Document:

Exhibit 10.1

EXHIBIT 10.1

     

    FIRST
      AMENDMENT TO CREDIT AGREEMENT

     

    THIS
      FIRST AMENDMENT TO CREDIT AGREEMENT dated as of September 28, 2006 (the
“First
      Amendment”),
      is by
      and among TRUSTREET PROPERTIES, INC., a Maryland corporation (together with
      any
      permitted successors and assigns, the “Borrower”),
      the
      Guarantors (as defined in the Credit Agreement), the Lenders (as defined in
      the
      Credit Agreement), BANK OF AMERICA, N.A., as Administrative Agent, L/C Issuer
      and Swing Line Lender (each as defined in the Credit Agreement) and BANC OF
      AMERICA SECURITIES LLC, as sole lead arranger (the “Sole
      Lead Arranger”)
      and
      sole book manager (the “Sole
      Book Manager”),
      and
      is an amendment to that certain Credit Agreement dated as of April 8, 2005
      by and among the parties to this First Amendment (as the same may have been
      otherwise or further amended, restated, supplemented or otherwise modified
      prior
      to the date hereof, the “Credit
      Agreement”).

    

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Borrower and the Guarantors have requested and the Lenders and Administrative
      Agent have agreed to amend the Credit Agreement on the terms and conditions
      set
      forth herein;

    

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

    

    1. Amendments
      to Credit Agreement.
      The
      parties to this First Amendment hereby agree that from and after the First
      Amendment Effective Date (as such term is defined below) the Credit Agreement
      is
      amended as follows:

    

    (a) Definitions.
      Article I of the Credit Agreement is hereby amended (i) with regard to such
      of the following terms that are currently set forth in such Article I, by
      deleting the definitions for the following terms and replacing in the
      appropriate alphabetical order such deleted definitions with the new definitions
      set forth below and (ii) with regard to such of the following terms that are
      not
      currently set forth in such Article I, by adding in the appropriate
      alphabetical order the definitions for the following terms.

    

    ““Applicable
      Margin”
means,
      for the purposes of calculating (a) the Letter of Credit Fees for the purposes
      of Section
      2.03(i),
      (b) the
      interest rates applicable to Eurodollar Revolving Loans and Eurodollar Term
      Loans for the purposes of Section
      2.08(a),
      and (c)
      the interest rates applicable to Base Rate Revolving Loans, Base Rate Term
      Loans
      and Swing Line Loans for the purposes of Section
      2.08(a),
      the
      following basis points per annum:

    

    
      	
              Pricing
                Level

            	
              Consolidated
                Leverage
                Ratio

            	
              Eurodollar
                Revolving Loan Margin and Letter of Credit Fee Margin

            	
              Eurodollar
                Term Loan Margin

            	
              Base
                Rate Revolving Loan
                Margin

            	
              Base
                Rate Term Loan and Swing Line Loan Margin

            
	 	 	 	 	 	 
	
              1

            	
              <
                45%

            	
              100

            	
              200

            	
              0

            	
              50

            
	
              2

            	
              >45%
                and <
                50%

            	
              125

            	
              200

            	
              0

            	
              50

            
	
              3

            	
              >
                50% and <
                60%

            	
              150

            	
              200

            	
              25

            	
              50

            
	
              4

            	
              >
                60%

            	
              175

            	
              200

            	
              50

            	
              50

            

    

    

    Any
      increase or decrease in the Applicable Margin resulting from a change in the
      Consolidated Leverage Ratio shall become effective the first Business Day
      immediately following the date a Compliance Certificate is delivered pursuant
      to
Section
      7.02(b);
      provided,
      however, that if a Compliance Certificate is not delivered when due in
      accordance therewith, then Pricing Level 4 shall apply as of the first Business
      Day after the date on which such Compliance Certificate was required to have
      been delivered until the first Business Day immediately following delivery
      thereof. The Applicable Margin in effect from the First Amendment Effective
      Date
      through the date for delivery of the Compliance Certificate for the fiscal
      quarter ending September 30, 2006 shall be determined based upon Pricing Level
      3. Determinations by the Administrative Agent of the appropriate Pricing Level
      shall be conclusive absent manifest error.”

    

    ““Approved
      Acquired Concept”
means
      any Concept that the Required Lenders have, in connection with the Acquisition
      by the Borrower
      or any
      of its Subsidiaries of a portfolio of real estate assets, approved for
      qualification as such in writing (such approval not to be unreasonably withheld
      or delayed); provided, that any such qualification shall not, in any case,
      extend beyond the date which is twenty-four (24) months following the applicable
      Acquisition.”

    

    ““Approved
      Acquired Tenant”
means
      any Tenant that the Required Lenders have, in connection with the Acquisition
      by
      the Borrower
      or any
      of its Subsidiaries of a portfolio of real estate assets, approved for
      qualification as such in writing (such approval not to be unreasonably withheld
      or delayed); provided, that any such qualification shall not, in any case,
      extend beyond the date which is twenty-four (24) months following the applicable
      Acquisition.”

    

    ““BBA
      Development Property”
means,
      as of any date of determination, each Real Property meeting each of the
      following criteria:

    

    (a) such
      Real
      Property has not been a BBA Development Property for a period in excess of
      twelve (12) calendar months;

    

    (b) such
      Real
      Property is a Development Property;

    

    (c) such
      Real
      Property is the subject of an executed lease or related binding letter of intent
      that fails to qualify as a Borrowing Base Lease solely as a result of (i) the
      failure of the applicable Tenant to commence rental payments thereunder (to
      the
      extent such failure is solely related to the pending completion of the
      applicable improvements in accordance with the terms of such lease); and (ii)
      the failure of the improvements located on the property to be fully completed
      and occupied;

    

    (d) construction
      with respect to such Real Property is on schedule, within the budget for such
      construction (subject to any applicable contingencies) and projected to be
      completed as of any date required in the applicable lease/letter of intent
      related to such Real Property and, in any case, within twelve (12) months of
      the
      date on which such Real Property is first listed as a BBA Development
      Property;

    

    (e) such
      Real
      Property is either (i) 100% owned in fee simple by any Loan Party; (ii) majority
      owned by a Loan Party or (iii) leased by any Loan Party such that the applicable
      Real Property qualifies as a Qualified Ground Lease Asset;

    

    (f) such
      Real
      Property either (i) is set forth on Schedule
      5.01(n)
      hereto
      (as such schedule may be updated from time to time in accordance with
Section
      7.02(b))
      or (ii)
      has been added by the Borrower
      to the
      calculation of the Borrowing Base during the then-continuing fiscal quarter,
      in
      each case to the extent that such Real Property has not been removed from the
      calculation of the Borrowing Base during the then-continuing fiscal quarter;
      

    

    (g) such
      Real
      Property is located in the United States of America; 

    

    (h) such
      Real
      Property is intended to be operated as a restaurant, automobile service station
      or other similar service retail property or has been otherwise expressly
      approved by the Administrative Agent in writing and in the Administrative
      Agent’s discretion; 

    

    (i) that
      is
      not the subject of any condemnation proceeding(s) as of such date that is or
      are
      material to the future profitable operation of such Real Property and has not,
      since initial qualification as a “BBA Development Property” hereunder, been
      subject to any condemnation that is material to the future profitable operation
      of such Real Property;

    

    (j) neither
      such Real Property nor any interest of any applicable Loan Party therein
      (including the lease thereof or any indirect interest owned by the Loan
      Parties), is subject to (i) any Lien other than Permitted Liens of the types
      described in clauses (c), (d), (g), (j), and/or (k) of Section
      8.01
      or (ii)
      any Negative Pledge; and

    

    (k) that
      is
      (and, in the case of a Real Property constituting an interest in land alone,
      the
      material improvements located thereon are) free of all structural defects,
      environmental conditions or other adverse matters except for defects, conditions
      or matters individually or collectively which are not material to the profitable
      operation of such Real Property.”

    

    ““BBA
      Development Property Amount”
means,
      as of any date of determination with respect to the BBA Development Properties,
      collectively, an amount equal to (a) the aggregate net Investment of the owners
      in such BBA Development Properties; provided, that such Investment shall be
      multiplied
      by (b) (i) if such Real
      Property is
      owned
      by a Wholly-Owned Subsidiary of the Borrower, one; or (ii) if such Real
      Property is
      owned
      by a Consolidated Party that is not the Borrower or a Wholly-Owned Subsidiary
      of
      the Borrower, the Borrower Interest with respect to such Consolidated
      Party).”

    

    ““BBA
      EBITDA”
means,
      for any Calculation Period, the aggregate Property-Level EBITDA generated over
      such period by the BBA Operating Properties and the BBA Newly Acquired
      Properties; provided,
      however,
      that
      for BBA Newly Acquired Properties, the Property-Level EBITDA generated by such
      BBA Newly Acquired Properties shall, for purposes of this definition, equal
      the
      annualized Property-Level EBITDA from such BBA Newly Acquired Properties (based
      on the Property-Level EBITDA from the date of acquisition through the end of
      such period).”

    

    ““BBA
      Newly Acquired Property”
means
      as
      of any
      date of determination, each Real Property that fails to qualify as a BBA
      Operating Property solely as a result of the applicable Consolidated Party’s
      failure to have owned such Real Property for a period equal to or in excess
      of
      twelve (12) months pursuant to clause (i) of the definition of “BBA Operating
      Property.””

    

    ““BBA
      Newly Acquired Property Amount”
means,
      as
      of any
      date of determination with respect to the BBA Newly Acquired Properties,
      collectively, an amount equal to (a) the aggregate undepreciated book value
      of
      such BBA Newly Acquired Properties (as determined in accordance with GAAP;
      provided, that such undepreciated book value shall be multiplied
      by (b) (i) if such Real
      Property is
      owned
      by a Wholly-Owned Subsidiary of the Borrower, one; or (ii) if such Real
      Property is
      owned
      by a Consolidated Party that is not the Borrower or a Wholly-Owned Subsidiary
      of
      the Borrower, the Borrower Interest with respect to such Consolidated
      Party).”

    

    ““BBA
      Operating Property”
      means,
      as
      of any date of determination, each Real Property (whether an interest in land
      alone or an interest in land and/or (to the extent located on such land or
      on
      land subject to a Qualified Ground Lease) the improvements located thereon):
      

    

    (a) that
      either (i) is set forth on Schedule
      5.01(n)
      hereto
      (as such schedule may be updated from time to time in accordance with
Section
      7.02(b))
      or (ii)
      has been added by the Borrower
      to the
      calculation of the Borrowing Base during the then-continuing fiscal quarter,
      in
      each case to the extent that such Real Property has not been removed from the
      calculation of the Borrowing Base during the then-continuing fiscal quarter;
      

    

    (b) with
      respect to which there exists a fully executed, delivered and effective
      Borrowing Base Lease (which is, to the extent the Administrative Agent has
      requested and reviewed same, in form and substance reasonably acceptable to
      the
      Administrative Agent; otherwise, the reasonable good faith judgment of the
      Borrower
      shall
      govern such determination); 

    

    (c) that
      is
      either (i) 100% owned in fee simple by any Loan Party; (ii) majority owned
      by a
      Loan Party or (iii) leased by any Loan Party such that the applicable Real
      Property qualifies as a Qualified Ground Lease Asset; 

    

    (d) with
      respect to which neither such Real Property nor any interest of any applicable
      Loan Party therein (including the lease thereof or any indirect interest owned
      by the Loan Parties), is subject to (i) any Lien other than Permitted Liens
      of
      the types described in clauses (c), (d), (g), (j), and/or (k) of Section
      8.01
      or (ii)
      any Negative Pledge; 

    

    (e) that
      is
      not (and, in the case of a Real Property constituting an interest in land alone,
      the material improvements located thereon are not) the subject of any
      condemnation proceeding(s) as of such date that is or are material to the
      profitable operation of such Real Property and has not, since initial
      qualification as a “BBA Operating Property” hereunder, been subject to any
      condemnation that is material to the profitable operation of such Real Property;
      

    

    (f) that
      is
      operated as (or, in the case of a Real Property constituting an interest in
      land
      alone, on which is operated) a restaurant, automobile service station or other
      similar service retail property or has been otherwise expressly approved by
      the
      Administrative Agent in writing and in the Administrative Agent’s discretion;

    

    (g) that
      is
      (and, in the case of a Real Property constituting an interest in land alone,
      the
      material improvements located thereon are) free of all structural defects,
      environmental conditions or other adverse matters except for defects, conditions
      or matters individually or collectively which are not material to the profitable
      operation of such Real Property; 

    

    (h) that
      is
      located in the United States of America; and

    

    (i) that
      has
      been owned by the applicable Consolidated Party for a period equal to or in
      excess of twelve (12) months.”

    

    ““Borrower
      Materials”
has
      the
      meaning specified in Section
      7.02
      hereof.”

    

    ““Borrowing
      Base”
means,
      as of any date of determination, an amount equal to (a) (i) fifty-five percent
      (55.0%) multiplied
      by (ii)
      the Borrowing Base Asset Value as of such date, less
      (b) the
      BBE Guarantee Amount.”

    

    ““Borrowing
      Base Asset”
means
      each BBA Operating Property, each BBA Development Property, each BBA Newly
      Acquired Property, in each case, to the extent included from time to time on
      Schedule
      5.01(n)
      attached
      hereto (and regardless of whether any such property is actually used in the
      calculation of the Borrowing Base Asset Value or is removed from such
      calculation pursuant to any of subclauses (i)-(vii) of the definition
      thereof).”

