Document:

DIGITAL LIGHTWAVE, INC

DIGITAL LIGHTWAVE, INC.

SECOND AMENDED AND RESTATED SECURITY AGREEMENT

This Second Amended and Restated Security Agreement (this “Agreement”) is made as of February 28, 2003, by and between Digital Lightwave, Inc., a Delaware corporation (the “Debtor”), in favor of Optel, LLC (the “Secured Party”). 

RECITALS

The Debtor and the Secured Party are parties to (i) that certain Secured Promissory Note dated as of February 14, 2003 in the original principal amount of $800,000 upon the terms and subject to the conditions set forth therein, and as the same may be increased, amended, modified or extended from time to time, (ii) that certain Secured Promissory Note dated as of February 26, 2003 in the original principal amount of $650,000 upon the terms and subject to the conditions set forth therein, and as the same may be increased, amended, modified or extended from time to time, and (iii) that certain Secured Promissory Note dated as of the date hereof in the original principal amount of $961,710.33 upon the terms and subject to the conditions set forth therein, and as the same may be increased, amended, modified or extended from time to time, (collectively, the “Notes”).  The parties intend that the Debtor’s obligations to repay the Notes be secured by all of the assets of the Debtor.

AGREEMENT

In consideration of the purchase of the Notes by the Secured Party and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Debtor hereby agrees with the Secured Party as follows:

1.

Grant of Security Interest.  

(a)

To secure the Debtor’s full and timely performance of the Obligations, the Debtor hereby grants to the Secured Party a continuing Lien on and security interest (the “Security Interest”) in, all of the Debtor’s right, title and interest in and to all of its personal property and assets (both tangible and intangible), including, without limitation, the following, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures; (d) all General Intangibles; (e) all Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Cash; (i) all other Goods of the Debtor; (j) all Intellectual Property; and (l) all Proceeds of each of the foregoing and all accessions to, and replacements for, each of the foregoing (collectively, the “Collateral”).  The Security Interest shall be a first and prior interest in all of the Collateral, provided, however, that the Security Interest shall be subordinated with respect to any Collateral that is subject to the Prior Security Interests (as defined below).

(b)

The following terms shall have the following meanings for purposes of this Agreement:

“Account” means any “Account,” as such term is defined in the UCC now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all accounts receivable, book debts, rights to payment and other forms of obligations (other than forms of obligations evidenced by Chattel Paper, Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to the Debtor whether or not arising out of goods or software sold or services rendered by the Debtor or from any other transaction, whether or not the same involves the sale of goods or services by the Debtor and all of the Debtor’s rights in, to and under all purchase orders or receipts now owned or hereafter acquired by it for goods or services, and all of the Debtor’s rights to any goods represented by any of the foregoing, and all monies due or to become due to the Debtor under all purchase orders and contracts for the sale of goods or the performance of services or both by the Debtor or in connection with any other transaction (whether or not yet earned by performance on the part of the Debtor), now in existence or hereafter occurring, including, without limitation, the right to receive the proceeds of said purchase orders and contracts, and all collateral security and guarantees of any kind given by any Person with respect to any of the foregoing. 

“Cash” means all cash, money, currency, and liquid funds, wherever held, in which the Debtor now or hereafter acquires any right, title, or interest. 

“Chattel Paper” means any “Chattel paper,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“Commercial Tort Claim” shall have the meaning given to that term in Section 2(e) of this Agreement.

“Credit Documents” means this Agreement, the Notes and any UCC-1 Financing Statement filed herewith.

“Deposit Accounts” means any “Deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“Documents” means any “Documents,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“Electronic Chattel Paper” means any “Electronic chattel paper,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest.

“Equipment” means any “Equipment,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest and any and all additions, upgrades, substitutions and replacements of any of the foregoing, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires interest. 

“Fixtures” means any “Fixtures,” as such term is defined in the UCC, together with all right, title and interest of the Debtor in and to all extensions, improvements, betterments, accessions, renewals, substitutes, and replacements of, and all additions and appurtenances to any of the foregoing property, and all conversions of the security constituted thereby, immediately upon any acquisition or release thereof or any such conversion, as the case may be, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“General Intangible” means any “General intangible,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all right, title and interest that the Debtor may now or hereafter have in or under any contracts, rights to payment, payment intangibles, confidential information, interests in partnerships, limited liability companies, corporations, joint ventures and other business associations, permits, goodwill, claims in or under insurance policies, including unearned premiums and premium adjustments, uncertificated securities, deposit, checking and other bank accounts, but shall not include any Intellectual Property (including the right to receive all proceeds and damages therefrom), rights to receive tax refunds and other payments and rights of indemnification.

“Goods” means any “Goods,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“Instruments” means any “Instrument,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest.

“Intellectual Property” means, collectively, all rights, priorities and privileges of the Debtor relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, inventions, patents, patent licenses, trademarks, trademark licenses and trade secrets (including customer lists), domain names, Web sites and know-how, including, but not limited to, the patents, trademarks and copyrights set forth on Schedule  2 .

“Inventory” means any “Inventory,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest, and, in any event, shall include, without limitation, all inventory, goods and other personal property that are held by or on behalf of the Debtor for sale or lease or are furnished or are to be furnished under a contract of service or that constitute raw materials, work in process or materials used or consumed or to be used or consumed in the Debtor’s business, or the processing, packaging, promotion, delivery or shipping of the same, and all finished goods, whether or not the same is in transit or in the constructive, actual or exclusive possession of the Debtor or is held by others for the Debtor’s account, including, without limitation, all goods covered by purchase orders and contracts with suppliers and all goods billed and held by suppliers and all such property that may be in the possession or custody of any carriers, forwarding agents, truckers, warehousemen, vendors, selling agents or other Persons. 

“Investment Property” means any “Investment property,” as such term is defined in the UCC, and includes certificated securities, uncertificated securities, money market funds and U.S. Treasury bills or notes, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“Letter of Credit Right” means any “Letter of credit right,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest, including any right to payment or performance under any letter of credit. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, any lease in the nature of a security interest, and the filing of any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or comparable law of any jurisdiction. 

“Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, however arising, owed by the Debtor to the Secured Party of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising pursuant to the terms of the Notes, or any of the other Credit Documents or otherwise, including without limitation all interest, fees, charges, expenses, attorneys’ fees and accountants’ fees chargeable to the Debtor or payable by the Debtor thereunder.

“Permitted Liens” shall mean (a) Liens for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or being contested in good faith, provided that adequate reserves for the payment thereof have been established in accordance with generally accepted accounting principals, (b) Liens of carriers, warehousemen, mechanics, materialmen, vendors, and landlords and other similar Liens imposed by law incurred in the ordinary course of business for sums not overdue more than 45 days or being contested in good faith, provided that adequate reserves for the payment thereof have been established in accordance with generally accepted accounting principals, (c) deposits under workers' compensation, unemployment insurance and social security laws or to secure the performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, or to secure statutory obligations of surety or appeal bonds or to secure indemnity, performance or other similar bonds in the ordinary course of business, (d) zoning restrictions, easements, rights-of-way, title irregularities and other similar encumbrances, which alone or in the aggregate are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Debtor, (e) banker's Liens and similar Liens (including set-off rights) in respect of bank deposits, (f)  Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties and in connection with the importation of goods in the ordinary course of the Debtor’s business, (g) Liens on the property or assets of any subsidiary of the Debtor in favor of the Debtor, (h) purchase money Liens that will be discharged upon the Debtor’s payment of the purchase price for the applicable property, to the extent such Liens relate solely to the property so purchased and (j) the security interests set forth on Schedule 1 (the “Prior Security Interests”); provided, however, that except for the Prior Security Interests, that in each case, such Lien is not senior or prior to the Security Interest created hereunder.

