made a part hereof were duly
adopted by the Board of Directors of the Corporation in accordance with the
Corporation's Articles of Incorporation and Bylaws. Such resolutions have not
been amended, modified or rescinded and remain in full force and effect.

     IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of
the Corporation on this __, day of __, _.

                                        ____________________________
                                        [signature and title]
<PAGE>

                           CORPORATE RESOLUTIONS OF
                            BNP LEASING CORPORATION

     WHEREAS, pursuant to that certain Purchase Agreement (Improvements) (herein
called the "Purchase Agreement") dated as of June 1, 2000, by and between BNP
Leasing Corporation (the "Corporation") and [Extreme or the Applicable Purchaser
as the case may be] ("Purchaser"), the Corporation agreed to sell and Purchaser
agreed to purchase or cause the Applicable Purchaser (as defined in the Purchase
Agreement) to purchase the Corporation's interest in the property (the
"Property") located in Santa Clara, California more particularly described
therein.

     NOW THEREFORE, BE IT RESOLVED, that the Board of Directors of the
Corporation, in its best business judgment, deems it in the best interest of the
Corporation and its shareholders that the Corporation convey the Property to
Purchaser or the Applicable Purchaser pursuant to and in accordance with the
terms of the Purchase Agreement.

     RESOLVED FURTHER, that the proper officers of the Corporation, and each of
them, are hereby authorized and directed in the name and on behalf of the
Corporation to cause the Corporation to fulfill its obligations under the
Purchase Agreement.

     RESOLVED FURTHER, that the proper officers of the Corporation, and each of
them, are hereby authorized and directed to take or cause to be taken any and
all actions and to prepare or cause to be prepared and to execute and deliver
any and all deeds and other documents, instruments and agreements that shall be
necessary, advisable or appropriate, in such officer's sole and absolute
discretion, to carry out the intent and to accomplish the purposes of the
foregoing resolutions.

                              Exhibit E - Page 2
<PAGE>

                                   Exhibit F
                                   ---------

                               FIRPTA STATEMENT

     Section 1445 of the Internal Revenue Code of 1986, as amended, provides
that a transferee of a U.S. real property interest must withhold tax if the
transferor is a foreign person. Sections 18805, 18815 and 26131 of the
California Revenue and Taxation Code, as amended, provide that a transferee of a
California real property interest must withhold income tax if the transferor is
a nonresident seller.

     To inform [Extreme or the Applicable Purchaser] (the "Transferee") that
withholding of tax is not required upon the disposition of a California real
property interest by transferor, BNP Leasing Corporation (the "Seller"), the
undersigned hereby certifies the following on behalf of the Seller:

     1.   The Seller is not a foreign corporation, foreign partnership, foreign
trust, or foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations);

     2.   The United States employer identification number for the Seller is
_____________________;

     3.   The office address of the Seller is ______________
_________________________ _________________.

     4.   The Seller is qualified to do business in California.

     The Seller understands that this certification may be disclosed to the
Internal Revenue Service and/or to the California Franchise Tax Board by the
Transferee and that any false statement contained herein could be punished by
fine, imprisonment, or both.

     The Seller understands that the Transferee is relying on this affidavit in
determining whether withholding is required upon said transfer.

     Under penalties of perjury I declare that I have examined this
certification and to the best of my knowledge and belief it is true, correct and
complete, and I further declare that I have authority to sign this document on
behalf of the Seller.

     Dated: ___________, ____.

                                        By:___________________________
                                        Name:_________________________
                                        Title:________________________<PAGE>

================================================================================

                                                            EXHIBIT 10.12

                               PLEDGE AGREEMENT
                                    (LAND)

                                     AMONG

                            BNP LEASING CORPORATION

                                   ("BNPLC")

                             BNP PARIBAS, AS AGENT

                                   ("Agent")

                            EXTREME NETWORKS, INC.

                                  ("Extreme")

                                      AND

                       PARTICIPANTS AS DESCRIBED HEREIN

                                 June 1, 2000

================================================================================
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>                                                                                                                  <C>
ARTICLE I DEFINITIONS AND INTERPRETATION...........................................................................   -1-
         Section 1.1 Capitalized Terms Used But Not Defined in This Agreement......................................   -1-
                     --------------------------------------------------------
         Section 1.2 Definitions...................................................................................   -1-
                     -----------
                  Account..........................................................................................   -1-
                  Account Office...................................................................................   -2-
                  Agent............................................................................................   -2-
                  BNPLC............................................................................................   -2-
                  BNPLC's Corresponding Obligations to Participants................................................   -2-
                  Cash Collateral..................................................................................   -2-
                  Certificate of Deposit...........................................................................   -2-
                  Collateral.......................................................................................   -2-
                  Collateral Imbalance.............................................................................   -2-
                  Collateral Percentage............................................................................   -2-
                  Default..........................................................................................   -3-
                  Deposit Taker....................................................................................   -3-
                  Deposit Taker Losses.............................................................................   -3-
                  Deposit Taker's Acknowledgment and Agreement.....................................................   -3-
                  Disqualified Deposit Taker.......................................................................   -3-
                  Event of Default.................................................................................   -3-
                  Extreme..........................................................................................   -4-
                  Extreme's Purchase Agreement Obligations.........................................................   -4-
                  Initially Qualified Deposit Taker................................................................   -5-
                  Lien.............................................................................................   -5-
                  Material Lease Default...........................................................................   -5-
                  Minimum Collateral Percentage....................................................................   -5-
                  Minimum Collateral Value.........................................................................   -6-
                  Notice of Security Interest......................................................................   -6-
                  Other Liable Party...............................................................................   -6-
                  Participants.....................................................................................   -6-
                  Participation Agreement..........................................................................   -6-
                  Percentage.......................................................................................   -6-
                  Qualified Pledge.................................................................................   -6-
                  Secured Obligations..............................................................................   -6-
                  Supplement.......................................................................................   -6-
                  Transaction Documents............................................................................   -6-
                  Value............................................................................................   -7-
         Section 1.3  Attachments..................................................................................   -7-
                      -----------
         Section 1.4  Amendment of Defined Instruments.............................................................   -7-
                      --------------------------------
         Section 1.5  References and Titles........................................................................   -7-
                      ---------------------

ARTICLE II SECURITY INTEREST.......................................................................................   -7-
         Section 2.1  Pledge and Grant of Security Interest........................................................   -7-
                      -------------------------------------
         Section 2.2  Return of Collateral After the Secured Obligations are Satisfied in Full.....................   -8-
                      ------------------------------------------------------------------------

ARTICLE III DETERMINATION OF THE COLLATERAL PERCENTAGE.............................................................   -8-
         Section 3.1  Determination of the Collateral Percentage Generally.........................................   -8-
                      ----------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                  <C>
         Section 3.2  Limitations on Extreme's Right to Lower the Collateral Percentage............................   -8-
                      -----------------------------------------------------------------
         Section 3.3  Minimum Collateral Percentages Dependent Upon the Adjusted EBITDAR Coverage Ratio............   -9-
                      ---------------------------------------------------------------------------------

ARTICLE IV   PROVISIONS CONCERNING DEPOSIT TAKERS..................................................................   -9-
         Section 4.1  Qualification of Deposit Takers Generally....................................................   -9-
                      -----------------------------------------
         Section 4.2  Existing Deposit Takers......................................................................   -9-
                      -----------------------
         Section 4.3  Replacement of Participants Proposed by Extreme..............................................  -10-
                      -----------------------------------------------
         Section 4.4  Mandatory Substitution for Disqualified Deposit Takers.......................................  -10-
                      ------------------------------------------------------
         Section 4.5  Voluntary Substitution of Deposit Takers.....................................................  -10-
                      ----------------------------------------
         Section 4.6  Delivery of Notice of Security Interest by Extreme and Agent.................................  -10-
                      ------------------------------------------------------------
         Section 4.7  Constructive Possession of Collateral........................................................  -11-
                      -------------------------------------
         Section 4.8  Attempted Setoff by Deposit Takers...........................................................  -11-
                      ----------------------------------
         Section 4.9  Deposit Taker Losses.........................................................................  -11-
                      --------------------
         Section 4.10  Losses Resulting from Failure of Deposit Taker to Comply with this Agreement................  -11-
                       ----------------------------------------------------------------------------

ARTICLE V   DELIVERY AND MAINTENANCE OF CASH COLLATERAL............................................................  -12-
         Section 5.1  Delivery of Funds by Extreme.................................................................  -12-
                      ----------------------------
         Section 5.2  Transition Account...........................................................................  -12-
                      ------------------
         Section 5.3  Allocation of Cash Collateral Among Deposit Takers...........................................  -12-
                      --------------------------------------------------
         Section 5.4  Issuance and Redemption of Certificates of Deposit...........................................  -13-
                      --------------------------------------------------
         Section 5.5  Status of the Accounts Under the Reserve Requirement Regulations.............................  -13-
                      ----------------------------------------------------------------
         Section 5.6  Acknowledgment by Extreme that Requirements of this Agreement are Commercially Reasonable....  -13-
                      -----------------------------------------------------------------------------------------

ARTICLE VI   WITHDRAWAL OF CASH COLLATERAL.........................................................................  -14-
         Section 6.1  Withdrawal of Collateral Prior to the Designated Sale Date...................................  -14-
                      ----------------------------------------------------------
         Section 6.2  Withdrawal and Application of Cash Collateral to Reduce or Satisfy the Secured
                      ------------------------------------------------------------------------------
                       Obligations to the Participants.............................................................  -14-
                       -------------------------------
         Section 6.3  Withdrawal and Application of Cash Collateral to Reduce or Satisfy the Secured
                      ------------------------------------------------------------------------------
                       Obligations to BNPLC........................................................................  -15-
                      ---------------------
         Section 6.4  Withdrawal of Cash Collateral From Accounts Maintained by Disqualified Deposit Takers........  -15-
                      -------------------------------------------------------------------------------------

ARTICLE VII   REPRESENTATIONS AND COVENANTS OF Extreme.............................................................  -15-
         Section 7.1  Representations of Extreme...................................................................  -15-
                      --------------------------
         Section 7.2  Covenants of Extreme.........................................................................  -16-
                      --------------------

ARTICLE VIII    AUTHORIZED ACTION BY AGENT.........................................................................  -17-
         Section 8.1  Power of Attorney............................................................................  -17-
                      -----------------

ARTICLE IX    DEFAULT AND REMEDIES.................................................................................  -18-
         Section 9.1  Remedies.....................................................................................  -18-
                      --------

ARTICLE X    OTHER RECOURSE........................................................................................  -18-
         Section 10.1  Recovery Not Limited........................................................................  -18-
                       --------------------

ARTICLE XI   PROVISIONS CONCERNING AGENT...........................................................................  -19-
         Section 11.1  Appointment and Authority...................................................................  -19-
                       -------------------------
         Section 11.2  Exculpation, Agent's Reliance, Etc..........................................................  -19-
                       ----------------------------------
         Section 11.3  Participant's Credit Decisions..............................................................  -20-
                       ------------------------------
         Section 11.4  Indemnity...................................................................................  -20-
                       ---------
         Section 11.5  Agent's Rights as Participant and Deposit Taker.............................................  -20-
                       -----------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                  <C>
         Section 11.6  Investments.................................................................................  -20-
                       -----------
         Section 11.7  Benefit of Article XI.......................................................................  -21-
                       ---------------------
         Section 11.8  Resignation.................................................................................  -21-
                       -----------

ARTICLE XII   MISCELLANEOUS........................................................................................  -21-
         Section 12.1 Provisions Incorporated From Other Operative Documents.......................................  -21-
                      ------------------------------------------------------
         Section 12.2  Cumulative Rights, etc......................................................................  -21-
                       ----------------------
         Section 12.3  Survival of Agreements......................................................................  -21-
                       ----------------------
         Section 12.4  Other Liable Party..........................................................................  -22-
                       ------------------
         Section 12.5  Termination.................................................................................  -22-
                       -----------
</TABLE>
<PAGE>

<TABLE>
<S>                                              <C>
Attachment 1.........................................................................Form of Certificate of Deposit

Attachment 2..................................................................Supplement to Pledge Agreement (Land)

Attachment 3.......................................Notice of Extreme's Election to Change the Collateral Percentage

Attachment 4............................................................................Notice of Security Interest

Attachment 5...............................................................................Examples of Calculations

Attachment 6.....................................Notice of Extreme's Requirement to Withdraw Excess Cash Collateral

Attachment 7.....................................Notice of Extreme's Requirement of Direct Payments to Participants

Attachment 8.....................................Notice of Extreme's Requirement of Direct Payments to Participants

Attachment 9........................................................Notice of Extreme's Requirement of a Withdrawal
                                                               of Cash Collateral from a Disqualified Deposit Taker

Schedule 1...............................................................Financial Covenants and Negative Covenants
----------
</TABLE>

                                     -iv-
<PAGE>

                               PLEDGE AGREEMENT
                                    (LAND)

     This PLEDGE AGREEMENT (LAND) (this "Agreement") is made as of June 1, 2000
(the "Effective Date"), by EXTREME NETWORKS, INC., a California corporation
("Extreme"); BNP LEASING CORPORATION, a Delaware corporation ("BNPLC"); BNP
PARIBAS ("BNPLC's Parent"), as a "Participant"; and BNP PARIBAS, acting in its
capacity as agent for BNPLC and the Participants (in such capacity, "Agent").

                                   RECITALS
                                   --------

     A.   Extreme and BNPLC are parties to: (i) a Common Definitions and
Provisions Agreement (Land) dated as of the Effective Date (the "Common
Definitions and Provisions Agreement (Land)"); and (ii) a Purchase Agreement
(Land) dated as of the Effective Date (the "Purchase Agreement"), pursuant to
which Extreme has agreed to make a "Supplemental Payment" (as defined in the
Common Definitions and Provisions Agreement (Land)), in consideration of the
rights granted to Extreme by the Purchase Agreement.

     B.   Pursuant to a Participation Agreement dated the date hereof (the
"Participation Agreement"), BNPLC's Parent has agreed with BNPLC to participate
in the risks and rewards to BNPLC of the Purchase Agreement and other Operative
Documents (as defined in the Common Definitions and Provisions Agreement
(Land)), and the parties to this Agreement anticipate that other financial
institutions may become parties to the Participation Agreement as Participants,
agreeing to participate in the risks and rewards to BNPLC of the Purchase
Agreement and other Operative Documents.

     C.   Extreme may from time to time deliver cash collateral for its
obligations to BNPLC under the Purchase Agreement and for BNPLC's corresponding
obligations to Participants under the Participation Agreement. This Agreement
sets forth the terms and conditions governing such cash collateral.

