Document:

Working Capital Facility Agreement

 Exhibit 10.11 
  
 Execution Copy 
  
 Dated 21 February 2005 
  
 SHURGARD STORAGE CENTERS INC. 
  
 and 
  
 CRESCENT EURO SELF STORAGE
INVESTMENTS S.à r.l. 
  
 and 
  
 FIRST SHURGARD FINANCE S.à r.l. 
  
 and 
  
 SOCIETE GENERALE 
  
 SHURGARD 2005 WORKING CAPITAL FACILITY AGREEMENT 
  
 with respect to a  
 USD 2,985,000
working capital facility 
 to be granted to First Shurgard Finance S.à r.l. 
  
 

 
  
 Rue Brederode 13

 B - 1000 Brussels 
  
 Telephone (32-2) 501 94 11 
 Facsimile (32-2) 501 94 94 

 SHURGARD 2005 WORKING CAPITAL FACILITY AGREEMENT 
  

					
	BETWEEN:	 	(1)	  	 Shurgard Storage Centers Inc., a company organized and existing under the laws of Washington, having its registered office at Valley Street
1155, Suite 400, 98109 Seattle WA, USA,
  
 represented for the purposes of this
Agreement by Kris Van Mieghem, Attorney-in-fact,
  
 hereinafter referred to as
the “Shurgard”;

			
	AND:	 	(2)	  	 Crescent Euro Self Storage Investments S.à r.l., a company organised and existing under the laws of Luxembourg, having its registered
office at 1, rue des Glacis, L-1628 Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B-93.753,
  
 represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan and/or Henry Thompson,
  
 hereinafter referred to as “Crescent”;

			
	AND:	 	(3)	  	 First Shurgard Finance S.à r.l., a company organised and existing as a société à responsabilité
limitée under the laws of the Grand-Duchy of Luxembourg, having its registered office at 1, rue des Glacis, L-1628 Luxembourg, registered with the Luxembourg register of commerce and companies under the number B-93014,
  
 represented for the purposes of this Agreement by Steven De Tollenaere, Manager,

 
 hereinafter referred to as the “Borrower”;

			
	AND:	 	(4)	  	 Société Générale, a banking institution organized and existing under the laws of France, having its registered
office at 29 boulevard Haussmann, 75009 Paris, France,
  
 represented for the
purposes of this Agreement by Judith Zimmermann,
  
 hereinafter referred to as
the “Facility Agent”;

  
 WHEREAS 
  

	(A)	The Borrower has entered into a senior credit agreement dated on 26 May 2003, as amended from time to time, (the “Senior Credit Agreement”) made between, among
others, the Borrower, First Shurgard SPRL and Société Générale as mandated lead arranger, facility agent and security agent, of which the Parties have received a copy. 

  

	(B)	The Lenders have agreed to grant the Borrower financing by way of a working capital credit facility in an aggregate amount in principal of USD 2,985,000 upon the terms set out in
this agreement (the “Agreement”). 

  

 1 

 NOW, THEREFORE, the parties have agreed as follows: 
  

	1	Definitions - Interpretations 

  

	1.1	For the purposes of this Agreement, the following terms shall have the meanings specified or referred to in this Clause 1.1: 

  
 “Accounting Quarter” has the meaning set out in the Senior
Credit Agreement. 
  
 “Additional Mezzanine Bond
Commitment” has the meaning given to the term “Commitment” in the Additional Mezzanine Bond Subscription Agreement. 
  
 “Additional Mezzanine Bond Subscription Agreement” means the subscription agreement entered into on 21 February 2005 between the
Borrower, Shurgard and the Facility Agent, as amended from time to time, relating to the issue of 5,970 bonds by the Borrower. 
  
 “Advance” means the principal amount of each advance, which should not be less than USD 500,000, made or to be made under this Agreement
by the Lenders to the Borrower, as from time to time reduced by repayment or prepayment. 
  
 “Advance Date” means the date on which an Advance is to be made by the Lender. 
  
 “Available Facility” means, in relation to an Advance, the aggregate for the time being of USD 2,985,000 minus: 
  

	 	(i)	the sum of the Advances made under this Agreement; and 

  

	 	(ii)	in relation to any proposed Advance, the sum of the Advances that are due to be made on or before the Advance Date for the relevant proposed Advance. 

  
 “Availability Period” means the period from and including
the date of this Agreement up to and including the Availability Period End Date. 
  
 “Availability Period End Date” has the meaning set out in Clause 4.1. 
  
 “Banking Day” means a day, other than a Saturday or Sunday, on which banks are open for business in the jurisdiction of incorporation of
both the Borrower and the Lenders. 
  
 “Default”
has the meaning set out in the Senior Credit Agreement. 
  
 “Downstream Intercompany Loan Agreement” has the meaning set out in the Senior Credit Agreement. 
  
 “Event of Default” has the meaning set out in the Senior Credit Agreement. 
  