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency, body or department thereof). 

“Proceeds” means “Proceeds,” as such term is defined in the UCC and, in any event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Instruments, cash or other forms of money or currency or other proceeds payable to the Debtor from time to time in respect of the Collateral, (b) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Debtor from time to time with respect to any of the Collateral, (c) any and all payments (in any form whatsoever) made or due and payable to the Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under color of governmental authority), (d) the proceeds, damages, or recovery based on any claim of the Debtor against third parties (i) for past, present or future infringement of any copyright, patent or patent license or (ii) for past, present or future infringement or dilution of any trademark or trademark license or for injury to the goodwill associated with any trademark, trademark registration or trademark licensed under any trademark license and (e) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Receivables” means all of the Debtor’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, and letters of credit and Letter of Credit Rights. 

“Supporting Obligation” means any “Supporting obligation,” as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest. 

“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of Florida; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Secured Party’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of Florida, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.  

Unless otherwise defined herein, all capitalized terms used herein and defined in the Notes shall have the respective meaning given to those terms in the Notes, and terms that are defined in the UCC and used herein shall have the meanings given to them in the UCC.

2.

Representations and Warranties.  The Debtor hereby represents and warrants to the Secured Party that:

(a)

Ownership of Collateral.  The Debtor is the legal and beneficial owner of the Collateral (or, in the case of after-acquired Collateral, at the time the Debtor acquires rights in the Collateral, will be the legal and beneficial owner thereof).  Except for the Security Interest granted to the Secured Party pursuant to this Agreement, the Debtor has rights in or the power to transfer the Collateral free and clear of any adverse Lien, security interest or encumbrance except as created by this Security Interest, except for Permitted Liens.  Except for the financing statements listed in Schedule 3, no financing statements covering any Collateral or any proceeds thereof are on file in any public office (other than filings listing the Secured Party as the secured party).  

(b)

Valid Security Interest.  The Security Interest granted pursuant to this Agreement will constitute a valid and continuing first priority, perfected security interest in favor of the Secured Party in the Collateral for which perfection is governed by the UCC or filing with the United States Copyright Office or United States Patent and Trademark Office.  Such Security Interest will be prior to all other Liens on the Collateral, except for Permitted Liens.

(c)

Organization and Good Standing.  The Debtor has been duly incorporated, and is validly existing and in good standing, under the laws of the State of Delaware.

(d)

Location, State of Organization and Name of the Debtor.  The Debtor’s state of organization is Delaware and the Debtor’s exact legal name as it appears in the official filings in the State of Delaware is as set forth in the first paragraph of this Agreement.  The Debtor has only one jurisdiction of organization.

(e)

Location of Equipment and Inventory.  All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt.  Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

(g)

Delivery of Items.  Schedule 5 lists all Instruments (other than checks received in the ordinary course of business), letter-of-credit rights, Electronic Chattel paper and Chattel Paper of the Debtor as of the date hereof.  The Debtor has delivered to the Secured Party, together with all necessary stock powers, endorsements, assignments and other necessary instruments of transfer, the originals of all Receivables consisting of instruments and Chattel Paper and the originals of all certificated securities owned directly by the Debtor.

(h)

Receivables.  Each Receivable is genuine and enforceable against the party obligated to pay the same (an “Account Debtor”) free from any right of rescission, defense, setoff or discount.

(i)

Insurance.  Each insurance policy maintained by the Debtor is validly existing and is in full force and effect.  The Debtor is not in default in any material respect under the provisions of any insurance policy, and there are no facts which, with the giving of notice or passage of time (or both), would result in such a default under any material provision of any such insurance policy.  Set forth in Schedule 6 is a complete and accurate list of the insurance of the Debtor in effect on the date of this Agreement covering fire, public liability, property damage and worker’s compensation, showing as of such date, (i) the type of insurance carried, (ii) the name of the insurance carrier, and (iii) the amount of each type of insurance carried.

(j)

This Agreement is effective to create a valid and continuing Lien upon the Collateral.  All action by the Debtor necessary to protect and perfect such Lien on each item of the Collateral has been duly taken.

3.

Covenants.  The Debtor covenants and agrees with the Secured Party that, from and after the date of this Agreement until the Obligations are paid in full:

(a)

Other Liens.  Except for the Security Interest and Permitted Liens, the Debtor has rights in or the power to transfer the Collateral and its title and will be able to do so hereafter free from any adverse Lien, security interest or encumbrance, and the Debtor will defend the Collateral against the claims and demands of all persons at any time claiming the same or any interest therein.  

(b)

Further Documentation.  At any time and from time to time, upon the writ­ten request of the Secured Party, and at the sole expense of the Debtor, the Debtor will promptly and duly authenticate and deliver such further instruments and documents and take such further action as the Secured Party may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted including, without limitation, filing any financing or continuation statements under the UCC in effect with respect to the Liens created hereby.  The Debtor also hereby authorizes the Secured Party to file any such financing, amendment or continuation statement without the authentication of the Debtor to the extent permitted by applicable law.  A reproduction of this Agreement shall be sufficient as a financing statement (or as an exhibit to a financing statement on form UCC-1) for filing in any jurisdiction.

(c)

Indemnification.  The Debtor agrees to defend, indemnify and hold harmless the Secured Party against any and all liabilities, costs and expenses (including, without limitation, legal fees and expenses) (“Liabilities”): (i) with respect to, or resulting from, any delay in paying, any and all excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral, (ii) with respect to, or resulting from, any delay in complying with any law, rule, regu­lation or order of any governmental authority applicable to any of the Collateral or (iii) in connection with any of the transactions contemplated by this Agreement. 

(d)

Maintenance of Records.  The Debtor will keep and maintain at its own expense complete and satisfactory, in all material respects, records of the Collateral.

(e)

Inspection Rights.  The Secured Party shall have full access during normal business hours, and upon prior notice, to all the books, corre­spondence and other records of the Debtor relating to the Collateral.  The Secured Party or its repre­sentatives may examine such records and make photocopies or otherwise take extracts from such records.  The Debtor agrees to render to the Secured Party, at the Debtor’s expense, such clerical and other assistance as the Secured Party may request with regard to the exercise of its rights pursuant to this paragraph.

(f)

Compliance with Laws, etc.  The Debtor (i) will comply with all laws, rules, regulations and orders of any governmental authority applicable to any part of the Collateral or to the operation of the Debtor’s business, the failure of which to comply with will have a material adverse effect on the Debtor, and (ii) shall not use or permit any Collateral to be used in violation of any provision of any Credit Document, any law, rule or obligation or order of any governmental authority, or any policy of insurance covering the Collateral; provided, however, that in each case, the Debtor may contest any such law, rule, regulation or order; in any reasonable manner which does not, in the reasonable opinion of the Secured Party, adversely affect the Secured Party’s rights or the priority of its Liens on the Collateral.

(g)

Payment of Obligations.  The Debtor will pay promptly when due all taxes, assessments and governmental charges or levies imposed upon the Collateral or with respect to any its income or profits derived from the Collateral, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the Collateral.

(h)

Limitation on Liens on Collateral.  The Debtor will not create, incur or permit to exist, will defend the Collateral against, and will take such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Security Interest and Permitted Liens, and will defend the right, title and interest of the Secured Party in and to any of the Collateral against the claims and demands of all other persons.

