Document:

Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is
entered into as of April 25, 2005 by and among The Macerich Company, a
Maryland corporation (the “Parent”), and the persons named on Exhibit A
hereto (collectively the “Holders” and each individually as a “Holder”).

 

WHEREAS,
pursuant to the terms of that certain Agreement
and Plan of Merger (the “Merger Agreement”), dated as of December 22, 2004,
by and among Parent, The Macerich Partnership, L.P., a Delaware limited
partnership (“Parent LP”), MACW, Inc., a Delaware corporation (“Merger
Sub”), Wilmorite Properties, Inc., a Delaware corporation (the “Company”)
and Wilmorite Holdings, L.P., a Delaware limited partnership (“Company LP”),
Merger Sub will be merged with and into the Company (the “Merger”), with
the Company as the surviving entity;

 

WHEREAS,
pursuant to the Merger Agreement, Company LP will be merged with a subsidiary
of Parent LP (the “Partnership Merger”) with Company LP as the surviving
entity, and as consideration in such merger, the limited partners of Company LP
shall receive cash or, subject to the receipt of such limited partner’s consent
and approval of that certain 2005 Amended and Restated Agreement of Limited
Partnership of MACWH, LP (formerly, Company LP) (the “Partnership Agreement”)
to be adopted simultaneously with the consummation of the Partnership Merger, Class A
Convertible Preferred Units or Common Units of Company LP (together, the “Company
LP Units”), each subject to the terms of the Partnership Agreement;

 

WHEREAS,
pursuant to the terms of the Merger Agreement, the Company LP Units will be
issued without registration under the Securities Act of 1933, as amended (the “Securities
Act”) and, subject to certain
conditions set forth in the Partnership Agreement, the Company LP Units
will be redeemable or exchangeable for shares of common stock, par value $0.01
per share, of Parent (the “Common Shares”);

 

WHEREAS,
it is a condition precedent to the obligations of the Company and Company LP
under the Merger Agreement, that Parent grant certain registration rights to
the Holders with respect to such Common Shares;

 

NOW,
THEREFORE, in consideration of the foregoing and the
covenants of the parties set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
subject to the terms and conditions set forth herein, the parties hereby agree
as follows:

 

Section 1.               Certain Definitions.  In this Agreement the following terms shall have
the following respective meanings:

 

 

“Affiliate”
of any Person shall mean a Person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control
with, the first-mentioned Person.

 

“Commission”
shall mean the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act.

 

“Common
Shares” shall have the meaning ascribed to in the recitals to this
Agreement.

 

“Company”
shall have the meaning set forth in the recitals to this Agreement, and shall
be deemed to refer to all successors, including, without limitation, by
operation of law.

 

“Company
LP” shall have the meaning set forth in the recitals to this Agreement, and
shall be deemed to refer to all successors, including, without limitation, by
operation of law.

 

“Company
LP Units” shall have the meaning ascribed to it in the recitals to this
Agreement.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the relevant time.

 

“Filing
Date” shall have the meaning ascribed to it in Section 2(a) of
this Agreement.

 

“Holders”
shall mean (i) each Person listed under the caption “Holder” on Exhibit A
hereto, (ii) each Person holding Company LP Units that have been
transferred or assigned by a Holder, which transfer or assignment is properly
completed in accordance with the terms of the Partnership Agreement and Section 8
of this Agreement and (iii) each Person holding Registrable Shares as a
result of a transfer or assignment to that Person of Registrable Shares other
than pursuant to an effective Registration Statement or Rule 144, which
transfer or assignment is properly completed in accordance with the Parent’s
Certificate of Incorporation, as amended from time to time, and Section 8
of this Agreement.

 

“Indemnified
Party” shall have the meaning ascribed to it in Section 5(c) of
this Agreement.

 

“Indemnifying
Party” shall have the meaning ascribed to it in Section 5(c) of
this Agreement.

 

“Issuance
Registration Statement” shall have the meaning ascribed to it in Section 2(a) of
this Agreement.

 

“Merger”
shall have the meaning set forth in the recitals to this Agreement

 

“Merger
Agreement” shall have the meaning set forth in the recitals to this
Agreement, as it may be amended, supplemented or restated from time to time.

 

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“Merger
Sub” shall have the meaning set forth in the recitals to this Agreement.

 

“Parent”
shall have the meaning set forth in the recitals to this Agreement, and shall
be deemed to refer to all successors, including, without limitation, by
operation of law.

 

“Parent
LP” shall have the meaning set forth in the recitals to this Agreement, and
shall be deemed to refer to all successors, including, without limitation, by
operation of law.

 

“Partnership
Agreement” shall have the meaning ascribed to it in the recitals to this
Agreement.

 

“Partnership
Merger” shall have the meaning ascribed to it in the recitals to this
Agreement.

 

“Person”
shall mean an individual, corporation, partnership, limited liability company,
estate, trust, association, private foundation, joint stock company or other
entity.

 

The
terms “Register,” “Registered” and “Registration” refer to
a registration effected by preparing and filing a Registration Statement in
compliance with the Securities Act providing for the issuance to, or the sale
by, the Holders of Registrable Shares in accordance with the method or methods
of distribution described in such Registration Statement, and the declaration
or ordering of the effectiveness of such Registration Statement by the
Commission.

 

“Registrable
Shares” shall mean the Common Shares, including any Common Shares issued as
a dividend with respect to, or in redemption or exchange for or in replacement
of such Common Shares.

 

“Registration
Expenses” shall mean all out-of-pocket expenses (excluding Selling
Expenses) incurred by the Parent in connection with any attempted or completed
registration pursuant to Sections 2 and 3 hereof, including, without
limitation, the following: (a) all registration, filing and listing fees; (b) fees
and expenses of compliance with federal and state securities or real estate
syndication laws (including, without limitation, reasonable fees and
disbursements of counsel in connection with state securities and real estate
syndication qualifications of the Registrable Shares under the laws of such
jurisdictions as the Holders may reasonably designate); (c) printing
(including, without limitation, expenses of printing or engraving certificates
for the Registrable Shares in a form eligible for deposit with The Depository
Trust Company and otherwise meeting the requirements of any securities exchange
on which they are listed and of printing registration statements and
prospectuses), messenger, telephone, shipping and delivery expenses; (d) fees
and disbursements of counsel for the Parent; (e) fees and disbursements of
all independent public accountants of the Parent; (f) Securities Act
liability insurance if the Parent so desires; (g) fees and expenses of
other Persons reasonably necessary in connection with the registration,
including any experts, retained by the Parent; (h) fees and expenses
incurred in connection with the listing of the Registrable Shares on each
securities exchange on which securities of the same class or series are then
listed; and (i) fees and expenses associated with any filing with the
National Association of Securities Dealers, Inc. required to be made in
connection with the Registration Statement.

 

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“Registration
Statement” shall mean either an Issuance Registration Statement or a Shelf
Registration Statement, and all amendments and supplements to any such
registration statement, including post-effective amendments, in each case
including the prospectus contained therein, all exhibits thereto and all
materials and documents incorporated by reference therein.

 

“Rule 144”
shall mean Rule 144 promulgated by the Commission under the Securities
Act, or any successor rule or regulation.

 

“Securities
Act” shall have the meaning ascribed to it in the recitals to this
Agreement.

 

“Selling
Expenses” shall mean all underwriting discounts, selling commissions and
stock transfer taxes applicable to any sale of Registrable Shares.

 

“Shelf
Registration Statement” shall have the meaning ascribed to it in Section 2(b) of
this Agreement.

 

“Suspension
Right” shall have the meaning ascribed to it in Section 2(c) of
this Agreement.

 

Section 2.               Registration.

 

(a)           Subject to the provisions of Section 2(b) below,
the Parent will file with the Commission a registration statement on Form S-3
(the “Issuance Registration Statement”) under Rule 415 under the
Securities Act relating to the issuance to the Holders of Common Shares upon
redemption of Company LP Units, such filing to be made on or within fourteen
(14) days before or after the date that is one (1) year from the date
hereof (the “Filing Date”); provided, however, that, notwithstanding the
foregoing, the Filing Date may be such other date as may be required under
applicable provisions of the Securities Act or by the Commission pursuant to
its interpretations of the Securities Act, the Exchange Act and other
applicable federal securities laws.  The
Parent shall use its reasonable best efforts to cause the Issuance Registration
Statement to be declared effective by the Commission for all Registrable Shares
covered thereby as soon as practicable thereafter.  In the event the Parent is unable to cause
such Issuance Registration Statement to be declared effective by the Commission
within ninety (90) days following the Filing Date, then the rights of the
Holders set forth in Section 2(b) below shall apply to the Registrable
Shares.  Notwithstanding the availability
of rights under Section 2(b), the Parent shall continue to use its
reasonable best efforts to cause the Issuance Registration Statement to be
declared effective by the Commission until such time as the Parent shall have
filed and had declared effective a Shelf Registration Statement in accordance
with Section 2(b).  If the Issuance
Registration Statement is declared effective by the Commission, the Parent
agrees to use its reasonable best efforts to keep such Issuance Registration
Statement continuously effective until all Holders have tendered for redemption
their outstanding Company LP Units.

 

(b)           In the event that Form S-3
is unavailable at the Filing Date as a form for an Issuance Registration
Statement, or Form S-3 becomes unavailable as a form for an Issuance
Registration Statement following the Filing Date, or the Parent is unable, for
any reason, to cause an Issuance Registration Statement to be declared
effective by the Commission within ninety (90) days following the Filing
Date, then within ten (10) days after the occurrence of any

 

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such event, the Parent shall file a registration statement on Form S-3
or another appropriate form (a “Shelf Registration Statement”) under Rule 415
under the Securities Act relating to the resale of all Registrable Shares.  The Parent agrees to use its reasonable best
efforts to cause such Shelf Registration Statement to be declared effective by
the Commission and to keep such Shelf Registration Statement effective until
the date that is the earliest of (i) two (2) years following the date
on which the last Holder tendered for redemption Company LP Units, (ii) the
date on which all Registrable Shares have been disposed of by Holders, and (iii) the
date on which it is no longer necessary to keep the Shelf Registration
Statement effective because the Registrable Shares may be freely sold without
limitation on volume or manner of sale pursuant to Rule 144.  After the Parent has filed the Shelf
Registration Statement, any obligation of the Parent to file an Issuance
Registration Statement pursuant to Section 2(a) above with respect to
the Registrable Shares registered by the Shelf Registration Statement shall be
suspended for so long as the Shelf Registration Statement remains effective.

 

(c)           Notwithstanding the foregoing, the
Parent shall have the right (the “Suspension Right”) to defer any such
filing (or suspend sales under any filed Registration Statement or defer the
updating of any filed Registration Statement and suspend sales thereunder) for
a period of not more than 105 days during any one-year period ending on December 31,
if the Parent shall furnish to the Holders a certificate signed by an executive
officer or any director of the Parent stating that, in the good faith judgment
of the Parent, it would be detrimental to the Parent and its stockholders to
file such Registration Statement or amendment thereto at such time (or continue
sales under a filed Registration Statement) and therefore the Parent has
elected to defer the filing of such Registration Statement (or suspend sales
under a filed Registration Statement).

 

Section 3.               Registration Procedures.

 

(a)           The Parent shall promptly notify the
Holders of the occurrence of any of the following events:

 

(i)            when any Registration Statement
relating to the Registrable Shares or post-effective amendment thereto filed
with the Commission has become effective;

 

(ii)           the issuance by the Commission of any
stop order suspending the effectiveness of any Registration Statement;

 

(iii)          the suspension of sales under an
effective Registration Statement by the Parent in accordance with Section 2(c) above;

 

(iv)          the Parent’s receipt of any
notification of the suspension of the qualification of any Registrable Shares
covered by a Registration Statement for sale in any jurisdiction; or

 

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(v)           the existence of any event, fact or
circumstance that results in a Registration Statement or prospectus relating to
Registrable Shares or any document incorporated therein by reference containing
an untrue statement of material fact or omitting to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading during the distribution of securities.

 

The
Parent agrees to use its reasonable best efforts to obtain the withdrawal of
any order suspending the effectiveness of any such Registration Statement or
any state qualification as promptly as possible.  The Holders agree that upon receipt of any
notice from the Parent of the occurrence of any event of the type described in Section 3(a)(ii),
(iii), (iv) or (v) to immediately discontinue any disposition of
Registrable Shares pursuant to any Registration Statement until the receipt of
written notice from the Parent that such disposition may be made.

 

(b)           The Parent shall provide to the
Holders, at no cost to the Holders, a copy of the Registration Statement and
any amendment thereto used to effect the Registration of the Registrable
Shares, each prospectus contained in such Registration Statement or
post-effective amendment and any amendment or supplement thereto and such other
documents as the Holders may reasonably request in order to facilitate the
disposition of the Registrable Shares covered by such Registration
Statement.  The Parent consents to the
use of each such prospectus and any supplement thereto by the Holders in
connection with the offering and sale of the Registrable Shares covered by such
Registration Statement or any amendment thereto.  The Parent shall also file a sufficient
number of copies of the prospectus and any post-effective amendment or
supplement thereto with the New York Stock Exchange, Inc. (or, if the
Common Shares are no longer listed thereon, with such other securities exchange
or market on which the Common Shares are then listed) so as to enable the
Holders to have the benefits of the prospectus delivery provisions of Rule 153
under the Securities Act.

 

(c)           The Parent agrees to use its
reasonable best efforts to cause the Registrable Shares covered by a
Registration Statement to be registered with or approved by such state
securities authorities as may be necessary to enable the Holders to consummate
the disposition of such shares pursuant to the plan of distribution set forth
in the Registration Statement; provided, however, that the Parent shall not be
obligated to take any action to effect any such Registration, qualification or
compliance pursuant to this Section 3 in any particular jurisdiction in
which the Parent would be required to execute a general consent to service of
process in effecting such Registration, qualification or compliance unless the
Parent is already subject to service in such jurisdiction.

 

(d)           Subject to the Parent’s Suspension
Right, if any event, fact or circumstance requiring an amendment to a
Registration Statement relating to the Registrable Shares or supplement to a
prospectus relating to the Registrable Shares shall exist, immediately upon
becoming aware thereof the Parent agrees to promptly notify the Holders and
prepare and furnish to the Holders a post-effective amendment to the
Registration Statement or supplement to the prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Shares, the
prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading.

 

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(e)           The Parent agrees to use its
reasonable best efforts (including the payment of any listing fees) to obtain
the listing of all Registrable Shares covered by the Registration Statement on
each securities exchange on which securities of the same class or series are
then listed.

 

(f)            The Parent agrees to use its
reasonable best efforts to comply with the Securities Act and the Exchange Act
in connection with the offer and sale of Registrable Shares pursuant to a
Registration Statement, and, as soon as reasonably practicable following the
end of any fiscal year during which a Registration Statement effecting a
Registration of the Registrable Shares shall have been effective, to make
available to its security holders an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act.

 

(g)           The Parent agrees to cooperate with
the selling Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Shares to be sold pursuant to a
Registration Statement and not bearing any Securities Act legend; and enable
certificates for such Registrable Shares to be issued for such numbers of
shares and registered in such names as the Holders may reasonably request at
least two business days prior to any sale of Registrable Shares.

 

Section 4.               Expenses of Registration.  The Parent shall pay all Registration
Expenses incurred in connection with the registration, qualification or
compliance pursuant to Sections 2 and 3 hereof. 
Selling Expenses incurred in connection with the sale of Registrable
Shares by any of the Holders shall be borne by the Holder selling such
Registrable Shares.  Each Holder shall
pay the expenses of its own counsel.

 

Section 5.               Indemnification and
Contribution.