                                   AGREEMENT
                                   ---------

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

                   ARTICLE I DEFINITIONS AND INTERPRETATION

     Section 1.1  Capitalized Terms Used But Not Defined in This Agreement. All
                  --------------------------------------------------------
capitalized terms used in this Agreement which are defined in Article I of
the Common Definitions and Provisions Agreement (Land) and not otherwise defined
herein shall have the same meanings herein as set forth in the Common
Definitions and Provisions Agreement (Land). All terms used in this Agreement
which are defined in the UCC and not otherwise defined herein shall have the
same meanings herein as set forth therein, except where the context otherwise
requires.

     Section 1.2  Definitions. When used in this Agreement, the following terms
                  -----------
shall have the following respective meanings:

          "Account" shall mean any deposit account maintained by a Deposit Taker
     into which Cash Collateral may be deposited at any time, excluding the
     Transition Account.
<PAGE>

          "Account Office" shall mean, with respect to any Account maintained by
     any Deposit Taker, the office of such Deposit Taker in California or New
     York at which such Account is maintained as specified in the applicable
     Deposit Taker's Acknowledgment and Agreement.

          "Agent" shall have the meaning given to that term in the introductory
     paragraph hereof.

          "BNPLC" shall have the meaning given to that term in the introductory
     paragraph hereof.

          "BNPLC's Corresponding Obligations to Participants" shall mean BNPLC's
     obligations under the Participation Agreement to pay Participants their
     respective Percentages of (or amounts equal to their respective Percentages
     of) sums "actually received by BNPLC" (as defined in the Participation
     Agreement) in satisfaction of Extreme's Purchase Agreement Obligations;
     provided, however, any modification of the Participation Agreement executed
     after the date hereof without Extreme's written consent shall not be
     considered for purposes of determining BNPLC's Corresponding Obligations to
     Participants under this Agreement.

          "Cash Collateral" shall mean (i) all money of Extreme which Extreme
     has delivered to Agent for deposit with a Deposit Taker pursuant to this
     Agreement, and (ii) any additional money delivered to Agent as Collateral
     pursuant to Section 4.9.

          "Certificate of Deposit" shall mean a certificate of deposit issued by
     a Deposit Taker as required by Section 5.4 below to evidence an Account
     into which Cash Collateral has been deposited pursuant to this Agreement.
     Each Certificate of Deposit shall be issued in an amount equal to the Value
     of the Account which it evidences and shall otherwise be in the form set
     forth as ATTACHMENT 1.
              ------------

          "Collateral" shall have the meaning given to that term in Section 2.1
     hereof.

          "Collateral Imbalance" shall mean on any date prior to the Designated
     Sale Date that the Value (without duplication) of Accounts maintained by
     and Certificates of Deposit issued by the Deposit Taker for any Participant
     (other than a Disqualified Deposit Taker) does not equal such Participant's
     Percentage, multiplied by the lesser of (1) the Minimum Collateral Value in
     effect on such date, or (2) the aggregate Value of all Collateral subject
     to this Agreement on such date. For purposes of determining whether a
     Collateral Imbalance exists, the Value of any Accounts maintained by a bank
     that is acting as Deposit Taker for two or more Participants will be deemed
     to be held for them in proportion to their respective Percentages, and the
     Value of any Accounts maintained by a bank as Deposit Taker for both a
     Participant and BNPLC (as in the case of BNPLC's Parent acting as Deposit
     Taker for itself, as a Participant, and for BNPLC) will be deemed to be
     held for the Participant only to the extent necessary to prevent or
     mitigate a Collateral Imbalance and otherwise for BNPLC.

          "Collateral Percentage" shall mean the percentage designated by
     Extreme in accordance with this Agreement from time to time, but never less
     than the Minimum Collateral Percentage established as provided in Part III
     of Schedule 1.
        ----------

          "Default" means any Event of Default and any default, event or
     condition which would, with the giving of any requisite notices and the
     passage of any requisite periods of time, constitute an Event of Default.

                                      -2-
<PAGE>

          "Deposit Taker" for BNPLC shall mean BNPLC's Parent and for each
     Participant shall mean the Participant itself; provided, that each of BNPLC
     and the Participants, for itself only, may from time to time designate
     another Deposit Taker as provided in Sections 4.4 and 4.5 below.

          "Deposit Taker Losses" shall mean the Value of any Cash Collateral
     delivered to a Deposit Taker, but that the Deposit Taker will not (because
     of the insolvency of the Deposit Taker, offsets by the Deposit Taker in
     violation of the Deposit Taker's Acknowledgment and Agreement, or
     otherwise) return to Extreme or return to Agent for disposition or
     application as provided herein or as required by applicable law.

          "Deposit Taker's Acknowledgment and Agreement" shall have the meaning
     given to that term in subsection 4.1.2 hereof.

          "Disqualified Deposit Taker" shall mean any Deposit Taker with whom
     Agent may decline to deposit Collateral pursuant to Section 4.1.

          "Event of Default" shall mean the occurrence of any of the following:

               (a)  the failure by Extreme to pay all or any part of Extreme's
          Purchase Agreement Obligations when due, after giving effect to any
          applicable notice and grace periods expressly provided for in the
          Purchase Agreement;

               (b)  the failure by Extreme to provide funds as and when required
          by Section 5.1 of this Agreement, if within seven Business Days after
          such failure commences Extreme does not (1) cure such failure by
          delivering the funds required by Section 5.1, and (2) pay to BNPLC as
          additional Rent under the Land Lease an amount equal to interest at
          the Default Rate (as defined in the Land Lease) on such funds for the
          period from which they were first due to the date of receipt by Agent;

               (c)  the failure of the pledge or security interest contemplated
          herein in the Transition Account or any Account, Certificate of
          Deposit or Cash Collateral to be a Qualified Pledge (regardless of the
          characterization of the Transition Account or any Accounts,
          Certificates of Deposit or Cash Collateral as deposit accounts,
          instruments or general intangibles under the UCC), unless:

                    (I)  such failure would not exist but for a breach of this
               Agreement by Agent or a breach of a Deposit Taker's
               Acknowledgment and Agreement by a Deposit Taker, or

                    (II) within five Business Days after Extreme becomes aware
               of such failure, Extreme shall (1) notify Agent, BNPLC and the
               Participants of such failure, and (2) cure such failure, and (3)
               to the extent required by Section 7.2.9, pay to BNPLC any
               additional Base Rent that has accrued under the Land Lease
               because of (or that would have accrued if BNPLC had been aware
               of) such failure, together with interest at the Default Rate on
               any such additional Base Rent;

               (d)  the failure of any representation herein by Extreme to be
          true (other than a failure described in another clause of this
          definition of Event of Default), if such failure is not cured within
          thirty days after Extreme receives written notice thereof from Agent;

                                      -3-
<PAGE>

               (e)  the failure of any representation made by Extreme in
          subsection 7.1.1 to be true, if within fifteen (15) days after Extreme
          becomes aware of such failure, Extreme does not (1) notify Agent,
          BNPLC and the Participants of such failure, and (2) cure such failure,
          and (3) pay to BNPLC any additional Base Rent that has accrued under
          the Land Lease because of (or that would have accrued if BNPLC had
          been aware of) such failure, and (4) pay to BNPLC interest at the
          Default Rate on any such additional Base Rent;

               (f)  the failure by Extreme timely and properly to observe, keep
          or perform any covenant, agreement, warranty or condition herein
          required to be observed, kept or performed (other than a failure
          described in another clause of this definition of Event of Default),
          if such failure is not cured within thirty days after Extreme receives
          written notice thereof from Agent; and

               (g)  the failure by BNPLC to pay when due on or after the
          Designated Sale Date any of BNPLC's Corresponding Obligations to
          Participants, after giving effect to any applicable notice and grace
          periods expressly provided for in the Participation Agreement.

     Notwithstanding the foregoing, if ever the aggregate Value of Cash
     Collateral held by Agent and the Deposit Takers exceeds the Minimum
                                                     -------
     Collateral Value then in effect, a failure of the pledge or security
     interest contemplated herein in such excess Cash Collateral to be a valid,
                                     -----------
     perfected, first priority pledge or security interest shall not constitute
     an Event of Default under this Agreement. Accordingly, to provide a cure as
     required to avoid an Event of Default under clauses (c) or (e) of this
     definition, Extreme could deliver additional Cash Collateral - the pledge
     of which or security interest in which created by this Agreement is a
     Qualified Pledge - sufficient in amount to cause the aggregate Value of the
     Cash Collateral then held by Agent and the Deposit Takers subject to a
     Qualified Pledge hereunder to equal or exceed the Minimum Collateral Value.

          "Extreme" shall have the meaning given to that term in the
     introductory paragraph hereof.

          "Extreme's Purchase Agreement Obligations" shall mean all of Extreme's
     obligations under the Purchase Agreement, including (i) Extreme's
     obligation to pay any Supplemental Payment as required under subparagraph
                                                                  ------------
     1(A) of the Purchase Agreement, and (ii) any damages incurred by BNPLC
     ----
     because of (A) Extreme's breach of the Purchase Agreement or (B) the
     rejection by Extreme of the Purchase Agreement in any bankruptcy or
     insolvency proceeding.

          "Initially Qualified Deposit Taker" means (1) BNP PARIBAS, acting
     through any branch, office or agency that can lawfully maintain an Account
     as a Deposit Taker hereunder, and (2) any of the fifty largest (measured by
     total assets) U.S. banks, or one of the one hundred largest (measured by
     total assets) banks in the world, with debt ratings of at least (i) A- (in
     the case of long term debt) and A-1 (in the case of short term debt) or the
     equivalent thereof by Standard and Poor's Corporation, and (ii) A3 (in the
     case of long term debt) and P-2 (in the case of short term debt) or the
     equivalent thereof by Moody's Investor Service, Inc. The parties believe it
     improbable that the ratings systems used by Standard and Poor's Corporation
     and by Moody's Investor Service, Inc. will be discontinued or changed, but
     if such ratings systems are discontinued or changed, Extreme shall be
     entitled to select and use a comparable ratings systems as a substitute for
     the S&P Rating or the Moody Rating, as the case may be, for purposes of
     determining the status of any bank as an Initially Qualified Deposit Taker.

          "Lien" shall mean, with respect to any property or assets, any right
     or interest therein of a creditor to secure indebtedness of any kind which
     is owed to him or any other arrangement with such creditor which provides
     for the payment of such indebtedness out of such property or assets

                                      -4-
<PAGE>

     or which allows him to have such indebtedness satisfied out of such
     property or assets prior to the general creditors of any owner thereof,
     including any lien, mortgage, security interest, pledge, deposit,
     production payment, rights of a vendor under any title retention or
     conditional sale agreement or lease substantially equivalent thereto, tax
     lien, mechanic's or materialman's lien, or any other charge or encumbrance
     for security purposes, whether arising by law or agreement or otherwise,
     but excluding any right of setoff which arises without agreement in the
     ordinary course of business. "Lien" also means any filed financing
     statement, any registration with an issuer of uncertificated securities, or
     any other arrangement which would serve to perfect a Lien described in the
     preceding sentence, regardless of whether such financing statement is
     filed, such registration is made, or such arrangement is undertaken before
     or after such Lien exists.

          "Material Lease Default" shall mean any of the following:

               (1)  any "Event of Default" under and as defined in the Land
          Lease, including any such Event of Default consisting of a failure of
          Extreme to comply with the requirements of Schedule I attached to the
                                                     ----------
          Land Lease; and

               (2)(a) any failure of Extreme to make any payment required by and
          when first due under the Land Lease, regardless of whether any period
          provided in the Land Lease for the cure of such failure by Extreme
          shall have expired, and (b) any other default, event or condition
          which would, with the giving of any requisite notices and the passage
          of any requisite periods of time, constitute an "Event of Default"
          under and as defined in the Land Lease, if such other default, event
          or failure involves a material noncompliance with Applicable Law. (For
          purposes of this definition, "material" noncompliance with Applicable
          Law will include any noncompliance, the correction of which has been
          requested by a governmental authority, or because of which a threat of
          action against the Property or BNPLC has been asserted by a
          governmental authority.)

          "Minimum Collateral Percentage" shall mean the percentage established
     as such from time to time as described in Part III of Schedule 1.
                                                           ----------

          "Minimum Collateral Value" shall mean (1) as of the Designated Sale
     Date or any prior date, an amount equal to the Collateral Percentage
     multiplied by the Stipulated Loss Value determined as of that date in
     accordance with the Land Lease; and (2) as of any date after the Designated
     Sale Date, an amount equal to the Break Even Price plus any unpaid interest
     accrued on past due amounts payable pursuant to Paragraph 1(a) of the
     Purchase Agreement.

          "Notice of Security Interest" shall have the meaning given to
     that term in subsection 4.1.1 hereof.

          "Other Liable Party" shall mean any Person, other than Extreme, who
     may now or may at any time hereafter be primarily or secondarily liable for
     any of the Secured Obligations or who may now or may at any time hereafter
     have granted to Agent a pledge of or security interest in any of the
     Collateral.

          "Participants" shall mean BNPLC's Parent and any other financial
     institutions which may hereafter become parties to (i) this Agreement by
     completing, executing and delivering to Extreme and Agent a Supplement, and
     (ii) the Participation Agreement.

          "Participation Agreement" shall have the meaning given to such term in
     Recital B hereof.
     ---------

                                      -5-
<PAGE>

          "Percentage" shall mean with respect to each Participant and the
     Deposit Taker for such Participant, such Participant's "Percentage" under
     and as defined in the Participation Agreement for purposes of computing
     such Participant's right thereunder to receive payments of (or amounts
     equal to a percentage of) any sales proceeds or Supplemental Payment
     received by BNPLC under the Purchase Agreement. Percentages may be adjusted
     from time to time as provided in the Participation Agreement or as provided
     in supplements thereto executed as provided in the Participation Agreement.

          "Qualified Pledge" means a pledge or security interest that
     constitutes a valid, perfected, first priority pledge or security interest.

          "Secured Obligations" shall mean and include both Extreme's Purchase
     Agreement Obligations and BNPLC's Corresponding Obligations to
     Participants.

          "Supplement" shall mean a supplement to this Agreement in the form of
     ATTACHMENT 2.
     ------------

          "Transaction Documents" shall mean, collectively, this Agreement, the
     Land Lease, the Purchase Agreement and the Participation Agreement.

          "Transition Account" shall have the meaning given it in Section 5.2.

          "UCC" shall mean the Uniform Commercial Code as in effect in the State
     of California from time to time, and the Uniform Commercial Code as in
     effect in any other jurisdiction which governs the perfection or non-
     perfection of the pledge of and security interests in the Collateral
     created by this Agreement.

          "Value" shall mean with respect to any Account, Certificate of Deposit
     or Cash Collateral on any date, a dollar value determined as follows
     (without duplication):

               (a)  cash shall be valued at its face amount on such date;

               (b)  an Account shall be valued at the principal balance thereof
          on such date; and

               (c)  a Certificate of Deposit shall be valued at the face amount
          thereof.