 “Extraordinary Employment Payments” mean any payments made by the Borrower, First Shurgard, any Asset
Company (as defined in the Senior Credit Agreement) or any Intermediate Company (as defined in the Senior Credit Agreement) to or related to their employees in Denmark, Sweden, Luxembourg or the United Kingdom, other than salaries, normal severance
payments or other employment related payments in the ordinary course of business relating to, as the case may be the pro rata part of, the services rendered by the relevant employees to the Borrower, First Shurgard SPRL, any Asset Company or any
Intermediate Company that have not already been paid by the Borrower, First Shurgard, any Asset Company or any Intermediate Company to Shurgard Europe or to any of its Subsidiaries (as defined in the Senior Credit Agreement). 
  

 2 

 “Finance Costs” has the meaning set out in the Senior Credit Agreement. 
  
 “First Shurgard” means First Shurgard SPRL, a company
organised and existing under the laws of Belgium, having its registered office at Quai du Commerce 48, 1000 Brussels, Belgium, registered with the register of legal entities under number 0479.505.939. 
  
 “German Borrower” means First Shurgard Deutschland GmbH, a
limited liability company (Gesellschaft mit beschränkter Haftung) organised under the laws of the Federal Republic of Germany having its registered office at Siemensstrasse 31, 47533 Kleve, Germany, which is registered in the commercial
register (Handelsregister) of the local court of Kleve under HRB 2593; 
  
 “Group” has the meaning set out in the Senior Credit Agreement. 
  
 “Interest” has the meaning set out in Clause 6.1. 
  
 “Lenders” means Shurgard and Crescent, each of them being referred to individually as a
“Lender”. 
  
 “Lender Account”
means, in relation to an Advance: 
  

	 	(i)	for Shurgard its bank account number 67539510 in the name of Shurgard Storage Centers, Inc. with Bank of America (swift: BOFAUS3N – aba number: 0260-0959-3) or any other bank
account designated by Shurgard; 

  

	 	(ii)	for Crescent its bank account number 411040/001.000.978 in the name of Crescent Euro Self Storage Investments S.à r.l with HSBC Trinkhaus & Burkhardt (International) SA
(swift: TUBDLULL) (correspondent bank: Kredietbank SA Luxembourg – swift: KBLXLULL) or any other bank account designated by Crescent. 

  
 “Parties” means the parties mentioned above as well as any other person who may in the future become a party to this Agreement.

  
 “Quarter Date” has the meaning set out in
the Senior Credit Agreement. 
  
 “Repayment
Amount” has the meaning set out in Clause 5.1. 
  
 “Repayment Date” means May 26, 2008 plus sixty (60) calendar days, unless the Senior Credit Agreement is extended, in which case the Repayment Date shall mean May 26, 2009 plus sixty (60) calendar days. The foregoing
notwithstanding, if the Senior Credit Agreement is terminated and repaid in full earlier than such date, Repayment Date shall mean the date of the repayment in full of all amounts due by the Borrower under the Senior Credit Agreement. 
  
 “Senior Credit Agreement” means the senior credit agreement
entered into by amongst others the Borrower, the German Borrower and the Facility Agent, dated 26 May 2003, as amended from time to time. 
  
 “Senior Finance Documents” has the meaning set out in the Senior Credit Agreement. 
  
 “Shurgard Europe” means Shurgard Self Storage SCA, a
company organised and existing under the laws of Belgium, having its registered office at Quai du Commerce 48, 1000 Brussels, Belgium, registered with the register of legal entities under number 0454.057.394. 
  

 3 

 “Subscription Agreement” means the subscription agreement entered into by Shurgard, the
Borrower and the Facility Agent, dated 26 May 2003, as amended from time to time, relating to the issue of 20,000 bonds by the Borrower. 
  
 “Total Net Rental Income” has the meaning set out in the Senior Credit Agreement. 
  
 “Updated Business Plan” has the meaning set out in the
Senior Credit Agreement. 
  

	1.2	Interpretation 

  

	 	1.2.1	The titles and headings included in this Agreement are for convenience only and do not express in any way the intended understanding of the Parties. They shall not be taken
into account in the interpretation of the provisions of this Agreement. 

  

	 	1.2.2	The Annexes to this Agreement form an integral part thereof and any reference to this Agreement includes the Annexes and vice versa. 

  

	 	1.2.3	The words “herein”, “hereof”, “hereunder”, hereby”, “hereto”, “herewith” and words of similar import shall refer to
this Agreement as a whole and not to any particular clause, paragraph or other subdivision. 

  

	 	1.2.4	The words “include”, “includes”, including” and all forms and derivations thereof shall mean including but not limited to. 

 

	 	1.2.5	All terms defined in this Agreement shall have the same meaning regardless of whether they are used in the singular or plural number. 

  

	 	1.2.6	Unless otherwise provided herein, all references to a fixed time of a day shall mean Brussels time. 

  

	2	Advances 

  

	2.1	Subject to the terms of this Agreement, the Lenders make available to the Borrower a credit facility in a maximum aggregate amount equal to USD 2,985,000, of which:

  

	 	(i)	of which 80% (i.e., a maximum aggregate amount equal to USD 2,388,000) shall be made available by Crescent; and 

  

	 	(ii)	of which 20% (i.e., a maximum aggregate amount equal to USD 597,000) shall be made available by Shurgard. 