    

    ““Borrowing
      Base Asset Value”
means,
      as of any given calculation date, an amount equal to the sum of (a) (i) BBA
      EBITDA generated by the BBA Operating Properties for the most recent Calculation
      Period; divided
      by (ii)
      the Capitalization Rate, plus
      (b) the
      BBA Development Property Amount as of such date, plus
      (c) the
      BBA Newly Acquired Property Amount as of such date; provided, however,
      that:

    

    (i) the
      Borrowing Base Leases with respect to the Borrowing Base Assets contributing
      to
      the calculation of the Borrowing Base Asset Value: 

    

    (A) shall
      not, in any case, have a weighted average remaining lease term of less than
      six (6) years; to the extent the weighted average of the remaining lease
      term(s) of the underlying leases with respect to the assets contributing to
      the
      Borrowing Base Asset Value (with each such lease’s term given a weighting in
      relation to the other leases involved in such calculation based on the
      contribution of each such lease to the Borrowing Base Asset Value) is less
      than
      six (6) years, Borrowing Base Assets with remaining lease terms of less
      than six (6) years and their related Property-Level EBITDA shall be removed
      from the calculation of Borrowing Base Asset Value until the weighted average
      of
      the remaining lease terms with respect to the assets contributing to such
      calculation is equal to or greater than six (6) years; and 

    

    (B) shall
      not, in any case, include leases with respect to which required base rental
      payments, principal or interest payments, or other payments due thereunder
      are,
      as of the date of determination, more than sixty (60) days past due with
      respect to payables greater than, in the aggregate, 0.125% of the total annual
      base rent payable in connection with such Borrowing Base Leases; to the extent
      Borrowing Base Assets with Borrowing Base Leases subject to late or delinquent
      rental payments in excess of 0.125% would otherwise be included in the
      calculation of the Borrowing Base Asset Value, Borrowing Base Assets with
      delinquent rental payments shall be removed from the calculation of Borrowing
      Base Asset Value until such excess is eliminated;

    

    (ii) the
      aggregate value of assets subject to Qualified Ground Leases shall not, in
      any
      case, exceed ten percent (10%) of Borrowing Base Asset Value; to the extent
      the aggregate value of such assets constitutes more than ten percent (10%)
      of Borrowing Base Asset Value, assets subject to Qualified Ground Leases and
      their related values shall be removed from the calculation of the Borrowing
      Base
      Asset Value to the extent necessary to eliminate such excess;

    

    (iii) the
      aggregate value of assets with respect to any single Concept shall not, in
      any
      case, account for more than fifteen percent (15%) (or, in the case of the
      Golden Corral Concept or any Approved Acquired Concept, twenty
      percent (20%)) of the Borrowing Base Asset Value; to the extent the
      aggregate value of such assets constitutes more than fifteen percent (15%)
      (or, in the case of the Golden Corral Concept or any Approved Acquired Concept,
      twenty percent (20%)) of Borrowing Base Asset Value, the value of assets
      related to such Concept(s) shall be removed from the calculation of Borrowing
      Base Asset Value to the extent necessary to eliminate such excess;

    

    (iv) the
      aggregate value of assets with respect to any single Tenant shall not, in any
      case, account for more than ten percent (10%) (or, in the case of Golden
      Corral Corp. or any Approved Acquired Tenant, fifteen percent (15%)) of the
      Borrowing Base Asset Value; to the extent the aggregate value of such assets
      constitutes more than more than ten percent (10%) (or, in the case of
      Golden Corral Corp. or any Approved Acquired Tenant, fifteen percent (15%))
      of Borrowing Base Asset Value, the value of assets related to such Tenant(s)
      shall be removed from the calculation of Borrowing Base Asset Value to the
      extent necessary to eliminate such excess;

    

    (v) the
      aggregate value of assets held by Borrowing Base Entities which are not
      Wholly-Owned Subsidiaries shall not, in any case, exceed ten percent (10%)
      of
      Borrowing Base Asset Value; to the extent the aggregate value of such assets
      constitutes more than ten percent (10%) of Borrowing Base Asset Value,
      assets held by Borrowing Base Entities which are not Wholly-Owned Subsidiaries
      shall be removed from the calculation of Borrowing Base Asset Value to the
      extent necessary to eliminate such excess;

    

    (vi) the
      aggregate value attributable to assets which are BBA Development Properties
      shall not, in any case, exceed ten percent (10%) of Borrowing Base Asset Value;
      to the extent the aggregate value of such assets constitutes more than ten
      percent (10%) of Borrowing Base Asset Value, BBA Development Properties
      shall be removed from the calculation of Borrowing Base Asset Value to the
      extent necessary to eliminate such excess; and

    

    (vii) the
      aggregate value attributable to assets which are BBA Development Properties
      and
      assets held by Borrowing Base Entities which are not Wholly-Owned Subsidiaries
      shall not, in any case, exceed, in the aggregate, twenty percent (20.0%) of
      Borrowing Base Asset Value; to the extent the aggregate value of such assets
      constitutes more than twenty percent (20%) of Borrowing Base Asset Value,
      BBA Development Properties and/or assets held by Borrowing Base Entities which
      are not Wholly-Owned Subsidiaries shall be removed from the calculation of
      Borrowing Base Asset Value to the extent necessary to eliminate such
      excess.

    

    For
      purposes of clarification, (A) with respect to each of subclauses (i) through
      (vii) above, individual Borrowing Base Assets and the values attributable to
      any
      given Borrowing Base Asset may not be partially
      removed
      from or included in the calculation of Borrowing Base Asset Value; to the extent
      any given asset or any portion of the value attributable to any given Borrowing
      Base Asset is required to be removed from the calculation of Borrowing Base
      Asset Value, 100%
      of the
      value attributable to such Borrowing Base Asset shall be removed from such
      calculation; and (B) the removal of any such assets or the value thereof from
      the Borrowing Base Asset Value pursuant to subclauses (i) through (vii) above
      may be performed in any order so long as the resultant components of the
      Borrowing Base Asset Value meet all of the criteria set forth in such subclauses
      (i) through (vii).”

    

    ““Borrowing
      Base Lease”
means,
      as of any date of determination, a lease (which may, in the case of a Qualified
      Ground Lease Asset, technically be a sublease of the applicable Loan Party’s
      Real Property interest) with respect to any parcel of Real Property satisfying
      each of the following requirements (in the reasonable judgment of the
      Administrative Agent, to the extent the Administrative Agent performs any review
      of same, otherwise, in the reasonable good faith judgment of the Borrower):
      

    

    (a) such
      lease relates to the land and/or improvements located on such Real Property
      and
      covers 100.0% of such land and/or 100.0% of the net leasable space contained
      in
      such improvements, as applicable;

    

    (b) such
      lease is a triple net lease such that the Tenant thereunder is required to
      pay
      all taxes,
      utilities, insurance, maintenance, casualty insurance payments and other
      expenses with respect to the subject Real Property (whether in the form of
      reimbursements or additional rent) in addition to the base rental payments
      required thereunder such that net operating income for such Real Property
      (before non-cash items) equals the base rent paid thereunder;

    

    (c) neither
      the Tenant under such lease nor any Person that is the franchisor or licensor
      of
      any Concept (if any) related to the underlying Real Property, is the subject
      of
      a Bankruptcy Event (except to the extent that (A)
      such
      Person has been subject to a proceeding under Chapter 11 of the Federal
      Bankruptcy Code, (B) the applicable bankruptcy court has approved and confirmed
      such Person’s plan for reorganization or, in the case of the bankruptcy of the
      Tenant, the trustee in bankruptcy of such Tenant has accepted such lease, (C)
      to
      the extent item (B) above is satisfied as a result of the confirmation of a
      plan
      of reorganization, all statutory appeal periods with respect to such proposed
      plan have been exhausted without objection and (D) such Person is performing
      its
      obligations under such approved plan);
      

    

    (d) no
      required
      base rental payment, principal payment or interest payment due under such lease
      is, as of the date of determination, more than sixty (60) days past due
      with respect to payables greater than $5,000.00 per Real Property;
      and

    

    (e) the
      leasable space associated with the underlying Real Property is fully occupied
      in
      all material respects by the applicable Tenant (or any sublessee of the
      applicable Tenant, to the extent such Tenant remains fully obligated to the
      applicable Loan Party under the related lease) (other than in connection with
      scheduled renovations or improvements thereto or with a move-in process so
      long
      as all rent due under such lease continues to be paid during such
      period).”

    

    ““Calculation
      Period”
means,
      as of any date of determination commencing with the delivery of the Required
      Financial Information for the fiscal quarter ending June 30, 2006, the most
      recent four (4) fiscal quarter period for which the Borrower has provided the
      Required Financial Information; provided,
      that
      for calculations made on a Pro Forma Basis, the amounts calculated for the
      applicable Calculation Period shall be adjusted as set forth in the definition
      of the term “Pro Forma Basis,” but shall otherwise relate to the applicable
      Calculation Period (as defined above).”

    

    ““Capitalization
      Rate”
means
      8.0%; provided, however, that the capitalization rate shall be reviewed annually
      and be subject to annual adjustment (with such adjustment being made for each
      year pursuant to written notice delivered by the Administrative Agent to the
      Borrower
      not less
      than thirty (30) days prior to the next occurring anniversary of the First
      Amendment Effective Date and to be effective as of the first Business Day
      following such anniversary) by the Administrative Agent and the Required Lenders
      in their sole discretion based upon market conditions for comparable property
      types. Notwithstanding the foregoing, the capitalization rate shall not, in
      any
      case, be adjusted (a) by more than one half of one percent (0.50%) in connection
      with any such annual adjustment and (b) up or down by more than one and one
      half
      of one percent (1.50%) during the term of this Agreement.”

    

    ““Concept”
means
      any distinctive system for establishing and operating restaurants or automobile
      service stations or other similar service retail property (or such other system
      as has been approved by the Administrative Agent pursuant to subclause
      (h)
      of the
      definition of “BBA Development Property” or subclause (f)
      of the
      definition of “BBA Operating Property”), which system is the subject of a
      license or franchise from a Person. Not in limitation of the foregoing, and
      by
      way of example only, such systems would include “Jack in the Box,” “Golden
      Corral,” “IHOP,” “Burger King,” “Pizza Hut,” “Denny’s,” and
“Fina.””

    

    ““Consolidated
      EBITDA”
      means,
      for any Calculation Period, for the
      Borrower and
      its
      Subsidiaries on a consolidated basis, an amount equal to: 

    

    (a) Consolidated
      Net Income for such period; plus 

    

    (b) the
      following to the extent deducted in calculating such Consolidated Net Income
      (and without duplication): (i) Consolidated Interest Charges for such period;
      (ii) the provision for Federal, state, local and foreign income taxes payable
      by
the
      Borrower and
      its
      Subsidiaries for such period; (iii) depreciation and amortization expense;
      (iv)
      losses from sales of assets; (v) reductions in Consolidated Net Income resulting
      from straight-lining of rents; (vi) reductions in Consolidated Net Income
      relating to “impairment of long lived assets” (including hedging losses); (vii)
      reductions in Consolidated Net Income relating to “loan reserves”; (viii) any
      amounts received relating to principal received from third party obligors in
      the
      form of principal repayment on mortgage obligations (to the extent such
      principal payments are applied to the
      Borrower’s
      or any
      of its Subsidiaries’ existing corporate Indebtedness); (ix) the principal
      component of payments received in respect of Capitalized Lease Obligations
      during such period; (x) reductions in Consolidated Net Income relating to
      non-cash extraordinary items; (xi) payments
      made with respect to Preferred Stock interests; and
      (xii)
      other non-recurring expenses of the
      Borrower and
      its
      Subsidiaries reducing such Consolidated Net Income which do not represent a
      cash
      item in such period or any future period; and minus 

    

    (c) the
      following to the extent included in calculating such Consolidated Net Income
      (and without duplication): (i) Federal, state, local and foreign income tax
      credits of the
      Borrower and
      its
      Subsidiaries for such period; (ii) gains from sales of assets (other than
      property sales from any real properties and/or improvements thereon acquired
      with the initial intent to hold for sale); (iii) increases in Consolidated
      Net
      Income related to straight-lining of rents; and (iv) increases in Consolidated
      Net Income related to non-cash extraordinary items;

    

    provided,
      that, (1) each of the above calculations shall include, without duplication,
      any
      amounts attributable to any interests held by any Consolidated Party in any
      Unconsolidated Affiliate and (2) all amounts included in the above calculations
      (and not otherwise adjusted to account for Outside Interests) shall be adjusted
      to deduct therefrom the pro rata share of such amounts allocable to Outside
      Interests.”