(i)

Limitations on Dispositions of Collateral.  The Debtor will not sell, transfer, lease, or otherwise dispose of any of the Collateral, or attempt, offer or contract to do so other than dispositions of Inventory in the ordinary course of the Debtor’s business; provided, however that the Debtor will be allowed to grant licenses to its products and related documentation in the ordinary course of business and to establish or provide for escrows of related intellectual property in connection therewith.

(j)

Further Identification of Collateral.  The Debtor will furnish to the Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Party may request, all in detail acceptable to the Secured Party.

(k)

Notice of Change of State of Incorporation.  Without 30 days’ prior written notice to the Debtor shall not (i) change the Debtor’s name, state of incorporation or organization, organizational identification number or place of business (or, if the Debtor has more than one place of business, its chief executive office), or the office in which the Debtor’s records relating to Receivables are kept, or (ii) keep Collateral consisting of Chattel Paper and documents at any location other than its chief executive office.

(l)

Future Commercial Tort Claims.  The Debtor will promptly give notice to the Secured Party upon the initiation of any Commercial Tort Claim.  The Debtor hereby authorizes the Secured Party to amend this Agreement (without any further action or consent from the Debtor) to include any such Commercial Tort Claim as Collateral hereunder.

(m)

Deposit Accounts.  For each deposit account maintained by the Debtor, the Debtor shall, along with the bank or other depository institution at which such deposit account is maintained (the “Depositary Bank”), execute and deliver to the Secured Party a Deposit Account Control Agreement in form and substance reasonably satisfactory to the Secured Party.  If requested by the Secured Party, the Debtor shall also obtain a blocked account, lockbox or similar agreement with all or certain Depository Banks.  Without ten days prior written notice to the Secured Party, the Debtor shall not establish any deposit account not set forth on Schedule 6.

(n)

Collection of Receivables.  The Debtor shall collect, enforce and receive delivery of the Receivables in accordance with past practice.

(q)

Insurance. The Debtor shall (i) maintain and keep in force insurance of the types and in amounts customarily carried from time to time during the term of this Agreement in its lines of business, including fire, public liability, property damage and worker’s compensation, such insurance to be carried with companies and in amounts satisfactory to the Secured Party, (ii) deliver to the Secured Party from time to time, as the Secured Party may request, schedules setting forth all insurance then in effect, and (iii) deliver to the Secured Party copies of each policy of insurance which replaces, or evidences the renewal of, each existing policy of insurance at least 15 days prior to the expiration of such policy.  The Secured Party shall be named as additional insured or additional loss payee, as appropriate, on all liability and property insurance of the Debtor and such policies shall contain such additional endorsements as shall be required by the Secured Party.  

(r)

Mortgagee Waivers.  The Debtor shall use its best efforts to obtain waivers or subordinations of Liens from landlords and mortgagees, and the Debtor shall, in all instances, obtain signed acknowledgements of the Secured Party’s Liens from bailees having possession of any of the Debtor’s Collateral that they hold such Collateral for the benefit of the Secured Party pursuant to Section 9313(c) of the UCC.

(s)

Letters of Credit.  If the Debtor is or becomes the beneficiary of a letter of credit, the Debtor shall promptly, and in any event within two business days after becoming a beneficiary, notify the Secured Party thereof and enter into a tri-party agreement with the Secured Party and the issuer or confirmation bank with respect to such Letter of Credit Rights assigning such Letter of Credit Rights to the Secured Party and directing all payments thereunder to the Secured Party, all in form and substance satisfactory to the Secured Party.

(t)

Electronic Chattel Paper.  The Debtor shall take all steps reasonably necessary to grant the Secured Party control of all Electronic Chattel Paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.

(u)

Intellectual Property Matters.  The Debtor shall notify the Secured Party immediately if it knows or has reason to know (i) that any application or registration relating to any of its Intellectual Property that is material to the operation of its business may become abandoned or dedicated, or (ii) of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding the Debtor’s ownership of any Intellectual Property that is material to the operation of its business, its right to register the same, or to keep and maintain the same.

(v)

Intellectual Property Applications.  In no event shall the Debtor, either itself or through any agent, employee, licensee or designee, file an application for the registration of any patent, trademark or copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving the Secured Party prior written notice thereof, and, upon request of the Secured Party, the Debtor shall execute and deliver any and all security documents as the Secured Party may request to evidence the Secured Party’s Lien on such Intellectual Property and the general intangibles of the Debtor relating thereto or represented thereby.  The Debtor hereby authorizes the Secured Party to amend this Agreement (without any further action or consent from the Debtor) to include any such patent, trademark or copyright as Collateral hereunder.

(w)

Intellectual Property Abandonment.  The Debtor shall take all actions reasonably necessary or requested by the Secured Party to maintain and pursue each application, to obtain the relevant registration and to maintain the registration of its Intellectual Property, including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings.

(x)

Protection of Intellectual Property.  In the event that any of the Debtor’s Intellectual Property is infringed upon, or misappropriated or diluted by a third party, the Debtor shall notify the Secured Party promptly after the Debtor learns thereof.  The Debtor shall, unless the Secured Party shall determine that such Intellectual Property is in no way material to the conduct of its business or operations, promptly sue for, and seek recovery of any and all damages resulting from such infringement, misappropriation or dilution, and shall take such other actions as the Secured Party shall deem necessary under the circumstances to protect such Intellectual Property.

(y)

Chattel Paper.  The Debtor shall type, print or stamp conspicuously on the face of all original copies of all Collateral consisting of Chattel Paper and Documents not in the possession of the Secured Party having a value in excess of $100,000 a legend satisfactory to the Secured Party indicating that such Chattel Paper is subject to the security interest granted hereby.

(z)

Limitation on Filing of Financing Statements.  The Debtor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement without the prior written consent of the Secured Party and agrees that it will not do so without the prior written consent of the Secured Party, subject to the Debtor’s rights under Section 9509(d)(2) of the UCC.

4.

Event of Default; the Secured Party’s Appointment as Attorney-in-Fact.

(a)

Event of Default.  For purposes of this Agreement, the occurrence of any one of the following events (each, an “Event of Default”) shall constitute a default hereunder and under the Notes or any of the other Credit Documents:

(i)

The Debtor’s failure to pay or discharge the Obligations in full in accordance with the terms of the Notes or any of the other Credit Documents;

(ii)

A breach of any representation or warranty made by the Debtor under the this Agreement, the Notes or any of the other Credit Documents as of the date thereof or any other document or instrument entered into between the Debtor and the Secured Party in connection herewith.

(iii)

The Debtor’s failure to observe or perform any other covenant, obligation, condition or agreement contained in this Agreement, the Notes or any of the other Credit Documents and such failure shall continue for 10 days after the earlier of (i) the Debtor’s written acknowledgement of such failure and (ii) written notice by the Secured Party to the Debtor of such failure.

(iv)

The insolvency of the Debtor, the commission of any act of bankruptcy by the Debtor, the execution by the Debtor of a general assignment for the benefit of creditors, the filing by or against the Debtor of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of 90 days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Debtor.

(v)

A default shall occur under the Notes or any of the other Credit Documents, or any other agreement entered into between the Debtor and the Secured Party in connection herewith.