 

(a)           The Parent will (i) indemnify
each Holder, each Holder’s officers and directors, and each Person controlling
such Holder within the meaning of Section 15 of the Securities Act,
against all expenses, claims, losses, damages and liabilities (including
reasonable legal expenses), arising out of or based on any untrue statement (or
alleged untrue statement) of a material fact contained in any Registration
Statement or prospectus relating to the Registrable Shares, or any amendment or
supplement thereto, or based on any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and (ii) reimburse each Holder for all
reasonable legal or other expenses incurred in connection with investigating or
defending any such action or claim as such expenses are incurred, provided, however, that the Parent will not be liable in any
such case to the extent that any such claim, loss, damage, liability or expense
arises out of or is based on any untrue statement or omission or alleged untrue
statement or omission, made in reliance upon and in conformity with information
furnished in writing to the Parent by such Holder for inclusion therein; and provided further, that the Parent shall not be liable with
respect to any preliminary prospectus or preliminary prospectus supplement to
the extent that any such expenses, claims, losses, damages and liabilities
result from the fact that Registrable Shares were sold to a Person as to whom
it shall be established that there was not sent or given at or prior to the
written confirmation of such sale a copy of the prospectus as then amended or
supplemented under circumstances where such delivery is required under the
Securities Act, if the Parent shall have previously furnished copies thereof to
such Indemnified Party in sufficient quantities to enable

 

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such Indemnified Party to satisfy such obligations and the expense,
claim, loss, damage or liability of such Indemnified Party results from an
untrue statement or omission of a material fact contained in the preliminary
prospectus or the preliminary prospectus supplement which was corrected in the
prospectus.

 

(b)           Each Holder selling shares pursuant
to a Registration Statement and any agents of each Holder that facilitate the
distribution of Registrable Shares will (i) indemnify the Parent, each of
its directors and each of its officers who signs the Registration Statement,
and each Person who controls the Parent within the meaning of Section 15
of the Securities Act, against all expenses, claims, losses, damages and
liabilities (including reasonable legal fees and expenses) arising out of or
based on (A) any untrue statement (or alleged untrue statement) of a
material fact contained in any such Registration Statement or prospectus, or
any amendment or supplement thereto, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such Registration Statement
or prospectus, in reliance upon and in conformity with information furnished in
writing to the Parent by such Holder for inclusion therein, or (B) any
failure by such Holder to deliver a prospectus where such delivery is required
under the Securities Act, the Parent shall have furnished copies of such
prospectus to such Holder in sufficient quantities to permit such Holder to
satisfy such obligations and such prospectus corrected an untrue statement or
omission of a material fact contained in a preliminary prospectus, and (ii) reimburse
the Parent for all reasonable legal or other expenses incurred in connection
with investigating or defending any such action or claim as such expenses are
incurred.

 

(c)           Each party entitled to
indemnification under this Section 5 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying
Party”) promptly after such Indemnified Party has actual knowledge of any
claim as to which indemnity may be sought, but the omission to so notify the
Indemnifying Party shall not relieve it from any liability which it may have to
the Indemnified Party pursuant to the provisions of this Section 5 except
to the extent of the actual damages suffered by such delay in
notification.  The Indemnifying Party
shall assume the defense of such action, including the employment of counsel to
be chosen by the Indemnifying Party to be reasonably satisfactory to the
Indemnified Party, and payment of expenses. 
The Indemnified Party shall have the right to employ its own counsel in
any such case, but the legal fees and expenses of such counsel shall be at the
expense of the Indemnified Party, unless the employment of such counsel shall
have been authorized in writing by the Indemnifying Party in connection with
the defense of such action, or the Indemnifying Party shall not have employed
counsel to take charge of the defense of such action or the Indemnified Party
shall have reasonably concluded that there may be defenses available to it or
them which are different from or additional to those available to the
Indemnifying Party (in which case the Indemnifying Party shall not have the
right to direct the defense of such action on behalf of the Indemnified Party),
in any of which events such fees and expenses shall be borne by the
Indemnifying Party.  No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter into
any settlement unless such judgment or settlement (i) includes an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation, and (ii) does

 

8

 

not include a statement as to or an admission of fault, culpability or
a failure to act, by or on behalf of any Indemnified Party.

 

(d)           If the indemnification provided for
in this Section 5 is unavailable to a party that would have been an
Indemnified Party under this Section 5 in respect of any expenses, claims,
losses, damages and liabilities referred to herein, then each party that would
have been an Indemnifying Party hereunder shall, in lieu of indemnifying such
Indemnified Party, contribute to the amount paid or payable by such Indemnified
Party as a result of such expenses, claims, losses, damages and liabilities in
such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and such Indemnified Party on the other in
connection with the statement or omission which resulted in such expenses,
claims, losses, damages and liabilities, as well as any other relevant
equitable considerations.  The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Indemnifying Party or such Indemnified Party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The Parent
and each Holder agree that it would not be just and equitable if contribution
pursuant to this Section were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to above in this Section 5(d).

 

(e)           No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

 

(f)            In no event shall any Holder be
liable for any expenses, claims, losses, damages or liabilities pursuant to
this Section 5 in excess of the net proceeds to such Holder of any
Registrable Shares sold by such Holder.

 

Section 6.               Information to be Furnished by
Holders.  Each Holder shall furnish
to the Parent such information as the Parent may reasonably request and as
shall be required in connection with any Registration Statement and related
proceedings referred to in Section 2 hereof.  If any Holder fails to provide the Parent
with such information within 10 business days of receipt of the Parent’s
request, the Parent’s obligations under Section 2 hereof with respect to
such Holder or the Registrable Shares owned by such Holder, shall be suspended
until such Holder provides such information.

 

Section 7.               Black-Out Period.  The Holders agree, if requested by the
Parent, or the underwriters or financial advisors in an offering of the Parent’s
securities pursuant to a registration statement filed with the Commission (a “Registered
Offering”), not to effect any public sale or distribution of any
Registrable Shares, including a sale pursuant to Rule 144, during the 15-day
period prior to, and during the 90-day period beginning on, the date of
pricing of each such Registered Offering.

 

Section 8.               Transfer of Registration
Rights.  The rights and obligations
of a Holder under this Agreement may be transferred or otherwise assigned to: (i) a
transferee or assignee of Company LP Units provided that, (A) such Company
LP Units are transferred in

 

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accordance with the terms of the Partnership Agreement, (B) such
transferee or assignee becomes a party to this Agreement or agrees in writing
to be subject to the terms hereof to the same extent as if such transferee or
assignee were an original party hereunder and (C) the Parent is given
written notice by such Holder of such transfer or assignment stating the name
and address of such transferee or assignee and identifying the securities with
regard to which such rights and obligations are being transferred or assigned;
or (ii) a transferee or assignee of Common Shares issued upon redemption
of Company LP Units that have not been issued pursuant to an Issuance
Registration Statement, provided that, (A) such Common Shares are
transferred in accordance with the Parent’s Certificate of Incorporation, as
amended from time to time, (B) such transferee or assignee becomes a party
to this Agreement or agrees in writing to be subject to the terms hereof to the
same extent as if such transferee or assignee were an original party hereunder,
and (C) the Parent is given written notice by such Holder of such transfer
or assignment stating the name and address of such transferee or assignee and
identifying the securities with regard to which such rights and obligations are
being transferred or assigned.  Notwithstanding
anything to the contrary in this Agreement, in the event that Parent LP,
Company LP or any Affiliate (i) redeems, exchanges or converts any Company
LP Units of the Holder for or into any security redeemable, exchangeable or
convertible, for or into Common Shares or (ii) makes an in-kind
distribution of the Company LP Units to the Holders, the rights and obligations
of the parties under this Agreement shall be deemed to apply to such Common
Shares and additional Company LP Units, as applicable, and the Holders shall be
entitled to exercise their rights to require Parent to Register such Common
Shares in accordance with the provisions of this Agreement.

 

Section 9.               Miscellaneous.

 

(a)           Governing Law.  This Agreement shall be governed in all
respects by the laws of the State of Delaware.

 

(b)           Entire Agreement.  This Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the
subject matter hereof.

 

(c)           Amendment.  No supplement, modification, waiver or
termination of this Agreement shall be binding unless executed in writing by
the Parent and the Holders of at least a majority of the outstanding Company LP
Units.

 

(d)           Notices, etc.  Each notice, demand, request, request for
approval, consent, approval, disapproval, designation or other communication
(each of the foregoing being referred to herein as a notice) required or
desired to be given or made under this Agreement shall be in writing (except as
otherwise provided in this Agreement), and shall be effective and deemed to
have been received (i) when delivered in person, (ii) when sent by
fax with receipt acknowledged, (iii) five (5) days after having been
mailed by certified or registered United States mail, postage prepaid, return
receipt requested, or (iv) the next business day after having been sent by
a nationally recognized overnight mail or courier service, receipt
requested.  Notices shall be addressed as
follows: (a) if to a Holder, at such Holders’ address or fax number set
forth below its signature hereon, or at such other address or fax number as
such Investor shall have furnished to the Parent in writing, or (b) if to
any assignee or transferee of an Investor, at such address or fax number as
such assignee or transferee shall have furnished the Parent in writing,

 

10

 

or (c) if to the Parent, at the address of its principal executive
offices and addressed to the attention of the President, or at such other
address or fax number as the Parent shall have furnished to the Holders.  Any notice or other communication required to
be given hereunder to a Holder in connection with a registration may instead be
given to a designated representative of such Holder.

 

(e)           Counterparts.  This Agreement may be executed in any number
of counterparts, each of which may be executed by fewer than all of the parties
hereto (provided that each party executes one or
more counterparts), each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall constitute
one instrument.

 

(f)            Severability.  In the event that any provision of this
Agreement becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Agreement shall continue in full force and
effect without said provision.

 

(g)           Section Titles.  Section titles are for descriptive
purposes only and shall not control or alter the meaning of this Agreement as
set forth in the text.

 

(h)           Successors and Assigns.  This Agreement shall be binding upon the
parties hereto and their respective successors and permitted assigns and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.  If any successor or
permitted assignee of any Holder shall acquire Company LP Units or Registrable
Shares, in any manner, whether by operation of law or otherwise, (a) such
successor or permitted assignee shall be entitled to all of the benefits of a “Holder”
under this Agreement and (b) such Registrable Shares shall be held subject
to all of the terms of this Agreement, and by taking and holding such
Registrable Shares such Person shall be conclusively deemed to have agreed to
be bound by all of the terms and provisions hereof.

 

(i)            Remedies.  The Parent and the Holders acknowledge that
there would be no adequate remedy at law if any party fails to perform any of
its obligations hereunder, and accordingly agree that the Parent and each
Holder, in addition to any other remedy to which it may be entitled at law or
in equity, shall be entitled to compel specific performance of the obligations
of another party under this Agreement in accordance with the terms and
conditions of this Agreement in any court of the United States or any State
thereof having jurisdiction.

 

(j)            Attorneys’ Fees.  If the Parent or any Holder brings an action
to enforce its rights under this Agreement, the prevailing party in the action
shall be entitled to recover its costs and expenses, including, without
limitation, reasonable attorneys’ fees, incurred in connection with such
action, including any appeal of such action.

 

(k)           Changes in Securities Laws.  In the event that any amendment, repeal or
other change in the securities laws shall render the provisions of this
Agreement inapplicable, Parent will provide the Holders with substantially
similar rights to those granted under this Agreement and use its good faith
efforts to cause such rights to be as comparable as possible to the rights
granted to the Holders hereunder.

 

[signature page follows]

 

11

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.

 

	
   

  	
  THE MACERICH COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Richard
  A. Bayer

  	
   

  
	
   

  	
  Name: Richard A. Bayer

  
	
   

  	
  Title: Executive Vice President and General

  Counsel

  
	
   

  	
   

  
	
   

  	
  HOLDERS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  

 

[Signature Page to Registration Rights
Agreement]

 

 

ATTACHMENT 6

SIGNATURE PAGE TO

REGISTRATION RIGHTS AGREEMENT

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Judy W. Linehan

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Judy W. Linehan

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  289 Smith Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pittsford, New
  York 14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Daniel H. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  DANIEL H. WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  74 MEADOW COVE
  RD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PITTSFORD, NY
  14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Dennis A. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  DENNIS A. WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  21 ROXBURY LN.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PITTSFORD, NY
  14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ James R. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James R. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  34 Muitfield Ct

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pittsford, NY
  14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Kevin R. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin R. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1410 Clover St

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester NY
  14610

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Michael T Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  MICHAEL T WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  480 MAIN ST

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  HINGHAM, MA

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  02043

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Patrick Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  PATRICK WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  530 Allen Creek
  Rd

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester NY 14618

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Sallie Ann Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  SALLIE ANN
  WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  4453 CLOVER ST.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  HONEOYE FALLS,
  NY.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  14472

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Thomas C. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas C. Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  217 Smith Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pittsford, New
  York 14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ William B Wilmot

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  WILLIAM B WILMOT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  99 PELHAM RD

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ROCHESTER NY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  14610

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Judy W. Linehan / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  James P. Wilmot
  UW FBO Jamie P. Linehan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Judy W. Linehan
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Judy W. Linehan / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  James P. Wilmot
  UW FBO Michael Paul Linehan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Judy W. Linehan
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Thomas C. Wilmot / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Thomas C. Wilmot
  Trust FBO

  	
   

  
	
   

  	
   

  	
   

  	
  James Albert
  Wilmot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas C. Wilmot,
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Thomas C. Wilmot / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  James P. Wilmot
  Trust  UW FBO

  	
   

  
	
   

  	
   

  	
   

  	
  Loretta Colleen
  Wilmot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas C. Wilmot,
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Thomas C. Wilmot / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  JAMES P. WILMOT
  TRUST  UW FBO

  	
   

  
	
   

  	
   

  	
   

  	
  PAUL JAMES
  WILMOT

  	
   

  
	
   

  	
   

  	
  Name:

  	
  THOMAS C.
  WILMOT, AS TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Thomas C. Wilmot / Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  James P. Wilmot
  Trust  UW FBO

  	
   

  
	
   

  	
   

  	
   

  	
  Thomas Carl
  Wilmot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas C. Wilmot,
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville
  Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, New
  York 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Great Northern
  Holdings, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scootsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  LGW HOLDINGS,
  L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 SCOTTSVILLE
  RD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ROCHESTER, NY
  14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Maywil Associates, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Rotterdam Holdings, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Syracuse Venture Associates

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Danmall Property, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  GEM, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  GMT, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wilmorite Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Freecorp Property, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Freehold Raceway Mall, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Hudwil Properties, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wildey Property, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wilridge Property, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wilsar Property, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1265 Scottsville Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, NY 14624

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ John W Anderson

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John W Anderson

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  317 Garnsey Rd

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pittsford NY 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  14534

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ James L. Backus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  JAMES L. BACKUS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  44 Stonington Drive

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PITTSFORD NY 14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Kenneth A. Caschette

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kenneth A. Caschette

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  2735 S. Miller Lane

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Las Vegas, Nevada 89117

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Richard B. Caschette

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  RICHARD B. CASCHETTE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  602 SHADYCROFT LANE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  LITTLETON CO 80120

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Ronald A. Cocquyt

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  RONALD A. COCQUYT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1116 HUNTERS RUN

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  VICTOR, NEW YORK 14564

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Alfred W. Friedrich

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Alfred W. Friedrich

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  39 Greylock Ridge

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pittsford NY 14534

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ John E. Kelly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  JOHN E. KELLY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1 MILE POST LANE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PITTSFORD

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NEW YORK 14534

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ JOHN R. KRAUS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  JOHN R. KRAUS

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  360 Allens Creek Rd

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Rochester, N.Y. 14618

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Robert J. Coleman

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  ROBERT J. COLEMAN

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1136 5th Avenue

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  New York City

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NY 10128

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Foster Devereux

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  FOSTER DEVEREUX

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  2210 SOUTHWINDS BLVD

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Unit 119

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Vero Beach, FL 32963

  	
   

  
							

 

Signature Page to

Registration Rights
Agreement

 

 

The undersigned, desiring to become one of the within
named Holders, hereby becomes a party to this Registration Rights Agreement, by
and among The Macerich Company and such Holder, dated as of the date first set
forth in the Registration Rights Agreement. The undersigned Holder agrees that
this signature page may be attached to any counterpart of said Registration
Rights Agreement.