    

    ““Consolidated
      Fixed Charges”
means,
      for any Calculation Period, the sum of (in each case, without
      duplication):

    

    (a) (i)
      all
      scheduled payments of principal on Funded Indebtedness of the Consolidated
      Parties on a consolidated basis due during such period (excluding so-called
      “bullet maturities” or “balloon payments” and other principal payments upon
      termination of Funded Indebtedness at the maturity thereof or upon prepayment
      thereof), (ii) the implied principal component of payments due on Capital Leases
      and Synthetic Lease Obligations, and (iii) all Debt-like Preferred Stock
      Expenses incurred during such period in connection with all Debt-like Preferred
      Stock of the Consolidated Parties and all other dividends paid during such
      period on any Preferred Stock of the Consolidated Parties, plus 

    

    (b) (i)
      all
      scheduled payments of principal on Funded Indebtedness of each Unconsolidated
      Affiliate multiplied by the respective Unconsolidated Affiliate Interest of
      each
      such entity (excluding so-called “bullet maturities” or “balloon payments” and
      other principal payments upon termination of Funded Indebtedness at the maturity
      thereof or upon prepayment thereof) and (ii) all Debt-like Preferred Stock
      Expenses incurred during such period in connection with Debt-like Preferred
      Stock of any Unconsolidated Affiliate and all other dividends paid on any
      Preferred Stock of any Unconsolidated Affiliate during such period, in each
      case
      multiplied by the respective Unconsolidated Affiliate Interest of each such
      entity; provided, that in each case, all of the above amounts not otherwise
      adjusted to account for Outside Interests shall be adjusted to deduct therefrom
      the pro rata share of such amounts allocable to the Outside Interests,
plus 

    

    (c) Consolidated
      Interest Charges for such period.”

    

    ““Consolidated
      Interest Charges”
means,
      for any Calculation Period, the sum of (a) the interest expense in connection
      with Funded Indebtedness of the Consolidated Parties on a consolidated basis,
      as
      determined in accordance with GAAP and all other interest obligations (or other
      obligations that are substantially similar in nature to interest obligations)
      incurred or accrued during such period, including, without limitation, (i)
      the
      amortization of debt discount and premium, (ii) the interest component under
      Capital Leases, (iii) the implied interest component under Synthetic Lease
      Obligations, (iv) obligation payments under any Swap Contracts entered into
      by
      any Consolidated Party (net of any obligation payments owing to any Consolidated
      Party under any such Swap Contract and excluding any termination payments owing
      by any Consolidated Party pursuant to any such Swap Contract), and (v)
      capitalized interest, on a consolidated basis, as determined in accordance
      with
      GAAP, plus (b) without duplication, interest expense or other interest
      obligations incurred in connection with Funded Indebtedness (including items
      of
      the type noted above in (a)(i)-(v)) of each Unconsolidated Affiliate multiplied
      by the respective Unconsolidated Affiliate Interest of each such entity;
      provided, that in each case, all of the above amounts not otherwise adjusted
      to
      account for Outside Interests shall be adjusted to deduct therefrom the pro
      rata
      share of such amounts allocable to the Outside Interests.”

    

    ““Consolidated
      Total Debt”
means,
      as of any date of determination, an amount equal to (a) Consolidated Total
      Liabilities as of such date, less
      (b) to
      the extent included in the determination of Consolidated Total Liabilities
      (and
      without duplication), the sum of (i) normal accounts payables of the
      Consolidated Parties, (ii) normal accounts payables of each Unconsolidated
      Affiliate multiplied by the respective Unconsolidated Affiliate Interest of
      each
      such entity, (iii) trade payables of the Consolidated Parties incurred in the
      ordinary course of business, (iv) trade payables of each Unconsolidated
      Affiliate multiplied by the respective Unconsolidated Affiliate Interest of
      each
      such entity and (v) intangible liabilities to
      the
      extent FAS 141 requires treatment of the value of leases associated with
      purchased real property as intangible assets.”

    

    ““Consolidated
      Total Tangible Assets” means,
      as
      of any date of determination, the sum of:

    

    (a) an
      amount
      equal to (i) the BBA Development Property Amount as of such date; plus
      (ii) the
      BBA Newly Acquired Property Amount as of such date; plus
      (iii)
      (A) Property-Level EBITDA generated by all other Real Properties for the most
      recent Calculation Period, divided
      by (B)
      the Capitalization Rate (regardless of whether any such assets are actually
      included in the calculation of Borrowing Base Asset Value); plus

    

    (b) the
      book
      value of all other assets and interests therein held by the Consolidated Parties
      (provided, that, the amounts calculated pursuant to clause (a)
      above
      (i) shall include, without duplication, each Consolidated Parties’ interests in
      the assets of any Unconsolidated Affiliate and (ii) shall not include any
      interests in assets to the extent such interests are attributable to any Outside
      Interests); less 

    

    (c) the
      value
      of all intangible assets, if any, included in clauses (a)
      and
(b)
      above.”

    

    ““Development
      Activities”
means
      activities relating directly or indirectly to the development of build-to-suit
      Real Property assets (whether or not related to Real Properties qualifying
      as
“Development Properties” hereunder).”

    

    ““Development
      Property”
means
      a
      Real Property that is a build-to-suit property with respect to which
      construction of the applicable improvements to be located thereon has
      commenced.”

    

    ““FAS
      141”
      Financial Accounting Standard 141 entitled “Business Combinations” adopted by
      the Financial Accounting Standards Board, as the same may be amended, modified
      or supplemented from time to time.”

    

    ““Fee
      Letter”
means
      a
      reference to that certain Fee Letter, dated August 21, 2006 among the
      Borrower, the Administrative Agent and the Sole Lead Arranger, as the same
      may
      be from time to time amended, restated, supplemented or otherwise modified
      in
      writing.”

    

    ““FFO”
means,
      for a given period, (a) Consolidated Net Income, minus
      (or
plus)
      (b)
      gains (or losses) from debt restructuring and sales of property during such
      period (other than property sales from any properties acquired with the initial
      intent to hold for sale), plus
      (c)
      depreciation and amortization of real and personal property assets for such
      period, and after adjustments for unconsolidated partnerships and joint ventures
      and amortization of capitalized financing costs, plus
      (d)
      impairment charges reported by such Persons for such period, plus
      (e)
      amounts denoted as provisions for loan losses, plus
      (f)
      goodwill impairment, plus
      (g)
      non-cash stock compensation, plus
      (h) the
      principal component of any Capital Lease Obligations (as determined by
      GAAP).”

    

    ““FFO
      Distribution Allowance”
means,
      for each fiscal quarter of the Consolidated Parties, an amount equal to (a)
      95%
      of FFO for the immediately preceding fiscal quarter, plus
      (b) to
      the extent not otherwise distributed prior to commencement of the quarter for
      which such calculation is being performed, 95% of FFO for the three fiscal
      quarters immediately preceding the fiscal quarter referenced in clause (a).
      In
      determining whether an amount distributed in a given fiscal quarter is
      applicable to the FFO of such fiscal quarter or a prior fiscal quarter, the
      Borrower shall, in all cases, assume that amounts distributed are distributed
      with respect to FFO earned in the most recent fiscal quarter for which there
      exists undistributed FFO.”

    

    ““First
      Amendment”
means
      the First Amendment to Credit Agreement dated as of September 28, 2006 by
      and among the Borrower, the Guarantors thereunder, Bank of America, N.A., as
      Administrative Agent, L/C Issuer and Swing Line Lender thereunder, the Lenders
      thereunder and such other entities that are parties thereto.”

    

    ““First
      Amendment Effective Date”
shall
      have the meaning specified in the First Amendment.”

    

    ““Interest
      Period”
means,
      as to each Eurodollar Rate Loan, the period commencing on the date such
      Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar
      Rate Loan and ending, with respect to Eurodollar Revolving Loans, on the date
      which is seven days or one, two, three, six, nine or twelve months thereafter,
      or, with respect to Eurodollar Term Loans, on the date which is one, two, three,
      six, nine or twelve months thereafter, in each case, as selected by the Borrower
      in its Committed Loan Notice (and to the extent available from each Lender);
      provided
      that:

    

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

    

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

    

    (iii) no
      Interest Period shall extend beyond the Revolver Maturity Date or Term Loan
      Maturity Date, as applicable.”

    

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

    

    ““Letter
      of Credit Expiration Date”
means,
      subject to the Borrower’s rights under Section
      2.03(g)
      to
      extend such date through Cash Collateralization of the applicable Letters of
      Credit, the day that is thirty (30) days prior to the Revolver Maturity Date
      then in effect (or, if such day is not a Business Day, the next preceding
      Business Day); provided, that, notwithstanding anything contained herein to
      the
      contrary, the “Letter of Credit Expiration Date” with respect to any Letter of
      Credit may not be extended beyond the date which is the day that is thirty
      (30)
      days prior to the Revolver Maturity Date then in effect (or, if such day is
      not
      a Business Day, the next preceding Business Day) except to the extent (a) such
      Letter of Credit has been Cash Collateralized in accordance with Section
      2.03(g);
      (b)
      such extension is for a period that does not extend beyond the date which is
      twelve (12) months following the applicable Revolver Maturity Date; and (c)
      the
      L/C Issuer has approved such extension in writing (such approval not to be
      unreasonably withheld or delayed).”

    

    ““Property-Level
      EBITDA”
means,
      for any Real Property for any period, an amount equal to (a) the net
      income (excluding
      extraordinary items) of
      such
Real
      Property for
      such
      period before (without
      duplication) interest
      expense applicable to such Real
      Property,
      income
      taxes applicable to such Real
      Property
      and
      depreciation and amortization applicable to such Real
      Property,
      all as
      determined in accordance with GAAP, multiplied
      by (b)
      (i) if such Real
      Property is
      owned
      by a Wholly-Owned Subsidiary of the Borrower, one; or (ii) if such Real
      Property is
      owned
      by a Consolidated Party that is not the Borrower or a Wholly-Owned Subsidiary
      of
      the Borrower, the Borrower Interest with respect to such Consolidated Party;
      provided,
      that
      interest expense, income taxes and other entity-level expenses shall be
      allocated among all Real Properties owned by
      the
      applicable entity(ies) on a pro rata basis based on the percentage of each
      such
      Real Property’s revenue to the total revenue of all such Real
      Properties.”

    

    ““Platform”
has
      the
      meaning specified in Section
      7.02
      hereof.”

    

    ““Public
      Lender”
has
      the
      meaning specified in Section
      7.02
      hereof.”

    

    ““Registered
      Public Accounting Firm”
has
      the
      meaning specified in Section 7.01(a)
      hereof.”

    

    ““Responsible
      Officer”
means
      the chief executive officer, president, chief financial officer, chief
      accounting officer, treasurer, assistant treasurer or controller of a Loan
      Party
      and, solely for purposes of notices given pursuant to Article
      II,
      any
      other officer or employee of the applicable Loan Party so designated by any
      of
      the foregoing officers in a certificate delivered to the Administrative Agent
      and signed by a Responsible Officer and the applicable designee. Any document
      delivered hereunder that is signed by a Responsible Officer of a Loan Party
      shall be conclusively presumed to have been authorized by all necessary
      corporate, partnership and/or other action on the part of such Loan Party and
      such Responsible Officer shall be conclusively presumed to have acted on behalf
      of such Loan Party.”

    

    ““Sarbanes-Oxley”
means
      the Sarbanes-Oxley Act of 2002, as amended, and any successor
      statute.”

    

    ““Securities
      Laws”
means
      the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley
      and the applicable accounting and auditing principles, rules, standards and
      practices promulgated, approved or incorporated by the SEC or the Public
      Borrower Accounting Oversight Board, as each of the foregoing may be amended
      and
      in effect on any applicable date hereunder.”

    

    ““Term
      Loan Commitment”
means,
      as to each Lender, its obligation to make its portion of the Term Loan to the
      Borrower pursuant to Section 2.01(b)
      or in
      connection with Section
      2.06(b),
      in the
      principal amount set forth opposite such Lender's name on Schedule 2.01
      (as
      adjusted from time to time in accordance with the terms of Section
      1.07)
      or as
      committed by such Lender in connection with Section
      2.06(b).
      The
      aggregate principal amount of the Term Loan Commitments of all of the Lenders
      as
      in effect on the First Amendment Effective Date is TWO HUNDRED SEVENTY-FIVE
      MILLION DOLLARS ($275,000,000.00).”

    

    (b) Section 2.02(a).
      Section 2.02(a) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(a) Each
      Committed Borrowing, each conversion of Committed Loans from one Type to the
      other, and each continuation of Eurodollar Rate Loans shall be made upon the
      irrevocable notice from the Borrower to the Administrative Agent, which may
      be
      given by telephone or electronic mail (provided that such telephonic notice
      or
      electronic mail complies with the information requirements of the form of
      Committed Loan Notice attached hereto). Each such notice must be received by
      the
      Administrative Agent not later than 11:00 a.m. (i) three (3) Business
      Days prior to the requested date of any Borrowing of, conversion to or
      continuation of Eurodollar Rate Loans, and (ii) on the requested date of
      any Borrowing of Base Rate Loans; provided,
      however,
      all
      Committed Borrowings made on the First Amendment Effective Date shall be made
      as
      Base Rate Loans unless the Borrower shall have delivered all items reasonably
      requested by the Administrative Agent for the making of Eurodollar Rate Loans
      at
      least three (3) days prior to the First Amendment Effective Date. Each
      telephonic notice by the Borrower pursuant to this Section 2.02(a)
      must be
      confirmed promptly by delivery to the Administrative Agent of a written
      Committed Loan Notice, appropriately completed and signed by a Responsible
      Officer of the Borrower. Each Borrowing of, conversion to or continuation of
      Eurodollar Rate Loans shall be in a principal amount of $500,000 or a whole
      multiple of $100,000 in excess thereof. Except as provided in Sections 2.03(c)
      and
2.04(c),
      each
      Borrowing of or conversion to Base Rate Loans shall be in a principal amount
      of
      $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed
      Loan
      Notice (whether telephonic, electronic or hard-copy written) shall specify
      (i) whether the Borrower is requesting a Committed Borrowing, a conversion
      of Committed Loans from one Type to the other, or a continuation of Eurodollar
      Rate Loans, (ii) the requested date of the Borrowing, conversion or
      continuation, as the case may be (which shall be a Business Day), (iii) the
      principal amount of Committed Loans to be borrowed, converted or continued,
      (iv) the Type of Committed Loans to be borrowed or to which existing
      Committed Loans are to be converted, and (v) if applicable, the duration of
      the Interest Period with respect thereto. If the Borrower fails to specify
      a
      Type of Committed Loan in a Committed Loan Notice or if the Borrower fails
      to
      give a timely notice requesting a conversion or continuation, then the
      applicable Committed Loans shall be made as, or converted to, Base Rate Loans.
      Any such automatic conversion of a Eurodollar Rate Loan to a Base Rate Loan
      shall be effective as of the last day of the Interest Period then in effect
      with
      respect to such Eurodollar Rate Loan. If the Borrower requests a Borrowing
      of,
      conversion to, or continuation of Eurodollar Rate Loans in any such Committed
      Loan Notice, but fails to specify an Interest Period, it will be deemed to
      have
      specified an Interest Period of one month.”