(b)

Powers.  The Debtor hereby appoints the Secured Party and any officer or agent of the Secured Party, with full power of substitution, as its attorney-in-fact with full irrevocable power and authority in the place of the Debtor and in the name of the Debtor or its own name, from time to time in the Secured Party’s discretion so long as an Event of Default has occurred and is continuing, for the purpose of carrying out the terms of this Agreement, to take any appropriate action and to authenticate any instrument which may be necessary or desirable to accomplish the purposes of this Agreement.  Without limiting the foregoing, so long as an Event of Default has occurred and is continuing, the Secured Party shall have the right, without notice to, or the consent of, the Debtor, to do any of the following on the Debtor’s behalf:

(i)

to pay or discharge any taxes or Liens levied or placed on or threatened against the Collateral;

(ii)

to direct any party liable for any payment under any of the Collateral to make payment of any and all amounts due or to become due thereunder directly to the Secured Party or as the Secured Party directs;

(iii)

to ask for or demand, collect, and receive payment of and receipt for, any payments due or to become due at any time in respect of or arising out of any Collateral;

(iv)

to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to enforce any right in respect of any Collateral;

(v)

to defend any suit, action or proceeding brought against the Debtor with respect to any Collateral;

(vi)

to settle, compromise or adjust any suit, action or proceeding described in subsection (v) above and to give such discharges or releases in connection therewith as the Secured Party may deem appropriate;

(vii)

to assign any patent right included in the Collateral of the Debtor (along with the goodwill of the business to which any such patent right pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Secured Party shall in its sole discretion determine; and

(viii)

generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral and to take, at the Secured Party’s option and the Debtor’s expense, any actions which the Secured Party deems necessary to protect, preserve or realize upon the Collateral and the Secured Party’s Liens on the Collateral and to carry out the intent of this Agreement, in each case to the same extent as if the Secured Party were the absolute owner of the Collateral for all purposes.

The Debtor hereby ratifies whatever actions the Secured Party shall lawfully do or cause to be done in accordance with this Section 4.  This power of attorney shall be a power coupled with an interest and shall be irrevocable.

(c)

No Duty on the Secured Party’s Part.  The powers conferred on the Secured Party by this Section 4 are solely to protect the Secured Party’s interests in the Collateral and shall not impose any duty upon it to exercise any such powers.  The Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to the Debtor for any act or failure to act pursuant to this Section 4.

5.

Performance by the Secured Party of the Debtor’s Obligations.  If the Debtor fails to per­form or comply with any of its agreements or covenants contained in this Agreement and the Secured Party performs or complies, or otherwise causes performance or compliance, with such agreement or covenant in accordance with the terms of this Agreement, then the expenses of the Secured Party incurred in connection with such performance or compliance shall be payable by the Debtor to the Secured Party on demand and shall constitute Obligations secured by this Agreement.

6.

Remedies.  If an Event of Default has occurred and is continuing, the Secured Party may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement relating to the Obligations, all rights and remedies of a secured party under the UCC.  Without limiting the foregoing, the Secured Party, without demand of performance or other demand, present­ment, protest, advertisement or notice of any kind (except any notice required by law) to or upon the Debtor or any other person (all of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances collect, receive, appropriate and realize upon any or all of the Collateral, and/or may sell, lease, assign, give an option or options to purchase, or otherwise dispose of and deliver any or all of the Collateral (or contract to do any of the foregoing), in one or more parcels at a public or private sale or sales, at any exchange, broker’s board or office of the Secured Party or elsewhere upon such terms and conditions as the Secured Party may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk.  The Secured Party shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase all or any part of the Collateral so sold, free of any right or equity of redemption in the Debtor, which right or equity is hereby waived or released.  The Secured Party shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable expenses incurred therein or in connection with the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Secured Party under this Agreement (including, without limitation, reasonable attorneys’ fees and expenses) to the payment in whole or in part of the Obligations, in such order as the Secured Party may elect, and only after such application and after the payment by the Secured Party of any other amount required by any provision of law, need the Secured Party account for the surplus, if any, to the Debtor.  To the extent permitted by applicable law, the Debtor waives all claims, damages and demands it may acquire against the Secured Party arising out of the exercise by the Secured Party of any of its rights hereunder.  If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten days before such sale or other disposition.  The Debtor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed by the Secured Party to collect such deficiency. 

7.

Limitation on Duties Regarding Preservation of Collateral.  The Secured Party’s sole duty with respect to the custody, safekeeping and preservation of the Collateral, under Section 9207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.  Neither the Secured Party nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Debtor or otherwise.

8.

Powers Coupled with an Interest.  All authorizations and agencies contained in this Agreement with respect to the Collateral are irrevocable and are powers coupled with an interest.

9.

No Waiver; Cumulative Remedies.  The Secured Party shall not by any act (except by a written instrument pursuant to Section 11(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default under the Notes or any of the other Credit Documents or in any breach of any of the terms and conditions of this Agreement.  No failure to exer­cise, nor any delay in exercising, on the part of the Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver by the Secured Party of any right or remedy under this Agreement on any one occasion shall not be construed as a bar to any right or remedy which the Secured Party would otherwise have on any subsequent occasion.  The rights and remedies provided in this Agreement are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law.

10.

Termination of Security Interest.  Upon satisfaction of the Debtor’s obligations pursuant to the Notes, the security interest granted herein shall terminate and all rights to the Collateral shall revert to the Debtor.  Upon any such termination, the Secured Party shall authenticate and deliver to the Debtor such documents as the Debtor may reasonably request to evidence such termination.

11.

Miscellaneous.

(a)

Amendments and Waivers.  Any term of this Agreement may be amended with the written consent of the parties or their respective successors and assigns.  Any amendment or waiver effected in accordance with this Section 11(a) shall be binding upon the parties and their respective successors and assigns.

(b)

Transfer; Successors and Assigns.  The terms and conditions of this Agreement shall be binding upon the Debtor and its successors and assigns, as well as all persons who become bound as a debtor to this Agreement and inure to the benefit of the Secured Party and its successors and assigns.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

(c)

Governing Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law.

(d)

Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

(e)

Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

(f)

Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address or facsimile number as set forth below or as subsequently modified by written notice.

(h)

Payments Free of Taxes, Etc.  All payments made by the Debtor under this Agreement shall be made by the Debtor free and clear of and without deduction for any and all present and future taxes, levies, charges, deductions and withholdings.  In addition, the Debtor shall pay upon demand any stamp or other taxes, levies or charges of any jurisdiction with respect to the execution, delivery, registration, performance and enforcement of this Agreement.  Upon request by the Secured Party, the Debtor shall furnish evidence satisfactory to the Secured Party that all requisite authorizations and approvals by, and notices to and filings with, governmental authorities and regulatory bodies have been obtained and made and that all requisite taxes, levies and charges have been paid.

(i)

Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith, in order to maintain the economic position enjoyed by each party as close as possible to that under the provision rendered unenforceable.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

(j)

Entire Agreement.  This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto concerning such subject matter are expressly canceled.

(k)

Amendment and Restatement.  Effective upon execution of this Agreement by both parties, the Amended and Restated Security Agreement dated as of February 26, 2003 between the Debtor and the Secured Party is hereby amended and restated in its entirety to read as set forth in this Agreement.

[Signature Page Follows]

The Debtor and the Secured Party have caused this Agreement to be duly executed and delivered as of the date first above written.

DEBTOR:

DIGITAL LIGHTWAVE, INC.