  

	2.2	During the Availability Period, the Borrower may borrow Advances under this Agreement from the Lenders and the Lenders hereby irrevocably undertake to make such Advances in
the proportions set out Clauses 2.1(i) and 2.1(ii), if and to the extent a draw down, which is allowed under Clause 3 of this Agreement, is requested in writing by the Facility Agent or the Borrower (the “Advance Request”) provided that
such Advance is less than or equal to the Available Facility. 

  

	2.3	The Advance Request shall be in the form attached hereto as Annex 1. 

  

	2.4	If the Borrower intends to draw down funds under this Agreement, the Borrower shall, at least 5 days prior to the date of the proposed Advance, send the Facility Agent a copy
of the Advance Request together with an overview of the Borrower’s sources and uses of funds for the 12-months’ period following the date of the Advance Request, substantially in the form attached hereto as Annex 2.

  

 4 

	2.5	The proceeds of each Advance shall be paid into the Debt Drawdown Account, as defined in the Senior Credit Agreement. 

  

	3	Use of Advances 

  

	3.1	The Borrower shall be allowed to draw down funds under this Agreement: 

  

	 	3.1.1	(i)         to avoid imminent default by the Borrower under the Senior Credit Agreement; and 

  

	 	(ii)	in case of an Event of Default, 

  
 to pay or repay sums due by the Borrower under the Senior Credit Agreement; 
  

	 	3.1.2	(i)         to avoid imminent default by the German Borrower under the Senior Credit Agreement; and 

  

	 	(ii)	in case of an Event of Default, 

  
 to down-lend these funds in accordance with the Downstream Intercompany Loan Agreement to the German Borrower that will use such funds to pay or repay
sums due by it under the Senior Credit Agreement; 
  

	 	3.1.3	to fund the Borrower’s working capital requirements for general corporate purposes; and 

  

	 	3.1.4	to down-lend these funds in accordance with the Downstream Intercompany Loan Agreement to the German Borrower that will use such funds to fund its working capital
requirements for general corporate purposes. 

  

	3.2	The Facility Agent shall be allowed to require the Borrower to draw down funds under this Agreement in case of an Event of Default to pay or repay sums due by the Borrower or
by the German Borrower under the Senior Credit Agreement. 

  

	3.3	The Borrower shall be allowed to, and the Facility Agent shall be allowed to require the Borrower to, draw down funds under this Agreement up to a maximum amount which is
equal to the amount of the Extraordinary Employment Payments. 

  

	3.4	Notwithstanding any other provision of this Agreement but subject to Clause 3.5 below, the Borrower shall not be allowed to, and the Facility Agent shall not be allowed to
require the Borrower to, draw down funds in accordance with Clauses 3.1, 3.2 and 3.3 until the date on which the full amount of the Additional Mezzanine Bond Commitment has been drawn down in accordance with the Additional Mezzanine Bond
Subscription Agreement. 

  

	3.5	If the Facility Agent is permitted to require the Borrower to draw down funds pursuant to Clause 3.2 of this Agreement and decides to draw down at the same time all available
funds under the Additional Mezzanine Bond Subscription Agreement in accordance with Clause 4.2 of the Additional Mezzanine Bond Subscription Agreement, Clause 3.4 of this Agreement shall not apply. 

  

 5 

	4	Availability Period End Date 

  

	4.1	Provided that the amount of the Additional Mezzanine Bond Commitment has not been drawn down in full in accordance with the Additional Mezzanine Bond Subscription Agreement,
no Advance Request can be made after the “Availability Period End Date”, being: 

  

	 	4.1.1	the Quarter Date falling immediately after the date falling 365 days after the date of this Agreement provided that the Lenders or First Shurgard are able to demonstrate to
the Facility Agent compliance with the Updated Business Plan by demonstrating that the ratio of Total Net Rental Income to Finance Costs is not less than or equal to 0.5:1 (the “Required Ratio”) on such Quarter Date in relation to the
preceding Accounting Quarter; or 

  

	 	4.1.2	if the Required Ratio is not met on the Quarter Date specified in Clause 4.1.1 above, the next Quarter Date on which the Required Ratio is met. 

  

	4.2	Notwithstanding the above, the Availability Period End Date shall in no event be later than the Banking Day preceding the Repayment Date. 

  

	5	Repayment 

  

	5.1	Final Repayment 

  
 The Advances will be repaid at 100% of the sum of the principal amount of the Advances together with the Interest accrued thereon and compounded therewith
(“Repayment Amount”) on the Repayment Date. 
  

	5.2	Cancellation 

  
 All Advances repaid by the Borrower pursuant to any of the provisions of this Agreement will be cancelled and may not be re-drawn. 
  

	6	Interest 

  

	6.1	Interest Rate 

  
 The Advances (from the date that they have been made available in accordance with Clause 2.5) bear interest at the rate of 9.75% per annum (the
“Interest”). 
  