 

	
   

  	
   

  	
  Signature:

  	
  /s/ Philip D. Scaturro

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  PHILIP D. SCATURRO

  	
   

  
	
  `

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of Holder:

  	
  1455 OCEAN DRIVE #1108

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MIAMI BEACH, FLA. 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  33139

  	
   

  
							

 

Signature Page to

Registration Rights
AgreementExhibit 10.5

 

EXECUTION
COPY

 

$650,000,000 INTERIM LOAN FACILITY AND

$450,000,000 TERM LOAN FACILITY CREDIT AGREEMENT

 

by and
among

 

THE MACERICH PARTNERSHIP, L.P.,

as the Borrower

 

THE MACERICH COMPANY,
MACERICH WRLP CORP.,

MACERICH WRLP LLC,

MACERICH WRLP II CORP.,

MACERICH WRLP II LP,

MACERICH TWC II CORP.,

MACERICH TWC II LLC,

MACERICH WALLEYE LLC,

IMI WALLEYE LLC,

and

WALLEYE RETAIL INVESTMENTS LLC,

as Guarantors

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

and

THE INSTITUTIONS FROM TIME TO TIME PARTY HERETO

as
Lenders

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

as Administrative Agent for the Lenders and

as
Collateral Agent for the Benefited Creditors

 

DEUTSCHE
BANK SECURITIES INC.,

as
the Sole Lead Arranger and Sole Bookrunner

 

KEYBANK
NATIONAL ASSOCIATION and

COMMERZBANK
AG, NEW YORK BRANCH,

as the Co-Syndication Agents

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION and

EURO HYPO
AG, NEW YORK BRANCH,

as the Co-Documentation Agents for the Interim Loan Facility

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION and

U.S. BANK
NATIONAL ASSOCIATION,

as the Co-Documentation Agents for the Term Loan Facility

 

Dated as
of April 25, 2005

 

 

TABLE OF
CONTENTS

 

	
  RECITALS

  	
   

  	
   

  
	
  AGREEMENT

  	
   

  	
   

  
	
   

  	
   

  
	
  1.

  	
  Credit Facility

  	
   

  
	
   

  	
  1.1

  	
  Loan Amounts

  	
   

  
	
   

  	
  1.2

  	
  Funding of the Loans

  	
   

  
	
   

  	
  1.3

  	
  Repayment of Principal

  	
   

  
	
   

  	
  1.4

  	
  Interim Loan Extension

  	
   

  
	
   

  	
  1.5

  	
  Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Interest
  Rate and Yield-Related Provisions

  	
   

  
	
   

  	
  2.1

  	
  Applicable Interest Rate

  	
   

  
	
   

  	
  2.2

  	
  Payment of Interest

  	
   

  
	
   

  	
  2.3

  	
  Procedures
  for Interest Rate Election

  	
   

  
	
   

  	
  2.4

  	
  Inability to Determine
  Rate

  	
   

  
	
   

  	
  2.5

  	
  Illegality

  	
   

  
	
   

  	
  2.6

  	
  Funding

  	
   

  
	
   

  	
  2.7

  	
  Requirements
  of Law; Increased Costs

  	
   

  
	
   

  	
  2.8

  	
  Obligation
  of Lenders to Mitigate; Replacement of Lenders

  	
   

  
	
   

  	
  2.9

  	
  Funding Indemnification

  	
   

  
	
   

  	
  2.10

  	
  Taxes

  	
   

  
	
   

  	
  2.11

  	
  [RESERVED]

  	
   

  
	
   

  	
  2.12

  	
  Post-Default Interest

  	
   

  
	
   

  	
  2.13

  	
  Computations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Payments

  	
   

  
	
   

  	
  3.1

  	
  Evidence of Indebtedness

  	
   

  
	
   

  	
  3.2

  	
  Nature and Place of
  Payments

  	
   

  
	
   

  	
  3.3

  	
  Prepayments

  	
   

  
	
   

  	
  3.4

  	
  Amortization

  	
   

  
	
   

  	
  3.5

  	
  Allocation of
  Payments Received

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Credit Support

  	
   

  
	
   

  	
  4.1

  	
  Guaranties

  	
   

  
	
   

  	
  4.2

  	
  Other Guaranties

  	
   

  
	
   

  	
  4.3

  	
  Pledge Agreements

  	
   

  
	
   

  	
  4.4

  	
  Wilmorite Release

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Conditions
  Precedent

  	
   

  
	
   

  	
  5.1

  	
  Conditions to
  Funding of the Loans

  	
   

  
	
   

  	
  5.2

  	
  Outside Closing Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
  6.1

  	
  Financial Condition

  	
   

  
	
   

  	
  6.2

  	
  No Material Adverse
  Effect

  	
   

  
	
   

  	
  6.3

  	
  Compliance with
  Laws and Agreements

  	
   

  
					

 

i

 

	
   

  	
  6.4

  	
  Organization,
  Powers; Authorization; Enforceability

  	
   

  
	
   

  	
  6.5

  	
  No
  Conflict

  	
   

  
	
   

  	
  6.6

  	
  No Material Litigation

  	
   

  
	
   

  	
  6.7

  	
  Taxes

  	
   

  
	
   

  	
  6.8

  	
  Investment Company Act

  	
   

  
	
   

  	
  6.9

  	
  Subsidiary Entities

  	
   

  
	
   

  	
  6.10

  	
  Federal Reserve
  Board Regulations

  	
   

  
	
   

  	
  6.11

  	
  ERISA Compliance

  	
   

  
	
   

  	
  6.12

  	
  Assets and Liens

  	
   

  
	
   

  	
  6.13

  	
  Securities Acts

  	
   

  
	
   

  	
  6.14

  	
  Consents, Etc.

  	
   

  
	
   

  	
  6.15

  	
  Hazardous Materials

  	
   

  
	
   

  	
  6.16

  	
  Regulated Entities

  	
   

  
	
   

  	
  6.17

  	
  Copyrights,
  Patents, Trademarks and Licenses, etc.

  	
   

  
	
   

  	
  6.18

  	
  REIT Status

  	
   

  
	
   

  	
  6.19

  	
  Insurance

  	
   

  
	
   

  	
  6.20

  	
  Full Disclosure

  	
   

  
	
   

  	
  6.21

  	
  Indebtedness

  	
   

  
	
   

  	
  6.22

  	
  Real Property

  	
   

  
	
   

  	
  6.23

  	
  Brokers

  	
   

  
	
   

  	
  6.24

  	
  No Default

  	
   

  
	
   

  	
  6.25

  	
  Solvency

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
  Affirmative
  Covenants

  	
   

  
	
   

  	
  7.1

  	
  Financial Statements

  	
   

  
	
   

  	
  7.2

  	
  Certificates;
  Reports; Other Information

  	
   

  
	
   

  	
  7.3

  	
  Maintenance
  of Existence and Properties

  	
   

  
	
   

  	
  7.4

  	
  Inspection
  of Property; Books and Records; Discussions

  	
   

  
	
   

  	
  7.5

  	
  Notices

  	
   

  
	
   

  	
  7.6

  	
  Expenses

  	
   

  
	
   

  	
  7.7

  	
  Payment
  of Indemnified Taxes and Other Taxes and Charges

  	
   

  
	
   

  	
  7.8

  	
  Insurance

  	
   

  
	
   

  	
  7.9

  	
  Hazardous Materials

  	
   

  
	
   

  	
  7.10

  	
  Compliance
  with Laws and Contractual Obligations; Payment of The Taxes

  	
   

  
	
   

  	
  7.11

  	
  Further Assurances

  	
   

  
	
   

  	
  7.12

  	
  Single Purpose Entities

  	
   

  
	
   

  	
  7.13

  	
  REIT Status

  	
   

  
	
   

  	
  7.14

  	
  Use of Proceeds

  	
   

  
	
   

  	
  7.15

  	
  Management of Projects

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
  Negative Covenants

  	
   

  
	
   

  	
  8.1

  	
  Liens

  	
   

  
	
   

  	
  8.2

  	
  Indebtedness

  	
   

  
	
   

  	
  8.3

  	
  Fundamental Change

  	
   

  
	
   

  	
  8.4

  	
  Dispositions

  	
   

  
	
   

  	
  8.5

  	
  Investments

  	
   

  
	
   

  	
  8.6

  	
  Transactions
  with Partners and Affiliates

  	
   

  
	
   

  	
  8.7

  	
  Margin
  Regulations; Securities Laws

  	
   

  

 

ii

 

	
   

  	
  8.8

  	
  Organizational Documents

  	
   

  
	
   

  	
  8.9

  	
  Fiscal Year

  	
   

  
	
   

  	
  8.10

  	
  Senior Management

  	
   

  
	
   

  	
  8.11

  	
  Distributions

  	
   

  
	
   

  	
  8.12

  	
  Financial
  Covenants of Borrower Parties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
  Events of Default

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
  The Agents

  	
   

  
	
   

  	
  10.1

  	
  Appointment

  	
   

  
	
   

  	
  10.2

  	
  Delegation of Duties

  	
   

  
	
   

  	
  10.3

  	
  Exculpatory Provisions

  	
   

  
	
   

  	
  10.4

  	
  Reliance by the Agents

  	
   

  
	
   

  	
  10.5

  	
  Notice of Default

  	
   

  
	
   

  	
  10.6

  	
  Non-Reliance
  on Agents and Other Lenders

  	
   

  
	
   

  	
  10.7

  	
  Indemnification

  	
   

  
	
   

  	
  10.8

  	
  Agents in
  Their Individual Capacity

  	
   

  
	
   

  	
  10.9

  	
  Successor
  Administrative Agent

  	
   

  
	
   

  	
  10.10

  	
  Successor Collateral
  Agent

  	
   

  
	
   

  	
  10.11

  	
  Limitations on
  Agents Liability

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
  Miscellaneous
  Provisions

  	
   

  
	
   

  	
  11.1

  	
  No Assignment by Borrower
  Parties

  	
   

  
	
   

  	
  11.2

  	
  Modification

  	
   

  
	
   

  	
  11.3

  	
  Cumulative Rights; No
  Waiver

  	
   

  
	
   

  	
  11.4

  	
  Entire Agreement

  	
   

  
	
   

  	
  11.5

  	
  Survival

  	
   

  
	
   

  	
  11.6

  	
  Notices

  	
   

  
	
   

  	
  11.7

  	
  Governing Law

  	
   

  
	
   

  	
  11.8

  	
  Assignments,
  Participations, Etc.

  	
   

  
	
   

  	
  11.9

  	
  Counterparts

  	
   

  
	
   

  	
  11.10

  	
  Sharing of Payments

  	
   

  
	
   

  	
  11.11

  	
  Confidentiality

  	
   

  
	
   

  	
  11.12

  	
  Consent to Jurisdiction

  	
   

  
	
   

  	
  11.13

  	
  Waiver of Jury Trial

  	
   

  
	
   

  	
  11.14

  	
  Indemnity

  	
   

  
	
   

  	
  11.15

  	
  Telephonic Instruction

  	
   

  
	
   

  	
  11.16

  	
  Marshalling;
  Payments Set Aside

  	
   

  
	
   

  	
  11.17

  	
  Set-off

  	
   

  
	
   

  	
  11.18

  	
  Severability

  	
   

  
	
   

  	
  11.19

  	
  No Third Parties
  Benefited

  	
   

  
	
   

  	
  11.20

  	
  Time

  	
   

  
	
   

  	
  11.21

  	
  Effectiveness of
  Agreement

  	
   

  

 

iii

 

SCHEDULE OF
ANNEXES, SCHEDULES AND EXHIBITS

 

ANNEXES:

 

	
  Annex 1

  	
  Glossary

  
	
   

  	
   

  
	
  SCHEDULES:

  
	
   

  	
   

  
	
  Schedule 5.1(2)

  	
  Additional Closing
  Conditions

  
	
   

  	
   

  
	
  Schedule 6.6

  	
  Material Litigation

  
	
   

  	
   

  
	
  Schedule 6.9

  	
  Subsidiary Entities

  
	
   

  	
   

  
	
  Schedule 6.11

  	
  ERISA

  
	
   

  	
   

  
	
  Schedule 6.14

  	
  Consents

  
	
   

  	
   

  
	
  Schedule 6.15

  	
  Hazardous Materials

  
	
   

  	
   

  
	
  Schedule 6.19

  	
  Insurance

  
	
   

  	
   

  
	
  Schedule 6.21

  	
  Indebtedness

  
	
   

  	
   

  
	
  Schedule 6.22

  	
  Real Property

  
	
   

  	
   

  
	
  Schedule 7.15

  	
  Wholly-Owned Projects
  with Non-Standard Management Agreements

  
	
   

  	
   

  
	
  Schedule 8.1

  	
  Additional Permitted
  Liens

  
	
   

  	
   

  
	
  Schedule 8.6

  	
  Transactions with
  Affiliates

  
	
   

  	
   

  
	
  Schedule 11.6

  	
  Addresses for Notices,
  Etc.

  
	
   

  	
   

  
	
  Schedule G-1

  	
  Percentage Share

  
	
   

  	
   

  
	
  Schedule G-2

  	
  Description of
  Guaranties

  
	
   

  	
   

  
	
  EXHIBITS:

  
	
   

  	
   

  
	
  Exhibit A

  	
  Form of Assignment
  and Acceptance Agreement

  
	
   

  	
   

  
	
  Exhibit B

  	
  Form of Closing
  Certificate

  
	
   

  	
   

  
	
  Exhibit C

  	
  Form of Compliance
  Certificate

  
	
   

  	
   

  
	
  Exhibit D-1

  	
  Form of Master
  Management Agreement

  
	
   

  	
   

  
	
  Exhibit D-2

  	
  Form of Rochester
  Management Agreement

  
	
   

  	
   

  
	
  Exhibit E-1

  	
  Form of Term Note

  
	
   

  	
   

  
	
  Exhibit E-2

  	
  Form of Interim
  Note

  
	
   

  	
   

  
	
  Exhibit F

  	
  Form of Rate
  Request

  
	
   

  	
   

  
	
  Exhibit G

  	
  Form of Guaranty

  
	
   

  	
   

  
	
  Exhibit H

  	
  Form of Pledge
  Agreement

  

 

iv

 

CREDIT
AGREEMENT

 

THIS
CREDIT AGREEMENT (the “Agreement”) is made and dated as of April 25,
2005, by and among THE MACERICH PARTNERSHIP, L.P., a limited partnership
organized under the laws of the state of Delaware (“Macerich Partnership”),
AS BORROWER; THE MACERICH COMPANY, a Maryland corporation (“MAC”); MACERICH WRLP II CORP., a Delaware
corporation (“Macerich WRLP II Corp.”); MACERICH WRLP II LP, a
Delaware limited partnership (“Macerich WRLP II LP”); MACERICH WRLP
CORP., a Delaware corporation (“Macerich WRLP Corp.”); MACERICH WRLP
LLC, a Delaware limited liability company (“Macerich WRLP LLC”);
MACERICH TWC II CORP., a Delaware corporation (“Macerich TWC Corp.”);
MACERICH TWC II LLC, a Delaware limited liability company (“Macerich TWC LLC”);
MACERICH WALLEYE LLC, a Delaware limited liability company (“Macerich
Walleye LLC”); IMI WALLEYE LLC, a Delaware limited liability company (“IMI
Walleye LLC”); and WALLEYE RETAIL INVESTMENTS LLC, a Delaware limited
liability company (“Walleye Investments LLC”) AS GUARANTORS; THE
LENDERS FROM TIME TO TIME PARTY HERETO (collectively and severally, the “Lenders”);
and DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent for the
Lenders (in such capacity, the “Administrative Agent”) and as Collateral
Agent for the Benefited Creditors.

 

RECITALS

 

A.                                   The
Borrower has requested the Lenders to extend credit to the Borrower in the form
of a single disbursement term loan and a single disbursement interim loan and
that Deutsche Bank Trust Company Americas
act as administrative agent for the benefit of the Lenders with respect to such
credit extension.

 

B.                                     The
Lenders party hereto have agreed to extend such credit facility and Deutsche Bank Trust Company Americas has
agreed to act as administrative agent on behalf of the Lenders and as
collateral agent on behalf of the Benefited Creditors on the terms and subject
to the conditions set forth herein and in the other Loan Documents (as that
term and capitalized terms are defined in, or the location of the definitions
thereof referenced in, the Glossary attached hereto as Annex I and by
this reference incorporated herein).

 

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

 

AGREEMENT

 

ARTICLE 1.                                Credit
Facility.

 

1.1                                 Loan
Amounts.  On the terms and
subject to the conditions set forth herein:

 

(1)                                  The
Term Lenders severally agree that they shall fund their respective Percentage
Shares of a term loan (the “Term Loan”), in the amount of $450,000,000.  Principal amounts on the Term Loan that are
repaid or prepaid by the Borrower may not be re-borrowed.