By:  ____________________________

Name:___________________________

Title:  ___________________________

SECURED PARTY:

OPTEL, LLC

By:  ____________________________

Name:___________________________

Title:  ___________________________

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED SECURITY AGREEMENTRegistration Rights Agreement dated January 17, 2003

Exhibit 4.18 
 

 
REGISTRATION RIGHTS AGREEMENT 
 
by
and among 
 
PAN PACIFIC RETAIL PROPERTIES, INC.

 
and 
 
THE UNDERSIGNED HERETO 
 
dated as of 
 
January 17, 2003 
 

 
TABLE OF
CONTENTS 
 

	  	   	  	   	  	   	  Page

	  1.
	   	  Definitions
	   	  1

	
	  	   	  (a)
	   	  “Agreement”
	   	  1

	  	   	  (b)
	   	  “Company”
	   	  2

	  	   	  (c)
	   	  “Company Common Stock”
	   	  2

	  	   	  (d)
	   	  “Company Registration Expenses”
	   	  2

	  	   	  (e)
	   	  “Commission”
	   	  2

	  	   	  (f)
	   	  “Contribution Agreement”
	   	  2

	  	   	  (g)
	   	  “Effective Time”
	   	  2

	  	   	  (h)
	   	  “Exchange Act”
	   	  2

	  	   	  (i)
	   	  “Issuee”
	   	  2

	  	   	  (j)
	   	  “Issuee OP Units”
	   	  2

	  	   	  (k)
	   	  “NASD”
	   	  2

	  	   	  (l)
	   	  “OP Units”
	   	  2

	  	   	  (m)
	   	  “Operating Partnership”
	   	  2

	  	   	  (n)
	   	  “Original Registration Rights Agreement”
	   	  2

	  	   	  (o)
	   	  “Registration Expenses”
	   	  2

	  	   	  (p)
	   	  “Securities Act”
	   	  3

	  	   	  (q)
	   	  “Shelf Registration”
	   	  3

	
	  2.
	   	  Termination of Original Registration Rights Agreement
	   	  3

	
	  3.
	   	  Shelf Registration
	   	  3

	
	  	   	  (a)
	   	  Obligation to File
	   	  3

	  	   	  (b)
	   	  Black–Out Periods of the Issuee
	   	  3

	  	   	  (c)
	   	  Number of Shelf Registrations
	   	  4

	  	   	  (d)
	   	  Notice
	   	  4

	  	   	  (e)
	   	  Expenses
	   	  4

	
	  4.
	   	  Registration Procedures
	   	  4

	
	  5.
	   	  Preparation; Reasonable Investigation
	   	  6

	
	  6.
	   	  Indemnification
	   	  6

	
	  	   	  (a)
	   	  Indemnification by the Company
	   	  6

	  	   	  (b)
	   	  Indemnification by the Issuee
	   	  7

	  	   	  (c)
	   	  Notices of Claims, etc.
	   	  7

	  	   	  (d)
	   	  Other Indemnification
	   	  8

	  	   	  (e)
	   	  Indemnification Payments
	   	  8

	  	   	  (f)
	   	  Contribution
	   	  8

 

i 

	  	   	  	   	  	   	  Page

	
	  7.
	   	  Covenants Relating to Rule 144
	   	  8

	
	  8.
	   	  Miscellaneous
	   	  8

	
	  	   	  (a)
	   	  Counterparts
	   	  9

	  	   	  (b)
	   	  Governing Law
	   	  9

	  	   	  (c)
	   	  Entire Agreement
	   	  9

	  	   	  (d)
	   	  Notices
	   	  9

	  	   	  (e)
	   	  Successors and Assigns
	   	  9

	  	   	  (f)
	   	  Headings
	   	  10

	  	   	  (g)
	   	  Amendments and Waivers
	   	  10

	  	   	  (h)
	   	  Interpretation; Absence of Presumption
	   	  10

	  	   	  (i)
	   	  Severability
	   	  10

 

ii 

 
        This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made as of January 17, 2003, by and among Pan Pacific Retail Properties, Inc., a Maryland corporation (the
“Company”), and the undersigned hereto (the “Issuee”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Second Amended Partnership Agreement (as defined herein). 
 
        WHEREAS, as of
the date hereof, the Issuee is a Limited Partner of CT Operating Partnership, L.P., a California limited partnership formerly known as Alexander Haagen Properties Operating Partnership, L.P. (the “Operating Partnership”), pursuant to that
certain Second Amended and Restated Agreement of Limited Partnership of CT Operating Partnership, L.P., a California Limited Partnership, dated as of March 23, 2000, as amended by the First Amendment thereto dated October 1, 2002 (the
“Partnership Agreement”); 
 
        WHEREAS, Issue is the holder of the designated number Limited Partnership Units of the Partnership set forth next to their signature below (such units held by the Issuee, the
“Issuee OP Units”); 
 
        WHEREAS, the Company and Center Trust, Inc., a Maryland corporation and general partner of the Operating Partnership (“Center Trust”) have, concurrently with the execution of
this Agreement, entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which a wholly-owned subsidiary of Pan Pacific will merge with and into Center Trust, with Center Trust continuing as the surviving
corporation and wholly-owned subsidiary of Pan Pacific (the “Merger”); 
 
        WHEREAS, in connection with the Merger, the Issuee has entered into the Second Amended and Restated Agreement of Limited Partnership of CT Operating
Partnership, L.P., a California limited partnership (the “Second Restated Partnership Agreement”), which amends and restates the Partnership Agreement to provide, among other things, that Limited Partnership Units (as defined in the Second
Restated Partnership Agreement) in the Operating Partnership will be exchangeable for shares of common stock of the Company, upon the terms and conditions contained in the Second Restated Partnership Agreement; and 
 
        WHEREAS, the
parties hereto intend for this Agreement to replace that certain Registration Rights Agreement dated as of March 24, 1998, by and between Alexander Haagen Properties Operating Partnership, L.P., a California Limited Partnership, and the Issuee (the
“Original Registration Rights Agreement”) effective as of the Effective Time (defined below). 
 
        NOW, THEREFORE, in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 
        1.  Definitions. As used herein, the following terms shall have the following meanings: 
 
        (a) “Agreement” shall have the meaning set forth in
the first paragraph hereof. 
 

 
        (b) “Company” shall have the meaning set forth in the first paragraph hereof. 
 
        (c) “Company Common Stock” shall mean the common stock of Company, par value
$.01. 
 
        (d) “Company Registration Expenses” shall mean the fees and disbursements of counsel and independent public accountants for the Company incurred in connection with the
Company’s performance of or compliance with this Agreement, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and any premiums and other costs of
policies of insurance obtained by the Company against liabilities arising out of the sale of any securities. 
 
        (e) “Commission” shall mean the Securities and Exchange Commission, and any
successor thereto. 
 
        (f) “Contribution Agreement” shall mean that certain contribution agreement by and between Alexander Haagen Properties Operating Partnership, L.P. and Issuee or one or more of
Issuee’s affiliates, pursuant to which Issuee acquired the Issuee OP Units. 
 
        (g) “Effective Time” shall mean the effective time of the Merger. 
 
        (h) “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and any successor thereto, and the rules and regulations thereunder. 
 
        (i) “Issuee” shall have the meaning set forth in the first paragraph hereof.

 
        (j) “Issuee OP Units” shall mean the OP Units received by the Issuee pursuant to the Contribution Agreement. 
 
        (k) “NASD” shall mean the National Association of
Securities Dealers, Inc. 
 
        (l) “OP Units” shall mean the units of limited partnership interest in the Operating Partnership. 
 
        (m) “Operating Partnership” shall have the meaning
set forth in the Recitals hereto. 
 
        (n) “Original Registration Rights Agreement” shall have the meaning set forth in the Recitals hereto. 
 