	6.2	Payment of the Interest 

  

	 	6.2.1	The Interest will accrue on a daily basis and will be calculated on the basis of a 360-day year. 

  

	 	6.2.2	On the 1st of January of each year, the
Interest that accrued during the previous calendar year pursuant to Clauses 6.1 and 6.2.1 shall, solely for the purpose of calculating the Interest as from such date, be compounded to the principal amount of the Advances and shall therefore as from
such date also bear interest pursuant to Clauses 6.1 and 6.2.1. 

  

	 	6.2.3	The amount of the Interest accrued on and compounded with the principal amount of the Advances shall be paid at the time of repayment of the Advances, provided however that
no Interest shall be paid prior to the termination of the Senior Credit Agreement. 

  

 6 

	6.3	Accrual of Interest 

  
 Each Advance will cease to bear interest from the due date for repayment of such Advance unless, upon due presentation, payment of principal is improperly
withheld or refused; in such event such Advance shall continue to bear interest at such rate (both before and after court judgement) until the day on which all sums due in respect of such Advance up to that day are received by the relevant Lender.

  

	6.4	Late Payment Interest 

  
 If any amount payable by the Borrower or the Lenders hereunder is not paid when due (whether at stated maturity, by acceleration or otherwise), interest
shall accrue on that amount, to the extent permitted by applicable law, during the period from and including the due date thereof, to but excluding the date that the amount is paid, automatically and without further notice of default at a rate per
annum equal to 12% calculated quarterly. 
  

	6.5	Quarterly reporting obligation 

  
 Within 10 business days following each Quarter Date, the Borrower shall provide each Lender with a computation of the sum of the outstanding principal
amount of such Lender’s Advances together with the Interest accrued thereon and compounded therewith on such closing date. 
  

	7	Payments and application 

  

	7.1	Unless required by law, all payments made by the Borrower hereunder shall be made free and clear of and without any deduction for or on account of any tax, set-off or
counterclaim. 

  

	7.2	If the Borrower is compelled by law to make any such deduction or withholding, the Borrower will promptly pay to the Lenders such additional amount as will result in the net
amount received by the Lenders being equal to the full amount which they would have received if there had been no such deduction or withholding. 

  

All payments by the Borrower shall be made in USD to be received no later than 4pm on the due date to the Lender Account. 
  

	7.3	Application and Distribution of Payments 

  
 All payments received by the Lenders from the Borrower under this Agreement shall, regardless of any designation by the Borrower be applied, first towards
payment of any interest then due and payable, second in or towards payment of any Repayment Amount or then due and payable hereunder, and third in or towards payment of any other sum then due and payable hereunder or under the Agreement. 

 

	8	Evidence of Debt 

  

	8.1	Each Lender shall maintain accounts recording the amounts from time to time owing to it by the Borrower under this Agreement. 

  

	8.2	In any legal proceedings or otherwise for the purposes of this Agreement the entries made in such accounts shall, in the absence of manifest error, be conclusive and binding
on the Borrower as to the existence and amount of the Borrower’s obligations. 

  

 7 

	9	Acceleration 

  
 After the occurrence of an Event of Default and while such Event of Default is continuing, the Lenders may by notice in writing to the Borrower:

  

	 	(i)	declare that all or part of any Advance made by the Lenders, together with accrued interest, be immediately due and payable, whereupon the same shall become immediately due and
payable; and/or 

  

	 	(ii)	declare that all or part of any Advance made by the Lenders is payable on demand, whereupon the same shall immediately become payable on demand by the Lenders.

  

	10	Subordination 

  
 In the case of a Default which is continuing, all liabilities payable or owing by the Borrower to the Lenders under this Agreement will rank behind the
liabilities payable or owing by the Borrower under the Senior Finance Documents and the Lenders waive their rights in relation to any payment hereunder, unless and until all payment obligations of the Borrower under the Senior Finance Documents have
been paid in full. 
  
 Notwithstanding any other provision of
this Agreement, the Borrower shall not make, and the Lenders shall not demand, a payment of interest or principal with respect to any Advance which would result in the occurrence of a Default. 
  

	11	Assignment 

  

	11.1	The Borrower may not assign any of its rights or transfer any of its rights or obligations under this Agreement. 

  

	11.2	Each Lender may assign its rights and obligations under this Agreement to a wholly owned subsidiary (direct or indirect) of such Lender which has elected taxable REIT
subsidiary status, provided that the terms of such assignment are approved in advance by the Facility Agent, and provided that, in case of an assignment to a wholly owned subsidiary not having its registered office in Belgium, a legal opinion on the
legal and binding character of the obligations for such wholly owned subsidiary under this Agreement is issued to the Facility Agent. 

  

	11.3	This Agreement shall be binding on, and inure for the benefit of, the Borrower and the Lender and its respective successors. 

  

	12	Amendments or waivers 

  
 The Parties hereto may not amend or waive the terms of this Agreement without the Facility Agent’s prior written approval, which the Facility Agent
will promptly seek upon request. 
  

	13	Severability 

  
 If a provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction in respect of any Party, that shall not affect the
validity or enforceability of the remaining provisions in that jurisdiction or of that provision in any other jurisdiction. 
  