 

1

 

(2)                                  The
Interim Lenders severally agree that they shall fund their respective
Percentage Shares of an interim loan (the “Interim Loan”), in the amount
of $650,000,000.  Principal amounts on
the Interim Loan that are repaid or prepaid by the Borrower may not be re-borrowed.

 

1.2                                 Funding
of the Loans.

 

(1)                                  Each
Term Lender shall make its Percentage Share of the Term Loan available to the
Administrative Agent, in same-day funds, on the Closing Date at the Contact
Office, ABA 021-001-033 for the Administrative Agent’s Account No. 99-401-268,
Ref: Macerich Partnership, no later than 1:00 p.m. (New York time) on the
Closing Date.

 

(2)                                  Each
Interim Lender shall make its Percentage Share of the Interim Loan available to
the Administrative Agent, in same-day funds, on the Closing Date at the Contact
Office, ABA 021-001-033 for the Administrative Agent’s Account No. 99-401-268,
Ref: Macerich Partnership, no later than 1:00 p.m. (New York time) on the
Closing Date.

 

(3)                                  The
failure of any Lender to advance its Percentage Share of the Term Loan or the
Interim Loan shall not relieve any other Lender of its obligation hereunder to
advance its Percentage Share of the Term Loan or the Interim Loan, as
applicable, but no Lender shall be responsible for the failure of any other
Lender to make its required advance.

 

1.3                                 Repayment
of Principal.

 

(1)                                  Subject
to (i) the amortization payment provisions of Section 3.4
below, and (ii) any earlier acceleration of the Term Loan following an
Event of Default, the principal balance of the Term Loan shall be payable in
full on April 26, 2010 (the “Term Maturity Date”).

 

(2)                                  Subject
to (i) the mandatory prepayment provisions of Section 3.3(2) below,
(ii) the Interim Loan extension provisions of Section 1.4
below, and (iii) any earlier acceleration of the Interim Loan following an
Event of Default, the principal balance of the Interim Loan shall be payable in
full on April 25, 2006 (the “Original Interim Maturity Date”).

 

1.4                                 Interim
Loan Extension.

 

(1)                                  Provided
that no Potential Default or Event of Default shall have occurred and be
continuing, the Borrower shall have the option, to be exercised by giving
written notice to the Administrative Agent at least thirty (30) days and not
more than ninety (90) days prior to the Original Interim Maturity Date, subject
to the terms and conditions set forth in this Agreement, to extend the Original
Interim Maturity Date by six (6) months to October 25, 2006 (the “First
Extended Interim Maturity Date”). 
The request by the Borrower for the extension of the Original Interim
Maturity Date shall constitute a representation and warranty by the Borrower
Parties that no Potential Default or Event of Default then exists and that all
of the conditions set forth in Section 1.4(2) below shall have
been satisfied on the Original Interim Maturity Date.

 

2

 

(2)                                  The
obligations of the Administrative Agent and the Lenders to extend the Original
Interim Maturity Date as provided in Section 1.4(1) shall be
subject to the prior satisfaction of each of the following conditions precedent
as determined by the Administrative Agent in its good faith judgment:  (A) on the Original Interim Maturity
Date there shall exist no Potential Default or Event of Default; (B) on the Original Interim Maturity Date, the
outstanding principal balance of the
Interim Loan shall not be greater than $300,000,000; (C) the
Borrower shall have paid to the Administrative Agent for the ratable
benefit of the Interim Lenders an extension fee (the “First Extension Fee”)
equal to one-eighth of one percent (0.125%) of the then outstanding principal
balance of the Interim Loan (which fee the Borrower hereby agrees shall be
fully earned and nonrefundable under any circumstances when paid); (D) the
representations and warranties made by the Borrower Parties in the Loan
Documents shall be true and correct in all material respects on the Original
Interim Maturity Date (provided, however, that any factual matters disclosed in
the Schedules referenced in Article 6 shall be subject to update in
accordance with clause (E) below); (E) the Borrower shall have
delivered updates to the Administrative Agent of all the Schedules set forth in
Article 6 hereof and such updated Schedules shall be acceptable to
the Administrative Agent in its reasonable judgment; (F) the Borrower
shall have delivered to the Administrative Agent a Compliance Certificate
demonstrating that MAC and the Borrower are in compliance with the covenants
set forth in Article 8; (G) the Borrower shall have paid all
reasonable out-of-pocket costs and expenses incurred by the Administrative
Agent and all reasonable fees and expenses paid to third party consultants
(including reasonable attorneys’ fees and expenses) by the Administrative Agent
in connection with such extension; and (H) the Guarantors and the Pledgors
shall have acknowledged and ratified that their obligations under the
Guaranties and the Pledge Agreements remain in full force and effect, and
continue to guaranty or secure, as the case may be, the Obligations under the
Loan Documents, as extended.

 

(3)                                  In
the event that the Original Interim Maturity Date has been extended as provided
in Sections 1.4(1) and (2), then provided that no Potential Default
or Event of Default shall have occurred and be continuing, the Borrower shall
have the option, to be exercised by giving written notice to the Administrative
Agent hereto at least thirty (30) days prior to the First Extended Interim
Maturity Date, subject to the terms and conditions set forth in this Agreement,
to extend the First Extended Interim Maturity Date by an additional six (6) months
to April 25, 2007 (the “Second Extended Interim Maturity Date”).  The request by the Borrower for the further
extension of the First Extended Interim Maturity Date shall constitute a
representation and warranty by the Borrower Parties that no Potential Default
or Event of Default then exists and that all of the conditions set forth in Section 1.4(4) below
shall have been satisfied on the First Extended Interim Maturity Date.

 

(4)                                  The
obligations of the Administrative Agent and the Lenders to extend the First
Extended Interim Maturity Date as provided in Section 1.4(3) shall
be subject to the satisfaction of each of the following conditions precedent as
determined by the Administrative Agent in its good faith judgment:  (A) on the First Extended Interim
Maturity Date there shall exist no Potential Default or Event of Default; (B) on the First Extended Interim Maturity Date, the outstanding principal balance of the Interim Loan shall
not be greater than $150,000,000; (C) the Borrower shall have paid
to the Administrative Agent for the ratable benefit of the Interim
Lenders an extension fee (the “Second Extension Fee”) equal to
one-fourth of one percent (0.25%) of the then outstanding principal balance of
the Interim Loan (which fee 

 

3

 

the Borrower hereby
agrees shall be fully earned and nonrefundable under any circumstances when
paid); (D) the representations and warranties made by the Borrower Parties
in the Loan Documents shall be true and correct in all material respects on the
First Extended Interim Maturity Date (provided, however, that any factual
matters disclosed in the Schedules referenced in Article 6 shall be
subject to update in accordance with clause (E) below); (E) the
Borrower shall have delivered updates to the Administrative Agent of all the
Schedules set forth in Article 6 hereof and such updated Schedules
shall be acceptable to the Administrative Agent in its reasonable judgment; (F) the
Borrower shall have delivered to the Administrative Agent a Compliance
Certificate demonstrating that MAC and the Borrower are in compliance with the
covenants set forth in Article 8; (G) the Borrower shall have
paid all reasonable out-of-pocket costs and expenses incurred by the
Administrative Agent and all reasonable fees and expenses paid to third party
consultants (including reasonable attorneys’ fees and expenses) by the
Administrative Agent in connection with such extension; and (H) the
Guarantors and the Pledgors shall have acknowledged and ratified that their
obligations under the Guaranties and the Pledge Agreements remain in full force
and effect, and continue to guaranty or secure, as the case may be, the
Obligations under the Loan Documents, as extended.

 

(5)                                  The
Administrative Agent shall notify each of the Lenders in the event that the
Original Interim Maturity Date and the First Extended Interim Maturity Date are
extended as provided in this Section 1.4.

 

1.5                                 Interest.  Interest shall be payable on the outstanding
principal balance of the Loans at the rates and on the dates set forth in Sections
2.1 and 2.2 below.

 

ARTICLE 2.                                Interest
Rate and Yield-Related Provisions.

 

2.1                                 Applicable
Interest Rate.  The
outstanding principal balance of the Loans and portions thereof shall bear
interest from the date disbursed to but not including the date of payment
calculated at a per annum rate equal to, at the option of and as selected by
the Borrower from time to time (subject to the provisions of Sections 2.3,
2.4, 2.5 and 2.12 below):  (i) the
Applicable LIBO Rate with respect to the Term Loan or the Interim Loan, as
applicable, for the selected Interest Period, or (ii) the Applicable Base
Rate with respect to the Term Loan or the Interim Loan, as applicable, during
the applicable interest calculation period. 
Portions of the Loans bearing interest at the Applicable LIBO Rate shall
be referred to herein sometimes as “LIBO Rate Loans” and portions of the
Loans bearing interest at the Applicable Base Rate shall be referred to herein
as “Base Rate Loans”.

 

2.2                                 Payment
of Interest.

 

(1)                                  The
Borrower shall pay interest on Base Rate Loans monthly, in arrears, on the last
Business Day of each calendar month, as set forth on an interest billing delivered
by the Administrative Agent to the Borrower (which delivery may be by facsimile
transmission) no later than 1:00 p.m. (New York time) on such date.

 

(2)                                  The
Borrower shall pay interest on LIBO Rate Loans on the last day of the
applicable Interest Period or, in the case of LIBO Rate Loans with an Interest
Period ending later than three months after the date funded, converted or
continued, at the end of each 

 

4

 

three month period from
the date funded, converted or continued and on the last day of the applicable
Interest Period, as set forth on an interest billing delivered by the
Administrative Agent to the Borrower (which delivery may be by facsimile
transmission) no later than 1:00 p.m. (New York time) on such date.

 

2.3                                 Procedures
for Interest Rate Election.

 

(1)                                  The
Borrower may elect to have the Loans or portions thereof funded on the Closing
Date as LIBO Rate Loans and may from time to time thereafter elect to convert
portions of the Loans outstanding as Base Rate Loans to LIBO Rate Loans by
giving the Administrative Agent prior irrevocable notice of such election no
later than 1:00 p.m. (New York time) on the third Eurodollar Business Day
preceding the proposed funding or conversion date.

 

(2)                                  The
Borrower may elect to have the Loans or portions thereof funded on the Closing
Date as Base Rate Loans and may from time to time thereafter elect to convert
portions of the Loans outstanding as LIBO Rate Loans to Base Rate Loans by
giving the Administrative Agent irrevocable notice of such election no later
than 1:00 p.m. (New York time) on the third Eurodollar Business Day
preceding the proposed funding or conversion date.

 

(3)                                  Subject
to subsection (4) below, any LIBO Rate Loan may be continued as such
upon the expiration of the Interest Period with respect thereto by the Borrower
giving the Administrative Agent prior irrevocable notice of such election on
the third Eurodollar Business Day preceding the proposed continuation date.  If the Borrower shall fail to give notice of
such continuation election, the Borrower shall be deemed to have elected to
convert any affected LIBO Rate Loan to a Base Rate Loan on the last day of the
applicable Interest Period.

 

(4)                                  No
portion of the Loans shall be funded or continued as a LIBO Rate Loan and no
portion of the Loans shall be converted into a LIBO Rate Loan if an Event of
Default or Potential Default has occurred and is continuing on the day
occurring three Eurodollar Business Days prior to the date of, or on the date
of, the requested funding, continuation or conversion.

 

(5)                                  Each
Base Rate Loan shall be in a minimum principal amount of $1,000,000 or a whole
multiple of $1,000,000 in excess thereof and each LIBO Rate Loan shall be in a
minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in
excess thereof; provided, that any Base Rate Loan or LIBO Rate Loan may be in
such other amount (i) as may result from a partial prepayment thereof
pursuant to Section 3.3 or (ii) as may equal all of the then
remaining outstanding balance of the Term Loan or the Interim Loan, as
applicable.

 

(6)                                  Each
request for the conversion or continuation of a Base Rate Loan into a LIBO Rate
Loan or of a LIBO Rate Loan into a Base Rate Loan shall be evidenced by the
timely delivery by the Borrower to the Administrative Agent of a duly executed
Rate Request (which delivery may be by facsimile transmission).

 

(7)                                  In
no event shall there at any time be LIBO Rate Loans outstanding which are
Interim Loans having more than six (6) different Interest Periods or LIBO
Rate Loans which are Term Loans having more than six (6) different
Interest Periods.

 

5

 

(8)                                  The
Borrower shall only request Interest Periods of one, two, three or six months.

 

2.4                                 Inability
to Determine Rate.  In the
event that the Administrative Agent shall have reasonably determined (which
determination shall be conclusive and binding upon the Borrower) that by reason
of circumstances affecting the interbank market adequate and reasonable means
do not exist for ascertaining the LIBO Rate for any Interest Period, the
Administrative Agent shall forthwith give telephonic notice of such
determination to each Lender and to the Borrower.  If such notice is given:  (1) no portion of the Loans may be
funded as a LIBO Rate Loan, (2) any Base Rate Loan that was to have been
converted to a LIBO Rate Loan shall, subject to the provisions hereof, be
continued as a Base Rate Loan, and (3) any outstanding LIBO Rate Loan
shall be converted, on the last day of the Interest Period applicable thereto,
to a Base Rate Loan.  Until such notice
has been withdrawn by the Administrative Agent, the Borrower shall not have the
right to convert any Base Rate Loan to a LIBO Rate Loan or to continue a LIBO
Rate Loan as such.  The Administrative
Agent shall withdraw such notice in the event that the circumstances giving
rise thereto no longer pertain and that adequate and reasonable means exist for
ascertaining the LIBO Rate for the Interest Period requested by the Borrower,
and, following withdrawal of such notice by the Administrative Agent, the
Borrower shall have the right to convert any Base Rate Loan to a LIBO Rate Loan
and to continue any LIBO Rate Loan as such in accordance with the terms and
conditions of this Agreement.

 

2.5                                 Illegality.  Notwithstanding any other provisions herein,
if any law, regulation, treaty or directive issued by any Governmental
Authority or any change therein or in the interpretation or application
thereof, shall make it unlawful for any Lender to maintain LIBO Rate Loans as
contemplated by this Agreement:  (1) the
commitment of such Lender hereunder to continue LIBO Rate Loans or to convert
Base Rate Loans to LIBO Rate Loans shall forthwith be cancelled, and (2) LIBO
Rate Loans held by such Lender then outstanding, if any, shall be converted
automatically to Base Rate Loans at the end of their respective Interest
Periods or within such earlier period as may be required by law.  In the event of a conversion of any LIBO Rate
Loan prior to the end of its applicable Interest Period, the Borrower hereby
agrees promptly to pay any Lender affected thereby, upon demand, the amounts
required pursuant to Section 2.9 below, it being agreed and
understood that such conversion shall constitute a prepayment for all purposes
hereof.  The provisions hereof shall
survive the termination of this Agreement and payment of all other Obligations.

 

2.6                                 Funding.  Each Lender shall be entitled to fund all or
any portion of its Percentage Share of the Term Loan or the Interim Loan, as
applicable, in any manner it may determine in its sole discretion, including,
without limitation, in the Grand Cayman inter-bank market, the London
inter-bank market and within the United States, but all calculations and transactions
hereunder shall be conducted as though all Lenders actually fund all LIBO Rate
Loans through the purchase of offshore dollar deposits in the amount of such
Lender’s Percentage Share of the relevant LIBO Rate Loan with a maturity
corresponding to the applicable Interest Period.

 

6

 

2.7                                 Requirements
of Law; Increased Costs.

 

(1)                                  Subject
to the provisions of Section 2.10 (which shall be controlling with
respect to the matters covered thereby), in the event that any applicable law,
order, regulation, treaty or directive issued by any central bank or other
governmental authority, agency or instrumentality or in the governmental or
judicial interpretation or application thereof, or compliance by any Lender with
any request or directive (whether or not having the force of law) issued by any
central bank or other governmental authority, agency or instrumentality:

 

(A)                              Does
or shall subject any Lender to any Taxes of any kind whatsoever with respect to
this Agreement or the Loans, or change the basis of determining the Taxes
imposed on payments to such Lender of principal, fee, interest or any other
amount payable hereunder (except for change in the rate of tax on the overall
net income of such Lender);

 

(B)                                Does
or shall impose, modify or hold applicable any reserve, capital requirement,
special deposit, compulsory loan or similar requirements against assets held
by, or deposits or other liabilities in or for the account of, advances or
loans by, or other credit extended by, or any other acquisition of funds by,
any office of such Lender which are not otherwise included in the determination
of interest payable on the Obligations; or

 

(C)                                Does
or shall impose on such Lender any other condition;

 

and the result of any of
the foregoing is to increase the cost to such Lender of making, renewing or
maintaining its Percentage Share of the Term Loan or the Interim Loan, as
applicable, or to reduce any amount receivable in respect thereof or the rate
of return on the capital of such Lender or any corporation controlling such
Lender, then, in any such case, the Borrower shall, without duplication of
amounts payable pursuant to Section 2.10, promptly pay to such
Lender, upon its written demand made through the Administrative Agent, any
additional amounts necessary to compensate such Lender for such additional cost
or reduced amounts receivable or rate of return as determined by such Lender
with respect to this Agreement or such Lender’s Percentage Share of the Term
Loan or Interim Loan, as applicable, so long as such Lender requires
substantially all obligors under other commitments of this type made available
by such Lender to similarly so compensate such Lender.