    

    (c) Section 2.03(a)(ii).
      Section 2.03(a)(ii) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(ii) The
      L/C
      Issuer shall not issue any Letter of Credit if, subject
      to Section
      2.03(b)(iii), the
      expiry date of such requested Letter of Credit would occur more than twelve
      months after the date of issuance or
      last
      extension,
      unless
      the Required Lenders have approved such expiry date; or the
      expiry date of such requested Letter of Credit would occur after the
      then-effective Letter of Credit Expiration Date, unless either (A) such Letter
      of Credit has been Cash Collateralized pursuant to Section
      2.03(g)
      and the
      applicable Letter of Credit Expiration Date has been otherwise extended in
      accordance with the definition of the term “Letter of Credit Expiration Date;”
or (B) the L/C Issuer and all the Lenders have approved such expiry
      date.”

    

    (d) Section 2.03(a)(iii)(B).
      Section 2.03(a)(iii)(B) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(B) the
      issuance of such Letter of Credit would violate or one or more policies of
      the
      L/C Issuer applicable to letters of credit generally;”

    

    

    (e) Section 2.03(b)(i).
      Section 2.03(b)(i) of the Credit Agreement is hereby amended by adding the
      following sentence at the end of such section:

    

    “Notwithstanding
      anything contained herein to the contrary, Letter of Credit Applications and
      materials related thereto may be delivered by the Borrower via hard copy,
      facsimile or electronic mail.”

    

    (f) Section 2.03(b)(ii).
      Section 2.03(b)(ii) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

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

    

    (g) Section 2.03(b)(iii).
      Section 2.03(b)(iii) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(iii) If
      the
Borrower
      so
      requests in any applicable Letter of Credit Application, the L/C Issuer may,
      in
      its sole and absolute discretion, agree to issue a Letter of Credit that has
      automatic extension provisions (each, an “Auto-Extension
      Letter of Credit”);
      provided
      that any
      such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent
      any
      such extension at least once in each twelve-month period (commencing with the
      date of issuance of such Letter of Credit) by giving prior notice to the
      beneficiary thereof not later than a day (the “Non-Extension
      Notice Date”)
      in
      each such twelve-month period to be agreed upon at the time such Letter of
      Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower
      shall
      not be required to make a specific request to the L/C Issuer for any such
      extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders
      shall be deemed to have authorized (but may not require) the L/C Issuer to
      permit the extension of such Letter of Credit at any time to an expiry date
      not
      later than the Letter of Credit Expiration Date; provided,
      however,
      that
      the L/C Issuer shall not permit
      any such extension if (A) the L/C Issuer has determined that it would not be
      permitted, or would have no obligation at such time to issue such Letter of
      Credit in its revised form under the terms hereof (by reason of the provisions
      of clause (ii) or (iii) of Section
      2.03(a)
      or
      otherwise), or (B) it has received notice (which may be by telephone, electronic
      mail or in hard-copy writing) on or before the day that is five Business Days
      before the Non-Extension Notice Date (1) from the Administrative Agent that
      the
      Required Lenders have elected not to permit such extension or (2) from the
      Administrative Agent, any Lender or any Loan Party that one or more of the
      applicable conditions specified in Section
      5.02
      is not
      then satisfied, and in each case directing the L/C Issuer not to permit such
      extension.”

    

    (h) Section 2.03(c)(i).
      The
      last sentence of Section 2.03(c)(i) of the Credit Agreement is hereby
      deleted in its entirety and replaced by the following:

    

    “Any
      notice given by the L/C Issuer or the Administrative Agent pursuant to this
      Section 2.03(c)(i)
      may be
      given by telephone if immediately confirmed in writing or by electronic mail;
      provided
      that the
      lack of such an immediate confirmation shall not affect the conclusiveness
      or
      binding effect of such notice.”

    

    (i) Section 2.03(c)(vi).
      Section 2.03(c)(vi) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(vi) If
      any
      Lender fails to make available to the Administrative Agent for the account
      of
      the L/C Issuer any amount required to be paid by such Lender pursuant to the
      foregoing provisions of this Section 2.03(c)
      by the
      time specified in Section 2.03(c)(ii),
      the L/C
      Issuer shall be entitled to recover from such Lender (acting through the
      Administrative Agent), on demand, such amount with interest thereon for the
      period from the date such payment is required to the date on which such payment
      is immediately available to the L/C Issuer at a rate per annum equal to the
      Federal Funds Rate from time to time in effect, plus any administrative,
      processing or similar fees customarily charged by the L/C Issuer in connection
      with the foregoing. A certificate of the L/C Issuer submitted to any Lender
      (through the Administrative Agent) with respect to any amounts owing under
      this
      clause (vi)
      shall be
      conclusive absent manifest error.”

    

    (j) Section 2.04(b).
      Section 2.04(b) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(b) Borrowing
      Procedures.
      Each
      Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the
      Swing Line Lender and the Administrative Agent, which may be given by telephone
      or electronic mail. Each such notice must be received by the Swing Line Lender
      and the Administrative Agent not later than 2:00 p.m. on the requested borrowing
      date, and shall specify (i) the amount to be borrowed, which shall be a minimum
      of $100,000 and (ii) the requested borrowing date, which shall be a Business
      Day. Each such telephonic notice must be confirmed promptly by delivery to
      the
      Swing Line Lender and the Administrative Agent of a written Swing Line Loan
      Notice, appropriately completed and signed by a Responsible Officer of the
      Borrower. Promptly after receipt by the Swing Line Lender of any telephonic
      Swing Line Loan Notice, the Swing Line Lender will confirm with the
      Administrative Agent (by telephone, electronic mail or in hard-copy writing)
      that the Administrative Agent has also received such Swing Line Loan Notice
      and,
      if not, the Swing Line Lender will notify the Administrative Agent (by
      telephone,
      electronic mail or in hard-copy writing)
      of the
      contents thereof. Unless the Swing Line Lender has received notice (by
      telephone,
      electronic mail or in hard-copy writing)
      from
      the Administrative Agent (including at the request of any Lender) prior to
      2:30
      p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing
      Line Lender not to make such Swing Line Loan as a result of the limitations
      set
      forth in the proviso to the first sentence of Section
      2.04(a),
      or (B)
      that one or more of the applicable conditions specified in Article
      V
      is not
      then satisfied, then, subject to the terms and conditions hereof, the Swing
      Line
      Lender will, not later than 3:00 p.m. on the borrowing date specified in such
      Swing Line Loan Notice, make the amount of its Swing Line Loan available to
      the
      Borrower in immediately available funds.”

    

    (k) Section 2.04(c)(i).
      The
      second sentence of Section 2.04(c)(i) of the Credit Agreement is hereby
      deleted in its entirety and replaced by the following:

    

    “Such
      request shall be made in writing (which written request shall be deemed to
      be a
      Committed Loan Notice for purposes hereof) and in accordance with the
      requirements of Section
      2.02,
      without
      regard to the minimum and multiples specified therein for the principal amount
      of Base Rate Loans, but subject to the unutilized portion of the Aggregate
      Revolving Commitments and the conditions set forth in Section
      5.02.”

    

    (l) Section 2.04(c)(iii).
      Section 2.04(c)(iii) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(iii) If
      any
      Lender fails to make available to the Administrative Agent for the account
      of
      the Swing Line Lender any amount required to be paid by such Lender pursuant
      to
      the foregoing provisions of this Section
      2.04(c)
      by the
      time specified in Section
      2.04(c)(i),
      the
      Swing Line Lender shall be entitled to recover from such Lender (acting through
      the Administrative Agent), on demand, such amount with interest thereon for
      the
      period from the date such payment is required to the date on which such payment
      is immediately available to the Swing Line Lender at a rate per annum equal
      to
      the greater of the Federal Funds Rate and a rate determined by the Swing Line
      Lender in accordance with banking industry rules on interbank compensation,
      plus
      any administrative, processing or similar fees customarily charged by the Swing
      Line Lender in connection with the foregoing. A certificate of the Swing Line
      Lender submitted to any Lender (through the Administrative Agent) with respect
      to any amounts owing under this clause (iii) shall be conclusive absent manifest
      error.”

    

    (m) Section 2.05(a)(iii).
      Section 2.05(a) of the Credit Agreement is hereby amended by adding the
      following at the end of such section:

    

    “(iii) All
      notices required by this clause (a) may be delivered by electronic
      mail, facsimile or in hard-copy writing.”

    

    (n) Section 2.06(b).

    

    (i) The
      first
      paragraph of Section 2.06(b) of the Credit Agreement is hereby deleted in
      its entirety and replaced by the following:

    

    “(b) Voluntary
      Increases.
      Following
      the First Amendment Effective Date, the Aggregate Revolving Commitments and/or
      the Total TL Outstandings may, at the option of the Borrower, be increased
      by an
      aggregate amount of up to $200,000,000 (with the total amount of such increases
      (to the extent less than $200,000,000) and the requested allocation of such
      increases between the Aggregate Revolving Commitments and/or the Total TL
      Outstandings to be at the option of the Borrower (provided, that increases
      to
      either of the Aggregate Revolving Commitments or the Total TL Outstandings
      shall
      be in an
      aggregate amount of $25,000,000 or any whole multiple of $5,000,000 in excess
      thereof))
      if:”

    

    (ii) Section 2.06(b)(i)
      of the Credit Agreement is hereby deleted in its entirety and replaced by the
      following:

    

    “(i) to
      the
      extent it desires to increase one or both of the Aggregate Revolving Commitments
      or the Total TL Outstandings, the Borrower shall request such increase(s) in
      writing to the Administrative Agent and shall specify therein the amount(s)
      of
      its requested increase(s) and allocation thereof between the Aggregate Revolving
      Commitments and/or the Total TL Outstandings;”

    

    (iii) The
      penultimate paragraph of Section 2.06(b) of the Credit Agreement is hereby
      deleted in its entirety and replaced by the following:

    

    “Notwithstanding
      anything contained herein to the contrary, the Borrower may make a request
      for
      increase (whether with respect to the Aggregate Revolving Commitments, the
      Total
      TL Outstandings or both) pursuant to this Section
      2.06(b)
      not more
      than four (4) times during the term of the Agreement.”

    

    (o) Section 2.06(c).
      Section 2.06(c) of the Credit Agreement is hereby amended by adding the
      following at the end of such section:

    

    “All
      notices deliverable pursuant to this Section
      2.06
      may be
      delivered by electronic
      mail, facsimile or in hard-copy writing.”

    

    (p) Section 2.07(c).
      Section 2.07(c) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(c) Swing
      Line Loans.
      The
      Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the
      demand of the Swing Line Lender, (ii) the date that is three (3) Business Days
      after such Loan is made and (iii) the Revolver Maturity Date.”

    

    (q) Section 2.09(a).
      Section 2.09(a) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(a) Unused
      Fees.
      The
      Borrower shall, for each calendar quarter (or portion thereof) ending during
      the
      term commencing as of the First Amendment Effective Date and ending as of the
      last day of the Availability Period, pay to the Administrative Agent for the
      account of each Lender holding a Revolving Commitment as of the end of such
      period (in accordance with such Lender’s Applicable Percentage of the Aggregate
      Revolving Commitments as of such date) an unused fee (the “Unused
      Fee”)
      in an
      amount equal to (i) a rate equal to 20 basis points per annum (calculated based
      on the total number of days in the applicable period), multiplied
      by (ii)
      (A) an amount equal to (1) the sum of the Aggregate Revolving Commitments as
      of
      the beginning of each day during the applicable period, less
      (2) the
      sum of the Total Revolving Outstandings as of the beginning of each day during
      such period, divided
      by (B)
      the number of days in such period. The unused fee shall accrue at all times
      during the term of this Agreement for which there exist any Revolving
      Commitments, including at any time during which one or more of the conditions
      in
Article V
      is not
      met, and shall be due and payable quarterly in arrears on the last Business
      Day
      of each March, June, September and December, commencing with the first such
      date
      to occur after the First Amendment Effective Date, and on the last day of the
      Availability Period.”