        (o) “Registration Expenses” shall mean all
registration, filing and stock exchange or NASD fees, all fees and expenses of complying with securities or blue sky laws, all printing expenses, messenger and delivery expenses, any fees and disbursements of any separate counsel retained by the
Issuee, and transfer taxes, if any, and any premiums and other costs of policies of insurance obtained by the Issuee against liabilities arising out of the public offering of securities, including Company Registration Expenses, but specifically
excludes any fees and 
 

2 

disbursements of underwriters customarily paid by sellers of securities who are not the issuers of such
securities and all underwriting discounts and commissions. 
 
        (p) “Securities Act” shall mean the Securities Act of 1933, as amended, and any successor thereto, and the rules and regulations thereunder. 
 
        (q)
“Shelf Registration” shall have the meaning set forth in Section 3(a). 
 
        2.  Termination of Original Registration Rights Agreement. This Agreement shall become effective, at the Effective Time. The parties
hereto agree that as of the Effective Time, the Original Registration Rights Agreement will be of no further force or effect and Issuee’s sole registration rights with respect to the Issuee OP Units will be as set forth in this Agreement.

 
        3.  Shelf Registration 
 
        (a)  Obligation to File. As soon as possible after the Effective Time,
but in no event later than 45 days after the Effective Time, the Company will cause to be filed with the Commission a registration statement (the “Shelf Registration”) under Rule 415 of the Securities Act for the resale by the Issuee of
the Company Common Stock received, or to be received, by the Issuee upon exchange of the Issuee OP Units (the “Issuee Stock”). The Company shall use its reasonable best efforts to cause the Shelf Registration to become effective, and keep
the Shelf Registration continuously effective until the earlier of (i) the date on which the Issuee may sell all the Issuee Stock without registration and without restriction by the volume limitations of Rule 144(e) of the Securities Act or such
time as all the Issuee Stock has been sold pursuant to the Shelf Registration. During the period during which the Shelf Registration is effective, the Company shall supplement or make amendments to the Shelf Registration, if required by the
Securities Act and shall use its reasonable best efforts to have such supplements and amendments declared effective, if required, as soon as practicable after filing. 
 
        (b)  Black-Out Periods of the Issuee.
Notwithstanding anything herein to the contrary, (i) the Company shall have the right from time to time to suspend the effectiveness of the Shelf Registration during the period starting with the date 30 days prior to the Company’s good faith
estimate, as certified in writing by an executive officer of the Company to the Issuee, of the proposed date of filing of a registration statement or a preliminary prospectus supplement relating to an existing shelf registration statement, in either
case, pertaining to an underwritten public offering of equity securities of the Company for the account of the Company, and ending on the date 75 days following the effective date of such registration statement or the date of filing of the final
prospectus supplement, and (ii) the Company shall be entitled to suspend the effectiveness of the Shelf Registration (but not for a period exceeding 75 days in any calendar year) if the Company determines, in its good faith judgment, that the
continued effectiveness would interfere with any material financing, acquisition, disposition, corporate reorganization or other material transaction involving the Company or any of its subsidiaries or public disclosure thereof would be required
prior to the time such disclosure might otherwise be required, or when the Company is in possession of material information that it deems advisable not to disclose in a registration statement. 
 

3 

 
(c)  Number of Shelf Registrations. The Company shall be obligated to effect, under this Section 3, only one Shelf Registration. A Shelf Registration shall not be deemed to have been effected if such registration
cannot be used by the Issuee for more than 60 days as a result of any stop order, injunction or other order of the Commission or other government authority for any reason other than an act or omission of the Issuee. 
 
(d)   Notice. The Company shall give the
Issuee prompt notice in the event that the Company has suspended the effectiveness of the Shelf Registration under Section 3(b). 
 
(e)  Expenses. All Registration Expenses incurred in connection with the Shelf Registration shall be borne by the
Company. 
 
        4.  Registration Procedures. In connection with the filing of any registration statement as provided in Section 3, the Company shall use its reasonable best efforts to,
as expeditiously as reasonably practicable: 
 
(a)  prepare and file with the Commission the requisite registration statement (including a prospectus therein) to effect such registration and use its reasonable best efforts to cause such registration statement to become
effective, provided that before filing such registration statement or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Issuee, at least five business days prior to the filing thereof, copies of all such
documents proposed to be filed, which documents will be subject to the review of such counsel before any such filing is made, and the Company will comply with any reasonable request made by such counsel to make changes in any information contained
in such documents relating to the Issuee; 
 
(b)   prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to maintain the effectiveness of such
registration and to comply with the provisions of the Securities Act with respect to the resale of the Issuee Stock covered by such registration statement; 
 
(c)  furnish to the Issuee such number of conformed copies of such registration statement and of each such
amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statements (including each complete prospectus and any summary prospectus) and any other prospectus filed
under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, including documents incorporated by reference, as the Issuee may reasonably request; 
 
(d)  register or qualify the Issuee
Stock under such other securities or blue sky laws of such jurisdictions as the Issuee shall reasonably request and to keep such registration or qualification in effect for so long as such registration statement remains in effect, and take any other
action which may be reasonably necessary or advisable to qualify the Issuee Stock for sale in such jurisdictions, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign 
 

4 

corporation in any jurisdiction wherein it would not but for the requirements of this paragraph be obligated to be so qualified, or to
consent to general service of process in any such jurisdiction, or to subject the Company to any material tax in any such jurisdiction where it is not then so subject; 
 
(e) cause all Issuee Stock covered by such registration statement to be registered with or
approved by such other government authority as may be reasonably necessary to enable the Issuee to offer for sale Issuee Stock pursuant to such registration statement; 
 
(f) in the event of a sale of Issuee Stock in an underwritten offering pursuant to the Shelf
Registration, furnish to the Issuee a signed counterpart, addressed to the Issuee and such underwriter, of: 
 
(i) an opinion of counsel for the Company, in form and substance as is customarily given in an underwritten public
offering, dated the date the Issuee Stock is delivered to an underwriter for sale pursuant to the Shelf Registration, and 
 
(ii) to the extent permitted by then applicable rules of professional conduct, a “comfort” letter, dated the
effective date of such registration statement, signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement, covering substantially the same matters with respect to
such registration statement (and the prospectus included therein) and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements, as is customarily covered in accountants’ letters
delivered to the underwriters in underwritten public offerings of securities; 
 
(g) immediately notify the Issuee at any time when the Company becomes aware that a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a
result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances under which they were made, and to promptly (but in any event, within five business days) prepare and furnish to the Issuee a reasonable number of copies of a supplement to or an amendment of such
prospectus; 
 
(h) comply or
continue to comply in all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings
statement covering the period of at least 12 months, but not more than 18 months, beginning with the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section
11(a) of the Securities Act, and not file any amendment or supplement to such 
 

5 

registration statement or prospectus to which the Issuee shall have reasonably objected on the grounds that such amendment or supplement does
not comply in all material respects with the requirements of the Securities Act; 
 
(i) provide a transfer agent and registrar for all Issuee Stock covered by such registration statement not later than the
effective date of such registration statement; and 
 
(j) list all Issuee Stock covered by such registration statement on each securities exchange on which any of the Company Common Stock is then listed. 
 
In connection with any registration statement, prospectus or other document filed or prepared pursuant to this Agreement, the
Issuee shall furnish in writing to the Company such information regarding the Issuee (and any of its affiliates), the Company Common Stock to be sold, the intended method of distribution of such Company Common Stock, and such other information
reasonably requested by the Company. Such writing shall expressly state that it is being furnished to the Company for use in the preparation of a registration statement, preliminary prospectus, supplementary prospectus, final prospectus or amendment
or supplement thereto, as the case may be. 
 