 

(2)                                  If
a Lender becomes entitled to claim any additional amounts pursuant to this Section 2.7,
it shall promptly notify the Borrower of the event by reason of which it has
become so entitled.  A certificate as to
any additional amounts so claimed payable containing the calculation thereof in
reasonable detail submitted by a Lender to the Borrower, accompanied by a
certification that such Lender has required substantially all obligors under
other commitments of this type made available by such Lender to similarly so
compensate such Lender, shall constitute prima facie evidence thereof; provided
that the Borrower shall not be required to compensate a Lender pursuant to this
Section 2.7 for any increased costs or reduction in respect of a period
occurring more than six months prior to the date that such Lender notifies the
Borrower of such Lender’s intention to claim compensation.

 

7

 

(3)                                  Other
than as expressly provided in this Section 2.7, failure or delay on
the part of any Lender to demand compensation pursuant to this Section 2.7
shall not constitute a waiver of such Lender’s right to demand such
compensation.  The provisions of this Section 2.7
shall survive the termination of this Agreement and payment of the Loans and
all other Obligations.

 

2.8                                 Obligation
of Lenders to Mitigate; Replacement of Lenders.  Each Lender agrees that:

 

(1)                                  As
promptly as reasonably practicable after the officer of such Lender responsible
for administering such Lender’s Percentage Share of the Term Loan or the
Interim Loan, as applicable, becomes aware of any event or condition that would
entitle such Lender to receive payments under Section 2.7 above or Section 2.10
below or to cease maintaining LIBO Rate Loans under Section 2.5
above, such Lender will use reasonable efforts: 
(i) to maintain its Percentage Share of the Term Loan or Interim
Loan, as applicable, through another lending office of such Lender or (ii) take
such other measures as such Lender may deem reasonable, if as a result thereof
the additional amounts which would otherwise be required to be paid to such
Lender pursuant to Section 2.7 above or pursuant to Section 2.10
below would be materially reduced or eliminated or the conditions rendering
such Lender incapable of maintaining LIBO Rate Loans under Section 2.5
above no longer would be applicable, and if, as determined by such Lender in
its sole discretion, the maintaining of such LIBO Rate Loans through such other
lending office or in accordance with such other measures, as the case may be,
would not otherwise materially adversely affect such LIBO Rate Loans or the
interests of such Lender.

 

(2)                                  If
the Borrower receives a notice pursuant to Section 2.7 above or
pursuant to Section 2.10 below or a notice pursuant to Section 2.5
above stating that a Lender is unable to maintain LIBO Rate Loans (for reasons
not generally applicable to the Required Lenders), so long as (i) no
Potential Default or Event of Default shall have occurred and be continuing, (ii) the
Borrower has obtained a commitment from another Lender or an Eligible Assignee
to purchase at par such Lender’s Percentage Share of the Term Loan and the
Interim Loan and accrued interest and fees and to assume all obligations of the
Lender to be replaced under the Loan Documents and (iii) such Lender to be
replaced is unwilling to withdraw the notice delivered to the Borrower, upon
thirty (30) days’ prior written notice to such Lender and the Administrative
Agent, the Borrower may require, at the Borrower’s expense, the Lender giving
such notice to assign, without recourse, all of its Percentage Share of the
Term Loan and the Interim Loan and accrued interest and fees to such other
Lender or Eligible Assignee pursuant to the provisions of Section 11.8
below.

 

2.9                                 Funding
Indemnification.  In addition
to all other payment obligations hereunder, in the event:  (1) any LIBO Rate Loan is prepaid prior
to the last day of the applicable Interest Period, whether following a
voluntary prepayment, a mandatory prepayment or otherwise, or (2) the
Borrower shall fail to borrow the Loans on the Closing Date (to the extent the
Borrower has requested that the Loans or portions thereof be initially funded
as a LIBO Rate Loan), or to continue or to make a conversion to a LIBO Rate
Loan after the Borrower has given notice thereof as required hereunder, then
the Borrower shall immediately pay to each Lender which would have funded the
requested LIBO Rate Loan or holding the LIBO Rate Loans 

 

8

 

prepaid or not continued
or converted, through the Administrative Agent, an additional premium sum
compensating such Lender for losses, costs and expenses incurred by such Lender
in connection with such prepayment or such failure to borrow, continue or
convert.  Without limiting the foregoing,
such compensation shall include an amount equal to the present value (using as
the discount rate an interest rate equal to the rate determined under (2) below)
of the excess, if any, of (1) the amount of interest which otherwise would
have accrued on the principal amount so paid, prepaid, converted or continued
(or not converted, continued or borrowed) (the “Incremental Payment”)
for the period from the date of such payment, prepayment, conversion or
continuation (or failure to convert, continue or borrow) to the last day of the
then current applicable Interest Period (or, in the case of a failure to
convert, continue or borrow, to the last day of the applicable Interest Period
which would have commenced on the date specified therefore in the relevant
notice) at the applicable LIBO Rate provided for herein with respect to such
Incremental Payment, over (2) the amount of interest that would have
accrued (as reasonably determined by such Lender), based upon the interest rate
which such Lender would have bid in the London interbank market for Dollar
deposits, on amounts comparable to the Incremental Payment and maturities
comparable to such period.  A
determination of any Lender as to the amounts payable pursuant to this Section 2.9
shall be conclusive absent manifest error.

 

2.10                           Taxes.

 

(1)                                  Any
and all payments by or on account of any obligation of the Borrower hereunder
or under any other Loan Document shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.10) the Administrative
Agent or Lender (as the case may be) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the Borrower
shall make such deductions and (iii) the Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with
applicable law.

 

(2)                                  In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

 

(3)                                  The
Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) Business
Days after written demand therefore, for the full amount of any Indemnified
Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section 2.10)
paid by the Administrative Agent or such Lender, as the case may be, and any
penalties, interest (except to the extent such penalties and/or interest arise
as a result of a Lender’s delay in dealing with any such Indemnified Tax) and
reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority.  A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

 

9

 

(4)                                  As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by
the Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

 

(5)                                  Each
Foreign Lender shall deliver to the Borrower (with copies to the Administrative
Agent) on or before the date hereof (or in the case of a Foreign Lender who
became a Lender by way of an assignment, on or before the date of the
assignment) or at least five (5) Business Days prior to the first date for
any payment herewith to such Lender, and from time to time as required for renewal
under applicable law, such certificates, documents or other evidence, as
required by the Code or Treasury Regulations issued pursuant thereto,
including, without limitation, Internal Revenue Service Form W-8BEN or
W-ECI, as appropriate, and any other certificate or statement of exemption
required by Section 871(h) or Section 881(c) of the Code or
any subsequent version thereof, properly completed and duly executed by such
Lender establishing that payments to such Lender hereunder are not subject to withholding
under the Code (“Evidence of No Withholding”).  Each Foreign Lender shall promptly notify the
Borrower and the Administrative Agent of any change in its applicable lending
office and upon written request of the Borrower or the Administrative Agent
shall, prior to the immediately following due date of any payment by the
Borrower hereunder or under any other Loan Document, deliver Evidence of No
Withholding to the Borrower and the Administrative Agent.  The Borrower shall be entitled to rely on such
forms in its possession until receipt of any revised or successor form pursuant
to this Section 2.10(5).  If
a Lender fails to provide Evidence of No Withholding as required pursuant to
this Section 2.10(5), then (i) the Borrower (or the
Administrative Agent) shall be entitled to deduct or withhold from payments to
Administrative Agent or such Lender as a result of such failure, as required by
law, and (ii) the Borrower shall not be required to make payments of
additional amounts with respect to such withheld Taxes pursuant to Section 2.10(1) to
the extent such withholding is required solely by reason of the failure of such
Lender to provide the necessary Evidence of No Withholding.

 

(6)                                  Any Foreign Lender that does not act or
ceases to act for its own account with respect to any portion of any sums paid
or payable to such Lender under any of the Loan Documents (for example, in the
case of a typical participation by such Lender) shall deliver to the Borrower
(with copies to the Administrative Agent and in such number of copies as shall
be requested by the recipient), on or prior to the date such Foreign Lender
becomes a Lender, or on such later date when such Foreign Lender ceases to act
for its own account with respect to any portion of any such sums paid or
payable, and from time to time thereafter, required for renewal under
applicable law:

 

(A)                              duly executed and properly completed copies
of the forms and statements required to be provided by such Foreign Lender
under Section 2.10(5), to establish the portion of any such sums
paid or payable with respect to which such Lender acts for its own account and
is providing Evidence of No Withholding, and

 

(B)                                copies of the Internal Revenue Service Form W-8IMY
(or any successor forms) properly completed and duly executed by such Foreign
Lender, together with any information, if any, such Foreign Lender chooses to
transmit with such form, and any 

 

 

10

 

other certificate or
statement of exemption required under the Internal Revenue Code or the
regulations thereunder, to establish that such Foreign Lender is not acting for
its own account with respect to a portion of any such sums payable to such
Foreign Lender.

 

(7)                                  Any Lender that is not a Foreign Lender and
has not otherwise established to the reasonable satisfaction of the Borrower
and the Administrative Agent that it is an exempt recipient (as defined in section 6049(b)(4) of
the Internal Revenue Code and the United States Treasury Regulations
thereunder) shall deliver to the Borrower (with copies to the Administrative
Agent and in such number of copies as shall be requested by the recipient) on
or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter as prescribed by applicable law or upon the
request of the Borrower or the Administrative Agent), duly executed and
properly completed copies of Internal Revenue Service Form W-9.

 

(8)                                  If the Administrative Agent or any Lender
determines, in its sole discretion, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 2.10, it shall pay to the Borrower an
amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrower under this Section 2.10
with respect to the Indemnified Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of the Administrative Agent or such
Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the
Borrower, upon the request of the Administrative Agent or such Lender, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or such Lender in the event the Administrative Agent or
such Lender is required to repay such refund to such Governmental
Authority.  This paragraph shall not be
construed to require the Administrative Agent or any Lender to make available
its tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person.

 

2.11                           [RESERVED] 

 

2.12                           Post-Default
Interest.  During such time as
there shall have occurred and be continuing an Event of Default, all
Obligations outstanding shall, at the election of the Administrative Agent,
bear interest at a per annum rate equal to (a) for any LIBO Rate Loan, two
percent (2.0%) above the applicable rate of interest in effect during the
applicable calculation period and (b) for any other obligation, two
percent (2%) above the Applicable Base Rate in effect during the applicable
calculation period (whether or not such Applicable Base Rate shall otherwise
have been elected by the Borrower in accordance with this Agreement).

 

2.13                           Computations.  All computations of interest and fees payable
hereunder shall be based upon a year of 360 days for the actual number of
days elapsed (which results in more interest being paid than if computed on the
basis of a 365-day year).

 

11

 

ARTICLE 3.                                Payments.

 

3.1                                 Evidence
of Indebtedness.  The
obligation of the Borrower to repay the Term Loan and the Interim Loan shall be
evidenced by notations on the books and records of the Lenders.  Such books and records shall constitute prima
facie evidence thereof.  Any failure to
record the interest rate applicable thereto or any other information regarding
the Obligations, or any error in doing so, shall not limit or otherwise affect
the obligation of the Borrower with respect to any of the Obligations.  Upon the request of a Term Lender, the
Borrower shall promptly execute and deliver to such Term Lender a Note
evidencing such Term Lender’s Percentage Share of the Term Loan.  Upon the request of an Interim Lender, the
Borrower shall promptly execute and deliver to such Interim Lender a Note
evidencing such Interim Lender’s Percentage Share of the Interim Loan.

 

3.2                                 Nature
and Place of Payments.  All
payments made on account of the Obligations shall be made by the Borrower,
without setoff or counterclaim, in lawful money of the United States of America
in immediately available same day funds, free and clear of and without
deduction for any Indemnified Taxes or Other Taxes, fees or other charges of
any nature whatsoever imposed by any taxing authority and must be received by
the Administrative Agent by 1:00 p.m. (New York time) on the day of
payment, it being expressly agreed and understood that if a payment is received
after 1:00 p.m. (New York time) by the Administrative Agent, such payment
will be considered to have been made by the Borrower on the next succeeding
Business Day and interest thereon shall be payable by the Borrower at the rate
otherwise applicable thereto during such extension.  All payments on account of the Obligations
shall be made to the Administrative Agent through the Contact Office.  If any payment required to be made by the
Borrower hereunder becomes due and payable on a day other than a Business Day,
the due date thereof shall be extended to the next succeeding Business Day and
interest thereon shall be payable at the then applicable rate during such
extension.

 

3.3                                 Prepayments.

 

(1)                                  Upon
not less than one (1) Business Day’s prior written notice (in the case of
Base Rate Loans or LIBO Rate Loans with Interest Periods expiring on the date
of payment) or three (3) Eurodollar Business Days’ prior written notice
(in the case of LIBO Rate Loans with an Interest Period not expiring on the
date of payment) to the Administrative Agent (which shall promptly provide
telephonic notice of the receipt thereof to each of the applicable Lenders),
the Borrower may voluntarily prepay principal amounts outstanding under the
Interim Loan or the Term Loan in whole or in part; provided, however, that (i) voluntary
prepayments shall be in the minimum amount of $1,000,000 and integral multiples
of $100,000 in excess thereof and (ii) voluntary prepayments of the Term
Loan shall not be permitted so long as any portion of the Interim Loan remains
outstanding.  Voluntary prepayments of
principal of the Term Loan pursuant to this Section 3.3(1) shall
be credited against the principal amortization payments of the Term Loan
required under Section 3.4 in inverse order.  Voluntary prepayments of principal of the
Interim Loan pursuant to this Section 3.3(1), shall not relieve the
Borrower from the obligation to make prepayments of the Interim Loan pursuant
to Section 3.3(2).

 

(2)                                  Until
the payment in full of all the outstanding principal amount of the Interim
Loan, to the extent that the Borrower or its Affiliates from time to time
consummate any transactions of the types described below, the Borrower shall
remit to the Administrative 

 

12

 

Agent as a mandatory
prepayment for application against the outstanding principal balance of the
Interim Loan:

 

(A)                              Concurrently
with the consummation of any Disposition or Financing, that dollar amount equal
to one hundred percent (100%) of Net Cash Proceeds in respect of such
Disposition or Financing; provided that with respect to a Disposition, no such
prepayment shall be required if and to the extent that each of the following
conditions is satisfied: (i) such Disposition occurs as part of a
Like-Kind Exchange; (ii) the Exchange Property is acquired by the Macerich
Entity engaged in such Disposition or a Wholly-Owned Subsidiary of such
Macerich Entity substantially concurrently with such Disposition, or, if not
substantially concurrently, then in accordance with all deferred Like Kind
Exchange requirements under the Code, including: (A) deposit of the Net
Cash Proceeds in a qualifying escrow account; (B) identifying the Exchange
Property within the qualifying period provided under the Code; and (C) consummating
the Like Kind Exchange within six months after the subject Disposition; and (iii) to
the extent there are any Net Cash Proceeds in excess of the purchase price for
the Exchange Property, one hundred percent (100%) of such sums are remitted to
the Administrative Agent as a mandatory prepayment pursuant to this Section 3.3(2);
provided, further, no such prepayment
shall be required with respect to a Financing of the Lakewood Center Property.

 

(B)                                Concurrently
with the consummation of any such transaction, that dollar amount equal to one
hundred percent (100%) of Net Cash Proceeds in respect of the issuance of debt
or equity Securities by MAC or any Subsidiary Entities (but in all events any
such debt or equity issuance shall otherwise comply with the terms of this
Agreement).