    

    (r) Section 2.12(b)(i).
      Section 2.12(b)(i) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(b) (i)
      Funding
      by Lenders; Presumption by Administrative Agent.
      Unless
      the Administrative Agent shall have received notice from a Lender prior to
      the
      proposed date of any Committed Borrowing that such Lender will not make
      available to the Administrative Agent such Lender’s share of such Committed
      Borrowing, the Administrative Agent may assume that such Lender has made such
      share available on such date in accordance with Section
      2.02
      and may,
      in reliance upon such assumption, make available to the Borrower a corresponding
      amount. In such event, if a Lender has not in fact made its share of the
      applicable Committed Borrowing available to the Administrative Agent, then
      the
      applicable Lender and the Borrower severally agree to pay to the Administrative
      Agent forthwith on demand such corresponding amount in immediately available
      funds with interest thereon, for each day from and including the date such
      amount is made available to the Borrower to but excluding the date of payment
      to
      the Administrative Agent, at (A) in the case of a payment to be made by such
      Lender, the greater of the Federal Funds Rate and a rate determined by the
      Administrative Agent in accordance with banking industry rules on interbank
      compensation, plus any administrative, processing or similar fees customarily
      charged by the Administrative Agent in connection with the foregoing and (B)
      in
      the case of a payment to be made by the Borrower, the interest rate applicable
      to Base Rate Revolving Loans. If the Borrower and such Lender shall pay such
      interest to the Administrative Agent for the same or an overlapping period,
      the
      Administrative Agent shall promptly remit to the Borrower the amount of such
      interest paid by the Borrower for such period. If such Lender pays its share
      of
      the applicable Committed Borrowing to the Administrative Agent, then the amount
      so paid shall constitute such Lender’s Loan included in such Committed
      Borrowing. Any payment by the Borrower shall be without prejudice to any claim
      the Borrower may have against a Lender that shall have failed to make such
      payment to the Administrative Agent.”

    

    (s) Section 6.05(e).
      Section 6.05 of the Credit Agreement is hereby amended by adding the
      following at the end of such section:

    

    “(e) To
      the
      best knowledge of the Borrower, no Internal Control Event exists or has occurred
      since the date of the Audited Financial Statements that has resulted in or
      could
      reasonably be expected to result in a misstatement in any material respect,
      in
      any financial information delivered or to be delivered to the Administrative
      Agent or the Lenders, of (i) covenant compliance calculations provided hereunder
      or (ii) the assets, liabilities, financial condition or results of operations
      of
      the Borrower and its Subsidiaries on a consolidated basis.”

    

    (t) Section 6.27.
      Article VI of the Credit Agreement is hereby amended by adding the
      following at the end of such article:

    

    “6.27 Taxpayer
      Identification Number.

    

    The
      true
      and correct U.S. taxpayer identification number of the Borrower and each other
      Loan Party is set forth on Schedule
      6.27
      (as of
      the most recent update thereof in accordance with Section
      7.02(d)
      or as
      otherwise updated as of the date any Person becomes a Loan Party
      hereunder).”

    

    (u) Section 7.01.
      Section 7.01 of the Credit Agreement is hereby deleted in its entirety and
      replaced by the following:

    

    “7.01 Financial
      Statements.

    

    Deliver
      to the Administrative Agent, in form and detail reasonably satisfactory to
      the
      Administrative Agent:

    

    (a) as
      soon
      as available, but in any event within ninety (90) days after the end of each
      fiscal year of the Borrower (commencing with the fiscal year ended December
      31,
      2006), a consolidated balance sheet of the Consolidated Parties as at the end
      of
      such fiscal year, and the related consolidated statements of income or
      operations, shareholders’ equity and cash flows for such fiscal year, setting
      forth in each case in comparative form the figures for the previous fiscal
      year,
      all in reasonable detail and prepared in accordance with GAAP, such consolidated
      statements to be audited and accompanied by (i) a report and opinion of an
      independent certified public accountant of nationally recognized standing
      reasonably acceptable to the Required Lenders (a “Registered
      Public Accounting Firm”),
      which
      report and opinion shall be prepared in accordance with generally accepted
      auditing standards and applicable Securities Laws and shall not be subject
      to
      any “going concern” or like qualification or exception or any qualification or
      exception as to the scope of such audit (provided, that to the extent any
      components of such consolidated financial statements relating to a prior fiscal
      period are separately audited by different Registered Public Accounting Firms,
      the audit report of any such Registered Public Accounting Firm delivered
      pursuant hereto may contain qualifications or exceptions as to scope of such
      consolidated financial statements as they relate to such components audited
      by
      other Registered Public Accounting Firms) and (ii) an opinion of such Registered
      Public Accounting Firm independently assessing the Borrower’s internal controls
      over financial reporting in accordance with, and to the extent required by,
      Sarbanes-Oxley and for so long as Sarbanes-Oxley is in effect; and

    

    (b) as
      soon
      as available, but in any event within forty-five (45) days after the end of
      each
      of the first three fiscal quarters of each fiscal year of the Borrower
      (commencing with the fiscal quarter ended September 30, 2006), a consolidated
      balance sheet of the Consolidated Parties as at the end of such fiscal quarter,
      and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal quarter and for the portion of the fiscal
      year then ended, setting forth in each case in comparative form the figures
      for
      the corresponding fiscal quarter of the previous fiscal year and the
      corresponding portion of the previous fiscal year, all in reasonable detail,
      such consolidated statements to be certified by a Responsible Officer of the
      Borrower as fairly presenting the financial condition, results of operations,
      shareholders’ equity and cash flows of the Consolidated Parties in accordance
      with GAAP, subject only to normal year-end audit adjustments and the absence
      of
      footnotes.

    

    As
      to any
      information contained in materials furnished pursuant to Section
      7.02(g),
      the
      Borrower shall not be separately required to furnish such information under
      clause (a) or (b) above, but the foregoing shall not be in derogation of the
      obligation of the Borrower to furnish the information and materials described
      in
      clauses (a) and (b) above at the times specified therein.”

    

    (v) Section 7.02(b).
      Section 7.02(b) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(b) concurrently
      with the delivery of the financial statements referred to in Sections 7.01(a)
      and
(b),
      a duly
      completed Compliance Certificate signed by a Responsible Officer of the Borrower
      (including an update to Schedule
      5.01(n)
      and
Schedule
      6.27);”

    

    (w) Section 7.03(f).
      Section 7.03 of the Credit Agreement is hereby amended by adding the
      following at the end of such section:

    

    “(f) Promptly
      upon any Responsible Officer obtaining knowledge thereof notify the
      Administrative Agent of the determination by the Registered Public Accounting
      Firm providing the opinion required under Section
      7.01(a)(ii)
      (in
      connection with its preparation of such opinion) or the Borrower’s determination
      at any time of the occurrence or existence of any Internal Control
      Event.”

    

    (x) Section 8.02(l).
      Section 8.02(l) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(l) Investments
      constituting the acquisition of Real Property or mortgages secured by real
      property (including leasehold) interests, in each case, in the ordinary course
      of business; provided, that (i) any such Investments shall be with respect
      to
      Real Property or real estate located in the United States of America except
      to
      the extent approved by the Administrative Agent in writing (such approval to
      be
      granted or withheld in the reasonable discretion of the Administrative Agent)
      and (ii) Investments in Real Properties constituting Development Properties
      shall be subject to the limitations set forth in clause (h) above;”

    

    (y) Section 8.03(n).
      Section 8.03(n) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(n) secured
      purchase money Indebtedness (including Capitalized Leases) that is Non-Recourse
      Indebtedness (other than with respect to recourse to the asset being financed
      with such purchase money Indebtedness) incurred by any Loan Party if such
      Indebtedness does not exceed the lower of the fair market value or the cost
      of
      the applicable assets on the date acquired;”

    

    (z) Proviso
      at the end of Section 8.03.
      The
      proviso at the end of Section 8.03 of the Credit Agreement is hereby
      deleted in its entirety and replaced by the following:

    

    “provided,
      however,
      that
      notwithstanding the foregoing, the Borrowing Base Entities shall not, at any
      time, incur or otherwise be liable for any Indebtedness (whether Secured
      Indebtedness or Unsecured Indebtedness) other than (x) Indebtedness of the
      type
      permitted under clause (g) above incurred by any such Borrowing Base Entity
      in
      its capacity as an Originator, servicer or guarantor in connection with any
      Permitted Securitization Transfer or Securitization Transaction Documents;
      (y)
      Indebtedness hereunder and under the other Loan Documents, and (z) Indebtedness
      secured by Permitted Liens of the type described in clauses (c), (d), (g),
      (j),
      (k) and/or (o)(ii) of Section
      8.01.”

    

    (aa) Section 8.05(a)(ii).
      Section 8.05(a)(ii) of the Credit Agreement is hereby deleted in its
      entirety and replaced by the following:

    

    “(ii) Intentionally
      Omitted.”

    

    (bb) Section 8.11(a).
      Section 8.11(a) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(a) Consolidated
      Leverage Ratio.
      Permit
      the Consolidated Leverage Ratio as of the end of any Calculation Period to
      be
      greater than 0.65x.”

    

    (cc) Section 8.11(b).
      Section 8.11(b) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(b) Consolidated
      Tangible Net Worth.
      Permit
      Consolidated Tangible Net Worth as of the end of any Calculation Period to
      be
      less than the
      sum
      of (i) $750,000,000, plus (ii) an
      amount
      equal to 85% of the Net Proceeds of any Equity Issuance(s) by the Consolidated
      Parties issued after the First Amendment Effective Date and prior to the end
      of
      such period (other than any such Net Proceeds received from a Consolidated
      Party).”

    

    (dd) Section 8.11(c).
      Section 8.11(c) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(c) Consolidated
      Fixed Charge Coverage Ratio.
      Permit
      the Consolidated Fixed Charge Coverage Ratio for any Calculation Period to
      be
      less than: (i) for each Calculation Period ending on or prior to March 31,
      2008,
      1.20x; and (ii) for each other Calculation Period, 1.30x.”

    

    (ee) Section 8.11(d).
      Section 8.11(d) of the Credit Agreement is hereby deleted in its entirety
      and replaced by the following:

    

    “(d) Secured
      Debt to Consolidated Total Tangible Assets Ratio.
      Permit,
      as of the end of any Calculation Period, the ratio of the Secured Indebtedness
      of the Consolidated Parties to Consolidated Total Tangible Assets to be greater
      than 0.45x.”

    

    (ff) Section 11.02(e).
      Section 11.02 of the Credit Agreement is hereby amended by adding the
      following at the end of such section:

    

    “(e) The
      Platform.
      THE
      PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
      BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS
      OR
      THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN
      OR
      OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
      OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
      PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
      VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH
      THE
      BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent
      or any of its Related Parties (collectively, the “Agent
      Parties”)
      have
      any liability to the Borrower, any Lender, the L/C Issuer or any other Person
      for losses, claims, damages, liabilities or expenses of any kind (whether in
      tort, contract or otherwise) arising out of the Borrower’s or the Administrative
      Agent’s transmission of Borrower Materials through the Internet, except to the
      extent that such losses, claims, damages, liabilities or expenses are determined
      by a court of competent jurisdiction by a final and nonappealable judgment
      to
      have resulted from the gross negligence or willful misconduct of such Agent
      Party; provided,
      however,
      that in
      no event shall any Agent Party have any liability to the Borrower, any Lender,
      the L/C Issuer or any other Person for indirect, special, incidental,
      consequential or punitive damages (as opposed to direct or actual
      damages).”

    

    (gg) Section 11.18.
      Article XI of the Credit Agreement is hereby amended by adding the
      following at the end of such article:

    

    “11.18 No
      Advisory or Fiduciary Responsibility.

    

    In
      connection with all aspects of each transaction contemplated hereby, the
      Borrower and each other Loan Party acknowledges and agrees, and acknowledges
      its
      Affiliates’ understanding, that: (i) the credit facilities provided for
      hereunder and any related arranging or other services in connection therewith
      (including in connection with any amendment, waiver or other modification hereof
      or of any other Loan Document) are an arm’s-length commercial transaction
      between the Borrower, each other Loan Party and their respective Affiliates,
      on
      the one hand, and the Administrative Agent and the Arranger, on the other hand,
      and the Borrower and each other Loan Party is capable of evaluating and
      understanding and understands and accepts the terms, risks and conditions of
      the
      transactions contemplated hereby and by the other Loan Documents (including
      any
      amendment, waiver or other modification hereof or thereof); (ii) in connection
      with the process leading to such transaction, the Administrative Agent and
      the
      Arranger each is and has been acting solely as a principal and is not the
      financial advisor, agent or fiduciary, for the Borrower, any other Loan Party
      or
      any of their respective Affiliates, stockholders, creditors or employees or
      any
      other Person; (iii) neither the Administrative Agent nor the Arranger has
      assumed or will assume an advisory, agency or fiduciary responsibility in favor
      of the Borrower or any other Loan Party with respect to any of the transactions
      contemplated hereby or the process leading thereto, including with respect
      to
      any amendment, waiver or other modification hereof or of any other Loan Document
      (irrespective of whether the Administrative Agent or the Arranger has advised
      or
      is currently advising the Borrower, any other Loan Party or any of their
      respective Affiliates on other matters) and neither the Administrative Agent
      nor
      the Arranger has any obligation to the Borrower, any other Loan Party or any
      of
      their respective Affiliates with respect to the transactions contemplated hereby
      except those obligations expressly set forth herein and in the other Loan
      Documents; (iv) the Administrative Agent and the Arranger and their respective
      Affiliates may be engaged in a broad range of transactions that involve
      interests that differ from those of the Borrower, the other Loan Parties and
      their respective Affiliates, and neither the Administrative Agent nor the
      Arranger has any obligation to disclose any of such interests by virtue of
      any
      advisory, agency or fiduciary relationship; and (v) the Administrative Agent
      and
      the Arranger have not provided and will not provide any legal, accounting,
      regulatory or tax advice with respect to any of the transactions contemplated
      hereby (including any amendment, waiver or other modification hereof or of
      any
      other Loan Document) and each of the Borrower and the other Loan Parties has
      consulted its own legal, accounting, regulatory and tax advisors to the extent
      it has deemed appropriate. Each of the Borrower and the other Loan Parties
      hereby waives and releases, to the fullest extent permitted by law, any claims
      that it may have against the Administrative Agent and the Arranger with respect
      to any breach or alleged breach of agency or fiduciary duty.”