     Section 1.3  Attachments. All attachments to this Agreement are a part
                  -----------
hereof for all purposes.

     Section 1.4  Amendment of Defined Instruments. Unless the context otherwise
                  --------------------------------
requires or unless otherwise provided herein, references in this Agreement to a
particular agreement, instrument or document (including references to the Land
Lease, Purchase Agreement and Participation Agreement) also refer to and include
all valid renewals, extensions, amendments, modifications, supplements or
restatements of any such agreement, instrument or document; provided that
nothing contained in this Section shall be construed to authorize any Person to
execute or enter into any such renewal, extension, amendment, modification,
supplement or restatement.

     Section 1.5  References and Titles. All references in this Agreement to
                  ---------------------
Attachments, Articles, Sections, subsections, and other subdivisions refer to
the Attachments, Articles, Sections, subsections and other subdivisions of this
Agreement unless expressly provided otherwise. Titles appearing at the

                                      -6-
<PAGE>

beginning of any subdivision are for convenience only and do not constitute any
part of any such subdivision and shall be disregarded in construing the language
contained in this Agreement. The words "this Agreement", "herein", "hereof",
"hereby", "hereunder" and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited. The
phrases "this Article," "this Section" and "this subsection" and similar phrases
refer only to the Articles, Sections or subsections hereof in which the phrase
occurs. The word "or" is not exclusive, and the word "including" (in all of its
forms) means "including without limitation". Pronouns in masculine, feminine and
neuter gender shall be construed to include any other gender, and words in the
singular form shall be construed to include the plural and vice versa unless the
context otherwise requires.

                         ARTICLE II SECURITY INTEREST

     Section 2.1  Pledge and Grant of Security Interest. As security for the
                  -------------------------------------
Secured Obligations, Extreme hereby pledges and assigns to Agent (for the
ratable benefit of BNPLC and the Participants) and grants to Agent (for the
ratable benefit of BNPLC and the Participants) a continuing security interest
and lien in and against all right, title and interest of Extreme in and to the
following property, whether now owned or hereafter acquired by Extreme
(collectively and severally, the "Collateral"):

          (a)  All Cash Collateral, all Accounts, the Transition Account and all
     Certificates of Deposit issued from time to time and general intangibles
     arising therefrom or relating thereto (however, "general intangibles" as
     used in this clause shall not include any general intangibles not related
     to Cash Collateral, Accounts, the Transition Account or Certificates of
     Deposit issued from time to time, and thus will not include, without
     limitation, any intellectual property of Extreme); and all documents,
     instruments and agreements evidencing the same; and all extensions,
     renewals, modifications and replacements of the foregoing; and any interest
     or other amounts payable in connection therewith; and

          (b)  All proceeds of the foregoing (including whatever is receivable
     or received when Collateral or proceeds is invested, sold, collected,
     exchanged, returned, substituted or otherwise disposed of, whether such
     disposition is voluntary or involuntary, including rights to payment and
     return premiums and insurance proceeds under insurance with respect to any
     Collateral, and all rights to payment with respect to any cause of action
     affecting or relating to the Collateral).

The pledge, assignment and grant of a security interest made by Extreme
hereunder is for security of the Secured Obligations only; the parties to this
Agreement do not intend that Extreme's delivery of the Collateral to Agent as
herein provided will constitute an advance payment of any Secured Obligations or
liquidated damages, nor do the parties intend that the Collateral increase the
dollar amount of the Secured Obligations.

     Section 2.2  Return of Collateral After the Secured Obligations are
                  ------------------------------------------------------
Satisfied in Full. If any proceeds of Collateral remain after all Secured
-----------------
Obligations have been paid in full, Agent will deliver or direct the Deposit
Takers to deliver such proceeds to Extreme or other Persons entitled thereto by
law.

            ARTICLE III DETERMINATION OF THE COLLATERAL PERCENTAGE

     Section 3.1  Determination of the Collateral Percentage Generally.
                  ----------------------------------------------------
Effective as of the date of this Agreement, and until a new Collateral
Percentage becomes effective, the Collateral Percentage is 100%. Subject to the
provisions of this Article III, Extreme may from time to time designate a new
Collateral Percentage which is any multiple of 10% from 0% to 100% (i.e., 0%,
10%, 20%, 30%, etc.) by written notice delivered to Agent, BNPLC and the
Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so
                            ------------
designated shall not become effective, however, until the commencement of the

                                      -7-
<PAGE>

next following Base Rent Period which is at least ten Business Days after the
receipt of such notice by Agent, BNPLC and the Participants. Further, if Extreme
provides more than one notice of a change in the Collateral Percentage to be
effective on a the first day of a particular Base Rent Period, then the latest
such notice from Extreme which satisfies the requirements of the preceding
sentence (and of Sections 3.2 and 3.3) will control. Without limiting mandatory
changes in the Collateral Percentage required by Section 3.3, in no event shall
the Collateral Percentage be changed more often than once in any calendar
quarter because of any election by Extreme to designate a new Collateral
Percentage as provided in this Section. After any Collateral Percentage becomes
effective as provided in this Article, it shall remain in effect until a
different Collateral Percentage becomes effective as provided in this Article.

     Section 3.2  Limitations on Extreme's Right to Lower the Collateral
                  ------------------------------------------------------
Percentage. Notwithstanding the foregoing, no designation by Extreme of a new
----------
Collateral Percentage will be effective to reduce the Collateral Percentage if
the designation is given, or the reduction would otherwise become effective, on
or after the Designated Sale Date or when any of the following shall have
occurred and be continuing:

          3.2.1  any Material Lease Default;

          3.2.2  any Event of Default under and as defined in this Agreement;

          3.2.3  any Default under and as defined in this Agreement -excluding,
     however, any such Default limited to a failure of Extreme described in
     clause (c) or clause (e) of the definition of Event of Default above, with
     respect to which the time for cure specified in clause (c) or clause (e),
     as applicable, has not expired.

     Section 3.3  Minimum Collateral Percentages Dependent Upon the Adjusted
                  ----------------------------------------------------------
EBITDAR Coverage Ratio. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN
----------------------
CONTAINED, THE COLLATERAL PERCENTAGE SHALL NOT BE LESS THAN THE MINIMUM
COLLATERAL PERCENTAGE ESTABLISHED FROM TIME TO TIME AS DESCRIBED IN PART III OF
SCHEDULE 1. Accordingly, and because a new Base Rent Period will begin on the
----------
first Business Day of the first calendar month following any Failed Collateral
Test Date as provided in subparagraph 3(c)(ii)a) of the Land Lease, Extreme
                         -----------------------
shall be required by Section 5.1 to deliver additional Collateral on the first
Business Day of the first calendar month after any Failed Collateral Test Date.

                ARTICLE IV PROVISIONS CONCERNING DEPOSIT TAKERS

     Section 4.1  Qualification of Deposit Takers Generally. Agent may decline
                  -----------------------------------------
to deposit or maintain Collateral hereunder with any Person designated as a
Deposit Taker, if such Person has failed to satisfy or no longer satisfies the
following requirements:

          4.1.1  Such Person must have received from Agent and Extreme a
     completed, executed Notice of Security Interest in the form of ATTACHMENT 4
                                                                    ------------
     (a "Notice of Security Interest") which specifically identifies any and all
     Accounts in which such Person shall hold Cash Collateral delivered to it
     pursuant to this Agreement and which designates Account Offices with
     respect to all such Accounts in New York or California.

          4.1.2  Such Person must have executed the Acknowledgment and Agreement
     at the end of such Notice of Security Interest (the "Deposit Taker's
     Acknowledgment and Agreement") and returned the same to Agent. Further,
     such Person must have complied with the Deposit Taker's Acknowledgment and
     Agreement, and the representations set forth therein with respect to such
     Person must continue to be true and correct.

                                      -8-
<PAGE>

          4.1.3  Such Person must be a commercial bank, organized under the laws
     of the United States of America or a state thereof or under the laws of
     another country which is doing business in the United States of America;
     must be authorized to maintain deposit accounts for others through Account
     Offices in New York or California (as specified in the Deposit Taker's
     Acknowledgment and Agreement); and must be an Affiliate of BNPLC or the
     Participant for whom such Person will act as Deposit Taker or must have a
     combined capital, surplus and undivided profits of at least $500,000,000.

          4.1.4  Such Person must have complied with the provisions in this
     Agreement applicable to Deposit Takers, including the provisions of Section
     5.4 concerning the issuance and redemption of Certificates of Deposit.

     Section 4.2  Existing Deposit Takers. BNPLC's Parent (as Deposit Taker for
                  -----------------------
itself and for BNPLC) has received a Notice of Security Agreement dated the
Effective Date and has responded to such a notice with a Deposit Taker's
Acknowledgment and Agreement dated the Effective Date, as contemplated in
subsections 4.1.1 and 4.1.2.

     Section 4.3  Replacement of Participants Proposed by Extreme. So long as no
                  -----------------------------------------------
Event of Default has occurred and is continuing, BNPLC shall not unreasonably
withhold its approval for a substitution under the Participation Agreement of a
new Participant proposed by Extreme for any Participant, the Deposit Taker for
whom would no longer meet the requirements for an Initially Qualified Deposit
Taker; provided, however, that (A) the proposed substitution can be accomplished
without a release or breach by BNPLC of its rights and obligations under the
Participation Agreement; (B) the new Participant will agree (by executing a
Supplement and a supplement to the Participation Agreement as contemplated
therein and by other agreements as may be reasonably required by BNPLC and
Extreme) to become a party to the Participation Agreement and to this Agreement,
to designate an Initially Qualified Deposit Taker as the Deposit Taker for it
under this Agreement and to accept a Percentage under the Participation
Agreement equal to the Percentage of the Participant to be replaced; (C) the new
Participant (or Extreme) will provide the funds required to pay the termination
fee by Section 6.4 of the Participation Agreement to accomplish the
       -----------
substitution; (D) Extreme (or the new Participant) agrees in writing to
indemnify and defend BNPLC for any and all Losses incurred by BNPLC in
connection with or because of the substitution, including the cost of preparing
supplements to the Participation Agreement and this Agreement and including any
cost of defending and paying any claim asserted by the Participant to be
replaced because of the substitution (but not including any liability of BNPLC
to such Participant for damages caused by BNPLC's bad faith or gross negligence
in the performance of BNPLC's obligations under the Participation Agreement
prior to the substitution); (E) the new Participant shall be a reputable
financial institution having a net worth of no less than seven and one half
percent (7.5%) of total assets and total assets of no less than
$10,000,000,000.00 (all according to then recent audited financial statements);
and (F) in no event will BNPLC be required to approve a substitution pursuant to
this Section 4.3 which will replace a Participant that is an Affiliate of BNPLC.
BNPLC shall attempt in good faith to assist (and cause BNPLC's Parent to attempt
in good faith to assist) Extreme in identifying a new Participant that Extreme
may propose to substitute for an existing Participant pursuant to this Section,
as Extreme may reasonably request from time to time. However, in no event shall
BNPLC itself, or any of its Affiliates, be required to take the Percentage of
any Participant to be replaced.

     Section 4.4  Mandatory Substitution for Disqualified Deposit Takers. If any
                  ------------------------------------------------------
Deposit Taker shall cease to satisfy the requirements set forth in Section 4.1,
the party for whom such Disqualified Deposit Taker has been designated as
Deposit Taker (i.e., BNPLC or the applicable Participant) shall promptly (1)
provide notice thereof to Agent and Extreme, and (2) designate a substitute
Deposit Taker and cause the substitute to satisfy the requirements set forth in
Section 4.1. Pending the designation of the substitute and the satisfaction by
it of the requirements set forth in Section 4.1, Agent may withdraw Collateral
held by

                                      -9-
<PAGE>

the Disqualified Deposit Taker and deposit such Collateral with other Deposit
Takers, subject to Section 5.3 below.

         Section 4.5 Voluntary Substitution of Deposit Takers. With the written
                     ----------------------------------------
approval of Agent, which approval will not be unreasonably withheld, BNPLC or
any Participant may at any time designate for itself a new Deposit Taker (in
replacement of any prior Deposit Taker acting for it hereunder); provided, the
Person so designated has satisfied the requirements set forth in Section 4.1;
and, provided further, unless the designation of a new Deposit Taker is required
by Section 4.4 to replace a Disqualified Deposit Taker, at the time of the
replacement such Person must be an Initially Qualified Deposit Taker.

         Section 4.6 Delivery of Notice of Security Interest by Extreme and
                     ------------------------------------------------------
Agent. To the extent required for the designation of a new Deposit Taker by
-----
BNPLC or any Participant pursuant to Section 4.5, or to permit the substitution
or replacement of a Deposit Taker for BNPLC or any Participant as provided in
Sections 4.4 and 4.5, Extreme and Agent shall promptly execute and deliver any
properly completed Notice of Security Interest requested by BNPLC or the
applicable Participant.

         Section 4.7 Constructive Possession of Collateral. The possession by a
                     -------------------------------------
Deposit Taker of any deposit accounts, money, instruments, chattel paper or
other property constituting Collateral or evidencing Collateral shall be deemed
to be possession by Agent or a person designated by Agent, for purposes of
perfecting the security interest granted to Agent hereunder pursuant to the UCC
or other Applicable Law; and notifications to a Deposit Taker by other Persons
holding any such property, and Acknowledgments, receipts or confirmations from
any such Persons delivered to a Deposit Taker, shall be deemed notifications to,
or Acknowledgments, receipts or confirmations from, financial intermediaries,
bailees or agents (as applicable) of such Deposit Taker for the benefit of Agent
for the purposes of perfecting such security interests under Applicable Law.

         Section 4.8 Attempted Setoff by Deposit Takers. By delivery of a
                     ----------------------------------
Deposit Taker's Acknowledgment and Agreement, each Deposit Taker shall be
required to agree not to setoff or attempt a setoff, without in each case first
                                                     --------------------------
obtaining the prior written authorization of Agent, Secured Obligations owed to
--------------------------------------------------
it against any Collateral held by it from time to time. Further, by delivery of
a Deposit Taker's Acknowledgment and Agreement, each Deposit Taker shall be
required to agree not to setoff or attempt a setoff, without in each case first
                                                     --------------------------
obtaining the prior written authorization of both Extreme and Agent, obligations
-------------------------------------------------------------------
owed to it other than Secured Obligations against any Collateral held by it from
time to time. Any Deposit Taker for BNPLC or a Participant shall not be
permitted by BNPLC or the applicable Participant, as the case may be, to violate
such agreements. However, Extreme acknowledges and agrees (without limiting its
right to recover damages from a Deposit Taker that violates such agreements)
that Agent shall not be responsible for, or be deemed to have taken any action
against Extreme because of, any Deposit Taker's violation of such agreements;
and, neither BNPLC nor any Participant shall be responsible for, or be deemed to
have taken any action against Extreme because of, any violation of such
agreements by a Deposit Taker for another party.