 8 

	14	Notices 

  
 All notices, requests, claims, demands and other communications hereunder shall be delivered to the Parties in person by first class courier or by
registered letter, postage prepaid and return receipt requested, or by telefax as follows: 
  

					
	If to Shurgard:	  	To:	  	 Shurgard Storage Centers Inc.
 Valley Street 1155, Suite
400
 98109-4426 Seattle
 USA

			
	 	  	Attn:	  	Mr. Harrell L. Beck
			
	 	  	Telefax:	  	00 1-206 652.37.60
			
	With a copy to:	  	To:	  	 Shurgard Storage Centers Inc.
 Valley Street 1155, Suite
400
 98109-4426 Seattle
 USA

			
	 	  	Attn:	  	General Counsel
			
	 	  	Telefax:	  	00 1-206 652.37.60
			
	If to Crescent:	  	To:	  	 Crescent Euro Self Storage Investments S.à r.l.
 1, rue des Glacis
 L-1628 Luxembourg

			
	 	  	Attn:	  	Mr. Henry Thompson and Mrs. Emira Socorro
			
	 	  	Telefax:	  	00 973 218 333
			
	If to the Borrower:	  	To:	  	 First Shurgard Finance S.à r.l.
 1, rue des
Glacis
 1628 Luxembourg
 Grand-Duchy of
Luxembourg

			
	 	  	Attn:	  	Mr. Steven De Tollenaere
			
	With a copy to:	  	To:	  	 Shurgard Self Storage SCA
 Quai du Commerce 48

1000 Brussels
 Belgium

			
	 	  	Attn:	  	General Counsel
			
	 	  	Telefax:	  	00 32 2 229 56 55
			
	If to the Facility Agent:	  	To:	  	 Agency and Transaction Monitoring
 Tour
Société Générale
 17 Cours Valmy
 92972 Paris-La Défense Cedex
 France

			
	 	  	Attn:	  	Nadia Lamrani
			
	 	  	Telefax:	  	00 33 1 4212 9854

  

 9 

 Each change of address by a Party shall be notified to the other Parties in accordance with the
provisions of this Clause 14. 
  
 Any notice, demand or other
communication sent by first class courier or by mail shall be deemed to have been received by the Party to whom it was sent on the day shown as the day of receipt on the return receipt sent with the same. Any notice, demand or other communication
sent by telefax shall be deemed, in the absence of proof to the contrary, to have been received by the Party to whom it was sent on the date of dispatch, provided that the report generated by the sender’s telefax machine shows that all pages of
such notice, demand or other communication were properly transmitted to the recipient’s telefax number. 
  
 For the calculation of a period of time for any notice, such period shall start the next following day after the day on which the event triggering such
period of time has occurred. The expiry date shall be included in the period of time. If the expiry date is not a Banking Day, the expiry date shall be postponed until the next Banking Day. Unless otherwise provided herein, all periods of time shall
be calculated in calendar days. 
  

	15	Governing Law 

  
 This Agreement shall be governed by and construed in accordance with Belgian law. 
  

	16	Jurisdiction 

  

	16.1	Each Party agrees that the courts of Brussels, Belgium have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that
any suit, action or proceedings in connection with this Agreement may be brought in the courts of Belgium and accordingly irrevocably submits to the jurisdiction of the courts of Belgium. 

  

	16.2	Each Party agrees that a judgment or order of any court referred to in this Agreement is conclusive and binding and may be enforced against it in the courts of any other
jurisdiction. 

  

	17	Counterparts 

  
 This Agreement may be executed in four (4) counterparts and all those counterparts taken together shall be deemed to constitute one and the same
instrument. 
  
 [NEXT PAGE IS SIGNATURE PAGE] 
  

 10 

 Done in Brussels, on 21 February 2005, in four (4) originals. Each Party acknowledges receipt of its own original.

  

									
	 Shurgard Storage Centers Inc.:
  
	 	 	 	 Crescent Euro Self Storage Investments S.à r.l.:
  

	  

	 	 	 	  

	 Name:
	 	 Kris Van Mieghem
	 	 	 	 Name:
	 	 Henry Thompson

	 Title:
	 	 Attorney-in-fact
	 	 	 	 Title:
	 	 Manager

			
	 First Shurgard Finance S.à r.l.:
  
	 	 	 	 Société Générale:
  

	  

	 	 	 	  

	 Name:
	 	 Steven De Tollenaere
	 	 	 	 Name:
	 	 Judith Zimmermann

	 Title:
	 	 Manager
	 	 	 	 Title:
	 	 

  

 11 

 ANNEX 1 
  
 Borrower’s Advance Request Form 
  
 [Letterhead of the Borrower] 
  
 Shurgard Storage Centers Inc. 
 Attn. Mr. Harrell L. Beck 
 Valley Street 1155, Suite 400 
 98109-4426 Seattle 
 USA 
  
 Crescent Euro Self Storage
Investments S.à r.l. 
 Attn. Henry Thompson and Emira Socorro 
 1, rue des Glacis 
 L-1628 Luxembourg 
  
 Dear Sirs, 
  
 Re: First Shurgard Finance S.à r.l. – Draw down on Shurgard 2005 Working
Capital Facility 
  
 In accordance with Clause 3 of the Shurgard 2005 Working
Capital Facility Agreement dated [•] 2005, as amended from time to time, we hereby request you to make an Advance in a total amount of USD [AMOUNT], of which USD [AMOUNT equal to 80% of the total Advance] is to be made by Crescent Euro
Self Storage Investments S.à r.l. and USD [AMOUNT equal to 20% of the total Advance] is to be made by Shurgard Storage Centers Inc., and to pay such amounts, no later than [DATE], on the account [NUMBER] at
[BANK],    , in the name of First Shurgard Finance S.à r.l.. 
  