    

    (hh) Section 11.19.
      Article XI of the Credit Agreement is hereby amended by adding the
      following at the end of such article:

    

    “11.19 New
      Schedule 6.27.
      

    

    The
      Borrower shall prepare Schedule
      6.27
      for
      inclusion in the Credit Agreement and shall deliver the same to the
      Administrative Agent prior to the First Amendment Effective Date. Such
Schedule 6.27
      shall be
      in the form attached to the First Amendment as Exhibit
      A.
      Upon
      acceptance of such Schedule 6.27
      by the
      Administrative Agent, such schedule shall be included in the Credit
      Agreement.

    

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

    

    (a) a
      counterpart of this First Amendment duly executed by each of the Borrower,
      the Guarantors, the Required Lenders and the Administrative Agent;
      provided, notwithstanding the foregoing, the amendment to the definition of
      “Applicable Margin” (referenced in Section 1 of this First Amendment) shall
      not be effective unless and until this First Amendment is executed by each
      of
      the Borrower,
      the Guarantors, each of the Lenders holding Revolving Loans and the
      Administrative Agent;

    

    (b) such
      certificates of resolutions or other action, incumbency certificates and/or
      other certificates of Responsible Officers of each Loan Party as the
      Administrative Agent may reasonably require evidencing the identity, authority
      and capacity of each Responsible Officer thereof authorized to act as a
Responsible
      Officer
      in connection with this First Amendment and the other Loan Documents to which
      such Loan Party is a party;

    

    (c) The
      Administrative Agent shall have received a duly completed Compliance Certificate
      as of the First
      Amendment Effective
      Date
      prepared on a Pro Forma Basis and based on information obtained as of
      June 30, 2006, signed by a Responsible Officer of the Borrower,
      giving
      effect, on a Pro Forma Basis, to all material Acquisitions, Dispositions, Debt
      Issuances and/or Equity Issuances which may have occurred prior to the First
      Amendment Effective Date;

    

    (d) a
      legal
      opinion
      of Sidley Austin LLP, counsel
      for the Loan Parties;

    

    (e) payment
      by Borrower of (i) any fees required by the Fee Letter, (ii) all other
      reasonable outstanding fees and expenses of the Administrative Agent and the
      Administrative Agent’s counsel incurred in connection with the preparation of
      this First Amendment which are due and payable as of the date hereof, (iii)
      all
      other
      reasonable fees and expenses relating to the preparation, execution and delivery
      of this First Amendment or otherwise related to the Credit Agreement or the
      Loan
      Documents which are due and payable as of the date hereof, including, without
      limitation, payment to the Administrative
      Agent
      of
      reasonable attorneys’ fees, consultants’ fees, travel expenses, all fees and
      expenses associated with prior transactions entered into or contemplated by
      and
      between Borrower and the Administrative
      Agent
      in
      connection with the Credit Agreement and (iv) all other reasonable fees and
      expenses due and then-owing from the Borrower to the Administrative
      Agent
      and
      Lenders pursuant to the terms hereof, the terms of the Credit Agreement and
      the
      terms of the other Loan Documents, in the case of each of clauses (i), (ii),
      (iii) and (iv) as shall have been set forth in one or more invoices therefore
      delivered to the Borrower prior to the closing with respect to this First
      Amendment; and

    

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

    

    3. Representations.
      The
      Borrower and each of the Guarantors collectively represent and warrant to the
      Administrative Agent and the Lenders as follows:

    

    (a) Authorization.
      The
      Borrower and
      each
      of the Guarantors, respectively,
      has the
      right and power and has obtained all authorizations necessary to execute and
      deliver this First Amendment and to perform its respective obligations hereunder
      and under the Credit Agreement, as amended by this First Amendment, in
      accordance with their respective terms. This First Amendment has been duly
      executed and delivered by a duly authorized officer of the Borrower and each
      Guarantor, respectively, and each of this First Amendment and the Credit
      Agreement, as amended by this First Amendment, is a legal, valid and binding
      obligation of the Borrower and each Guarantor (each as applicable), enforceable
      against the Borrower and each Guarantor (each as applicable) in accordance
      with
      its respective terms, except as the same may be limited by applicable Debtor
      Relief Laws and by equitable principles generally (whether enforcement is sought
      by proceedings in equity or at law).

    

    (b) Compliance
      with Laws, etc.
      The
      execution and delivery by the Borrower and each of the Guarantors of this First
      Amendment and the performance by the Borrower and/or the Guarantors of this
      First Amendment and the Credit Agreement, as amended by this First Amendment,
      in
      accordance with their respective terms, does not and will not, by the passage
      of
      time, the giving of notice or otherwise: (i) require any approval (other than
      those already obtained) by any Governmental Authority or violate any law
      (including any Environmental Laws) which is applicable to the Borrower, any
      Guarantors, the Loan Documents or the transactions contemplated herein or
      therein; (ii) conflict with, result in a breach of or constitute a default
      under
      the Organization Documents of the Borrower or any of the Guarantors or any
      Material Contractual Obligation to which the Borrower or any of the Guarantors
      or is a party or by which it or any of its respective properties may be bound;
      or (iii) result in or require the creation or imposition of any Lien under
      any
      Material Contractual Obligation upon or with respect to any property now owned
      or hereafter acquired by the Borrower or any Guarantor other than in favor
      of
      the Administrative Agent for the benefit of the Lenders.

    

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

    

    4. Reaffirmation
      of Representations.
      The
      Borrower and each of the Guarantors hereby repeat and reaffirm in all material
      respects all representations and warranties made by such party to the
      Administrative Agent and the Lenders in the Credit Agreement and the other
      Loan
      Documents to which it is a party on and as of the date hereof (other than any
      representation or warranty expressly relating to an earlier date) with the
      same
      force and effect as if such representations and warranties were set forth in
      this First Amendment in full except to the extent of changes resulting from
      matters permitted under the Loan Documents or other changes in the ordinary
      course of business not having a Material Adverse Effect.

    

    5. Reaffirmation
      of Guaranty.
      Each of
      the Guarantors hereby reaffirms its continuing guaranty obligations to the
      Administrative Agent and the Lenders under the Credit Agreement and agrees
      that
      the transactions contemplated by this First Amendment shall not in any way
      affect the validity and enforceability of their respective guaranty obligations
      thereunder or reduce, impair or discharge the obligations of such Guarantors
      thereunder.

    

    6. Severability.
      If any
      provision of any of this First Amendment or of the Credit Agreement, as amended
      hereby, is determined to be illegal, invalid or unenforceable, such provision
      shall be fully severable and the remaining provisions shall remain in full
      force
      and effect and shall be construed without giving effect to the illegal, invalid
      or unenforceable provisions.

    

    7. Certain
      References.
      Each
      reference to the Credit Agreement in any of the Loan Documents shall be deemed
      to be a reference to the Credit Agreement as amended by this First Amendment,
      and this First Amendment shall be deemed a Loan Document for purposes of the
      application of provisions of the Credit Agreement generally applicable thereto
      (including, without limitation, any arbitration provisions or waiver
      provisions).

    

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

    

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

    

    10. No
      Novation.
      The
      parties hereto intend this First Amendment to evidence the amendments to the
      terms of the existing indebtedness of the Borrower and Guarantors to the Lenders
      as specifically set forth herein and do not
      intend
      for such amendments to constitute a novation in any manner
      whatsoever.

    

    11. GOVERNING
      LAW.
      THIS
      FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
      LAWS
      OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
      PERFORMED, IN SUCH STATE.

    

    12. No
      Implied Agreements.
      Except
      as
      expressly herein amended, the terms and conditions of the Credit Agreement
      and
      the other Loan Documents remain in full force and effect. The amendments
      contained herein shall be deemed to have prospective application only, unless
      otherwise specifically stated herein.

    

    13. Counterparts. This
      First Amendment may be executed in any number of counterparts, each of which
      when so executed and delivered shall be an original, but all of which shall
      constitute one and the same instrument. It shall not be necessary in making
      proof of this First Amendment to produce or account for more than one such
      counterpart for each of the parties hereto. Delivery by facsimile by any of
      the
      parties hereto of an executed counterpart of this First Amendment shall be
      as
      effective as an original executed counterpart hereof and shall be deemed a
      representation that an original executed counterpart hereof will be delivered.
      Each
      counterpart hereof shall be deemed to be an original and shall be binding upon
      all parties, their successors and assigns.

    

    14. Binding
      Effect.
      This
      First Amendment shall become effective as of the date set forth in the
      introductory paragraph hereof (the “First
      Amendment Effective Date”)
      at
      such time when: (a) all of the conditions set forth in Section 2 hereof have
      been satisfied or waived by the Required Lenders; (b) this First Amendment
      shall
      have been executed by the Borrower, the Guarantors and the Administrative Agent;
      and (c) the Administrative Agent shall have received copies hereof (telefaxed
      or
      otherwise) which, when taken together, bear the signatures of the Required
      Lenders. Thereafter, this First Amendment shall be binding upon and inure to
      the
      benefit of the Borrower, the Guarantors, the Administrative Agent and each
      Lender and their respective successors and assigns.

    

    15. Definitions.
      All
      capitalized terms not otherwise defined herein are used herein with the
      respective definitions given them in the Credit Agreement, as amended hereby.
      The interpretive provisions set forth in Sections
      1.02
      and
1.03
      of the
      Credit Agreement shall apply to this First Amendment as though set forth
      herein.

    

    [Remainder
      of Page Left Intentionally Blank - Signature Pages Follow]

    

    

    
      
        
          CHAR1\909716v6

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    IN
      WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
      First Amendment to be duly executed and delivered as of the date written
      above.

    

    

    
      	
              BORROWER:

            	
              TRUSTREET
                PROPERTIES, INC.

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford

              Title: Secretary    

            
	
              GUARANTORS:

            	
              CFD
                HOLDINGS II, LLC

               

              By: RESTAURANT
                ASSETS, LLC,
                as Member

               

              By: CNL
                FINANCIAL LP HOLDING, LP,
                as Member

               

              By: CNL
                FINANCIAL GP HOLDING CORP.,
                as General Partner

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                APF GP CORP.

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              CNL
                APF PARTNERS, L.P.

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              CNL
                FINANCIAL GP HOLDING CORP.

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                FINANCIAL LP HOLDING, LP

               

              By: CNL
                FINANCIAL GP HOLDING CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                FINANCIAL SERVICES GP CORP.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                Steven D. Shackelford

              Title:
                Secretary

            
	 	
              CNL
                FINANCIAL SERVICES, LP

               

              By: CNL
                FINANCIAL SERVICES GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                Steven D. Shackelford

              Title:
                Secretary

            
	 	
              CNL
                RESTAURANT ADVISORS, INC.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                RESTAURANT CAPITAL CORP.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                RESTAURANT CAPITAL GP CORP.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                RESTAURANT CAPITAL, LP

               

              By: CNL
                RESTAURANT CAPITAL GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                RESTAURANT DEVELOPMENT, INC.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              CNL
                RESTAURANT INVESTMENTS, INC.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              TRUSTREET
                BROKERAGE SERVICES, INC.,

              FORMERLY
                CNL RESTAURANT SERVICES, INC.

               

               

               

              By:
                 /s/
                Peter John Behr   

              Name:
                Peter John Behr

              Title:
                President

            
	 	
              FUEL
                SUPPLY, INC.

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              NORTH
                AMERICAN RESTAURANT MANAGEMENT, INC.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              RAI
                RESTAURANTS, INC.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              REAL
                ESTATE HOLDINGS I, LLC

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              REAL
                ESTATE HOLDINGS II, LLC

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              RESTAURANT
                ASSETS, LLC

               

              By: CNL
                FINANCIAL LP HOLDING, LP,
                as Member

               

              By: CNL
                FINANCIAL GP HOLDING CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              USRP
                (BOB), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (DEEDEE), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (DON), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (FAIN 10), L.P.

               

              By: USRP
                GP8, LLC,
                as General Partner

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (FRED), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (GANT1), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (GANT2), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (HAWAII), LLC

               

              By: USRP
                HOLDING CORP.,
                as Manager

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            
	 	
              USRP
                (JENNIFER), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (KATY), L.P.

               

              By: USRP
                GP8, LLC,
                as General Partner

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (MINNESOTA), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (SARAH), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (STEVE), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                (SYBRA), LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                GP8, LLC

               

              By: CNL
                APF PARTNERS, LP,
                as Manager

               

              By: CNL
                APF GP CORP.,
                as General Partner

               

               

               

              By:
                 /s/
                Rosemary Q. Mills   

              Name:
                 Rosemary
                Q. Mills   

              Title: Senior
                Vice President   

            
	 	
              USRP
                HOLDING CORP.