         Section 4.9 Deposit Taker Losses. Agent shall not be responsible for
                     --------------------
any Deposit Taker Losses. However, Deposit Taker Losses with respect to a
Deposit Taker for a particular Participant shall reduce the amount of BNPLC's
Corresponding Obligations to Participants which are payable to such Participant
as provided in Section 2.2 of the Participation Agreement. Further, when Deposit
               -----------
Taker Losses with respect to a Deposit Taker for a particular Participant are
incurred in excess of the payments of Secured Obligations that such Participant
would then have been entitled to receive under the Participation Agreement but
for such Deposit Taker Losses, such Participant must immediately pay the excess
to Agent as additional Collateral hereunder, failing which Extreme may recover
any damages suffered by it because of the Deposit Taker Losses from such Deposit
Taker or such Participant.

                                     -10-
<PAGE>

         Section 4.10 Losses Resulting from Failure of Deposit Taker to Comply
                      --------------------------------------------------------
with this Agreement. Any Participant, the Deposit Taker for whom has failed to
-------------------
comply with the requirements of this Agreement or any Notices of Security
Interest and any Deposit Taker's Acknowledgments and Agreements (the
"Responsible Participant") must defend, indemnify, and hold harmless BNPLC,
Agent and the other Participants from and against any Losses resulting from such
failure. Without limiting the foregoing, if the failure of a Deposit Taker for a
Responsible Participant to comply strictly with the terms of this Agreement
(including, without limitation, the provisions of Section 5.4 concerning the
issuance and redemption of Certificates of Deposit and the requirement that any
cash deposits be held in a deposit account located in either New York or
California) causes, in whole or in part, the security interest of Agent in the
Collateral held by such Deposit Taker to be unperfected, then any and all Losses
suffered as a result of such nonperfection shall be borne solely by the
Responsible Participant and shall not be shared by BNPLC, Agent or the other
Participants.

            ARTICLE V   DELIVERY AND MAINTENANCE OF CASH COLLATERAL

         Section 5.1 Delivery of Funds by Extreme. On the first day of any Base
                     ----------------------------
Rent Period, and on any other date designated in a notice given by Agent to
Extreme at least three Business Days prior to the date so designated, Extreme
must deliver to Agent, subject to the pledge and security interest created
hereby, funds as Cash Collateral then needed (if any) to cause the Value of the
Collateral to be no less than the Minimum Collateral Value. Each delivery of
funds required by the preceding sentence must be received by Agent no later than
12:00 noon (San Francisco time) on the date it is required; if received after
12:00 noon it will be considered for purposes of the Improvements Lease as
received on the next following Business Day. At least five Business Days prior
to the first day of any Base Rent Period upon which it is expected that Extreme
will be required to deliver additional funds pursuant to this Section, Extreme
shall notify BNPLC, Agent and each of the Participants thereof and of the amount
Extreme expects to deliver to Agent as Cash Collateral on the applicable Base
Rent Date. In addition to required deliveries of Cash Collateral as provided in
the foregoing provisions, Extreme may on any date (whether or not the first day
of a Base Rent Period) deliver additional Cash Collateral to Agent as necessary
to prevent any Default from becoming an Event of Default. Upon receipt of any
funds delivered to it by Extreme as Cash Collateral, Agent shall immediately
deposit the same with the Deposit Takers in accordance with the requirements of
Sections 5.3 and 5.4 below.

         Section 5.2 Transition Account. Pending deposit in the Accounts or
                     ------------------
other application as provided herein, all Cash Collateral received by Agent
shall be credited to and held by Agent in an account (the "Transition Account")
styled "Extreme Collateral Account, held for the benefit of BNP Leasing
Corporation and the Participants," separate and apart from all other property
and funds of Extreme or other Persons, and no other property or funds shall be
deposited in the Transition Account. The books and records of Agent shall
reflect that the Transition Account and all Cash Collateral on deposit therein
are owned by Extreme, subject to a pledge and security interest in favor of
Agent for the benefit of BNPLC and Participants.

         Section 5.3 Allocation of Cash Collateral Among Deposit Takers. Funds
                     --------------------------------------------------
received by Agent from Extreme as Cash Collateral will be allocated for deposit
among the Deposit Takers as follows:

         first, to the extent possible the funds will be allocated as required
         -----
         to rectify and prevent any Collateral Imbalance; and

         second, the funds will be allocated to the Deposit Taker for BNPLC,
         ------
         unless the Deposit Taker for BNPLC has become a Disqualified Deposit
         Taker, in which case the funds will be allocated to other Deposit
         Takers who are not Disqualified Deposit Takers as Agent deems
         appropriate.

                                     -11-
<PAGE>

Further, if for any reason a Collateral Imbalance is determined by Agent to
exist, Agent shall, as required to rectify or mitigate the Collateral Imbalance,
promptly reallocate Collateral among Deposit Takers by withdrawing Cash
Collateral from some Accounts and redepositing it in other Accounts. (If any
party to this Agreement believes that the Value of the Accounts held by a
particular Deposit Taker causes a Collateral Imbalance to exist, that party will
promptly notify BNPLC, Extreme and Agent.) Subject to the foregoing, and
provided that Agent does not thereby create or exacerbate a Collateral
Imbalance, Agent may withdraw and redeposit Cash Collateral in order to
reallocate the same among Deposit Takers from time to time as Agent deems
appropriate. For purposes of illustration only, examples of the allocations
required by this Section are set forth in ATTACHMENT 5.
                                          ------------

         Section 5.4 Issuance and Redemption of Certificates of Deposit. Upon
                     --------------------------------------------------
the receipt of any deposit of Cash Collateral from Agent, each Deposit Taker
shall issue a Certificate of Deposit evidencing the Account into which such
deposit is made and deliver such Certificate of Deposit to Agent for the benefit
of BNPLC and the Participants. Each Certificate of Deposit shall be issued in an
amount equal to the Value of the Account which it evidences and shall otherwise
be in the form set forth as ATTACHMENT 1 to this Agreement. Upon depositing any
                            ------------
Cash Collateral into an Account that is already evidenced by an outstanding
Certificate of Deposit, Agent will surrender the outstanding Certificate of
Deposit, and in exchange the Deposit Taker receiving the deposit will issue a
new Certificate of Deposit, evidencing the total amount of Cash Collateral in
the Account after the deposit. A Deposit Taker that has issued a Certificate of
Deposit may require the surrender of the Certificate of Deposit as a condition
to a withdrawal from the Account evidenced thereby, including any withdrawal
required or permitted by this Agreement. Upon surrender of a Certificate of
Deposit in connection with a withdrawal of less than all of the Cash Collateral
in the Account evidenced thereby, the applicable Deposit Taker will concurrently
issue a new Certificate of Deposit to Agent, evidencing the balance of the Cash
Collateral remaining on deposit in the Account after the withdrawal.
Notwithstanding the foregoing, if any Certificate of Deposit held by Agent shall
be destroyed, lost or stolen, the Deposit Taker that issued the Certificate,
upon the written request of Agent, shall issue a new Certificate of Deposit to
Agent in lieu of and in substitution for the Certificate of Deposit so
destroyed, lost or stolen. However, as applicant for the substitute Certificate
of Deposit, Agent must indemnify (at no cost to Extreme) the applicable Deposit
Taker against any liability on the Certificate of Deposit destroyed, lost or
stolen, and Agent shall furnish to the Deposit Taker an affidavit of an officer
of Agent setting forth the fact of destruction, loss or theft and confirming the
status of Agent as holder of the Certificate of Deposit immediately prior to the
destruction, loss or theft. If any Certificate of Deposit held by Agent shall
become mutilated, the Deposit Taker that issued the Certificate, upon the
written request of Agent, shall issue a new Certificate of Deposit to Agent in
exchange and substitution for the mutilated Certificate of Deposit. Agent shall
hold all Certificates of Deposit for the benefit of BNPLC and the Participants,
subject to the pledge and security interest created hereby.

         Section 5.5 Status of the Accounts Under the Reserve Requirement
                     ----------------------------------------------------
Regulations. Deposit Takers shall be permitted to structure the Accounts as
-----------
nonpersonal time deposits under 12 C.F.R., Part II, Chapter 204 (commonly known
as "Regulation D"). Accordingly, each Deposit Taker may require at least seven
days advance notice of any withdrawal or transfer of funds from Accounts it
maintains and may limit the number of withdrawals or transfers from such
Accounts to no more than six in any calendar month, notwithstanding anything to
the contrary herein or in any deposit agreement that Extreme and any Deposit
Taker may enter into with respect to any Account. As necessary to satisfy the
seven days notice requirement with respect to withdrawals by Agent when required
by Extreme pursuant to the provisions below, Agent shall notify Deposit Takers
promptly after receipt of any notice from Extreme described in subsection 6.1.2
or 6.2.1 or in Section 6.3.

         Section 5.6 Acknowledgment by Extreme that Requirements of this
                     ---------------------------------------------------
Agreement are Commercially Reasonable. Extreme acknowledges and agrees that the
-------------------------------------
requirements set forth herein concerning receipt,

                                     -12-
<PAGE>

deposit, withdrawal, allocation, application and distribution of Cash Collateral
by Agent, including the requirements and time periods set forth in the next
Article, are commercially reasonable.

                  ARTICLE VI   WITHDRAWAL OF CASH COLLATERAL

Extreme may not withdraw Cash Collateral, except as follows:

     Section 6.1 Withdrawal of Collateral Prior to the Designated Sale Date.
                 ----------------------------------------------------------
Extreme may require Agent to present Certificates of Deposit for payment and
withdraw Cash Collateral from Accounts on any date prior to the Designated Sale
Date and to deliver such Cash Collateral to Extreme (which delivery shall be
free and clear of all liens and security interests hereunder); provided,
however, that in each case:

          6.1.1 Such withdrawal and delivery of the Cash Collateral to Extreme
     will not cause the Value of the remaining Collateral to be less than the
     Minimum Collateral Value.

          6.1.2 by a notice in the form of ATTACHMENT 6, Extreme must give
                                           ------------
     Agent, BNPLC and the Participants notice of the required withdrawal at
     least ten days prior to the date upon which the withdrawal is to occur.

          6.1.3 No Default or Event of Default shall have occurred and be
     continuing at the time Extreme gives the notice required by the preceding
     subsection or on the date upon which the withdrawal is required.

          6.1.4 Extreme must pay to Agent any and all costs incurred by
     Agent in connection with the withdrawal.

          6.1.5 Agent shall determine the Accounts from which to make any
     withdrawal required by Extreme pursuant to this Section as necessary to
     prevent or mitigate any Collateral Imbalance.

     Section 6.2 Withdrawal and Application of Cash Collateral to Reduce or
                 ----------------------------------------------------------
Satisfy the Secured Obligations to the Participants. To reduce the "Break Even
---------------------------------------------------
Price" or "Supplemental Payment" required under (and as defined in) the Purchase
Agreement (and, thus, to reduce the Secured Obligations), Extreme may require
Agent to withdraw Cash Collateral then held by or for Agent pursuant to this
Agreement on the Designated Sale Date and to deliver the same on the Designated
Sale Date or on any date thereafter prior to an Event of Default (which delivery
shall be free and clear of all liens and security interests hereunder) directly
to the Participants in proportion to their respective rights to payment of
BNPLC's Corresponding Obligations to Participants and for application thereto or
the reduction thereof pursuant to Section 2.2 of the Participation Agreement;
                                  -----------
provided, that:

          6.2.1 by a notice in the form of ATTACHMENT 7, Extreme must have
                                           ------------
     notified Agent, BNPLC and each of the Participants of the required
     withdrawal and payment to Participants at least ten days prior to the date
     upon which it is to occur;

          6.2.2 the required withdrawal shall be made as determined by Agent,
     first, from the Accounts maintained by the Deposit Takers for the
     Participants, and then (to the extent necessary) from the Accounts
     maintained by the Deposit Taker for BNPLC; and

          6.2.3 in any event, no withdrawals or payments directly to
     Participants shall be required by this Section 6.2 (or permitted over the
     objection of BNPLC) in excess of those required to satisfy BNPLC's
     Corresponding Obligations to Participants or to reduce such obligations to
     zero under the Participation Agreement.

                                     -13-
<PAGE>

          Section 6.3 Withdrawal and Application of Cash Collateral to Reduce or
                      ----------------------------------------------------------
Satisfy the Secured Obligations to BNPLC. To satisfy Extreme's Purchase
----------------------------------------
Agreement Obligations, Extreme may require Agent to withdraw any Cash Collateral
held by the Deposit Taker for BNPLC pursuant to this Agreement on the Designated
Sale Date and to deliver the same on the Designated Sale Date or on any date
thereafter prior to an Event of Default (which delivery shall be free and clear
of all liens and security interests hereunder) directly to BNPLC as a payment on
behalf of Extreme of amounts due under the Purchase Agreement; provided, that by
a notice in the form of ATTACHMENT 8, Extreme must have notified Agent and BNPLC
of the required withdrawal and payment to BNPLC at least ten days prior to the
date upon which it is to occur.

          Section 6.4 Withdrawal of Cash Collateral From Accounts Maintained by
                      ---------------------------------------------------------
Disqualified Deposit Takers. Extreme may from time to time prior to the
---------------------------
Designated Sale Date (regardless of the existence of any Default or Event of
Default) require Agent to withdraw any or all Cash Collateral from any Account
maintained by a Disqualified Deposit Taker and deposit it, still subject to the
pledge and grant of security interest hereunder, with other Deposit Takers who
are not Disqualified Deposit Takers (in accordance with the requirements of
Sections 5.3 and 5.4) on any date prior to the Designated Sale Date; provided,
that by a notice in the form of ATTACHMENT 9, Extreme must have notified Agent,
BNPLC and each of the Participants of the required withdrawal at least ten days
prior to the date upon which it is to occur.

            ARTICLE VII   REPRESENTATIONS AND COVENANTS OF EXTREME

     Section 7.1  Representations of Extreme. Extreme represents to BNPLC, Agent
                  --------------------------
and the Participants as follows:

          7.1.1 Extreme is the legal and beneficial owner of the Collateral (or,
     in the case of after-acquired Collateral, at the time Extreme acquires
     rights in the Collateral, will be the legal and beneficial owner thereof).
     No other Person has (or, in the case of after-acquired Collateral, at the
     time Extreme acquires rights therein, will have) any right, title, claim or
     interest (by way of Lien, purchase option or otherwise) in, against or to
     the Collateral, except for rights created hereunder.