 Option 1: We hereby inform you that there is an imminent default by First Shurgard Finance S.à r.l. under Clause [•] of the Senior Credit Agreement (as defined in the Shurgard 2005 Working
Capital Facility Agreement). 
  
 Option 2: We hereby inform you that
there is an imminent default by First Shurgard Deutschland GmbH under Clause [•] of the Senior Credit Agreement (as defined in the Shurgard 2005 Working Capital Facility Agreement). 
  
 Option 3: We hereby inform you that an Event of Default exists under Clause [•] of the Senior Credit Agreement (as
defined in the Shurgard 2005 Working Capital Facility Agreement). 
  
 Option
4: We hereby inform you that Extraordinary Employment Payments (as defined in the Shurgard 2005 Working Capital Facility Agreement) have been made. 
  

 1 

 Made in [PLACE], on [DATE] 
  
 First Shurgard Finance S.à r.l.: 
  

			
	  

	Name:	 	[•]
	Title:	 	Manager

  
 cc: Shurgard Storage Centers Inc.,
General Counsel 
 Agency and Transaction Monitoring (Facility Agent), Nadia Lamrani 
  

 2 

 ANNEX 2 
  

Overview of Borrower’s sources and uses of funds 
  

																									
	First Shurgard Sources and uses of funds - Template
													
	 	  	Month 1

	  	Month 2

	  	Month 3

	  	Month 4

	  	Month 5

	  	Month 6

	  	Month 7

	  	Month 8

	  	Month 9

	  	Month 10

	  	Month 11

	  	Month 12

	 Uses
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Development
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Direct Project Costs
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Operations
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Revenue
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Operating Expenses
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Rent
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Net Operating Income before Management fees
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
	 JV Fees - Development Fees
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 JV Fees - Management, Marketing & Asset Management
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 CAPEX
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Non Store Expenses
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Other
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	

	 Operations cashflow
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Financing
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Senior Interest
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Other Finance Costs
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	

	 	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Total Financing Needs
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Sources
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Draw on SG facility
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Draw on Equity
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Draw on Additional Mezzanine (5 M€)
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Draw on Working Capital (2 M€)
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Draw on Mezzanine (15 M€)
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
													
	 Total Sources
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Opening Cash Balance
	  	 	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
	 Closing Cash Balance
	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0	  	0
													
	 Funding Balances
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Outstanding SG Loan
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Outstanding Equity
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Outstanding Additional Mezzanine
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Outstanding Working Capital
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  
	 Outstanding Mezzanine
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—The UP Stock Unit Grant and Deferred Compensation Plan

 Exhibit 10(a) 
  
  
  
  
 UNION PACIFIC CORPORATION 
  
 STOCK UNIT GRANT AND DEFERRED COMPENSATION PLAN 
  
 FOR THE 
  
 BOARD OF DIRECTORS 
  
  
  
  
  
  
  
  
 (Effective December 1, 1978—as Amended April 30, 1987, 
 January 1, 1995, January 25, 1996, February 26, 1998, 
 January 28, 1999, May 27, 1999, May 31, 2001 and
January 1, 2003) 
  
  

 Union Pacific Corporation 
 Stock Unit Grant and Deferred Compensation Plan 
 for the Board of Directors

 As Amended as of January 1, 2003 
  

	1.	Purpose 

  
 The purpose of this Plan is to permit grants of Stock Units to Directors to align their interests with those of stockholders, and to provide a means for
deferring payment of all or a portion of any cash compensation, excluding expenses, payable to Directors for their service on the Board of Directors (the “Board”) of Union Pacific Corporation (the “Company”) in accordance with
Article II, Section 4 of the By-Laws of Union Pacific Corporation. Such compensation eligible to be deferred, not including any grants under paragraph 3, is referred to herein as “Compensation”. 
  

	2.	Eligibility 

  
 Any individual (a “Director”) serving as a member of the Board as of the effective date of this Plan or who subsequently becomes a member is
eligible under this Plan, other than members who are employees of the Company or any of its subsidiaries. 
  

	3.	Stock Unit Grants 

  

	 	(a)	Commencing with the first quarter of 2003, each full quarterly installment of a Director’s Compensation shall be accompanied by the grant of an amount of whole Stock Units
equal to $11,250 (as such amount may be changed from time to time by the Board) divided by the Fair Market Value of one share of the Company’s Common Stock on the first business day of the month following the quarter in which such Compensation
was earned, plus cash in lieu of any fractional Stock Unit resulting from such calculation. A pro-rata grant of Stock Units will accompany any partial quarterly Compensation installment. “Fair Market Value” on a date means the average of
the high and low trading prices per share on that date, as reported in The Wall Street Journal listing of consolidated trading for New York Stock Exchange issues. Stock Units and cash so granted shall be credited to such Director’s Stock Unit
Account referred to in paragraph 6. 