The
Issuee agrees by acquisition of the Issuee OP Units that upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph (g) of this Section 4, the Issuee will forthwith cease to offer for sale Issuee
Stock pursuant to the registration statement relating to such Issuee Stock until the Issuee’s receipt of the copies of the supplemented or amended prospectus contemplated by paragraph (g) of this Section 4. 
 
        5.  Preparation; Reasonable Investigation. In connection with the preparation and filing of the Shelf Registration under the Securities Act, the Company will give the
Issuee and its counsel the opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto, and will give each of them such
access to its books and records and such opportunities to discuss the business of the Company with its officers, its counsel and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of
the Issuee’s counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 
 
        6.  Indemnification 
 
(a)  Indemnification by the Company. In the
event of any registration of any Company Common Stock under the Securities Act pursuant to this Agreement, the Company will, and hereby does, indemnify and hold harmless the Issuee and its affiliates, officers, directors, agents, partners and
representatives against any losses, claims, damages or liabilities, joint or several, to which the Issuee may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the registration statement under which such Company Common Stock was registered
under the Securities Act, any preliminary 
 

6 

prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Company will reimburse the Issuee for any
reasonable legal or any other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceedings; provided, however, that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration
statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by the Issuee specifically stating that it is for use in
the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Issuee and shall survive the transfer of such securities by the Issuee. 
 
(b) Indemnification by the Issuee. The
Issuee will, and hereby does, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 6) the Company, each director of the Company, each officer of the Company and each other person, if
any, who controls the Company within the meaning of the Securities Act, with respect to any untrue statement or alleged untrue statement of a material fact in or omission or alleged omission to state a material fact from such registration statement,
any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by the Issuee specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any such director, officer, or controlling person and shall survive the transfer of such securities by the
Issuee. 
 
(c) Notices of
Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in the preceding paragraphs of this Section 6, such indemnified party will, if a claim in respect
thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under the preceding paragraphs of this Section 6, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified
party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume
the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, the indemnifying party shall not be liable to the indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable
costs of investigation. 
 

7 

 
        (d) Other Indemnification. Indemnification similar to that specified in the preceding paragraphs of this Section 6 (with appropriate modifications) shall be given by the Company
and the Issuee with respect to any required registration or other qualification of securities under any federal or state law or regulation of Governmental Authority other than the Securities Act. 
 
        (e)
Indemnification Payments. The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or
liability is incurred. 
 
        (f) Contribution. If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage or liability, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission), or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides a lesser
sum to the indemnified party than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the indemnifying party and the indemnified party, but also the relative benefits received by the
indemnifying party on the one hand and the indemnified party on the other, as well as any other relevant equitable considerations. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation. 
 
        7. Covenants Relating to Rule 144. The Company will file in a timely manner (taking
into account any extensions granted by the Commission), information, documents and reports in compliance with the Exchange Act and will, at its expense, forthwith upon the request of the Issuee, deliver to the Issuee a certificate, signed by the
Company’s principal financial officer, stating (a) the Company’s name, address and telephone number (including area code), (b) the Company’s Internal Revenue Service identification number, (c) the Company’s Commission file
number, (d) the number of shares and class of Company capital stock outstanding as shown by the most recent report or statement published by the Company, and (e) whether the Company has filed the reports required to be filed under the Exchange Act
for a period of at least 90 days prior to the date of such certificate and in addition has filed the most recent annual report required to be filed thereunder. If at any time the Company is not required to file reports in compliance with either
Section 13 or Section 15(d) of the Exchange Act, the Company will, at its expense, forthwith upon the written request of the Issuee, make available adequate current public information with respect to the Company within the meaning of paragraph
(c)(2) of Rule 144 of the General Rules and Regulations promulgated under the Securities Act. 
 

8 

8.  Miscellaneous 
 
(a)  Counterparts. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. Copies of executed
counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 8, provided receipt of copies of such counterparts is confirmed. 
 
(b)  Governing Law. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. 
 
(c)  Entire Agreement. This Agreement (including agreements incorporated herein) contains the entire agreement between
the parties with respect to the subject matter hereof and there are no agreements or understandings between the parties other than those set forth or referred to herein. This Agreement is not intended to confer upon any person not a party hereto
(and their successors and assigns) any rights or remedies hereunder. 
 
(d)  Notices. All notices and other communications hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented overnight delivery service or,
to the extent receipt is confirmed, telecopy, telefax or other electronic transmission service to the appropriate address or number as set forth below. Notices to the Company shall be addressed to: 
 
Pan Pacific Retail Properties, Inc.

1631-B South Melrose Drive 
Vista, California 92083 
Attention: Chief Executive Officer 
Telecopy Number: (760)
727-1430 
 
with a copy to:

 
Latham & Watkins

650 Town Center Drive 
Suite 2000 
Costa Mesa, CA 92648 
Attention: William J. Cernius

Telecopy Number: (714) 755-8290 
 
or at such other address and to the attention of such other person as the Company may designate by written notice to the
Issuee. Notices to the Issuee shall be addressed to the Issuee’s address designated next to their signature below. 
 
(e)  Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors. Neither party shall be 
 

9 

permitted to assign any of its rights hereunder to any third party, except that if (i) the Issuee
transfers or pledges any or all Issuee OP Units to a third party in accordance with the requirements of the Second Amended Partnership Agreement and such third party agrees to be bound by the Contribution Agreement, the transferee or pledgee of the
Issuee OP Units shall be considered an intended beneficiary hereof and may exercise all rights of the Issuee hereunder, and (ii) any person included within the definition of the term the Issuee shall be permitted to assign its rights hereunder to
any other person included within such definition. 
 
(f)  Headings. The Section and other headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. All references to Sections
or other headings contained herein mean Sections or other headings of this Agreement unless otherwise stated. 
 
(g)  Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in
writing signed by the party against whom enforcement of any such modification or amendment is sought. Either party hereto may, only by an instrument in writing, waive compliance by the other party hereto with any term or provision hereof on the part
of such other party hereto to be performed or complied with. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. 
 
(h)  Interpretation; Absence of Presumption.
For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof”, “herein”,
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, paragraph or other references are to the
Sections, paragraphs, or other references to this Agreement unless otherwise specified, (iii) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the
context otherwise requires or unless otherwise specified, (iv) the word “or” shall not be exclusive, and (v) provisions shall apply, when appropriate, to successive events and transactions. 
 
This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 
 
(i)  Severability. Any provision hereof which is invalid or unenforceable shall be ineffective to the extent of such
invalidity or unenforceability, without affecting in any way the remaining provisions hereof. 
 

10 

 
IN WITNESS
WHEREOF, this Agreement has been signed by or on behalf of each of the parties hereto as of the day first above written. 
 

	  PAN PACIFIC RETAIL PROPERTIES, INC.,
  a Maryland corporation

	
	  By:
	  	  /s/    Joseph B. Tyson

	  Name:
  Title:
	  	  Joseph B. Tyson
  Executive Vice President, Chief Financial Officer, Treasurer and Secretary

 

 

	 ISSUEE
  
 North Mountain Village Shopping Center Limited Partnership, a California limited Partnership

	
	 By:
	 	 Western Investment Properties, III, a California general partnership, general partner

	
	 	 	 By:
 

	 	 /s/    Henry G. Winans,
Jr.                    