          7.1.2 Agent has (or in the case of after-acquired Collateral, at the
     time Extreme acquires rights therein, will have) a valid, first priority,
     perfected pledge of and security interest in the Collateral, regardless of
     the characterization of the Collateral as deposit accounts, instruments or
     general intangibles under the UCC, but assuming that the representations of
     each Deposit Taker in its Deposit Taker's Acknowledgment and Agreement are
     true.

          7.1.3 Extreme has delivered to Agent, together with all necessary
     stock powers, endorsements, assignments and other necessary instruments of
     transfer, the originals of all documents, instruments and agreements
     evidencing Accounts, Certificates of Deposit or Cash Collateral.

          7.1.4 Extreme's chief executive office is located at the address of
     Extreme set forth in Article II of the Common Definitions and Provisions
     Agreement (Land) or at another address in California specified in a notice
     that Extreme has given to Agent as required by Section 7.2.4.

          7.1.5 To the knowledge of Extreme, neither the ownership or the
     intended use of the Collateral by Extreme, nor the pledge of Accounts or
     the grant of the security interest by Extreme to Agent herein, nor the
     exercise by Agent of its rights or remedies hereunder, will (i) violate any
     provision of (a) Applicable Law, (b) the articles or certificate of
     incorporation, charter or bylaws of Extreme, or (c) any agreement,
     judgment, license, order or permit applicable to or binding upon Extreme,
     or (ii) result in or require the creation of any Lien, charge or
     encumbrance upon any

                                     -14-
<PAGE>

     assets or properties of Extreme except as expressly contemplated in this
     Agreement. Except as expressly contemplated in this Agreement, to the
     knowledge of Extreme no consent, approval, authorization or order of, and
     no notice to or filing with any court, governmental authority or third
     party is required in connection with the pledge or grant by Extreme of the
     security interest contemplated herein or the exercise by Agent of its
     rights and remedies hereunder.

     Section 7.2  Covenants of Extreme.  Extreme hereby agrees as follows:
                  --------------------

          7.2.1 Extreme, at Extreme's expense, shall promptly procure, execute
     and deliver to Agent all documents, instruments and agreements and perform
     all acts which are necessary, or which Agent may reasonably request, to
     establish, maintain, preserve, protect and perfect the Collateral, the
     pledge thereof to Agent or the security interest granted to Agent therein
     and the first priority of such pledge or security interest or to enable
     Agent to exercise and enforce its rights and remedies hereunder with
     respect to any Collateral. Without limiting the generality of the preceding
     sentence, Extreme shall (A) procure, execute and deliver to Agent all stock
     powers, endorsements, assignments, financing statements and other
     instruments of transfer requested by Agent, (B) deliver to Agent promptly
     upon receipt all originals of Collateral consisting of instruments,
     documents and chattel paper, (C) cause the security interest of Agent in
     any Collateral consisting of securities to be recorded or registered in the
     books of any financial intermediary or clearing corporation requested by
     Agent, and (D) reimburse Agent upon request for any legal opinion Agent may
     elect to obtain from a nationally recognized commercial law firm authorized
     to practice in New York concerning the enforceability, first priority and
     perfection of Agent's security interest in any Collateral maintained in New
     York, if BNPLC or any Participant should at any time elect to use a Deposit
     Taker that will maintain one or more Accounts in New York.

          7.2.2 Extreme shall not use or consent to any use of any Collateral in
     violation of any provision of this Agreement or any other Transaction
     Document or any Applicable Law.

          7.2.3 Extreme shall pay promptly when due all taxes and other
     governmental charges, all Liens and all other charges now or hereafter
     imposed upon, relating to or affecting any Collateral.

          7.2.4 Without thirty days' prior written notice to Agent, Extreme
     shall not change Extreme's name or place of business (or, if Extreme has
     more than one place of business, its chief executive office).

          7.2.5 Extreme shall appear in and defend, on behalf of Agent, any
     action or proceeding which may affect Extreme's title to or Agent's
     interest in the Collateral.

          7.2.6 Subject to the express rights of Extreme under Article VI,
     Extreme shall not surrender or lose possession of (other than to Agent or a
     Deposit Taker pursuant hereto), sell, encumber, lease, rent, option, or
     otherwise dispose of or transfer any Collateral or right or interest
     therein, and Extreme shall keep the Collateral free of all Liens.

          7.2.7 Extreme will not take any action which would in any manner
     impair the value or enforceability of Agent's pledge of or security
     interest in any Collateral, nor will Extreme fail to take any action which
     is required to prevent (and which Extreme knows is required to prevent) an
     impairment of the value or enforceability of Agent's pledge of or security
     interest in any Collateral.

          7.2.8 Extreme shall pay (and shall indemnify and hold harmless Agent
     from and against) all Losses incurred by Agent in connection with or
     because of (A) the interest acquired by Agent in any Collateral pursuant to
     this Agreement, or (B) the negotiation or administration of this Agreement,
     whether such Losses are incurred at the time of execution of this Agreement
     or at any

                                     -15-
<PAGE>

     time in the future. Costs and expenses included in such Losses may include,
     without limitation, all filing and recording fees, taxes, UCC search fees
     and Attorneys' Fees incurred by Agent with respect to the Collateral.

          7.2.9 Without limiting the foregoing, within five Business Days after
     Extreme becomes aware of any failure of the pledge or security interest
     contemplated herein in the Transition Account or any Account, Certificate
     of Deposit or Cash Collateral to be a valid, perfected, first priority
     pledge or security interest (regardless of the characterization of the
     Transition Account or any Accounts, Certificates of Deposit or Cash
     Collateral as deposit accounts, instruments or general intangibles under
     the UCC), Extreme shall notify Agent, BNPLC and the Participants of such
     failure. In addition, if the failure would not exist but for Extreme's
     delivery of Cash Collateral to Agent subject to prior Liens or other claims
     by one or more third parties, or but for the grant by Extreme itself of any
     Lien or other interest in the Collateral to one or more third parties,
     then, in addition to any other remedies available to BNPLC or Agent under
     the circumstances, Extreme must pay to BNPLC any additional Base Rent that
     has accrued under the Land Lease because of (or that would have accrued if
     BNPLC had been aware of) the failure, together with interest at the Default
     Rate on any such additional Base Rent.

                  ARTICLE VIII    AUTHORIZED ACTION BY AGENT

     Section 8.1 Power of Attorney. Extreme hereby irrevocably appoints Agent as
                 -----------------
Extreme's attorney-in-fact for the purpose of authorizing Agent to perform (but
Agent shall not be obligated to and shall incur no liability to Extreme or any
third party for failure to perform) any act which Extreme is obligated by this
Agreement to perform, and to exercise, consistent with the other provisions of
this Agreement, such rights and powers as Extreme might exercise with respect to
the Collateral during any period in which a Default or Event of Default has
occurred and is continuing, including the right to (a) collect by legal
proceedings or otherwise and endorse, receive and receipt for all dividends,
interest, payments, proceeds and other sums and property now or hereafter
payable on or on account of the Collateral; (b) enter into any extension,
reorganization, deposit, merger, consolidation or other agreement pertaining to,
or deposit, surrender, accept, hold or apply other property in exchange for the
Collateral; (c) insure, process, preserve and enforce the Collateral; (d) make
any compromise or settlement, and take any action it deems advisable, with
respect to the Collateral; (e) pay any indebtedness of Extreme relating to the
Collateral; and (f) execute UCC financing statements and other documents,
instruments and agreements required hereunder. Extreme agrees that such care as
Agent gives to the safekeeping of its own property of like kind shall constitute
reasonable care of the Collateral when in Agent's possession; provided, however,
                                                              --------  -------
that Agent shall not be obligated to Extreme to give any notice or take any
action to preserve rights against any other Person in connection with the
Secured Obligations or with respect to the Collateral.

                      ARTICLE IX    DEFAULT AND REMEDIES

     Section 9.1 Remedies. In addition to all other rights and remedies granted
                 --------
to Agent, BNPLC or the Participants by this Agreement, the Land Lease, the
Purchase Agreement, the Participation Agreement, the UCC and other Applicable
Laws, Agent may, upon the occurrence and during the continuance of any Event of
Default, exercise any one or more of the following rights and remedies, all of
which will be in furtherance of its rights as a secured party under the UCC:

          (a) Agent may collect, receive, appropriate or realize upon the
     Collateral or otherwise foreclose or enforce the pledge of or security
     interests in any or all Collateral in any manner permitted by Applicable
     Law or in this Agreement; and

                                     -16-
<PAGE>

          (b) Agent may notify any or all Deposit Takers to pay all or any
     portion of the Collateral held by such Deposit Taker(s) directly to Agent.

Agent shall distribute the proceeds of all Collateral received by Agent after
the occurrence of an Event of Default to BNPLC and the Participants for
application to the Secured Obligations. If any proceeds of Collateral remain
after all Secured Obligations have been paid in full, Agent will deliver or
direct the Deposit Takers to deliver such proceeds to Extreme or other Persons
entitled thereto. In any case where notice of any sale or disposition of any
Collateral is required, Extreme hereby agrees that seven (7) Business Days
notice of such sale or disposition is reasonable.

                          ARTICLE X    OTHER RECOURSE

     Section 10.1 Recovery Not Limited. To the fullest extent permitted by
                  --------------------
applicable law, Extreme waives any right to require that Agent, BNPLC or the
Participants proceed against any other Person, exhaust any Collateral or other
security for the Secured Obligations, or to have any Other Liable Party joined
with Extreme in any suit arising out of the Secured Obligations or this
Agreement, or pursue any other remedy in their power. Extreme waives any and all
notice of acceptance of this Agreement. Extreme further waives notice of the
creation, modification, rearrangement, renewal or extension for any period of
any of the Secured Obligations of any Other Liable Party from time to time and
any defense arising by reason of any disability or other defense of any Other
Liable Party or by reason of the cessation from any cause whatsoever of the
liability of any Other Liable Party. Until all of the Secured Obligations shall
have been paid in full, Extreme shall have no right to subrogation,
reimbursement, contribution or indemnity against any Other Liable Party and
Extreme waives the right to enforce any remedy which Agent, BNPLC or any
Participant has or may hereafter have against any Other Liable Party, and waives
any benefit of and any right to participate in any other security whatsoever now
or hereafter held by Agent, BNPLC or any Participant. Extreme authorizes Agent,
BNPLC and the Participants, without notice or demand and without any reservation
of rights against Extreme and without affecting Extreme's liability hereunder or
on the Secured Obligations, from time to time to (a) take or hold any other
property of any type from any other Person as security for the Secured
Obligations, and exchange, enforce, waive and release any or all of such other
property, (b) after any Event of Default, apply or require the application of
the Collateral (in accordance with this Agreement) or such other property in any
order they may determine and to direct the order or manner of sale thereof as
they may determine, (c) renew, extend for any period, accelerate, modify,
compromise, settle or release any of the obligations of any Other Liable Party
with respect to any or all of the Secured Obligations or other security for the
Secured Obligations, and (d) release or substitute any Other Liable Party.

                   ARTICLE XI   PROVISIONS CONCERNING AGENT

     In the event of any conflict between the following and other provisions in
this Agreement, the following will control:

     Section 11.1 Appointment and Authority. BNPLC and each Participant hereby
                  -------------------------
irrevocably authorizes Agent, and Agent hereby undertakes, to take all actions
and to exercise such powers under this Agreement as are specifically delegated
to Agent by the terms hereof, together with all other powers reasonably
incidental thereto. The relationship of Agent to the Participants is only that
of one commercial bank acting as collateral agent for others, and nothing herein
shall be construed to constitute Agent a trustee or other fiduciary for any
Participant or anyone claiming through or under a Participant nor to impose on
Agent duties and obligations other than those expressly provided for in this
Agreement. With respect to any matters not expressly provided for in this
Agreement and any matters which this Agreement places within the discretion of
Agent, Agent shall not be required to exercise any discretion or take any
action, and it may request instructions from BNPLC and Participants with respect
to any such matter, in

                                     -17-
<PAGE>

which case it shall be required to act or to refrain from acting (and shall be
fully protected and free from liability to all Participants in so acting or
refraining from acting) upon the instructions of the Majority, as defined in the
Participation Agreement, including itself as a Participant and BNPLC; provided,
however, that Agent shall not be required to take any action which exposes it to
a risk of personal liability that it considers unreasonable or which is contrary
to this Agreement or the other documents referenced herein or to Applicable Law.

     Section 11.2 Exculpation, Agent's Reliance, Etc. Neither Agent nor any of
                  ----------------------------------
its directors, officers, agents, attorneys, or employees shall be liable for any
action taken or omitted to be taken by any of them under or in connection with
this Agreement, INCLUDING THEIR NEGLIGENCE OF ANY KIND, except that each shall
be liable for its own gross negligence or willful misconduct. Without limiting
the generality of the foregoing, Agent (1) may treat the rights of any
Participant under its Participation Agreement as continuing until Agent receives
written notice of the assignment or transfer of those rights in accordance with
such Participation Agreement, signed by such Participant and in form
satisfactory to Agent; (2) may consult with legal counsel (including counsel for
Extreme), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts, unless
the action taken or omitted constitutes misconduct; (3) makes no warranty or
representation and shall not be responsible for any statements, warranties or
representations made in or in connection with this Agreement or the other
documents referenced herein; (4) shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or
conditions of the Transaction Documents on the part of any party thereto, or to
inspect the property (including the books and records) of any party thereto; (5)
shall not be responsible to any Participant for the due execution, legality,
validity, enforceability, genuineness, sufficiency or value of any Transaction
Document or any instrument or document furnished in connection therewith; (6)
may rely upon the representations and warranties of Extreme, Participants and
Deposit Takers in exercising its powers hereunder; and (7) shall incur no
liability under or in respect of the Transaction Documents by acting upon any
notice, consent, certificate or other instrument or writing (including any
telecopy, telegram, cable or telex) believed by it to be genuine and signed or
sent by the proper Person or Persons.

     Section 11.3 Participant's Credit Decisions. Each Participant acknowledges
                  ------------------------------
that it has, independently and without reliance upon Agent or any other
Participant, made its own analysis of Extreme and the transactions contemplated
hereby and its own independent decision to enter into the Transaction Documents
to which it is a party. Each Participant also acknowledges that it will,
independently and without reliance upon Agent or any other Participant 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 Transaction Documents.