  

	 	(b)	Each person serving as a member of the Board on January 25, 1996 who has elected (the “Election”) to forfeit $6,000 of the annual retirement pension under the
Directors’ Pension Plan pursuant to Section 12 thereof shall receive a grant of an amount of Stock Units equal to the dollar 

	 	 
amount set forth in the election form pursuant to which such person made the Election, divided by the Fair Market Value of one share of the Company’s
Common Stock on the date that the grant is credited to such Directors’ Stock Unit Account, plus cash in lieu of any fractional Stock Unit resulting from such calculation. For all persons making the Election who are eligible on January 25, 1996
for benefits under the Directors’ Pension Plan, such grant will be credited to such person’s Stock Unit Account on February 15, 1996. For all other persons making the Election, such grant will be credited on the date they become eligible
for such benefits (or if such date is not a business day, on the next business day). 

  

	4.	Deferral Election 

  
 An election to defer Compensation is to be made on or before December 31 of any year for Compensation for services as a member of the Board for the
following and later calendar years. In addition to deferrals of 1995 Compensation elected in the previous year, at any time prior to March 31, 1995, a Director may elect to defer additional Compensation to be paid for services in the last three
quarters of 1995. 
  
 An election to defer is a continuing
election until changed by the Director on or before December 31 of any year for the then following and later calendar years. However, once an election is made (and effective), subsequent elections will have no effect on the amounts, timing and
manner of payment covered by the previous election, except as provided under “Manner of Payment”. 
  
 Any newly elected Director who was not a Director on the preceding December 31 may elect, before his term begins, to defer Compensation for services as a
member of the Board for the balance of the calendar year following such election. 
  
 Forms shall be made available to Directors each year for the purpose of making or changing their election. 
  

	5.	Amount 

  
 All or any portion, in multiples of 1%, of a Director’s Compensation may be deferred. 
  

	6.	Deferred Accounts 

  
 Each Director shall have a Stock Unit Account and may have one or more Other Accounts (together, the “Accounts”). Amounts deferred pursuant to
paragraph 4 may be credited to any Account, at the election of the Director made at the time of the deferral election, in multiples of 1% of such Director’s Compensation. A Director may change the Account to which any quarterly installment of
such 

 
Director’s Compensation so deferred is to be credited at any time on or before the fifth business day prior to the date such quarterly installment is to
be credited. Amounts deferred and credited to the Stock Unit Account shall be converted into whole Stock Units on the basis of the Fair Market Value of the Company’s Common Stock on the first business day of the month following the quarter in
which the Compensation was earned, and cash shall be credited to the Stock Unit Account in lieu of any fractional Stock Unit. In addition, (i) on or prior to March 31, 1995, each Director shall have a one-time election to transfer all or any part of
the balance of his or her Other Account to the Stock Unit Account based on the Fair Market Value of the Company’s Common Stock on April 3, 1995, (ii) at any time, a Director may transfer all or any part of the balance of any of his or her Other
Accounts to another of his or her Other Accounts subject to any regulations regarding such transfer adopted by the Board and (iii) at any time on or after the 30th day after the date of a Director’s termination from the Board, such Director may
transfer all or any part of the balance of any of his or her Accounts to another of his or her Accounts, pursuant to any regulations regarding such transfers adopted by the Board. 
  
 On the payment date for each cash dividend or other cash distribution with respect to the Company’s Common Stock, each
Director’s Stock Unit Account shall be credited with an amount equal to the amount of the per share dividend or distribution, multiplied by the number of Stock Units in such Account, and, if such Director is then serving as a member of the
Board, shall be converted into whole Stock Units on the basis of the Fair Market Value of the Company’s Common Stock on the payment date for such dividend or distribution, and cash shall be credited to the Stock Unit Account in lieu of any
fractional Stock Units. If a Director is no longer serving as a member of the Board on the payment date for such dividend or distribution, the amount representing such dividend or distribution shall be paid out of the Stock Unit Account to such
Director as soon as practicable after the payment date for such dividend or distribution. 
  
 Except as provided in the preceding sentence, any cash credited to a Director’s Stock Unit Account shall be added to other cash credited to such Account and converted into a whole Stock Unit on the date
sufficient cash exists to purchase a whole Stock Unit, based on the Fair Market Value of the Company’s Common Stock on such date. In the event of a subdivision or combination of shares of Company Stock, the number of Stock Units credited to the
Stock Unit Accounts on the effective date of such subdivision or combination shall be proportionately subdivided or combined as the case may be. No adjustment shall be made in Stock Units in connection with the issuance by the Company of any rights
or options to acquire additional shares of Company Common Stock or securities convertible into Company Common Stock. In the event of any stock dividend or reclassification of Company Common Stock, any merger or consolidation to which the Company is
a party, or any spinoff of shares or distribution of property other than cash with respect to the Company Common Stock, the Committee shall cause appropriate adjustments, if any, to be made in the Stock Units to reflect 

 
such stock dividend, reclassification, merger or consolidation, spinoff or distribution of property. 
  