               

               

               

              By:
                 /s/
                Steven D. Shackelford   

              Name:
                 Steven
                D. Shackelford   

              Title: Secretary    

            

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ADMINISTRATIVE
      AGENT/LENDERS:

    

    BANK
      OF AMERICA, N.A.,
      as

    Administrative
      Agent, L/C Issuer and Swing Line Lender

    

    

    By:
       /s/
      Mark Lariviere    

     

    Name:
       Mark
      Lariviere     

    Title:
       Senior
      Vice President    

    

    

    

    BANK
      OF AMERICA, N.A.,
      as a
      Lender 

    

    

    By:
       /s/
      Mark Lariviere    

    Name:
       Mark
      Lariviere     

    Title:
       Senior
      Vice President    

    

    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    KEYBANK,
      NATIONAL ASSOCIATION,
      in its
      capacity as a Lender and in its capacity as Syndication Agent

    

    

    By:
       /s/
      Daniel P. Stegemoeller   

    Name:
       Daniel
      P. Stegemoeller   

    Title:
       Sr.
      Banker    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    CREDIT
      SUISSE, CAYMAN ISLANDS BRANCH (formerly
      known as Credit Suisse First Boston,
      acting
      through its Cayman Islands Branch), in its capacity as a Lender and in its
      capacity as Documentation Agent

    

    

    By:
       /s/
      Bill O’Daly    

    Name:
       Bill
      O’Daly    

    Title:
       Director     

    

    

    By:
       /s/
      Rianka Mohen    

    Name:
       Rianka
      Mohen    

    Title:
       Associate    

    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SOCIETE
      GENERALE,
      in its
      capacity as a Lender and in its capacity as Documentation Agent

    

    

    By:
       /s/
      C.H. Butterworth   

    Name:
       C.H.
      Butterworth    

    Title:
       Director     

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      in its
      capacity as a Lender and in its capacity as Documentation Agent

    

    

    By:
       /s/
      Wesley G. Carter   

    Name:
       Wesley
      G. Carter    

    Title:
       Director     

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EMIGRANT
      BANK,
      in its
      capacity as a Lender

    

    

    By:
       /s/
      Patricia Goldstein   

    Name:
       Patricia
      Goldstein    

    Title:
       Senior
      Executive Vice President  

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WELLS
      FARGO BANK, N.A.,
      in its
      capacity as a Lender

    

    

    By:
       /s/
      Randy Mellott    

    Name:
       Randy
      Mellott    

    Title:
       Director     

    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MERRILL
      LYNCH CAPITAL,
      a
      division of Merrill Lynch Business Financial Services, Inc., in its capacity
      as
      a Lender

    

    

    By:
       /s/
      Angela M. Fabus   

    Name:
       Angela
      M. Fabus    

    Title:
       Vice
      President    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    PNC
      BANK, N.A.,
      in its
      capacity as a Lender

    

    

    By:
      /s/
      Tracy L. Kochanowski    

    Name:
       Tracy
      L. Kochanowski   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CATHAY
      UNITED BANK,
      in its
      capacity as a Lender

    

    

    By:
       /s/
      Christina Yuan   

    Name:
       Christina
      Yuan    

    Title:
       AVP/Deputy
      General Manager  

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COMPASS
      BANK,
      in its
      capacity as a Lender

    

    

    By:
       /s/
      Johanna Duke Paley   

    Name:
       Johanna
      Duke Paley   

    Title:
       Senior
      Vice President   

    

    

    

    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RAYMOND
      JAMES BANK, FSB,
      in its
      capacity as a Lender

    

    

    By:
       /s/
      Thomas G. Scott   

    Name:
       Thomas
      G. Scott    

    Title:
       Vice
      President    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    AMMC
      CLO
      V., LIMITED

    American
      Money management Corp., as Collateral Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Chester M. Eng   

    Name:
       Chester
      M. Eng    

    Title:
       Senior
      Vice President   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    BLACK
      DIAMOND CLO 2005-1 LTD.

    Black
      Diamond Capital Management, L.L.C.

    as
      its
      Collateral Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James J. Zenni, Jr.   

    Name:
       James
      J. Zenni, Jr.   

    Title:
       President
      & Managing Partner  

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    BLACK
      DIAMOND CLO 2005-2 LTD.

    Black
      Diamond Capital Management, L.L.C. as its Collateral Manager 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James J. Zenni, Jr.   

    Name:
       James
      J. Zenni, Jr.   

    Title:
       President
      & Managing Parnter  

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    

    BLACK
      DIAMOND INTERNATIONAL FUNDING, LTD.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Alan Corkish    

    Name:
       Alan
      Corkish    

    Title:
       Director     

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    BLUE
      SQUARE FUNDING LIMITED SERIES 3

    DB
      Services New Jersey, Inc.   

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Alice L. Wagner   

    Name:
       Alice
      L. Wagner    

    Title:
       Vice
      President    

    

    By:
       /s/
      Deborah O’Keeffe   

    Name:
       Deborah
      O’Keeffe   

    Title:
       Vice
      President    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE CDO III, LTD.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE CDO VI, LTD.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE CDO VII, PLC.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE CDO VIII, LTD.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE FLOATING RATE INCOME TRUST

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE INSTITUTIONAL SENIOR LOAN FUND

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE LIMITED DURATION INCOME FUND.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE SENIOR FLOATING RATE TRUST

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE SENIOR INCOME TRUST

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE SENIOR DURATION DIVERSIFIED INCOME FUND

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE VARIABLE LEVERAGE FUND LTD.

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    EATON
      VANCE VT FLOATING RATE INCOME FUND

    Eaton
      Vance Management as Investment Advisor 

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Elf
      Funding Trust I

    Highland
      Capital management, LP., As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Emerald
      Orchard Limited    

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Neam Ahmed    

    Name:
       Neam
      Ahmed    

    Title:
       Authorized
      Signatory   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Gleneagles
      CLO, Ltd.

    Highland
      Capital Management, L.P., as Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Grayson
      & Co.

    Boston
      Management and Research as Investment Advisor

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

                                   
      LaSalle Bank N.A. as Trustree for H/2 Real Estate CDO 2006-1 Ltd.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael Oliver   

    Name:
       Michael
      Oliver    

    Title:
       Assistant
      Vice President   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    HFT
      Real
      Estate CDO 2006-Q, Ltd.

    Highland
      Capital Management, L.P. As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Highland
      Floating Rate Advantage Fund  

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Joe Dougherty    

    Name:
       Joe
      Dougherty    

    Title:
       Senior
      Vice President   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Highland
      Legacy Limited

    Highland
      Capital Management, L.P., As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer  

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Highland
      Offshore Partners, L.P.

    Highland
      Capital Management, L.P., As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer  

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    ING
      Investment Management CLO I, Ltd.

    ING
      Investment Management Co. as its Investment Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James L. Essert   

    Name:
       James
      L. Essert    

    Title:
       Vice
      President    

    

    

    TERM
      LOAN
      LENDER

    ING
      Prime
      Rate Trust

    ING
      Investment Management Co. as its Investment Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James L. Essert   

    Name:
       James
      L. Essert    

    Title:
       Vice
      President    

    

    

    TERM
      LOAN
      LENDER

    ING
      Senior Income Fund

    ING
      Investment Management Co. as its Investment Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James L. Essert   

    Name:
       James
      L. Essert    

    Title:
       Vice
      President    

    

    TERM
      LOAN
      LENDER

    ING
      International (II) Senior Bank Loans Euro

    ING
      Investment Management Co. as its Investment Manager

    Name
      of
      Bank/Institution

    

    By:
       /s/
      James L. Essert   

    Name:
       James
      L. Essert    

    Title:
       Vice
      President    

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Jasper
      CLO, Ltd.

    Highland
      Capital Management, L.P., As Collateral manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Kingsland
      I, Ltd.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Vincent Siino    

    Name:
       Vincent
      Siino    

    Title:
       Authorized
      Officer   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Kingsland
      II, Ltd.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Vincent Siino    

    Name:
       Vincent
      Siino    

    Title:
       Authorized
      Officer   

    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Linville
      Funding, LLC    

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Anna M. Tallent   

    Name:
       Anna
      M. Tallent    

    Title:
       Assistant
      Vice President   

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Loan
      Star
      State Trust

    Highland
      Capital Management, L.P., As Collateral Manager

    Strand
      Advisors, Inc., Its Investment Advisor

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Pam
      Capital Funding, L.P.

    Highland
      Capital Management, L.P., As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      TERM
        LOAN
        LENDER

       

      Pioneer
        Floating Rate Trust

      Name
        of
        Bank/Institution

      

      By:
         /s/ Joe
        Dougherty   

      Name:  Joe
        Dougherty    

      Title:  Portfolio
        Manager   

    

     

    
 

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Senior
      Debt Portfolio

    Boston
      Management and Research as Investment Advisor

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Michael B. Botthof   

    Name:
       Michael
      B. Botthof   

    Title:
       Vice
      President    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

    Southfork
      CLO, Ltd.

    Highland
      Capital Management, L.P., As Collateral Manager

    Strand
      Advisors, Inc., Its General Partner

    Name
      of
      Bank/Institution

    

    By:
       /s/
      Brian Lohrding   

    Name:
       Brian
      Lohrding    

    Title:
       Treasurer    

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Trimaran
      CLO IV Ltd.    

    Trimaran
      Advisors, L.L.C.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      David M Millison   

    Name:
       David
      M. Millison   

    Title:
       Managing
      Director   

    

    
      
        CHAR1\909716v6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TERM
      LOAN
      LENDER

     

    Trimaran
      CLO V Ltd.    

    Trimaran
      Advisors, L.L.C.

    Name
      of
      Bank/Institution

    

    By:
       /s/
      David M Millison   

    Name:
       David
      M. Millison   

    Title:
       Managing
      Director<Page>

                                                                 Exhibit 10.10

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Agreement is made as of _______ __, 2006 by and between Geneva
Acquisition Corporation (the "COMPANY") and Continental Stock Transfer & Trust
Company ("TRUSTEE").

     WHEREAS, the Company's registration statement on Form S-1, No. 333-________
("REGISTRATION STATEMENT"), for its initial public offering of securities
("IPO") has been declared effective as of the date hereof ("EFFECTIVE DATE") by
the Securities and Exchange Commission (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Registration
Statement); and

     WHEREAS, Ladenburg Thalmann & Co. Inc. ("LTC") is acting as the
representative of the underwriters in the IPO; and

     WHEREAS, as described in the Company's Registration Statement, and in
accordance with the Company's Certificate of Incorporation, $___________of the
gross proceeds of the IPO ($__________ if the underwriters over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the holders of the
Company's common stock, par value $0.0001 per share, issued in the IPO as
hereinafter provided (the amount to be delivered to the Trustee will be referred
to herein as the "PROPERTY"; the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the "PUBLIC STOCKHOLDERS," and
the Public Stockholders and the Company will be referred to together as the
"BENEFICIARIES"); and

     WHEREAS, a portion of the Property consists of $1,350,000 attributable to
underwriting discounts and commissions which LTC has agreed to deposit in the
Trust Account; and

     WHEREAS, a portion of the Property consists of $1,900,000 attributable to
the placement of warrants issued by the Company to certain of its initial
stockholders and LTC; and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the
Property;

     IT IS AGREED:

     1. AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and
covenants to:

          (a) Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement, in a segregated trust account ("TRUST
ACCOUNT") established by the Trustee at a branch of JPMorgan Chase Bank, N.A.
and utilizing a broker selected by the Trustee;

          (b) Manage, supervise and administer the Trust Account subject to the
terms and conditions set forth herein;

          (c) In a timely manner, upon the instruction of the Company, to invest
and reinvest the Property in United States "government securities" within the
meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a
maturity of one hundred and eighty days or less, and/or in any open ended
investment company registered under the Investment Company Act of 1940 that
holds itself out as a money market fund selected by the Company meeting the
conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as determined by the Company;

          (d) Collect and receive, when due, all principal and income arising
from the Property, which shall become part of the "Property," as such term is
used herein;

          (e) Notify the Company of all communications received by it with
respect to any Property requiring action by the Company;

<Page>

          (f) Supply any necessary information or documents as may be requested
by the Company in connection with the Company's preparation of the tax returns
for the Trust Account;

          (g) Participate in any plan or proceeding for protecting or enforcing
any right or interest arising from the Property if, as and when instructed by
the Company and/ or LTC to do so;

          (h) Render to the Company and to LTC, and to such other person as the
Company may instruct, monthly written statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the
Trust Account;

          (i) Commence liquidation of the Trust Account only after and promptly
after receipt of, and only in accordance with, the terms of a letter
("Termination Letter"), in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its
President or Chairman of the Board and Secretary or Assistant Secretary and
affirmed by a majority of its Board of Directors, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account only as
directed in the Termination Letter and the other documents referred to therein;
PROVIDED, HOWEVER, that in the event that a Termination Letter has not been
received by the Trustee by the 24-month anniversary of the effective date of the
Registration Statement ("Last Date"), the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as
Exhibit B hereto and distributed to the stockholders of record on the record
date established by the Company for such purpose. The Company shall set the
record date to be within ten days of the Last Date, or as soon thereafter as
reasonably practicable and legally permissible. In all cases, the Trustee shall
provide Ladenburg with a copy of any Termination Letters and/or any other
correspondence that it receives with respect to any proposed withdrawal from the
Trust Account promptly after it receives same. The provisions of this Section
1(i) may not be modified, amended or deleted under any circumstances.