     Section 11.4 Indemnity. Each Participant agrees to indemnify Agent (to the
                  ---------
extent not reimbursed by Extreme within ten days after demand) from and against
such Participant's Percentage of any and all Losses of any kind or nature
whatsoever which to any extent (in whole or in part) may be imposed on, incurred
by, or asserted against Agent growing out of, resulting from or in any other way
associated with any of the Collateral, the Transaction Documents and the
transactions and events (including the enforcement thereof) at any time
associated therewith or contemplated therein. THE FOREGOING INDEMNIFICATION
SHALL APPLY WHETHER OR NOT SUCH LOSSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN
WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED,
IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY AGENT,
PROVIDED ONLY THAT NO PARTICIPANT SHALL BE OBLIGATED UNDER THIS SECTION TO
INDEMNIFY AGENT FOR THAT PORTION, IF ANY, OF ANY LOSS WHICH IS PROXIMATELY
CAUSED BY AGENT'S OWN INDIVIDUAL GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AS
DETERMINED IN A

                                     -18-
<PAGE>

FINAL JUDGMENT RENDERED AGAINST AGENT. Cumulative of the foregoing, each
Participant agrees to reimburse Agent promptly upon demand for such
Participant's Percentage share of any costs and expenses to be paid to Agent by
Extreme hereunder to the extent that Agent is not timely reimbursed by Extreme
as provided in subsection 7.2.8. As used in this Section the term "Agent" shall
refer not only to the Person designated as such in the introductory paragraph of
this Agreement, but also to each director, officer, agent, attorney, employee,
representative and Affiliate of such Person.

     Section 11.5 Agent's Rights as Participant and Deposit Taker. In its
                  -----------------------------------------------
capacity as a Participant, BNP PARIBAS shall have the same rights and
obligations as any Participant and may exercise such rights as though it were
not Agent. In its capacity as a Deposit Taker, BNP PARIBAS shall have the same
rights and obligations as any Deposit Taker and may exercise such rights as
though it were not Agent. BNP PARIBAS and any of its Affiliates may accept
deposits from, lend money to, act as Trustee under indentures of, and generally
engage in any kind of business with Extreme or its Affiliates, all as if BNP
PARIBAS were not designated as the Agent hereunder and without any duty to
account therefor to any other Participant.

     Section 11.6 Investments. Whenever Agent in good faith determines that it
                  -----------
is uncertain about how to distribute any funds which it has received hereunder,
or whenever Agent in good faith determines that there is any dispute among BNPLC
and Participants about how such funds should be distributed, Agent may choose to
defer distribution of the funds which are the subject of such uncertainty or
dispute. If Agent in good faith believes that the uncertainty or dispute will
not be promptly resolved, or if Agent is otherwise required to invest funds
pending distribution, Agent shall invest such funds pending distribution, all
interest on any such investment shall be distributed upon the distribution of
such investment and in the same proportion and to the same Persons as such
investment. All moneys received by Agent for distribution to BNPLC or
Participants shall be held by Agent pending such distribution solely as Agent
hereunder, and Agent shall have no equitable title to any portion thereof.

     Section 11.7 Benefit of Article XI. The provisions of this Article (other
                  ---------------------
than the following Section 11.8) are intended solely for the benefit of Agent,
BNPLC and Participants, and Extreme shall not be entitled to rely on any such
provision or assert any such provision in a claim or defense against Agent,
BNPLC or any Participant. Agent, BNPLC and Participants may waive or amend such
provisions as they desire without any notice to or consent of Extreme.

     Section 11.8 Resignation. Agent may resign at any time by giving written
                  -----------
notice thereof to BNPLC, Participants and Extreme. Upon any such resignation the
Majority (as defined in the Participation Agreement) shall have the right to
appoint a successor Agent, subject to Extreme's consent, such consent not to be
unreasonably withheld. A successor must be appointed for any retiring Agent, and
such Agent's resignation shall become effective when such successor accepts such
appointment. If, within thirty days after the date of the retiring Agent's
resignation, no successor Agent has been appointed and has accepted such
appointment, then the retiring Agent may appoint a successor Agent, which shall
be a commercial bank organized or licensed to conduct a banking or trust
business under the laws of the United States of America or of any state thereof.
Upon the acceptance of any appointment as Agent hereunder by a successor Agent,
the retiring Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Agent's resignation hereunder, the provisions
of this Article 10.1 shall continue to inure to its benefit as to any actions
taken or omitted to be taken by it while it was Agent.

                                     -19-
<PAGE>

                          ARTICLE XII   MISCELLANEOUS

     Section 12.1 Provisions Incorporated From Other Operative Documents.
                  ------------------------------------------------------
Reference is made to the Common Definitions and Provisions Agreement (Land), to
the Purchase Agreement and to the Participation Agreement for a statement of the
terms thereof. Without limiting the generality of the foregoing, the provisions
of Article II of the Common Definitions and Provisions Agreement (Land) are
incorporated into this Agreement for all purposes as if set forth in this
Article.

     Section 12.2 Cumulative Rights, etc. Except as herein expressly provided to
                  ----------------------
the contrary, the rights, powers and remedies of Agent, BNPLC and the
Participants under this Agreement shall be in addition to all rights, powers and
remedies given to them by virtue of any Applicable Law, any other Document or
any other agreement, all of which rights, powers, and remedies shall be
cumulative and may be exercised successively or concurrently without impairing
their respective rights hereunder. Extreme waives any right to require Agent,
BNPLC or any Participant to proceed against any Person or to exhaust any
Collateral or to pursue any remedy in Agent's, BNPLC's or such Participant's
power.

     Section 12.3 Survival of Agreements. All representations and warranties of
                  ----------------------
Extreme herein, and all covenants and agreements herein shall survive the
execution and delivery of this Agreement, the execution and delivery of any
other Transaction Documents and the creation of the Secured Obligations and
continue until terminated or released as provided herein.

     Section 12.4 Other Liable Party. Neither this Agreement nor the exercise by
                  ------------------
Agent or the failure of Agent to exercise any right, power or remedy conferred
herein or by law shall be construed as relieving any Other Liable Party from
liability on the Secured Obligations or any deficiency thereon. This Agreement
shall continue irrespective of the fact that the liability of any Other Liable
Party may have ceased or irrespective of the validity or enforceability of any
other agreement evidencing or securing the Secured Obligations to which Extreme
or any Other Liable Party may be a party, and notwithstanding the
reorganization, death, incapacity or bankruptcy of any Other Liable Party, or
any other event or proceeding affecting any Other Liable Party.

     Section 12.5 Termination. Following the Designated Sale Date, upon
                  -----------
satisfaction in full of all Secured Obligations and upon written request for the
termination hereof delivered by Extreme to Agent, (i) this Agreement and the
pledge and security interest created hereby shall terminate and all rights to
the Collateral shall revert to Extreme and (ii) Agent will, upon Extreme's
request and at Extreme's expense execute and deliver to Extreme such documents
as Extreme shall reasonably request to evidence such termination and release.

                         [The signature pages follow.]

                                     -20-
<PAGE>

     IN WITNESS WHEREOF, Extreme, BNPLC, Agent and the Participants whose
signatures appear below have caused this Agreement to be executed as of June 1,
2000.

                                                  "Extreme"

                                                  EXTREME NETWORKS, INC.

                                                  By:_________________________
                                                     Name:____________________
                                                     Title:___________________
<PAGE>

[Continuation of signature pages to Pledge Agreement (Land) dated to be
effective June 1, 2000]

                                           "BNPLC"

                                           BNP LEASING CORPORATION

                                           By: ____________________________
                                               Lloyd G. Cox, Vice President
<PAGE>

[Continuation of signature pages to Pledge Agreement (Land) dated to be
effective June 1, 2000]

                                            "AGENT"

                                            BNP PARIBAS

                                            By:_______________________
                                               Name:__________________
                                               Title:_________________

                                            "PARTICIPANT"

                                            BNP PARIBAS

                                            By:_______________________
                                               Name:__________________
                                               Title:_________________
<PAGE>

                                 ATTACHMENT 1
                              TO PLEDGE AGREEMENT
                              -------------------

                            CERTIFICATE OF DEPOSIT

                                (No. _________)

                              [---------, -----]

[NAME OF THE ISSUING
DEPOSIT TAKER AND THE
ADDRESS OF ITS APPLICABLE
ACCOUNT OFFICE]

Payable to
the order of:  BNP PARIBAS, as Agent under the Pledge Agreement (Land) dated
               June 1, 2000, among Extreme Networks, Inc., BNP Leasing
               Corporation, BNP PARIBAS and any other financial institutions
               which are from time to time Participants under such Pledge
               Agreement (Land) and BNP PARIBAS, acting in its capacity as agent
               for BNPLC and the Participants

                                                                        Dollars
-------------------------------------------------------------------------------
in current funds, without interest, seven days after presentment of this
certificate properly endorsed.

The bank issuing this certificate acknowledges and certifies that on the date
indicated above the payee deposited the dollar amount indicated above, and that
such amount shall be payable as provided above.

                                                       _________________________
                                                       Authorized Signature
<PAGE>

                                 ATTACHMENT 2
                              TO PLEDGE AGREEMENT
                              -------------------

                        SUPPLEMENT TO PLEDGE AGREEMENT
                        ------------------------------

                              [----------, ----]

BNP PARIBAS

_______________________
_______________________
_______________________

Extreme Networks, Inc.

_______________________
_______________________
_______________________

1.   Reference is made to the Pledge Agreement (Land) (the "Pledge Agreement")
dated June 1, 2000 among Extreme Networks, Inc. ("Extreme"), BNP Leasing
Corporation ("BNPLC"), BNP PARIBAS and any other financial institutions which
are from time to time Participants under such Pledge Agreement (collectively,
the "Participants") and BNP PARIBAS, acting in its capacity as agent for BNPLC
and the Participants (in such capacity, "Agent"). Unless otherwise defined
herein, all capitalized terms used in this Supplement have the respective
meanings given to those terms in the Pledge Agreement.

2.   The undersigned hereby certifies to Agent and Extreme that the undersigned
has become a party to the Participation Agreement by executing a supplement as
provided therein and that its Percentage thereunder is ______%.

3.   The undersigned, by executing and delivering this Supplement to Extreme and
Agent, hereby agrees to become a party to the Pledge Agreement and agrees to be
bound by all of the terms thereof applicable to Participants. The Deposit Taker
for the undersigned shall be _________________, until such time as another
Deposit Taker for the undersigned shall be designated in accordance with
Sections 4.4 or 4.5 of the Pledge Agreement. The undersigned certifies to Agent
and Extreme that such Deposit Taker is an Initially Qualified Deposit Taker and
satisfies the requirements for a Deposit Taker set forth in Section 4.1 of the
Pledge Agreement.

IN WITNESS WHEREOF, the undersigned has executed this Supplement as of the day
and year indicated above.

                                    [__________________________________________]

                                    By:_________________________________________
                                          Name:_________________________________
                                          Title:________________________________
<PAGE>

                                 ATTACHMENT 3
                              TO PLEDGE AGREEMENT
                              -------------------

       NOTICE OF EXTREME'S ELECTION TO CHANGE THE COLLATERAL PERCENTAGE
       ----------------------------------------------------------------

                              [---------, -----]

BNP PARIBAS
[address of BNP]

Re:  Pledge Agreement (Land) (the "Pledge Agreement") dated June 1, 2000 among
--
            Extreme Networks, Inc., BNP Leasing Corporation, BNP PARIBAS and any
            other financial institutions which are from time to time
            Participants under such Pledge Agreement and BNP PARIBAS, acting in
            its capacity as agent for BNPLC and the Participants

Gentlemen:

Capitalized terms used in this letter are intended to have the meanings assigned
to them in the Pledge Agreement referenced above. This letter constitutes notice
to you, as Agent under the Pledge Agreement, that pursuant to Section 3.1 of the
Pledge Agreement, Extreme elects to change the Collateral Percentage to:

                                             __________ percent (___%),

on the following Base Rent Date (which will be the first day of a new Base Rent
Period):

                                                  ----------, ----

Extreme expects that multiplying the new Collateral Percentage specified above
against Stipulated Loss Value of:

              ____________________________ Dollars ($__________),

will result in an expected new Minimum Collateral Value of:

              ____________________________ Dollars ($__________).

[NOTE: THE NEXT PARAGRAPH WILL BE INCLUDED ONLY IN A NOTICE OF AN INCREASE IN
THE COLLATERAL PERCENTAGE, BECAUSE OF WHICH EXTREME WILL BE REQUIRED TO DELIVER
ADDITIONAL CASH COLLATERAL TO SATISFY THE MINIMUM COLLATERAL VALUE REQUIREMENTS
IN SECTION 5.1 OF THE PLEDGE AGREEMENT:

Because of the increase in the Collateral Percentage which will result from
this notice and the corresponding increase in the Minimum Collateral Value,
Extreme will deliver additional Cash Collateral to you as required by Section
5.1 of the Pledge Agreement no later than 12:00 noon (San Francisco time) on the
Base Rent Date specified above, in the amount of:
<PAGE>

             ____________________________ Dollars ($__________).]

To assure you that Extreme has satisfied the conditions to its right to change
the Collateral Percentage as provided in this notice, and to induce you to rely
upon this notice in discharging your responsibilities under the Pledge
Agreement, Extreme certifies to you that:

     1.   Extreme is giving this notice to you, BNPLC and the Participants at
least ten Business Days prior to the Base Rent Date specified above, and such
Base Rent Date is the commencement of a Base Rent Period.

     2.   No Event of Default or other event or circumstance that would,
 pursuant to Section 3.2 of the Pledge Agreement, preclude Extreme from
 designating the new Collateral Percentage above has occurred and is continuing,
 and Extreme does not anticipate that on the Base Rent Date specified above
 there will have occurred and be continuing any such Event of Default or other
 event or circumstance.

     3.   The new Collateral Percentage specified by Extreme above is not less
than the Minimum Collateral Percentage currently in effect.

NOTE: YOU SHALL BE ENTITLED TO DISREGARD THIS NOTICE IF THE STATEMENTS ABOVE ARE
-----
NOT CORRECT. HOWEVER, WE ASK THAT YOU NOTIFY EXTREME IMMEDIATELY IF FOR ANY
REASON YOU BELIEVE THIS NOTICE IS DEFECTIVE.

                                       EXTREME NETWORKS, INC.

                                       By:____________________________________
                                            Name:_____________________________
                                            Title:____________________________
[cc BNPLC and all Participants]

                                      -2-
<PAGE>

                                 ATTACHMENT 4
                              TO PLEDGE AGREEMENT
                              -------------------

                          NOTICE OF SECURITY INTEREST
                          ---------------------------

                              [---------, -----]

[Name of Deposit Taker]
[Address of Deposit Taker]

1.   Reference is made to the Pledge Agreement (Land) (the "Pledge Agreement")
dated June 1, 2000 among Extreme Networks, Inc. ("Extreme"), BNP Leasing
Corporation ("BNPLC"), BNP PARIBAS and any other financial institutions which
are from time to time Participants under such Pledge Agreement (collectively,
the "Participants") and BNP PARIBAS, acting in its capacity as agent for BNPLC
and the Participants (in such capacity, "Agent"). Unless otherwise defined
herein, all capitalized terms used in this Notice have the respective meanings
given to those terms in the Pledge Agreement.