 Other Accounts shall have such name, and be charged or credited pursuant to
such method, as the Board shall determine upon establishment of such Other Account, and the Board may change such name or method for any such Other Account, but no such change shall reduce any amount previously accrued in a Director’s Other
Account. 
  

	7.	Distribution 

  
 All distributions from Accounts shall be made in cash. For purposes of distributions from the Stock Unit Account, each Stock Unit shall be converted into
an amount of cash equal to the Fair Market Value of one share of the Company’s Common Stock on the first business day of the month in which such distribution is made. The Director must elect the timing and manner of payment: (a) in the case of
deferred Compensation, at the same time and on the same form he elects a deferral of Compensation, (b) in the case of a Stock Unit grant under 3.a., on or prior to the time an election to defer the accompanying Compensation would have been required
to be made, (c) in the case of a Stock Unit grant under 3.b., at the same time as the Election referred to therein, and (d) in the case of a Stock Unit grant under 3.c., prior to the time the Director receives such grant 
  

	-	Timing of Payment: Directors may elect to begin distributions from the Accounts (a) following termination from the Board, (b) in a year specified by the Director which, in
the case of distributions from the Stock Unit Account, must be after termination from the Board, or (c) in the case of distributions from any Other Account, following retirement from the Director’s principal occupation.

  

	-	Manner of Payment: The Director may elect to receive payment from the Accounts in a lump sum or in a number of equal annual installments, not to exceed fifteen. A Director
may change the foregoing election, provided that any such change must be made: (i) in the case of payments commencing on termination from the Board, one year prior to termination, (ii) in the case of payments commencing in a specified year, one year
prior to the earlier to occur of termination from the Board and the commencement of such specified year, and (iii) in the case of payments commencing upon retirement from a principal occupation, one year prior to the earlier to occur of termination
from the Board and the such retirement. 

  
 The lump
sum or first installment is to be paid in January of the year following the year of termination or retirement or in January of the year selected by the Director, as applicable, and any remaining installments in January of each succeeding year until
the total balance is paid. Distributions from the Stock Unit Account in installments shall be based on equal numbers of Stock Units in each installment. 

 In the event of the death of a Director then serving as a member of the Board or a terminated or retired
Director entitled to a distribution under this Plan, the balance of the Accounts shall be payable to the estate or designated beneficiary in full during the January of the year following the year of such Director’s, terminated Director’s
or retired Director’s death. 
  
 The Director may designate
his beneficiary at the same time he elects deferral of Compensation. However, the latest designated beneficiary will be the beneficiary or beneficiaries for the total of all distributions from the Accounts. The designated beneficiary may be changed
at any time on a form provided by the Corporate Secretary, provided that no designation will be effective unless it is filed with the Corporate Secretary prior to the Director’s death. 
  

	8.	Early Withdrawal with Penalty 

  
 A Director may request a withdrawal from an Other Account (not to include the Director’s Stock Unit Account) prior to the date specified in the
Director’s deferral election by filing a request in writing with the Corporate Secretary. Payment will be made to the Director within thirty (30) days of such request. Any withdrawal under this Section will be charged with a 10% early
withdrawal penalty that will be withheld from the amount withdrawn and such amount withheld shall be irrevocably forfeited. 
  

	9.	Unfunded Plan 

  
 The liability of the Union Pacific Corporation to any Director, terminated Director, retired Director or his estate or designated beneficiary under the
Plan shall be that of a debtor only pursuant to such contractual obligations as are created by the Plan, and no such obligation of Union Pacific Corporation shall be deemed to be secured by any assets, pledges, or other encumbrances on any property
of Union Pacific Corporation. 
  

	10.	Inalienability of Deferred Compensation 

  
 Except to the extent of the rights of a designated beneficiary, no distribution pursuant to, or interest in, the Plan may be transferred, assigned,
pledged or otherwise alienated and no such distribution or interest shall be subject to legal process or attachment for the payment of any claims against any individual entitled to receive the same. 
  

	11.	Controlling State Law 

  
 All questions pertaining to the construction, regulation, validity and effect of the Plan shall be determined in accordance with the laws of the State of
Utah. 

	12.	Amendment 

  
 The Board of Directors of the Union Pacific Corporation at its sole discretion may amend, suspend or terminate the Plan at any time. However, any such
amendment, suspension or termination of the Plan may not adversely affect any Director’s or his beneficiary’s rights with respect to Compensation previously deferred. 
  

	13.	Administration 

  
 Administration of the Plan will be coordinated by the Corporate Finance Department. Administration will include, but not be limited to, crediting of
deferred compensation, dividends and accrued interest to individual Director accounts and ultimate disbursement of deferred amounts. 
  

	14.	Effective Date 

  
 This Plan shall become effective December 1, 1978, applicable only to compensation for services after December 31, 1978, provided that the provisions
hereof related to Stock Units shall be effective January 1, 1995.

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