     2. LIMITED DISTRIBUTIONS OF INCOME FROM TRUST ACCOUNT.

          (a) Upon written request from the Company, which may be given from
time to time in a form substantially similar to that attached hereto as Exhibit
C, the Trustee shall distribute to the Company the amount requested by the
Company to cover any income or franchise tax obligation owed by the Company; and

          (b) Upon written request from the Company, which may be given from
time to time in a form substantially similar to that attached hereto as Exhibit
D, the Trustee shall distribute to the Company the amount requested by the
Company to cover expenses related to investigating and selecting a target
business and other working capital requirements; provided, however, that the
aggregate amount of all such distributions shall not exceed $1,600,000.

          (c) The limited distributions referred to in Sections 2(a) and 2(b)
above shall be made only from income collected on the Property. Except as
provided in Section 2(a) and 2(b) above, no other distributions from the Trust
Account shall be permitted except in accordance with Section 1(i) hereof.

     3. AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and
covenants to:

          (a) Give all instructions to the Trustee hereunder in writing, signed
by the Company's Chief Executive Officer, President, Chief Operating Officer or
Chairman of the Board. In addition, except with respect to its duties under
paragraph 1(i) above, the Trustee shall be entitled to rely on, and shall be
protected in relying on, any verbal or telephonic advice or instruction which it
in good faith believes to be given by any one of the persons authorized above to
give written instructions, provided that the Company shall promptly confirm such
instructions in writing;

          (b) Hold the Trustee harmless and indemnify the Trustee from and
against, any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action,
suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any
income earned from investment of the Property, except for expenses and losses
resulting from the Trustee's

<Page>

gross negligence or willful misconduct. Promptly after the receipt by the
Trustee of notice of demand or claim or the commencement of any action, suit or
proceeding, pursuant to which the Trustee intends to seek indemnification under
this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the "INDEMNIFIED CLAIM"). The Trustee shall have the
right to conduct and manage the defense against such Indemnified Claim,
provided, that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld.
The Company may participate in such action with its own counsel;

          (c) Pay the Trustee an initial acceptance fee of $1,000 and an annual
fee of $3,000 plus an income distribution processing fee of $250 (it being
expressly understood that the Property shall not be used to pay such fee),
except that the monthly income distribution processing fee may be deducted from
the monthly distributions allowed under Sections 2(a) and 2(b)). The Company
shall pay the Trustee the initial acceptance fee and first year's fee at the
consummation of the IPO and thereafter on the anniversary of the Effective Date.
The Trustee shall refund to the Company the fee (on a pro rata basis) with
respect to any period after the liquidation of the Trust Fund. The Company shall
not be responsible for any other fees or charges of the Trustee except as may be
provided in paragraph 2(b) hereof (it being expressly understood that the
Property shall not be used to make any payments to the Trustee under such
paragraph); and

          (d) In connection with any vote of the Company's stockholders
regarding a Business Combination, provide to the Trustee an affidavit or
certificate of a firm regularly engaged in the business of soliciting proxies
and/or tabulating stockholder votes (which firm may be the Trustee) verifying
the vote of the Company's stockholders regarding such Business Combination.

     4. LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or
liability to:

          (a) Take any action with respect to the Property, other than as
directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful
misconduct;

          (b) Institute any proceeding for the collection of any principal and
income arising from, or institute, appear in or defend any proceeding of any
kind with respect to, any of the Property unless and until it shall have
received instructions from the Company given as provided herein to do so and the
Company shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

          (c) Change the investment of any Property, other than in compliance
with paragraph 1(c);

          (d) Refund any depreciation in principal of any Property;

          (e) Assume that the authority of any person designated by the Company
to give instructions hereunder shall not be continuing unless provided otherwise
in such designation, or unless the Company shall have delivered a written
revocation of such authority to the Trustee;

          (f) The other parties hereto or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Trustee), statement,
instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof, unless evidenced by a written instrument delivered
to the Trustee signed by the proper party or parties and, if the duties or
rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

<Page>

          (g) Verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated by the Registration
Statement;

          (h) File income tax or information returns with the U.S. Internal
Revenue Service and payee statements with the Company, documenting the taxes
payable by the Company, if any, relating to interest earned on the Property;

          (i) Pay any taxes on behalf of the Trust Account (it being expressly
understood that, as set forth in Section 2(a), if there is any income tax
obligation relating to the income of the Property in the Trust Account, then, at
the written instruction of the Company, the Trustee shall disburse funds out of
the Property in the Trust Account in an amount specified by the Company as
necessary to pay its income tax liability); and

          (j) Compute, confirm or otherwise verify amounts requested by the
Company pursuant to Section 1(i), 2(a) and 2(b) above.

     5.   CERTAIN RIGHTS OF TRUSTEE.

          (a) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or opinion of counsel or both. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or opinion of counsel. The Trustee may consult with
counsel and the advice of such counsel or any opinion of counsel shall be full
and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

          (b) The Trustee may act through its attorneys and agents and shall not
be responsible for the misconduct or negligence of any agent appointed with due
care.

          (c) The Trustee shall not be liable for ay action it takes or omits to
take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Agreement.

     6. TERMINATION. This Agreement shall terminate as follows:

          (a) If the Trustee gives written notice to the Company that it desires
to resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever; or

          (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of paragraph 1(i) hereof, and
distributed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Paragraph 3(b).

     7. MISCELLANEOUS.

          (a) The Company and the Trustee each acknowledge that the Trustee will
follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will
confirm such instructions with an Authorized Individual at an Authorized
Telephone Number listed on the attached EXHIBIT E. The Company and the Trustee
will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained
access to such information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon account numbers or

<Page>

other identifying numbers of a beneficiary, beneficiary's bank or intermediary
bank, rather than names. The Trustee shall not be liable for any loss, liability
or expense resulting from any error in an account number or other identifying
number, provided it has accurately transmitted the numbers provided.

          (b) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute but one instrument.

          (c) This Agreement contains the entire agreement and understanding of
the parties hereto with respect to the subject matter hereof. This Agreement or
any provision hereof may only be changed, amended or modified by a writing
signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of LTC.
As to any claim, cross-claim or counterclaim in any way relating to this
Agreement, each party waives the right to trial by jury.

          (d) The parties hereto consent to the jurisdiction and venue of any
state or federal court located in the City of New York for purposes of resolving
any disputes hereunder.

          (e) Any notice, consent or request to be given in connection with any
of the terms or provisions of this Agreement shall be in writing and shall be
sent by express mail or similar private courier service, by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

               if to the Trustee, to:

               Continental Stock Transfer & Trust Company
               17 Battery Place
               New York, New York 10004
               Attn: Felix Orihuela
               Fax No.: (212) 509-5150

               if to the Company, to:

               Geneva Acquisition Corporation
               One Boston Place - Suite 3630
               Boston, Massachusetts 02108
               Attn: Chief Executive Officer
               Fax No.: (617) 624-8416

               in either case with a copy to:

               Ladenburg Thalmann & Co. Inc.
               153 East 53rd Street, 49th Floor
               New York, NY 10022
               Attn:  Steve Kaplan
               Fax. No. (212) 409-2169

          (f) This Agreement may not be assigned by the Trustee without the
prior consent of the Company and LTC. This Agreement may be assigned by the
Company upon written notice to the Trustee. The parties acknowledge that the
Company intends to assign its rights hereunder to a wholly-owned subsidiary
qualifying as a "security corporation" under Massachusetts tax law.

          (g) Each of the Trustee and the Company hereby represents that it has
the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.

<Page>

          (h) The Trustee acknowledges and agrees that it shall not make any
claims or proceed against the Trust Account, including by way of set-off, and
shall not be entitled to any funds in the Trust Account under any circumstance.

          (i) The parties hereto acknowledge that the trust established hereby
shall be a "grantor" trust within the meaning of Sections 671-679 of the
Internal Revenue Code of 1986, as amended, and that as result, the Company shall
be taxable on the income of the Trust Account during all or a portion of the
term hereof. The parties agree that all Federal, state and local income taxes
upon the income of the Trust Account shall be allocated entirely to the Trust
Account.

<Page>

     IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                        CONTINENTAL STOCK TRANSFER & TRUST
                                        COMPANY, as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:

                                        GENEVA ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                            John F. Rousseau, Jr.
                                            Chief Operating Officer

<Page>

                                    EXHIBIT A

                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: ________________

Re: Trust Account No. [__________] - Termination Letter

Gentlemen:

     Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Geneva Acquisition Corporation ("COMPANY") and Continental Stock
Transfer & Trust Company ("TRUSTEE"), dated as of , 2006 ("TRUST AGREEMENT"),
this is to advise you that the Company has entered into an agreement ("BUSINESS
AGREEMENT") with ("TARGET BUSINESS") to consummate a business combination with
Target Business ("BUSINESS COMBINATION") on or about [Insert Date]. The Company
shall notify you at least 48 hours in advance of the actual date of the
consummation of the Business Combination ("CONSUMMATION DATE") and provide you
with an Officer's Certificate in accordance with Paragraphs 1(i) and 3(e) of the
Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct in writing on the Consummation Date.

     On the Consummation Date (i) the Company shall deliver to you written
notification that the Business Combination has been consummated and (ii) the
Company shall deliver to you (a) [an affidavit] [a certificate] of
__________________, which verifies the vote of the Company's stockholders in
connection with the Business Combination and (b) written instructions with
respect to the transfer of the funds held in the Trust Account ("Instruction
Letter"). You are hereby directed and authorized to transfer the funds held in
the Trust Account immediately upon your receipt of the counsel's letter and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in
the Trust Account and distributed after the Consummation Date to the Company.
Upon the distribution of all the funds in the Trust Account pursuant to the
terms hereof, the Trust Agreement shall be terminated.

In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                        Very truly yours,

                                        GENEVA ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------

cc: Ladenburg Thalmann & Co. Inc.

<Page>

                                    EXHIBIT B
                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: ________________

Re: Trust Account No. [____________] - Termination Letter

Gentlemen:

     Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Geneva Acquisition Corporation. ("COMPANY") and Continental Stock
Transfer & Trust Company ("TRUSTEE"), dated as of , 2006 ("TRUST AGREEMENT"),
this is to advise you that the Board of Directors of the Company has voted to
dissolve and liquidate the Company. Attached hereto is a copy of the minutes of
the meeting of the Board of Directors of the Company relating thereto, certified
by the Secretary of the Company as true and correct and in full force and
effect. All terms not defined herein shall have the meanings ascribed to them in
the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize
you, to commence liquidation of the Trust Account. The Company will establish a
record date for the purposes of determining the stockholders entitled to receive
their share of liquidation proceeds. The record date shall be within ten (10)
days of the date of this letter or as soon thereafter as is reasonably
practicable and legally permissible. You will notify the Company in writing as
to when all of the funds in the Trust Account will be available for immediate
transfer ("Transfer Date") in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company. You shall commence
distribution of such funds in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company and you shall oversee the
distribution of the funds. Upon the distribution of all the funds in the Trust
Account, your obligations under the Trust Agreement shall be terminated.

                                        Very truly yours,

                                        GENEVA ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------

cc: Ladenburg Thalmann & Co. Inc.

<Page>

                                    EXHIBIT C

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn:

          Re: Trust Account No._________ Termination Letter

Gentlemen:

          Pursuant to paragraph 2(a) of the Investment Management Trust
Agreement between Geneva Acquisition Corporation ("Company") and Continental
Stock Transfer & Trust Company ("Trustee"), dated as of ___________, 2006
("Trust Agreement"), this is to advise you that the Company hereby requests that
you deliver to the Company $_______ of the income earned on the Property as of
the date hereof. The Company needs such funds to pay for the tax obligations as
set forth on the attached tax return or tax statement. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer
(via wire transfer) such funds promptly upon your receipt of this letter to the
Company's operating account at:

[WIRE INSTRUCTION INFORMATION]

                                        Very truly yours,

                                        GENEVA ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------

cc: Ladenburg Thalmann & Co. Inc.

<Page>

                                    EXHIBIT D

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn:

          Re: Trust Account No.___________ Termination Letter

Gentlemen:

          Pursuant to paragraph 2(b) of the Investment Management Trust
Agreement between Geneval Acquisition Corporation ("Company") and Continental
Stock Transfer & Trust Company ("Trustee"), dated as of ___________, 2006
("Trust Agreement"), this is to advise you that the Company hereby requests that
you deliver to the Company $_______ of the income earned on the Property as of
the date hereof. The Company needs such funds to cover its expenses relating to
investigating and selecting a target business and other working capital
requirements. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter to the Company's operating account at:

[WIRE INSTRUCTION INFORMATION]

                                        Very truly yours,

                                        GENEVA ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------

cc: Ladenburg Thalmann & Co. Inc.

<Page>

                                    EXHIBIT E

                            AUTHORIZED INDIVIDUAL(S)
             AUTHORIZED FOR TELEPHONE CALL BACK TELEPHONE NUMBER(S)

COMPANY:

          Geneva Acquisition Corporation
          One Boston Place - Suite 3630
          Boston, Massachusetts 02108
          Attn: Chief Executive Officer
          (617) 624-8409

LTC:

          Ladenburg Thalmann & Co. Inc.
          153 East 53rd Street, 49th Floor
          New York, NY 10022
          Attn:  Steve Kaplan
          Fax. No. (212) 409-2169

TRUSTEE:

          Continental Stock Transfer & Trust Company
          17 Battery Place
          New York, New York 10004
          Attn: Felix Orihuela
          (212) 845-3215

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