 

(C)                                With
respect to any principal payments received by any Macerich Entity in respect of
any Disposition Promissory Note, (i) for any payment of $1,000,000 or
more, promptly, but in no event more than three (3) Business Days after
the subject payment, one hundred percent (100%) of any such principal payment;
and (ii) for any payment of less than $1,000,000, on the first day of
first fiscal quarter following the receipt of such payment, one hundred percent
(100%) of such principal payment; provided that if the aggregate amount of all
such principal payments received and not applied pursuant to this clause (C) equals
or exceeds $1,000,000, then one hundred percent (100%) of such aggregate
amount, promptly, but in no event more than three (3) Business Days after
receipt of the principal payment which causes such amount to equal or exceed
$1,000,000.

 

(3)                                  Notwithstanding Section 3.3(2) above,
no such prepayment shall be required if and to the extent that: (i) concurrently
with the consummation of the subject Disposition or Financing, the Borrower
shall provide an Officer’s Certificate to the Administrative Agent certifying
that such Net Cash Proceeds will be utilized to either (x) purchase designated
Unaffiliated Partner Interests, or (y) make designated capital improvements to
one or more specified Westcor Assets or Wilmorite Assets, each within one
hundred and eighty (180) days (or such longer period of time as the
Administrative Agent may approve in its reasonable judgment) of the
consummation of such Disposition or Financing (the “Proceeds Expenditure
Date”);  (ii) concurrently with
the consummation of the subject Disposition or Financing, such Net Cash
Proceeds shall be deposited in an account (the “Proceeds Expenditure Account”)
pursuant to an account agreement in form and substance reasonably acceptable to
the 

 

13

 

Administrative
Agent, provided, that (w) the Proceeds Expenditure Account shall be interest
bearing and all interest earned on Net Cash Proceeds deposited into the
Proceeds Expenditure Account shall be for the account of the Borrower and, so
long as no Potential Default or Event of Default has occurred and is
continuing, the Borrower shall be permitted to withdraw such interest, without
further approval from the Administrative Agent, (x) so long as no Potential
Default or Event of Default has occurred and is continuing, the Borrower shall
be permitted to withdraw such deposited sums, without further approval of
Administrative Agent, solely for the purposes set forth in clause (i) above,
(y) the Borrower shall certify in a Compliance Certificate delivered at the end
of each fiscal quarter that the proceeds (other than interest accrued on
deposited sums) withdrawn from the Proceeds Expenditure Account were used for
the purposes set forth in clause (i) above (and such sums may be withdrawn
in respect of designated improvement expenses or acquisition costs for
designated Unaffiliated Partner Interest incurred prior to the subject
Disposition or Financing if such sums were incurred not more than 180 calendar
days prior to such Disposition or Financing and Borrower have provided written
notice to Administrative Agent of such anticipated use of Net Cash Proceeds
within 90 days after such expenses are incurred) and (z) the Administrative
Agent shall have, on behalf of itself and the Lenders (and Borrower hereby
grants Administrative Agent), a perfected security interest in the Proceeds
Expenditure Account and all funds deposited therein; and (iii) on or prior
to the Proceeds Expenditure Date, all sums deposited in the Proceeds
Expenditure Account shall be expended in accordance with the terms of this Section 3.3(3),
and if not so expended shall promptly be delivered to the Administrative Agent
for application to the principal amount of the Interim Loan.  In the event, on the Proceeds Expenditure
Date, Borrower has incurred specific liabilities with respect to designated
capital improvements or acquisition costs for designated Unaffiliated Partner
Interests and Administrative Agent has determined in its reasonable judgment
that such improvements or Unaffiliated Partner Interests acquisition will be
completed in a timely manner, Borrower may withdraw funds from the Proceeds
Expenditure Account to pay for such incurred liabilities even if Borrower has
not then paid for such liability expenses and the improvements or Unaffiliated
Partner Interests acquisition are not then completed.  If an Event of Default occurs at any time,
all sums deposited in the Proceeds Expenditure Account shall be disbursed to
Administrative Agent and applied in accordance with Section 3.5.

 

(4)                                  In
the event (i) no Potential Default or Event of Default exists and is
continuing and (ii) the amount of prepayment required to be made pursuant
to this Section 3.3 shall exceed the aggregate principal amount of
the applicable outstanding Base Rate Loans (the amount of any such excess being
called the “Excess Amount”), the Borrower shall have the right, in lieu
of making such prepayment in full at such time, to prepay all the outstanding
Base Rate Loans and to deposit an amount equal to the Excess Amount with the
Administrative Agent in a cash collateral account maintained by and in the sole
dominion and control of the Administrative Agent and otherwise subject to an
account agreement in form and substance reasonably satisfactory to the
Administrative Agent.  Any amounts so
deposited shall be held by the Administrative Agent as collateral for the
Obligations and applied to the prepayment of the applicable LIBO Rate Loans, in
the order instructed by the Borrower or if no instructions are timely provided
as directed, as determined by the Administrative Agent, at the end of the
current Interest Periods applicable thereto. 
On any Business Day on which (x) collected amounts remain on
deposit in or to the credit of such cash collateral account after giving effect
to the payments made on such day pursuant to Section 3.3 and
(y) the Borrower shall have delivered to the Administrative Agent a
written request or a telephonic request (which shall be promptly 

 

14

 

confirmed in writing)
that such remaining collected amounts be invested in the Cash Equivalents
specified in such request, the Administrative Agent shall use its reasonable
efforts to invest such remaining collected amounts in such Cash Equivalents; provided,
however, that (A) the Administrative Agent shall have continuous
dominion and full control over any such investments (and over any interest and
proceeds that accrue thereon), (B) the Administrative Agent shall have
otherwise determined in good faith that a perfected security interest shall be
maintained in respect of all funds (including interest on and proceeds of the
Cash Equivalents) deposited in such cash collateral account, and (C) no
Cash Equivalents shall mature after the end of the Interest Period in respect
of which it is to be applied.  Under no
circumstance shall the Borrower have any right to withdraw any amount from such
cash collateral account or cause the Administrative Agent to apply such sums
for any purpose other than the application of such funds to repay the
applicable LIBO Rate Loans and accrued interest thereon.  Upon the occurrence of an Event of Default,
all sums deposited with the Administrative Agent may be applied to the
Obligations in accordance with this Agreement.

 

(5)                                  The
Borrower shall pay in connection with any prepayment hereunder all interest
accrued but unpaid on that portion of any Loans to which such prepayment is
applied, and in the case of prepayment of any portion of the Loans constituting
LIBO Rate Loans, all amounts payable pursuant to Section 2.9 above,
concurrently with payment of any principal amounts.

 

(6)                                  Prior
to the occurrence of an Event of Default and acceleration of the Obligations,
prepayments shall be applied first to Base Rate Loans to the extent possible
and then to LIBO Rate Loans.

 

3.4                                 Amortization.

 

(1)                                  The
Borrower shall make quarterly principal amortization payments to Administrative
Agent, for the benefit of the Term Lenders, in the amount of $1,875,000,
beginning on July 31, 2008 and continuing thereafter on the same calendar
of each January, April, July and October until the Term Maturity
Date.  Such mandatory amortization
payments shall be reduced in inverse order by any voluntary payments of the
Term Loan made by the Borrower pursuant to Section 3.3(1).  To the extent not previously paid in full,
the remaining balance of the Term Loan shall be due and payable on the Term
Maturity Date.

 

(2)                                  To
the extent not previously paid in full, the remaining balance of the Interim
Loan shall be due and payable on the Interim Maturity Date.

 

3.5                                 Allocation
of Payments Received.

 

(1)                                  Prior
to the occurrence of an Event of Default and acceleration of the Obligations,
and unless otherwise expressly provided herein, all amounts received by the
Administrative Agent (i) on account of the Obligations with respect to the
Term Loan shall be disbursed by the Administrative Agent to the Term Lenders
pro rata in accordance with their respective Percentage Shares, and (ii) on
account of the Obligations with respect to the Interim Loan shall be disbursed
by the Administrative Agent to the Interim Lenders pro rata in accordance with
their respective Percentage Shares, in each case, by wire transfer of like
funds 

 

15

 

received on the date of
receipt if received by the Administrative Agent before 1:00 p.m. (New York
time) or if received later, by 1:00 p.m. (New York time) on the next
succeeding Business Day, without further interest payable by the Administrative
Agent.

 

(2)                                  Following
the occurrence of an Event of Default and acceleration of the Obligations, all
amounts received by the Administrative Agent on account of the Obligations,
shall be promptly disbursed by the Administrative Agent as follows:

 

(A)                              First,
to the payment of expenses incurred by the Administrative Agent in the
performance of its duties and the enforcement of the rights of the Lenders
under the Loan Documents, including, without limitation, all costs and expenses
of collection, reasonable attorneys’ fees (including all allocated costs of
internal counsel), court costs and other amounts payable as provided in Section 7.6
below;

 

(B)                                Then,
to the Lenders, pro rata in accordance with their total outstanding accrued and
unpaid interest on the Loans, until all interest accrued on the Loans has been
paid in full;

 

(C)                                Then,
to the Lenders, pro rata in accordance with their outstanding principal amount
of the Loans, until all principal of the Loans has been paid in full;

 

(D)                               Then,
to the Lenders, pro rata in accordance with the amount, expressed as a
percentage, which the amount of remaining Obligations owed to such Lenders
bears to all other Obligations held by all Lenders, until all other Obligations
have been paid in full.

 

(3)                                  The
order of priority set forth in Section 3.5(2) and the related
provisions of this Agreement are set forth solely to determine the rights and
priorities of the Administrative Agent and the other Lenders as among
themselves.  The order of priority set
forth in clauses (B) through (D) of Section 3.5(2) may
at any time and from time to time be changed by the Required Lenders without
necessity of notice to or consent of or approval by the Borrower or any other
Person.  The order of priority set forth
in clause (A) of Section 3.5(2) may be changed only with
the prior written consent of the Administrative Agent.

 

ARTICLE 4.                                Credit
Support.

 

4.1                                 REIT
Guaranty.  As credit support
for the Obligations, on or before the Closing Date MAC shall execute and
deliver to the Administrative Agent, for the benefit of the Lenders, the REIT
Guaranty.

 

4.2                                 Other
Guaranties.  As credit support
for the Obligations, on or before the Closing Date, the Westcor Guarantors, the
Wilmorite Guarantors and the Affiliate Guarantors shall each execute and
deliver to the Administrative Agent, for the benefit of the Lenders, a
Subsidiary Guaranty.  Upon the
acquisition of any Project after the Closing Date by any Borrower Party or
Wholly-Owned Subsidiary thereof, in the event at the time of acquisition the
principal Property comprising such Project is unencumbered by any Lien in
respect of Borrowed Indebtedness (an “Unencumbered Property”), and there
is no Financing with respect to such Unencumbered Property within sixty (60)
days of its acquisition, if the Interim Loan has not 

 

16

 

been paid in full, or
within ninety (90) days of its acquisition, if the Interim Loan has been repaid
in full, such Person, if such Person is not already a Guarantor (each a “Supplemental
Guarantor”), shall:  (a) execute
and deliver to the Administrative Agent, for the benefit of the Lenders, a
Guaranty in the form of Exhibit G hereto pursuant to which such
Supplemental Guarantor will unconditionally guarantee the Obligations from time
to time owing to the Lenders, (b) execute and deliver, or cause to be
executed and delivered, to the Administrative Agent such other documents or
legal opinions required by the Administrative Agent confirming the
authorization, execution and delivery and enforceability (subject to customary
exceptions) of the Guaranty by such Supplemental Guarantor, and (c) deliver
copies of its Organizational Documents, certified by the Secretary or an
Assistant Secretary of such Supplemental Guarantor (or if such Person is a
limited partnership or limited liability company, an authorized representative
of its general partner or manager) as of the date delivered as being accurate
and complete.  Upon the Disposition of
any Affiliate Guarantor or Supplemental Guarantor or the Disposition or
Financing of all Unencumbered Property owned by such Affiliate Guarantor or
Supplemental Guarantor and the corresponding payment of all sums due (if any)
to the extent required pursuant to Section 3.3 hereof in connection
with such Disposition or Financing, the Administrative Agent shall release the
guaranty executed by such Person pursuant to this Section 4.1.

 

4.3                                 Pledge
Agreements.  As credit support
for the Aggregate Obligations, on or before the Closing Date, Macerich
Partnership, MAC, and the other Pledgors shall each execute and deliver to the
Collateral Agent, a Pledge Agreement, pursuant to which each of them shall
pledge to the Collateral Agent, for the ratable benefit of the Benefited
Creditors, all of its direct and indirect ownership interest in the Subsidiary
Entities identified therein.  Upon the
Disposition of the pledged equity of any Affiliate Guarantor or Supplemental
Guarantor by any Pledgor in accordance with the provisions of this Agreement
and the Pledge Agreement and the corresponding payment of all sums due to the
extent required pursuant to Section 3.3 hereof in connection with
such Disposition, the Collateral Agent shall release the pledged equity of the
Person subject to such disposition.

 

4.4                                 Wilmorite
Release.  On not less than
five (5) Business Days written notice from the Borrower to the
Administrative Agent, the Borrower may request a release of IMI Walleye LLC and
Walleye Investments LLC as Subsidiary Guarantors, and such release shall occur
on the date requested by the Borrower (such date, the “Wilmorite Release
Date”) provided that the following conditions are satisfied:

 

(1)                                  The
Wilmorite JV Investment shall have occurred on or prior to the Wilmorite
Release Date; and

 

(2)                                  On
the Wilmorite Release Date, no Potential Default or Event of Default shall have
occurred and be continuing.

 

ARTICLE 5.                                Conditions
Precedent.

 

5.1                                 Conditions
to Funding of the Loans.  As
conditions precedent to the agreement of the Lenders to fund their respective
Percentage Shares of the Term Loan and their respective Percentage Shares of
the Interim Loan:

 

17

 

(1)                                  The
Borrower Parties shall have delivered or shall have caused to be delivered to
the Administrative Agent, in form and substance satisfactory to the Lenders and
their counsel and duly executed by the appropriate Persons (with sufficient
copies for each of the Lenders), each of the following:

 

(A)                              This
Agreement;

 

(B)                                To
the extent requested by any Term Lender pursuant to Section 3.1
above, a Term Note payable to such Term Lender, and to the extent requested by
any Interim Lender pursuant to Section 3.1 above, an Interim Note
payable to such Interim Lender;

 

(C)                                The
REIT Guaranty and the Subsidiary Guaranties;

 

(D)                               The
Pledge Agreements;

 

(E)                                 A
certificate of the Secretary or Assistant Secretary of the general partner or
managing member of those Borrower Parties which are partnerships or limited
liability companies attaching copies of resolutions duly adopted by the Board
of Directors of such general partner or managing member approving the
execution, delivery and performance of the Loan Documents on behalf of such
Borrower Parties and certifying the names and true signatures of the officers
of such general partner or managing member authorized to sign the Loan Documents
to which such Borrower Parties are party;

 

(F)                                 A
certificate or certificates of the Secretary or an Assistant Secretary of those
Borrower Parties which are corporations attaching copies of resolutions duly
adopted by the Board of Directors of such Borrower Parties approving the
execution, delivery and performance of the Loan Documents to which such
Borrower Parties are party and certifying the names and true signatures of the
officers of each of such Borrower Parties authorized to sign the Loan Documents
on behalf of such Borrower Parties;

 

(G)                                (i) An
opinion of counsel for the Borrower Parties as of the Closing Date, in form and
substance reasonably acceptable to the Administrative Agent and the Lenders;
and (ii) an opinion of counsel for MAC, in form and substance reasonably
acceptable to the Administrative Agent and the Lenders, regarding MAC’s status
as a REIT.