2.   Extreme has informed Agent that Extreme has established with the addressee
of this Notice (the "Deposit Taker") the following non-interest bearing
Account(s) to be maintained at the following Account Office(s):

   Account           Account         Account
    Type             Office          Number
------------         -------         -------
Time Deposit         _______         _______
Time Deposit         _______         _______
Time Deposit         _______         _______

Extreme has further informed Agent that Extreme intends to maintain Cash
Collateral in such Account(s), and that to evidence such Account(s) and the
amount of Cash Collateral held therein from time to time, Extreme has authorized
the Deposit Taker to issue Certificates of Deposit payable to the order of Agent
as provided in the Pledge Agreement.

     3.   Extreme and Agent hereby notify Deposit Taker that, pursuant to the
Pledge Agreement, Extreme has granted to Agent, for the ratable benefit of BNPLC
and the Participants as security for the Secured Obligations, a pledge of and
security interest in all Accounts and other Collateral maintained by Extreme
with Deposit Taker, including the Account(s) described in Section 2 above.

     4.   In furtherance of such grant, Extreme and Agent hereby authorize and
direct Deposit Taker to:

          (a)  hold all Collateral for Agent and as Agent's bailee,
     separate and apart from all other property and funds of Extreme and all
     other Persons and to permit no other funds to be deposited or credited
     to the Account(s);
<PAGE>

          (b)  make a notation in its books and records of the interest of Agent
     in the Collateral and that the Account(s) and all deposits therein or sums
     credited thereto are subject to a pledge and security interest in favor of
     Agent;

          (c)  issue and redeem Certificates of Deposit evidencing the
     Account(s), as directed by Agent pursuant to the Pledge Agreement;

          (d)  take such other steps as Agent may reasonably request to record,
     maintain, validate and perfect its pledge of and security interest in the
     Collateral; and

          (e)  upon receipt of notice from Agent that an Event of Default has
     occurred, transfer and deliver to Agent or its nominee, together with all
     necessary endorsements, all or such portion of the Collateral held by
     Deposit Taker as Agent shall direct; provided, however, that in connection
     therewith the Deposit Taker may require compliance by Agent with the
     provisions in Section 5.4 of the Pledge Agreement for redemption of any
     outstanding Certificates of Deposit which evidence the Account(s).

     5.   Extreme and Agent agree that (a) the possession by Deposit Taker of
all money, instruments, chattel paper and other property constituting Collateral
shall be deemed to be possession by Agent or a person designated by Agent, for
purposes of perfecting the security interest granted to Agent hereunder pursuant
to Section 9305, 8313 or 8213 of the UCC (as the case may be), and (b)
   --------------------------
notifications by Deposit Taker to other Persons holding any such property, and
Acknowledgments, receipts or confirmations from such Persons delivered to
Deposit Taker, shall be deemed notifications to, or Acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Deposit Taker for the benefit of Agent for the purposes of perfecting
such security interests under applicable law.

     6.   As contemplated by the Pledge Agreement, please acknowledge Deposit
Taker's receipt of, and consent to, this notice and confirm the representations
and agreements set forth in the Acknowledgment and Agreement attached hereto by
executing the same and returning this letter to Agent. For your files, a copy of
this letter is enclosed which you may retain. The authorizations and directions
set forth herein may not be revoked or modified without the written consent of
Agent.

                                       "AGENT"

                                       BNP PARIBAS

                                       By:  _________________________________
                                            Name:____________________________
                                            Title:___________________________

                                       "EXTREME"

                                       EXTREME NETWORKS, INC.

                                       By: ___________________________________
                                           Name:______________________________
                                           Title:_____________________________

                                      -2-
<PAGE>

                         ACKNOWLEDGMENT AND AGREEMENT
                               OF DEPOSIT TAKER

     Deposit Taker hereby acknowledges receipt of, and consents to, the
above notice, acknowledges that it will hold the Collateral for Agent and as
Agent's bailee, agrees to comply with the authorizations and directions set
forth above and represents to and agrees with Extreme and Agent as follows:

          (a)  Deposit Taker is a commercial bank, organized under the
     laws of the United States of America or a state thereof or under the laws
     of another country which is doing business in the United States of America.
     Deposit Taker is authorized to maintain deposit accounts for others through
     the Account Offices specified in the above notice, and Deposit Taker will
     not move the accounts described in the above notice to other offices
     without the prior written authorization of Agent and Extreme.

          (b)  Deposit Taker has a combined capital, surplus and undivided
     profits of at least $500,000,000.

          (c)  The information set forth above regarding the Account(s) is
     accurate. Such Account(s) is (are) currently open and Deposit Taker has no
     prior notice of any other pledge, security interest, Lien, adverse claim or
     interest in such Account(s).

          (d)  Deposit Taker shall promptly notify Extreme and Agent if
     the representations made by Deposit Taker above cease to be true and
     correct.

          (e)  Deposit Taker shall not (i) allow the withdrawal of funds from
     any Account by any Person other than Agent, or (ii) without in each case
                                                         --------------------
     first obtaining the prior written authorization of Agent, setoff or attempt
     --------------------------------------------------------
     to setoff any Secured Obligations owed to Deposit Taker against any
     Collateral held from time to time by Deposit Taker, or (iii) without in
                                                                  ----------
     each case first obtaining the prior written authorization of both Extreme
     -------------------------------------------------------------------------
     and Agent, setoff or attempt to setoff any obligations owed to Deposit
     ---------
     Taker other than Secured Obligations, against any Collateral held from time
     to time by Deposit Taker.

                                            [__________________________________]

                                            By:_________________________________
                                                  Name:_________________________
                                                  Title:________________________

                                            [Date]
<PAGE>

                                 ATTACHMENT 5
                              TO PLEDGE AGREEMENT
                              -------------------

                       EXAMPLES OF CALCULATIONS REQUIRED
                       ---------------------------------
                        TO AVOID A COLLATERAL IMBALANCE
                        -------------------------------

     The examples below are provided to illustrate the calculations required
for allocations of Cash Collateral in a manner that will avoid a Collateral
Imbalance. The examples are not intended to reflect actual numbers under this
Agreement or actual Percentages of BNPLC or any of the Participants; nor are the
examples intended to provide a formula for the allocations that would be
appropriate in every case. The examples also reflect adjustments that would be
appropriate if the Collateral Percentage were adjusted from time to time from
and after the Effective Date.

                                 EXAMPLE NO. 1

Assumptions:
-----------

1.   Two Participants ("Participant A" and "Participant B") are parties to the
     Participation Agreement with BNPLC. Participant A's Percentage is 50% and
     Participant B's Percentage is 45%, leaving BNPLC with a Percentage of 5%.

2.   On the Effective Date, the Initial Funding Advance was $12,000,000,
     resulting in a Stipulated Loss Value of $12,000,000, allocable as follows:

<TABLE>
     <S>                                                                                       <C>
     A.   BNPLC's Parent (providing BNPLC's share) (5%)......................................  $  600,000
     B.   Participant A (50%)................................................................   6,000,000
     C.   Participant B (45%)................................................................   5,400,000
                                                                                               ----------
          TOTAL..............................................................................  $12,000,00
</TABLE>

3.   The Minimum Collateral Value on the Effective Date was $7,200,000
     (reflecting a Collateral Percentage of 60% times Stipulated Loss Value).

4.   On the Effective Date, Extreme had delivered to Agent Cash Collateral of
     $7,200,000, equal to the Minimum Collateral Value, as required by Section
     5.1 of this Agreement.

Allocation of Cash Collateral Required: To avoid a Collateral Imbalance under
--------------------------------------
these assumptions, Agent would be required to allocate the $7,200,000 to the
Deposit Takers for BNPLC and the Participants as follows:

<TABLE>
     <S>                                                                                       <C>
     A.   BNPLC's Deposit Taker (5% of Minimum Collateral Value).............................  $    360,000
     B.   Participant A's Deposit Taker (50% of Minimum Collateral Value)....................     3,600,000
     C.   Participant B's  Deposit Taker (45% of Minimum Collateral Value)...................     3,240,000
                                                                                               ------------
          TOTAL..............................................................................  $  7,200,000
</TABLE>

                                 EXAMPLE NO. 2

Assumptions:  Assume the same facts as in Example No. 1, and in addition assume
-----------
that:

1.   Effective as of the first Base Rent Date, Extreme increased its Collateral
     Percentage from 60% to
<PAGE>

     80%, raising the Minimum Collateral Value to $9,600,000. Because of such
     increase, Extreme also delivered an additional $2,400,000 as Cash
     Collateral to Agent on the first Base Rent Date, bringing the total of all
     Cash Collateral delivered by Extreme to $9,600,000 as required by Section
     5.1 of this Agreement.

2.   Also effective as of the first Base Rent Date, a new Participant approved
     by Extreme ("Participant C") became a party to this Agreement and the
     Participation Agreement, taking a Percentage of 20%. Simultaneously,
     Participant A and Participant B entered into supplements to the
     Participation Agreement which reduced their Percentages to 40% and 35%,
     respectively.

Allocation of Cash Collateral Required: To avoid a Collateral Imbalance under
--------------------------------------
these assumptions, Agent would be required to allocate the Cash Collateral as
required to leave the Deposit Takers for BNPLC and the Participants with the
following amounts:

<TABLE>
     <S>                                                                                           <C>
     A.   BNPLC's Deposit Taker (5% of Minimum Collateral Value).................................  $  480,000
     B.   Participant A's Deposit Taker (40% of Minimum Collateral Value)........................   3,840,000
     C.   Participant B's Deposit Taker (35% of Minimum Collateral Value)........................   3,360,000
     D.   Participant C's  Deposit Taker (20% of Minimum Collateral Value).......................   1,920,000
                                                                                                   ----------

          TOTAL..................................................................................  $9,600,000
</TABLE>

Thus, to prevent a Collateral Imbalance, Agent would have to allocate the
$2,400,000 of additional Cash Collateral it received on the first Base Rent Date
as follows:

<TABLE>
     <S>                                                                                          <C>
     A.   BNPLC's Deposit Taker ($480,000 less $360,000 already on deposit) ....................  $  120,000
     B.   Participant A's Deposit Taker ($3,840,000 less $3,600,000 already on deposit).........     240,000
     C.   Participant B's Deposit Taker ($3,360,000 less $3,240,000 already on deposit).........     120,000
     D.   Participant C's  Deposit Taker ($1,920,000 less $0 already on deposit)................  $1,920,000
                                                                                                  ----------

          TOTAL.................................................................................  $2,400,000
</TABLE>

                                 EXAMPLE NO. 3

Assumptions:  Assume the same facts as in Example No. 2, except that:
-----------                                              -----------

1.   Instead of increasing its Collateral Percentage from 60% to 80%, Extreme
     increased its Collateral Percentage to 70% on the first Base Rent Date,
     raising the Minimum Collateral Value to $8,400,000. Because of such
     increase, Extreme delivered an additional $1,200,000 as additional Cash
     Collateral to Agent on the first Base Rent Date, bringing the total of all
     Cash Collateral delivered by Extreme to $8,400,000 as required by Section
     5.1 of this Agreement.

Allocation of Cash Collateral Required: To avoid a Collateral Imbalance under
--------------------------------------
these assumptions, Agent would be required to allocate the Cash Collateral as
required to leave the Deposit Takers for BNPLC and the Participants with the
following amounts:

<TABLE>
     <S>                                                                                         <C>
     A.   BNPLC's Deposit Taker (5% of Minimum Collateral Value)..............................   $  420,000
     B.   Participant A's Deposit Taker (40% of Minimum Collateral Value).....................    3,360,000
     C.   Participant B's Deposit Taker (35% of Minimum Collateral Value).....................    2,940,000
     D.   Participant C's  Deposit Taker (20% of Minimum Collateral Value)....................    1,680,000
                                                                                                 ----------
          TOTAL...............................................................................   $8,400,000
</TABLE>

                                      -2-
<PAGE>

Thus, to prevent a Collateral Imbalance, Agent would have to allocate the
$1,200,000 of additional Cash Collateral it received on the first Base Rent Date
as follows:

<TABLE>
     <S>                                                                                             <C>
     A.   BNPLC's Deposit Taker ($420,000 less $360,000 already on deposit) ........................ $   60,000
     B.   Participant A's Deposit Taker ($3,360,000 less $3,600,000 already on deposit).............   (240,000)
     C.   Participant B's Deposit Taker ($2,940,000 less $3,240,000 already on deposit).............   (300,000)
     D.   Participant C's  Deposit Taker ($1,680,000 less $0 already on deposit)....................  1,680,000
                                                                                                     ----------

          TOTAL..................................................................................... $1,200,000
</TABLE>

NOTE: THE NEGATIVE AMOUNTS (IN PARENTHESIS) ABOVE REPRESENT REQUIRED WITHDRAWALS
----                                                                 -----------
RATHER THAN DEPOSITS. AS EXAMPLE NO. 3 ILLUSTRATES, TO AVOID A COLLATERAL
IMBALANCE AGENT MAY FROM TIME TO TIME HAVE TO WITHDRAW CASH COLLATERAL HELD BY
THE DEPOSIT TAKER FOR ONE PARTICIPANT AND DEPOSIT IT IN AN ACCOUNT MAINTAINED BY
A DEPOSIT TAKER FOR ANOTHER PARTICIPANT.

                                      -3-
<PAGE>

                                 ATTACHMENT 6
                              TO PLEDGE AGREEMENT
                              -------------------

                      NOTICE OF EXTREME'S REQUIREMENT TO
                      ----------------------------------
                        WITHDRAW EXCESS CASH COLLATERAL
                        -------------------------------

                            [_________, _____]

BNP PARIBAS
[address of BNP]

     Re:     Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
             Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
             institutions which are from time to time Participants under such
             Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
             agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice to you, as Agent under the Pledge
Agreement, that pursuant to Section 6.1 of the Pledge Agreement, Extreme
requires you to withdraw from the Accounts and return to Extreme the following
amount:

                        __________________ Dollars ($__________)

on the following date:

                               ----------, ----

     To assure you that Extreme has satisfied the conditions to its right to
require such withdrawal, and to induce you to comply with this notice, Extreme
certifies to you that:

          1.   Your withdrawal and delivery of the amount specified above to
     Extreme will not cause the Value of the remaining Collateral to be less
     than the Minimum Collateral Value. After giving effect to such withdrawal,
     the Collateral remaining in the Accounts maintained by the Deposit Takers
     will be:

                        __________________ Dollars ($__________),
<PAGE>

     and the Minimum Collateral Value on the date specified above will equal:

                        __________________ Dollars ($__________).

     Such Minimum Collateral Value equals the Collateral Percentage of:

                          __________ percent (___%),

     times the Stipulated Loss Value of:

                        __________________ Dollars ($__________).

          2.   Extreme is giving this notice to you, BNPLC and the Participants
     at least ten days prior to the date specified above.