 Henry G. Winans, Jr.
 Its: General Partner
  
 P.O. Box 61120
 Palo Alto, CA 94306-1120
  
 No. of Units: 353

 

 
ISSUEE 
 

	 CJJ Limited Partnership, a California limited partnership

	
	 By:
	 	 /s/ John W. Bartman

	 	 	 John W. Bartman
 Its: General Partner

	
	 	 	 11777 San Vicente Blvd., #600

	 	 	 Los Angeles, CA 90049

	
	 	 	 No. of Units: 13,432

 

2 

 

	 ISSUEE

	
	 Cecile C. Bartman, Trustee under the Will of
Bernard Citron, deceased

	
	 By:
	 	 /s/ Cecile C. Bartman

	 	 	 Cecile C. Bartman
 Trustee

	
	 	 	 11777 San Vicente Blvd., #600

	 	 	 Los Angeles, CA 90049

	
	 	 	 No. of Units: 4,748

 

 

	 ISSUEE

	
	 Cecile Citron Bartman Trust dated September 26, 2001

	
	 By:
	 	 /s/ Cecile C. Bartman

	 	 	 Cecile C. Bartman
 Trustee

	
	 	 	 11777 San Vicente Blvd., #600

	 	 	 Los Angeles, CA 90049

	
	 	 	 No. of Units: 8,685

 

 

	 ISSUEE

	
	 Bartfam, a California limited partnership

	
	 By:
	 	 /s/ John W. Bartman

	 	 	 John W. Bartman
 Its: General Partner

	
	 By:
	 	 /s/ Thomas F. Bartman

	 	 	 Thomas F. Bartman
 Its: General Partner

	
	 	 	 11777 San Vicente Blvd., #600

	 	 	 Los Angeles, CA 90049

	
	 	 	 No. of Units: 13,432

 

2 

 

	 ISSUEE

	
	 The Harry J. L. Frank, Jr. and Margaret S. Frank Family
Trust U/A 5/9/91

	
	 By:
	 	 /s/ James H. Frank        

	 	 	 James H. Frank
 Trustee

	
	 	 	 2678 34th Street
 Santa Monica, CA 90405

	
	 	 	 No. of Units: 4,748

 
 
 

3 

 

	 ISSUEE

	
	 /s/ Myrtle Gronske         

	 Myrtle Gronske

	
	 700 S. Linwood Ave.
 Visalia, CA 93277

	
	 No. of Units: 6,606

 

4 

 

	 ISSUEE
	 	 
	
	 Hughes Investments, a California general partnership

	
	 By: WWH Investments, Inc., a California corporation, general
partner

	
	 	 	 By:
	 	 /s/ William W. Hughes, Jr.        

	 	 	 	 	 William W. Hughes, Jr.

	 	 	 	 	 Its: President

	
	 	 	 	 	 23 Corporate Plaza, #245
 Newport Beach, CA 92660

	
	 	 	 	 	 No. of Units: 4,240

 

5 

 

	 ISSUEE

	
	 Visalia MKP, Inc., a California corporation

	
	 By:
	 	 /s/ William W. Hughes, Jr.        

	 	 	 William W. Hughes, Jr.

	 	 	 Its: President

	
	 	 	 23 Corporate Plaza, #245
 Newport Beach, CA 92660

	
	 	 	 No. of Units: 10,610

 

6 

 

	 ISSUEE

	
	 HI-Loma, a California general partnership

	
	 By:
	 	 Hughes Investments, a California general partnership, general partner

	
	 	 	 By:
	 	 WWH Investments, Inc., a California corporation, general partner

	
	 	 	 	 	 By:
	 	 /s/ William W. Hughes, Jr.        

	 	 	 	 	 	 	 William W. Hughes, Jr.

	 	 	 	 	 	 	 Its: President

	
	 	 	 	 	 	 	 23 Corporate Plaza, #245
 Newport Beach, CA 92660

	
	 	 	 	 	 	 	 No. of Units: 32,478

 

7 

 

	 ISSUEE

	
	 HI-NC, a California general partnership

	
	 By:
	 	 Hughes Investments, a California general partnership, general partner

	
	 	 	 By:
	 	 WWH Investments, Inc., a California corporation, general partner

	
	 	 	 	 	 By:
	 	 /s/ William W. Hughes, Jr.        

	 	 	 	 	 	 	 William W. Hughes, Jr.

	 	 	 	 	 	 	 Its: President

	
	 	 	 	 	 	 	 23 Corporate Plaza, #245
 Newport Beach, CA 92660

	
	 	 	 	 	 	 	 No. of Units: 18,994

 

8 

 
 

	 ISSUEE

	
	 Hughes Milliken Associates, a California general partnership

	
	 By:
	 	 HI-Victoria, a California general
 partnership, a general partner        

	
	 	 	 By:
	 	 Hughes Investments, a California
 general partnership, general partner

	
	 	 	 	 	 By:
	 	 WWH Investments, Inc., a
 California corporation,
 general partner

	
	 	 	 	 	 	 	 By:
	 	 /s/ William W. Hughes, Jr.

	 	 	 	 	 	 	 	 	 William W. Hughes, Jr.
 Its: President

	
	 	 	 	 	 	 	 	 	 23 Corporate Plaza, #245 Newport Beach, CA 92660

	
	 	 	 	 	 	 	 	 	 No. of Units: 24,061

 
 
 
 
 
 
 
 
 

9 

 

	 ISSUEE

	
	 Trust “A”, created under the Will of W. Arnet Speer aka William A. Speer, deceased, under the
preliminary decree of distribution of his estate, entered on December 15, 1978, in Judgment Book 1193, page 428, Superior Court of the State of California, County of San Diego, Case No. 114411

	
	 By:
	 	 /s/ Philip H. Banks        

	 	 	 Philip H. Banks, Successor Trustee

	
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	
	 	 	 No. of Units: 17,814

 
 
 
 
 

10 

 

	 ISSUEE

	
	 Trust “D”, created under the Will of W. Arnet Speer aka William A. Speer, deceased, under the
preliminary decree of distribution of his estate, entered on December 15, 1978, in Judgment Book 1193, page 428, Superior Court of the State of California, County of San Diego, Case No. 114411

	
	 By:
	 	 /s/ Philip H. Banks

	 	 	 Philip H. Banks, Successor Trustee

	
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	
	 	 	 No. of Units: 3,665

 

	
	 ISSUEE
	 	 
	
	 William A. Speer, Jr. Irrevocable Trust U/A/D October 18, 1988 F/B/O Linda Speer Fortune

	
	 By:
	 	 /s/ Philip H. Banks

	 	 	 Philip H. Banks, Successor Trustee

	
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	
	 	 	 No. of Units: 1,833

 

	
	 ISSUEE

	
	 William A. Speer, Jr. Irrevocable Trust U/A/D October 18, 1988 F/B/O Rebecca Speer

	
	 By:
	 	 /s/ Philip H. Banks      

	 	 	 Philip H. Banks, Successor Trustee

	 	 	 
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	 	 	 
	 	 	 No. of Units: 1,833

 
 
 
 
 
 

2 

 

	 ISSUEE

	
	 Doreann Speer Gibson Trust U/A/D October 13, 1989

	
	 By:
	 	 /s/ Philip H. Banks        

	 	 	 Philip H. Banks, Successor Trustee

	 	 	 
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	
	 	 	 No. of Units: 3,666

 
 
 
 

3 

 

	 ISSUEE

	
	 Rebecca Jean Speer Trust U/A/D November 9, 1994

	
	 By:
	 	 /s/ Philip H. Banks        

	 	 	 Philip H. Banks, Successor Trustee

	 	 	 
	 	 	 c/o Banks & Banks
 7777 Alvarado Road, Suite 721
 La Mesa, CA 91941

	
	 	 	 No. of Units: 3,665

 
 
 
 

4

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