 

(H)                               Copies
of the Certificate of Incorporation, Certificate of Formation, or Certificate
of Limited Partnership of each of the Borrower Parties, certified by the
Secretary of State of the state of formation of such Person as of a recent
date; provided that if there has been no amendment or modification to the
aforementioned documents since they were delivered to the Administrative Agent on
July 30, 2004, then each Borrower Party may deliver a certificate from the
Secretary or an Assistant Secretary of such Borrower Party (or if such Person
is a limited partnership, an authorized representative of its general partner)
as of the date of this Agreement certifying that the documents as previously
delivered are true and correct and that there have been no amendments or
changes to such documents;

 

(I)                                    Copies
of the Organizational Documents of each of the Borrower Parties (unless
delivered pursuant to clause (H) above) certified by the Secretary or an
Assistant Secretary of such Person (or if such Person is a limited partnership
or limited liability 

 

18

 

company, an authorized
representative of its general partner or manager) as of the date of this
Agreement as being accurate and complete; provided that if there has been no
amendment or modification to the aforementioned documents since they were
delivered to the Administrative Agent on July 30, 2004, then each Borrower
Party may deliver a certificate from the Secretary or an Assistant Secretary of
such Borrower Party (or if such Person is a limited partnership, an authorized
representative of its general partner) as of the date of this Agreement certifying
that the documents as previously delivered are true and correct and that there
have been no amendments or modifications to such documents;

 

(J)                                   A
certificate of authority and good standing or analogous documentation as of a
recent date for each of the Borrower Parties for the State of California and
each state in which such Person is organized, formed or incorporated, as
applicable;

 

(K)                               From
a Responsible Officer of the Borrower, a Closing Certificate dated as of the
Closing Date;

 

(L)                                 Confirmation
from the Administrative Agent and the Collateral Agent (which may be oral) that
all fees required to be paid by the Borrower on or before the Closing Date have
been, or will upon the funding of the Loans be, paid in full; and

 

(M)                            Evidence
satisfactory to the Administrative Agent and the Collateral Agent that all
reasonable costs and expenses of the Administrative Agent, including, without
limitation, fees of outside counsel and fees of third party consultants and
appraisers, required to be paid by the Borrower on or prior to the Closing Date
have been, or will upon the funding of the Loans be, paid in full; and

 

(N)                               From
a Responsible Financial Officer of MAC, a Compliance Certificate in form and
substance satisfactory to the Administrative Agent and the Lenders, evidencing,
as applicable, MAC’s compliance with the financial covenants set forth under Section 8.12
below at and as of December 31, 2004.

 

(2)                                  Each
of the requirements set forth on Schedule 5.1(2) attached
hereto shall have been met to the satisfaction of the Administrative Agent and
the Lenders.

 

(3)                                  All
representations and warranties of the Borrower Parties set forth herein and in
the other Loan Documents shall be accurate and complete in all material
respects as if made on and as of the Closing Date (unless any such
representation and warranty speaks as of a particular date, in which case it
shall be accurate and complete in all material respects as of such date).

 

(4)                                  There
shall not have occurred and be continuing as of the Closing Date any Event of
Default or Potential Default.

 

(5)                                  All
acts and conditions (including, without limitation, the obtaining of any third
party consents and necessary regulatory approvals and the making of any
required filings, recordings or registrations) required to be done and
performed and to have happened precedent to the execution, delivery and
performance of the Loan Documents by each of the 

 

19

 

Borrower Parties and the
consummation of the Wilmorite Acquisition shall have been done and performed.

 

(6)                                  There
shall not have occurred any change, occurrence or development that could, in
the good faith opinion of the Lenders, have a Material Adverse Effect.

 

(7)                                  All
documentation, including, without limitation, documentation for corporate and
legal proceedings in connection with the transactions contemplated by the Loan
Documents shall be satisfactory in form and substance to the Administrative
Agent, the Lenders and their counsel.

 

5.2                                 Outside
Closing Date.  If all conditions
precedent set forth in Section 5.1 above shall not have been met to
the satisfaction of the Administrative Agent and the Lenders on or before May 6,
2005, then the agreement of the Lenders to fund their respective Percentage
Shares of the Term Loan or the Interim Loan, as applicable, shall terminate and
this Agreement shall automatically be deemed of no further force or effect
(except to the extent terms and provisions of this Agreement specifically
provide that they shall survive termination hereof).

 

ARTICLE 6.                                Representations
and Warranties.  As an
inducement to the Administrative Agent and each Lender to enter into this
Agreement and for the Lenders to advance their respective Percentage Shares of
the Term Loan or the Interim Loan, as applicable, each of the Borrower and MAC,
collectively and severally, represent and warrant as of the Closing Date (or
such later date as otherwise expressly provided in this Agreement), to the
Administrative Agent and each Lender that (provided that any representations as
of the Closing Date as to Wilmorite are to the best knowledge of the Borrower
and MAC):

 

6.1                                 Financial
Condition.  Complete and
accurate copies of the following financial statements and materials have been
delivered to the Administrative Agent: (i) audited financial statements of
MAC for 2002, 2003 and 2004 and (ii) unaudited financial statements of MAC
for each fiscal quarter ending after December 31, 2004 and more than 45
days prior to the Closing Date (the materials described in clauses (i) and
(ii) are referred to as the “Initial Financial Statements”) ; and (iii) a
pro forma balance sheet and income statement (“Pro Forma Statements”)
dated December 31, 2004 reflecting the pro forma combined performance of
the Consolidated Entities and Wilmorite. 
All financial statements included in the Initial Financial Statements
were prepared in all material respects in conformity with GAAP, except as
otherwise noted therein, and fairly present in all material respects the
respective consolidated financial positions, and the consolidated results of
operations and cash flows for each of the periods covered thereby of MAC and
its consolidated Subsidiaries as at the respective dates thereof.  None of the Borrower Parties or any of their
Subsidiaries has any Contingent Obligation, contingent liability or liability
for any taxes, long-term leases or commitments, not reflected in its audited
financial statements delivered to the Administrative Agent on or prior to the
Closing Date or otherwise disclosed to the Administrative Agent and the Lenders
in writing, which will have or is reasonably likely to have a Material Adverse Effect.  The Pro Forma Statements have been prepared
in good faith based upon reasonable assumptions.

 

20

 

6.2                                 No
Material Adverse Effect. 
Since the Statement Date no event has occurred which has resulted in, or
is reasonably likely to have, a Material Adverse Effect.

 

6.3                                 Compliance
with Laws and Agreements. 
Each of the Borrower Parties and the Macerich Core Entities is in
compliance with all Requirements of Law and Contractual Obligations, except
where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

 

6.4                                 Organization,
Powers; Authorization; Enforceability.

 

(1)                                  The
Borrower (A) is a limited partnership duly organized, validly existing and
in good standing under the laws of the State of Delaware, (B) is duly
qualified to do business and is in good standing under the laws of each
jurisdiction in which failure to be so qualified and in good standing will have
or is reasonably likely to have a Material Adverse Effect, (C) has all
requisite partnership power and authority to own, operate and encumber its
Property and to conduct its business as presently conducted and as proposed to
be conducted in connection with and following the consummation of the
transactions contemplated by this Agreement and (D) is a partnership for
purposes of federal income taxation and for purposes of the tax laws of any
state or locality in which the Borrower is subject to taxation based on its
income.

 

(2)                                  MAC
(A) is a corporation duly organized, validly existing and in good standing
under the laws of the State of Maryland, (B) is duly authorized and qualified
to do business and is in good standing under the laws of each jurisdiction in
which failure to be so qualified and in good standing will have or is
reasonably likely to have a Material Adverse Effect, and (C) has all
requisite corporate power and authority to own, operate and encumber its
Property and to conduct its business as presently conducted.

 

(3)                                  Each
Westcor Guarantor, Wilmorite Guarantor and Affiliate Guarantor (A) is
either a corporation, a limited partnership or a limited liability company duly
incorporated, formed or organized, validly existing, and in good standing under
the laws of the State of its incorporation, organization and/or formation, (B) is
duly qualified to do business and is in good standing under the laws of each
jurisdiction in which failure to be so qualified and in good standing will have
or is reasonably expected to have a Material Adverse Effect, and (C) has
all requisite corporate, partnership or limited liability company power and
authority to own, operate and encumber its Property and to conduct its business
as presently conducted and as proposed to be conducted in connection with and
following the consummation of the transactions contemplated by this Agreement.

 

(4)                                  True,
correct and complete copies of the Organizational Documents described in Section 5.1(1)(I)
have been delivered to the Administrative Agent, each of which is in full force
and effect, has not been Modified except to the extent indicated therein and,
to the best knowledge of each of the Borrower Parties party to this Agreement,
there are no defaults under such Organizational Documents and no events which,
with the passage of time or giving of notice or both, would constitute a
default under such Organizational Documents.

 

21

 

(5)                                  The
Borrower Parties have the requisite partnership, company or corporate power and
authority to execute, deliver and perform this Agreement and each of the other
Loan Documents which are required to be executed on their behalf.  The execution, delivery and performance of
each of the Loan Documents which must be executed in connection with this
Agreement by the Borrower Parties and to which the Borrower Parties are a party
and the consummation of the transactions contemplated thereby are within their
partnership, company, or corporate powers, have been duly authorized by all
necessary partnership, company, or corporate action and such authorization has
not been rescinded.  No other
partnership, company, or corporate action or proceedings on the part of the
Borrower Parties is necessary to consummate such transactions.

 

(6)                                  Each
of the Loan Documents to which each Borrower Party is a party has been duly
executed and delivered on behalf of such Borrower Party and constitutes its
legal, valid and binding obligation, enforceable against it in accordance with
its terms (subject to bankruptcy, insolvency, reorganization, or other laws
affecting creditors’ rights generally and to principles of equity, regardless
of whether considered in a proceeding in equity or at law), is in full force
and effect and all the terms, provisions, agreements and conditions set forth
therein and required to be performed or complied with by such Borrower Party on
or before the date hereof have been performed or complied with, and no
Potential Default or Event of Default exists thereunder.

 

6.5                                 No
Conflict.  The execution,
delivery and performance of the Loan Documents, the borrowing hereunder and the
use of the proceeds thereof, will not violate any material Requirement of Law
or any Organizational Document or any material Contractual Obligation of any of
the Borrower Parties or the Macerich Core Entities; or, except as contemplated
by the Pledge Agreements, create or result in the creation of any Lien on any
material assets of any of the Borrower Parties.

 

6.6                                 No
Material Litigation.  Except
as disclosed on Schedule 6.6 hereto, no litigation, investigation
or proceeding of or before any arbitrator or Governmental Authority is pending
or, to the knowledge of the Borrower Parties party to this Agreement,
threatened by or against the Borrower Parties or the Macerich Core Entities or
against any of such Persons’ Properties or revenues which is likely to be
adversely determined and which, if adversely determined, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

6.7                                 Taxes.  All tax returns, reports and similar
statements or filings of the Borrower Parties and the Macerich Core Entities
have been timely filed.  Except for Permitted
Encumbrances, all taxes, assessments, fees and other charges of Governmental
Authorities upon such Persons and upon or relating to their respective
Properties, assets, receipts, sales, use, payroll, employment, income, licenses
and franchises which are shown in such returns or reports to be due and payable
have been paid, except to the extent (i) such taxes, assessments, fees and
other charges of Governmental Authorities are subject to a Good Faith Contest;
or (ii) the non-payment of such taxes, assessments, fees and other charges
of Governmental Authorities would not, individually or in the aggregate, result
in a Material Adverse Effect.  The
Borrower Parties party to this Agreement have no knowledge of any proposed tax
assessment against the Borrower 

 

22

 

Parties or the Macerich
Core Entities that will have or is reasonably likely to have a Material Adverse
Effect.

 

6.8                                 Investment
Company Act.  Neither the
Borrower nor any Borrower Party, nor any Person controlling such entities is an
“investment company” or a company “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940 (as amended from time
to time).

 

6.9                                 Subsidiary
Entities.  Schedule 6.9
(A) contains charts and diagrams reflecting the corporate structure of the
Borrower Parties and their respective Subsidiary Entities (after giving effect
to the Wilmorite Acquisition) indicating the nature of the corporate,
partnership, limited liability company or other equity interest in each Person
included in such chart or diagram; and (B) accurately sets forth (1) the
correct legal name of such Person, the type of organization, and the
jurisdiction of its incorporation or organization, and (2) the percentage
thereof owned by the Borrower Parties and their Subsidiaries.  None of such issued and outstanding Capital
Stock or Securities owned by any Borrower Entity is subject to any vesting,
redemption, or repurchase agreement, and there are no warrants or options
outstanding with respect to such Securities, except as noted on Schedule 6.9.  The outstanding Capital Stock of each
Subsidiary Entity shown on Schedule 6.9 as being owned by a
Borrower Party or its Subsidiary is duly authorized, validly issued, fully paid
and nonassessable.  Except where failure
may not have a Material Adverse Effect, each Subsidiary Entity of the Borrower
Parties: (A) is a corporation, limited liability company, or partnership,
as indicated on Schedule 6.9, duly organized, validly existing and,
if applicable, in good standing under the laws of the jurisdiction of its
organization, (B) is duly qualified to do business and, if applicable, is
in good standing under the laws of each jurisdiction in which failure to be so
qualified and in good standing would limit its ability to use the courts of
such jurisdiction to enforce Contractual Obligations to which it is a party,
and (C) has all requisite partnership, company or corporate power and
authority to own, operate and encumber its Property and to conduct its business
as presently conducted and as proposed to be conducted hereafter.

 

6.10                           Federal
Reserve Board Regulations. 
Neither the Borrower nor any other Borrower Party is engaged or will
engage, principally or as one of its important activities, in the business of
extending credit for the purpose of “purchasing” or “carrying” any “Margin
Stock” within the respective meanings of such terms under Regulations U, T and
X.  No part of the proceeds of the Loans
will be used for “purchasing” or “carrying” “Margin Stock” as so defined or for
any purpose which violates, or which would be inconsistent with, the provisions
of, the Regulations of the Board of Governors of the Federal Reserve System.

 

6.11                           ERISA
Compliance.  Except as
disclosed on Schedule 6.11:

 

(1)                                  Each
Plan is in compliance with the applicable provisions of ERISA, the Code and
other federal or state law failure to comply with which would reasonably be
likely to result in a Material Adverse Effect. 
Each Plan which is intended to qualify under Section 401(a) of
the Code has received a favorable determination letter from the IRS and to the
best knowledge of the Borrower Parties party to this Agreement, nothing has
occurred which would cause the loss of such qualification.

 

23

 

(2)                                  There
are no pending or, to the best knowledge of the Borrower Parties party to this
Agreement, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan which has resulted or could
reasonably be expected to result in a Material Adverse Effect.  There has been no prohibited transaction or
violation of the fiduciary responsibility rules with respect to any Plan
which has resulted or could reasonably be expected to result in a Material
Adverse Effect.

 

(3)                                  No
ERISA Event has occurred or is reasonably expected to occur with respect to any
Pension Plan or, to the best knowledge of the Borrower Parties party to this
Agreement, any Multiemployer Plan, which has resulted or could reasonably be
expected to result in a Material Adverse Effect.

 

(4)                                  No
Pension Plan has any Unfunded Pension Liability, which has resulted or could
reasonably be expected to result in a Material Adverse Effect.

 

(5)                                  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA
Affiliate has incurred, nor reasonably expects to incur, any liability under
Title IV of ERISA with respect to any Pension Plan (other than premiums
due and not delinquent under Section 4007 of ERISA) which has resulted or
could reasonably be expected to result in a Material Adverse Effect.

 

(6)                                  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA
Affiliate has incurred nor reasonably expects to incur any liability (and no
event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Section 4201 or 4243 of ERISA
with respect to a Multiemployer Plan, which has resulted or could reasonably be
expected to result in a Material Adverse Effect.

 

(7)                                  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA
Affiliate has transferred any Unfunded Pension Liability to any person or
otherwise engaged in a transaction that is subject to Section 4069 or 4212(c) of
ERISA, which has resulted or could reasonably be expected to result in a
Material Adverse Effect.

 

6.12                           Assets
and Liens.  Each of the
Borrower Parties and their respective Subsidiary Entities has good and
marketable fee or leasehold title to all Property and assets reflected in the financial
statements referred to in Section 6.1 above, except Property and
assets sold or otherwise disposed of in the ordinary course of business
subsequent to the respective dates thereof. 
None of the Borrower Parties, nor their respective Subsidiary Entities,
has outstanding Liens on any of its Properties or assets nor are there any
security agreements to which it is a party, except for Liens permitted in
accordance with Section 8.1.