          3.   No Default or Event of Default has occurred and is continuing as
     of the date of this notice, and Extreme does not anticipate that any
     Default or Event of Default will have occurred and be continuing on the
     date upon which the withdrawal is required.

          4.   Extreme agrees that you may determine the Accounts from which to
     make any withdrawal required by Extreme pursuant to this Section as
     necessary to prevent or mitigate any Collateral Imbalance.

     NOTE: YOU SHALL BE ENTITLED TO DISREGARD THIS NOTICE IF THE STATEMENTS
     ----
     ABOVE ARE NOT CORRECT OR IF THE DATE FOR WITHDRAWAL SPECIFIED ABOVE IS LESS
     THAN TEN DAYS AFTER YOUR RECEIPT OF THIS NOTICE. HOWEVER, WE ASK THAT YOU
     NOTIFY EXTREME IMMEDIATELY IF FOR ANY REASON YOU BELIEVE THIS NOTICE IS
     DEFECTIVE.

                                      -2-
<PAGE>

     Please remember that the express terms of Certificates of Deposit issued
pursuant to the Pledge Agreement require presentment of the Certificates of
Deposit seven days before Cash Collateral is to be withdrawn from the Accounts
they evidence. Accordingly, you must present Certificates of Deposit to Deposit
Takers seven days prior to the withdrawal of Cash Collateral required by this
notice. For your convenience, we have attached a letter as Annex 1 to this
                                                           -------
notice that you might execute and send to Deposit Takers to advise them of your
intent to withdraw and of your presentment of Certificates of Deposit as
required in connection therewith. The attached letter also sets forth the
amounts Extreme believes you must withdraw from each Account to avoid a
Collateral Imbalance.

                                              EXTREME NETWORKS, INC.

                                              By: ______________________________
                                                    Name:_______________________
                                                    Title:______________________

[cc BNPLC and all Participants]

                                      -3-
<PAGE>

                                    Annex 1
                                    -------
                     TO EXTREME'S NOTICE OF REQUIREMENT TO
                     -------------------------------------
                        WITHDRAW CASH EXCESS COLLATERAL
                        -------------------------------

                              [_________, _____]

Deposit Takers on the
Attached Distribution List

     Re:    Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
            Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
            institutions which are from time to time Participants under such
            Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
            agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice from the undersigned, as Agent under
the Pledge Agreement, that pursuant to Section 6.1 of the Pledge Agreement,
Extreme requires Agent to withdraw from the Accounts and return to Extreme the
amounts listed below on the following date:

                               __________, ____

     Accordingly, on such date, the undersigned intends to withdraw the
following amounts from the following Accounts, and with this letter the
undersigned is presenting Certificates of Deposit as required in connection with
such withdrawal:

 Deposit Taker                        Account No.          Amount

1.________________               ___________________           $________

2.________________               ___________________           $________

3.________________               ___________________           $________

4.________________               ___________________           $________

                                  TOTAL WITHDRAWALS:           $========

                                      BNP PARIBAS, AS AGENT

                                      By:   ____________________________________
                                            Name:_______________________________
                                            Title:______________________________

[cc BNPLC and Extreme]

                                      -4-
<PAGE>

                                 ATTACHMENT 7
                              TO PLEDGE AGREEMENT
                              -------------------

                      NOTICE OF EXTREME'S REQUIREMENT OF
                      ----------------------------------
                        DIRECT PAYMENTS TO PARTICIPANTS
                        -------------------------------

                              [_________, _____]

BNP PARIBAS
[address of BNP]

     Re:     Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
             Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
             institutions which are from time to time Participants under such
             Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
             agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice to you, as Agent under the Pledge
Agreement, that pursuant to Section 6.2 of the Pledge Agreement, Extreme
requires you to withdraw from the Accounts and pay directly to the Participants
(in proportion to their respective Percentages) the following amount:

              ____________________________ Dollars ($__________)

on the following date (which, Extreme acknowledges, must be the Designated Sale
Date or a date thereafter prior to an Event of Default):

                               __________, ____

         The amount specified above equals the following percentage (equal to
the aggregate of all Participant's Percentages):

                          ___________percent (___%),

times the total of all Cash Collateral presently pledged under the Pledge
Agreement:

              ____________________________ Dollars ($__________).
<PAGE>

     To assure you that Extreme has satisfied the conditions to its right to
require such withdrawal, and to induce you to comply with this notice, Extreme
certifies to you that Extreme is giving this notice to you, BNPLC and the
Participants at least ten days prior to the date of required withdrawal and
payment specified above.

     Please remember that the express terms of Certificates of Deposit issued
pursuant to the Pledge Agreement require presentment of the Certificates of
Deposit seven days before Cash Collateral is to be withdrawn from the Accounts
they evidence. Accordingly, you must present Certificates of Deposit to Deposit
Takers seven days prior to the withdrawal of Cash Collateral required by this
notice. For your convenience, we have attached a letter as Annex 1 to this
                                                           -------
notice that you might execute and send to Deposit Takers to advise them of your
intent to withdraw and of your presentment of Certificates of Deposit as
required in connection therewith. The attached letter also sets forth the
amounts Extreme believes you must withdraw from each Account to comply with
subsection 6.2.2 of the Pledge Agreement.

                                       EXTREME NETWORKS, INC.

                                       By:______________________________________
                                            Name:_______________________________
                                            Title:______________________________
[cc BNPLC and all Participants]

                                      -2-
<PAGE>

                                    Annex 1
                                    -------
                     TO EXTREME'S NOTICE OF REQUIREMENT TO
                     -------------------------------------
                         WITHDRAW CASH COLLATERAL FOR
                         ----------------------------
                        DIRECT PAYMENTS TO PARTICIPANTS
                        -------------------------------
                              [_________, _____]

Deposit Takers on the
Attached Distribution List

     Re:     Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
             Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
             institutions which are from time to time Participants under such
             Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
             agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice from the undersigned, as Agent under
the Pledge Agreement, that pursuant to Section 6.2 of the Pledge Agreement,
Extreme requires Agent to withdraw from the Accounts and pay to the Participants
(in proportion to their respective Percentages) the amounts listed below on the
following date:

                               __________, ____

     Accordingly, on such date, the undersigned intends to withdraw the
following amounts from the following Accounts, and with this letter the
undersigned is presenting Certificates of Deposit as required in connection with
such withdrawal:

Deposit Taker                Account No.              Amount

1._________________       __________________             $__________

2._________________       __________________             $__________

3._________________       __________________             $__________

4._________________       __________________             $__________

                          TOTAL WITHDRAWALS:             $==========

                                         BNP PARIBAS, AS AGENT

                                         By:  __________________________________
                                              Name:_____________________________
                                              Title:____________________________
[cc BNPLC and Extreme]

                                      -3-
<PAGE>

                                 ATTACHMENT 8
                              TO PLEDGE AGREEMENT
                              -------------------

                      NOTICE OF EXTREME'S REQUIREMENT OF
                      ----------------------------------
                            DIRECT PAYMENT TO BNPLC
                            -----------------------
                              [_________, _____]

BNP PARIBAS
[address of BNP]

     Re:   Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
           Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
           institutions which are from time to time Participants under such
           Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
           agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice to you, as Agent under the Pledge
Agreement, that pursuant to Section 6.3 of the Pledge Agreement, Extreme
requires you to withdraw from the Account maintained by the Deposit Taker for
BNPLC and pay directly to BNPLC on behalf of Extreme as a payment required by
the Purchase Agreement the following amount:

              ____________________________ Dollars ($__________)

on the following date (which, Extreme acknowledges, must be the Designated Sale
Date or a date thereafter prior to an Event of Default):

                               __________, ____

     To assure you that Extreme has satisfied the conditions to its right to
require such withdrawal, and to induce you to comply with this notice, Extreme
certifies to you that Extreme is giving this notice to you and BNPLC at least
ten days prior to the date of required withdrawal and payment specified above.

     Please remember that the express terms of Certificates of Deposit
issued pursuant to the Pledge Agreement require presentment of the Certificates
of Deposit seven days before Cash Collateral is to be withdrawn from the
Accounts they evidence. Accordingly, you must present Certificates of Deposit to
the Deposit Taker for BNPLC seven days prior to the withdrawal of Cash
Collateral required by this notice. For your convenience, we have attached a
letter as Annex 1 to this notice that you might execute and send to the Deposit
          -------
Taker for BNPLC to advise it of your intent to withdraw and of your presentment
of Certificates of Deposit as required in connection therewith. The attached
letter also sets forth the amount Extreme believes you must withdraw to comply
with Section 6.3 of the Pledge Agreement.

                                             EXTREME NETWORKS, INC.

                                             By:________________________________
                                                   Name:________________________
                                                   Title:_______________________
[cc BNPLC]
<PAGE>

                                    Annex 1
                                    -------
                     TO EXTREME'S NOTICE OF REQUIREMENT OF
                     -------------------------------------
                            DIRECT PAYMENT TO BNPLC
                            -----------------------

                              [_________, _____]

[Name of the Deposit Taker for BNPLC]
[Address of such Deposit Taker]

     Re:      Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
              Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
              institutions which are from time to time Participants under such
              Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
              agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice from the undersigned, as Agent under
the Pledge Agreement, that pursuant to Section 6.3 of the Pledge Agreement,
Extreme requires Agent to withdraw from the Account maintained by you, as
Deposit Taker for BNPLC, the sum of:

              ____________________________ Dollars ($__________)

and pay the same to BNPLC as a payment required by the Purchase Agreement on the
following date:

                               __________, ____

         Accordingly, on such date, the undersigned intends to withdraw such
amount from the following Account maintained by you as Deposit Taker for BNPLC,
and with this letter the undersigned is presenting Certificate(s) of Deposit as
required in connection with such withdrawal.

                                         BNP PARIBAS, AS AGENT

                                         By:  __________________________________
                                              Name:_____________________________
                                              Title:____________________________

[cc BNPLC and Extreme]

                                      -2-
<PAGE>

                                 ATTACHMENT 9
                              TO PLEDGE AGREEMENT
                              -------------------

                NOTICE OF EXTREME'S REQUIREMENT OF A WITHDRAWAL
                -----------------------------------------------
                            OF CASH COLLATERAL FROM
                            -----------------------
                         A DISQUALIFIED DEPOSIT TAKER
                         ----------------------------

                              [_________, _____]

BNP PARIBAS
[address of BNP]

     Re:      Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
              Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
              institutions which are from time to time Participants under such
              Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
              agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice to you, as Agent under the Pledge
Agreement, that pursuant to Section 6.4 of the Pledge Agreement, Extreme
requires you to withdraw from the following Account maintained by the following
Deposit Taker:

                    Deposit Taker                  Account No.
                    -----------------------    -------------------

Cash Collateral in the following amount:

                    ______________________ Dollars ($__________)

and to deposit such Cash Collateral with other Deposit Takers who are not
Disqualified Deposit Takers no later than ten days after the date upon which you
receive this notice.

     To assure you that Extreme has the right to require such withdrawal, and to
induce you to comply with this notice, Extreme certifies to you that the Deposit
Taker specified above has become a Disqualified Deposit Taker because it no
longer satisfies the requirements listed in Section 4.1 of the Pledge Agreement.
Specifically, such Deposit Taker no longer satisfies the following requirements:

[EXTREME MUST INSERT HERE A DESCRIPTION OF WHICH REQUIREMENTS THE DEPOSIT TAKER
NO LONGER SATISFIES AND HOW EXTREME HAS DETERMINED THAT THE REQUIREMENTS ARE NO
LONGER SATISFIED, ALL IN SUFFICIENT DETAIL TO PERMIT THE PARTICIPANT FOR WHOM
SUCH DEPOSIT TAKER HAS BEEN MAINTAINING AN ACCOUNT TO RESPOND IF IT BELIEVES
THAT EXTREME IS IN
<PAGE>

ERROR.]

     Please remember that the express terms of Certificates of Deposit issued
pursuant to the Pledge Agreement require presentment of the Certificates of
Deposit seven days before Cash Collateral is to be withdrawn from the Accounts
they evidence. Accordingly, you must present Certificates of Deposit to the
Deposit Taker specified above seven days prior to the withdrawal of Cash
Collateral required by this notice. For your convenience, we have attached a
letter as Annex 1 to this notice that you might execute and send to such Deposit
          -------
Taker to advise it of your intent to withdraw and of your presentment of
Certificates of Deposit as required in connection therewith. The attached letter
also sets forth the amount Extreme believes you must withdraw to comply with
Section 6.4 of the Pledge Agreement.

                                            EXTREME NETWORKS, INC.

                                            By:_________________________________
                                                 Name:__________________________
                                                 Title:_________________________
[cc BNPLC]

                                      -2-
<PAGE>

                                    Annex 1
                                    -------
              TO EXTREME'S NOTICE OF REQUIREMENT OF A WITHDRAWAL
              --------------------------------------------------
                            OF CASH COLLATERAL FROM
                            -----------------------
                         A DISQUALIFIED DEPOSIT TAKER
                         ----------------------------

                              [_________, _____]

[Name of the Deposit Taker for BNPLC]
[Address of such Deposit Taker]

     Re:   Pledge Agreement (Land) dated June 1, 2000 among Extreme Networks,
     --
           Inc., BNP Leasing Corporation, BNP PARIBAS and any other financial
           institutions which are from time to time Participants under such
           Pledge Agreement (Land) and BNP PARIBAS, acting in its capacity as
           agent for BNPLC and the Participants

Gentlemen:

     Capitalized terms used in this letter are intended to have the meanings
assigned to them in the Pledge Agreement (Land) referenced above (the "Pledge
Agreement"). This letter constitutes notice from the undersigned, as Agent under
the Pledge Agreement, that pursuant to Section 6.4 of the Pledge Agreement,
Extreme has advised Agent that you are a Disqualified Deposit Taker, and Extreme
requires Agent to withdraw from the Account maintained by you, as a Deposit
Taker under the Pledge Agreement, the sum of:

              ____________________________ Dollars ($__________)

no later than the following date:

                               __________, ____

     Accordingly, on such date, the undersigned intends to withdraw such amount
from the Account maintained by you as Deposit Taker (Account No. __________),
and with this letter the undersigned is presenting Certificate(s) of Deposit as
required in connection with such withdrawal.

                                           BNP PARIBAS, AS AGENT

                                           By:   _______________________________
                                                 Name:__________________________
                                                 Title:_________________________

[cc BNPLC and Extreme]

                                      -3-
<PAGE>

                                  Schedule 1
                              TO PLEDGE AGREEMENT
                              -------------------

     [IN PLACE OF THIS PAGE, SUBSTITUTE SCHEDULE 1 ATTACHED TO THE LEASE]

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