 

6.13                           Securities
Acts.  None of the Borrower
Parties or their respective Subsidiary Entities have issued any unregistered
securities in violation of the registration requirements of Section 5 of
the Securities Act of 1933 (as amended from time to time, the “Act”) or
any other law, nor are they in violation of any rule, regulation or requirement
under the Act or the Securities Exchange Act of 1934  (as amended from time to time) other than
violations which could not reasonably be expected to have a Material Adverse
Effect.  None of the Borrower Parties is
required to qualify an indenture under the Trust Indenture Act of 1939 

 

24

 

(as amended from time to
time) in connection with its execution and delivery of this Agreement or the
incurrence of Indebtedness hereunder.

 

6.14                           Consents,
Etc.  Except as disclosed in Schedule 6.14,
no consent, approval or authorization of, or registration, declaration or
filing with any Governmental Authority or any other Person is required on the
part of the Borrower Parties or the Macerich Core Entities in connection with
the Wilmorite Acquisition, the execution and delivery of the Loan Documents by
the Borrower Parties, or the performance of or compliance with the terms,
provisions and conditions thereof by such Persons, other than those that have been
obtained or will be obtained by the legally required time.

 

6.15                           Hazardous
Materials.  The Borrower
Parties and the Macerich Core Entities have caused Phase I and the other
environmental assessments as set forth in Schedule 6.15 to be
conducted or have taken other steps to investigate the past and present
environmental condition and use of their regional Retail Properties (as used in
this Section 6.15 and Section 7.9, the “Designated
Environmental Properties”).  Based on
such investigation, except as otherwise disclosed in the Reports listed on Schedule 6.15,
to the best knowledge of the Borrower and MAC: 
(1) no Hazardous Materials have been discharged, disposed of, or
otherwise released on, under, or from the Designated Environmental Properties
so as to be reasonably expected to result in a violation of Hazardous Materials
Laws and a material adverse effect to such Environmental Property or the owner
thereof; (2) the owners of the Designated Environmental Properties have
obtained all material environmental, health and safety permits and licenses
necessary for their respective operations, and all such permits are in good
standing and the holder of each such permit is currently in compliance with all
terms and conditions of such permits, except to the extent the failure to
obtain such permits or comply therewith is not reasonably expected to result in
a Material Adverse Effect or any material violation of Hazardous Materials Laws
or in a material adverse effect to such Environmental Property or the owner thereof;
(3) none of the Designated Environmental Properties is listed or proposed
for listing on the National Priorities List (“NPL”) pursuant to CERCLA
or on the Comprehensive Environmental Response Compensation Liability
Information System List (“CERCLIS”) or any similar applicable state list
of sites requiring remedial action under any Hazardous Materials Laws; (4) none
of the owners of the Designated Environmental Properties has sent or directly
arranged for the transport of any hazardous waste to any site listed or
proposed for listing on the NPL, CERCLIS or any similar state list; (5) there
is not now on or in any Environmental Property: 
(a) any landfill or surface impoundment; (b) any underground
storage tanks; (c) any asbestos-containing material; or (d) any
polychlorinated biphenyls (PCB), which in the case of any of clauses (a) through
(d) could reasonably result in a violation of any Hazardous Materials Laws
and a material adverse effect to such Environmental Property or the owner
thereof; (6) no environmental Lien has attached to any Designated
Environmental Properties; and (7) no other event has occurred with respect
to the presence of Hazardous Materials on or under any of the Properties of the
Borrower Parties or the Macerich Core Entities, which would reasonably be
expected to result in a Material Adverse Effect.  Notwithstanding the foregoing, on the Closing
Date all of the representations set forth above shall be true and correct with
respect to all Properties of the Borrower Parties and the Macerich Core
Entities (and not only the Designated Environmental Properties).

 

6.16                           Regulated
Entities.  None of the
Borrower Parties or the Macerich Core Entities: 
(1) is subject to regulation under the Public Utility Holding
Company Act of 1935, the 

 

25

 

Federal Power Act, the
Interstate Commerce Act, any state public utilities code, or any other Federal
or state statute or regulation limiting its ability to incur Indebtedness, or (2) is
a “foreign person” within the meaning of Section 1445 of the Code.

 

6.17                           Copyrights,
Patents, Trademarks and Licenses, etc.  To the best knowledge of the Borrower Parties
party to this Agreement, the Borrower Parties and the Macerich Core Entities
own or are licensed or otherwise have the right to use all of the patents,
trademarks, service marks, trade names, copyrights, contractual franchises,
authorizations and other rights that are necessary for the operation of their
respective businesses, without conflict with the rights of any other
Person.  To the best knowledge of the
Borrower Parties party to this Agreement, no slogan or other advertising
device, product, process, method, substance, part or other material now
employed, or now contemplated to be employed, by the Borrower Parties or the
Macerich Core Entities infringes upon any rights held by any other Person,
except for any infringements, individually or in the aggregate, which would not
result, or be expected to result, in a Material Adverse Effect.

 

6.18                           REIT
Status.  MAC:  (1) is a REIT, (2) has not revoked
its election to be a REIT, (3) has not engaged in any “prohibited
transactions” as defined in Section 856(b)(6)(iii) of the Code (or
any successor provision thereto), and (4) for its current “tax year” as
defined in the Code is and for all prior tax years subsequent to its election
to be a REIT has been entitled to a dividends paid deduction which meets the
requirements of Section 857 of the Code.

 

6.19                           Insurance.  Schedule 6.19 accurately sets
forth as of the Closing Date all insurance policies in effect with respect to
the respective Property and assets and business of the Borrower Parties and the
Macerich Core Entities, specifying for each such policy, (i) the amount
thereof, (ii) the general risks insured against thereby, (iii) the
name of the insurer and each insured party thereunder, (iv) the policy or
other identification number thereof, and (v) the expiration date
thereof.  Such insurance policies are
currently in full force and effect, in compliance with the requirements of Section 7.8
hereof.

 

6.20                           Full
Disclosure.  None of the
representations or warranties made by the Borrower Parties in the Loan
Documents as of the date such representations and warranties are made or deemed
made contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements made therein, in light of the
circumstances under which they are made, not misleading.

 

6.21                           Indebtedness.  Schedule 6.21 sets forth, as of December 31,
2004, all Indebtedness for borrowed money of each of the Borrower Parties and
the Macerich Core Entities, and, except as set forth on such Schedule 6.21,
there are no defaults in the payment of principal or interest on any such
Indebtedness, and no payments thereunder have been deferred or extended beyond
their stated maturity, and there has been no material change in the type or
amount of such Indebtedness since December 31, 2004.

 

6.22                           Real
Property.  Set forth on Schedule 6.22
is a list, as of the date of this Agreement, of all of the Projects of the
Borrower Parties and the Macerich Entities, indicating in each case whether the
respective property is owned or ground leased by such Persons, the identity of
the owner or lessee and the location of the respective property.

 

26

 

6.23                           Brokers.  The Borrower Parties have not dealt with any
broker or finder with respect to the transactions embodied in this Agreement
and the other Loan Documents.

 

6.24                           No
Default.  No Default or
Potential Default has occurred and is continuing.

 

6.25                           Solvency.  After giving effect to the Loans, and the
disbursement of the proceeds thereof pursuant to the Borrower’s instructions,
the Borrower Parties are each Solvent.

 

6.26                           Foreign
Assets Control Regulations, etc.  None
of the Macerich Entities or their Affiliates: (i) is or will be in
violation of any Laws relating to terrorism or money laundering (“Anti-Terrorism
Laws”), including Executive Order 13224 of September 23, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. 
Reg.  49079 (2001)) (the “Executive
Order”), the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56
(“Patriot Act”), or any other applicable requirements contained in the rules and
regulations of the Office of Foreign Assets Control, Department of the Treasury
(“OFAC”); (ii) is or will become a “blocked” person listed in or
subject to the Annex to the Executive Order; (iii) has been or will be
designated as a Specially Designated National on any publicly available lists
maintained by OFAC or any other publicly available list of terrorists or
terrorist organizations maintained pursuant to the Patriot Act (any person
regulated pursuant to clauses (ii) and (iii), a “Prohibited Person”);
or (iv) conducts or will conduct any business or engages or will engage in
any transactions or dealings with any Prohibited Person, including the making
or receiving of any contribution of funds, goods or services to or for the
benefit of any Prohibited Person; or any transactions involving any property or
interests in property blocked pursuant to the Executive Order.

 

ARTICLE 7.                                Affirmative
Covenants.  As an inducement
to the Administrative Agent and each Lender to enter into this Agreement and
for the Lenders to advance their respective Percentage Shares of the Term Loan
or the Interim Loan, as applicable, each of the Borrower and MAC, collectively
and severally, hereby covenants and agrees with the Administrative Agent and
each Lender that, as long as any Obligations remain unpaid:

 

7.1                                 Financial
Statements.  The Borrower
Parties shall maintain, for themselves, and shall cause each of the Macerich
Core Entities to maintain a system of accounting established and administered
in accordance with sound business practices to permit preparation of consolidated
financial statements in conformity with GAAP. 
Each of the financial statements and reports described below shall be
prepared from such system and records and in form reasonably satisfactory to
the Administrative Agent, and shall be provided to Administrative Agent (and
Administrative Agent shall provide a copy to each requesting Lender):

 

(1)                                  As
soon as practicable, and in any event within ninety (90) days after the close
of each fiscal year of MAC, the consolidated balance sheet of MAC and its
Subsidiaries as of the end of such fiscal year and the related consolidated
statements of income, stockholders’ equity and cash flow of MAC and its
Subsidiaries for such fiscal year, setting forth in each case in comparative
form the consolidated or combined figures, as the case may be, for

 

27

 

the previous fiscal year, all in reasonable detail and accompanied by a
report thereon of PricewaterhouseCoopers or other independent certified public
accountants of recognized national standing selected by the Borrower and
reasonably satisfactory to the Administrative Agent, which report shall be
unqualified (except for qualifications that the Required Lenders do not, in
their discretion, consider material) and shall state that such consolidated
financial statements fairly present the financial position of MAC and its
Subsidiaries as at the date indicated and the results of their operations and
cash flow for the periods indicated in conformity with GAAP (except as
otherwise stated therein) and that the examination by such accountants in
connection with such consolidated financial statements has been made in
accordance with generally accepted auditing standards;

 

(2)                                  As
soon as practicable, and in any event within fifty (50) days after the close of
each of the first three fiscal quarters of each fiscal year of MAC, for MAC and
its Subsidiaries, unaudited balance sheets as at the close of each such period
and the related combined statements of income and cash flow of MAC and its
Subsidiaries for such quarter and the portion of the fiscal year ended at the
end of such quarter, setting forth in each case in comparative form the
consolidated or combined figures, as the case may be, for the corresponding
periods of the prior fiscal year, all in reasonable detail and in conformity
with GAAP (except as otherwise stated therein), together with a representation
by a Responsible Financial Officer, as of the date of such financial
statements, that such financial statements have been prepared in accordance
with GAAP (provided, however, that such financial statements may not include
all of the information and footnotes required by GAAP for complete financial
information) and reflect all adjustments that are, in the opinion of
management, necessary for a fair presentation of the financial information
contained therein;

 

(3)                                  Together
with each delivery of any quarterly or annual report pursuant to paragraphs (1) through
(2) of this Section 7.1, MAC shall deliver a Compliance
Certificate signed by MAC’s Responsible Financial Officer representing and
certifying (1) that the Responsible Financial Officer signatory thereto
has reviewed the terms of the Loan Documents, and has made, or caused to be
made under his/her supervision, a review in reasonable detail of the
transactions and consolidated financial condition of MAC and its Subsidiaries,
during the fiscal quarter covered by such reports, that such review has not
disclosed the existence during or at the end of such fiscal quarter, and that
such officer does not have knowledge of the existence as at the date of such
Compliance Certificate, of any condition or event which constitutes an Event of
Default or Potential Default or mandatory prepayment event, or, if any such
condition or event existed or exists, specifying the nature and period of
existence thereof and what action the Borrower, MAC or their Subsidiaries have
taken, are taking and propose to take with respect thereto, (2) the
calculations (with such specificity as the Administrative Agent may reasonably
request) for the period then ended which demonstrate compliance with the
covenants and financial ratios set forth in Article 8, (3) a schedule of
Total Liabilities in respect of borrowed money in the level of detail disclosed
in MAC’s Form 10-Q filings with the Securities and Exchange Commission, as
well as such other information regarding such Indebtedness as may be reasonably
requested by the Administrative Agent, (4) that any proceeds withdrawn
from the Proceeds Expenditure Account during the prior quarter were withdrawn
in compliance with Section 3.3(3) and shall specify the use of
such proceeds, and (5) a schedule of EBITDA.

 

28

 

(4)                                  To
the extent not otherwise delivered pursuant to this Section 7.1,
copies of all financial statements and financial information delivered by the
Borrower and MAC (or, upon Administrative Agent’s request, any Subsidiaries of
such Persons) from time to time to the holders of any Indebtedness for borrowed
money of such Persons; and

 

(5)                                  Copies
of all proxy statements, financial statements, and reports which the Borrower
or MAC send to their respective stockholders or limited partners, and copies of
all regular, periodic and special reports, and all registration statements
under the Act which the Borrower or MAC file with the Securities and Exchange
Commission or any Governmental Authority which may be substituted therefore, or
with any national securities exchange; provided, however, that there shall not
be required to be delivered hereunder such copies for any Lender of
prospectuses relating to future series of offerings under registration
statements filed under Rule 415 under the Act or other items which such
Lender has indicated in writing to the Borrower or MAC from time to time need
not be delivered to such Lender.

 

(6)                                  Notwithstanding
the foregoing, it is understood and agreed that to the extent MAC files documents
with the Securities and Exchange Commission and such documents contain the same
information as required by subsections (1), (2), (3) (only with respect to
subclause (3)), (4) and (5) above, the Borrower may deliver copies,
which copies may be delivered electronically, of such forms with respect to the
relevant time periods in lieu of the deliveries specified in such clauses.

 

7.2                                 Certificates;
Reports; Other Information. 
The Borrower Parties shall furnish or cause to be furnished to the
Administrative Agent and each of the Lenders directly:

 

(1)                                  From
time to time upon reasonable request by the Administrative Agent, a rent roll,
tenant sales report and income statement with respect to any Project;

 

(2)                                  As
soon as practicable and in any event by January 1st of each calendar year,
(i) a report in form and substance reasonably satisfactory to the
Administrative Agent outlining all insurance coverage maintained as of the date
of such report by the Borrower Parties and the Macerich Core Entities and the
duration of such coverage and (ii) evidence that all premiums with respect
to such coverage have been paid when due.

 

(3)                                  Promptly,
such additional financial and other information, including, without limitation,
information regarding the Borrower Parties, the Macerich Core Entities, any of
such entities’ assets and Properties and the Wilmorite Acquisition as
Administrative Agent or any Lender may from time to time reasonably request,
including, without limitation, such information as is necessary for any Lender
to participate out any of its interests in the Obligations.

 

7.3                                 Maintenance
of Existence and Properties. The Borrower and MAC shall, and shall
cause each of the Macerich Core Entities to, and the other Borrower Parties
shall at all times: (1) maintain its corporate existence or existence as a
limited partnership or limited liability company, as applicable; provided that
a Macerich Core Entity (other than the Borrower, MAC, the Westcor Principal
Entities or prior to the Wilmorite Release Date, the Wilmorite Principal
Entity) (A) may change its form of organization from one type of legal
entity to another to the

 

29

 

extent otherwise permitted in this Agreement; (B) may effect a
dissolution if such actions are taken subsequent to a Disposition of
substantially all of its assets as otherwise permitted under this Agreement
(including Section 8.4); and (C) may merge or consolidate with
any Person as otherwise not prohibited by this Agreement (including Section 8.3);
(2) maintain in full force and effect all rights, privileges, licenses,
approvals, franchises, Properties and assets material to the conduct of its
business; (3) remain qualified to do business and maintain its good
standing in each jurisdiction in which failure to be so qualified and in good
standing will have a Material Adverse Effect; and (4) not permit, commit
or suffer any waste or abandonment of any Project that will have a Material
Adverse Effect.

 

7.4                                 Inspection
of Property; Books and Records; Discussions. The Borrower and MAC
shall, and shall cause each of the Macerich Core Entities to, and the other
Borrower Parties shall keep proper books of record and account in which full,
true and correct entries in conformity with GAAP and all material Requirements
of Law shall be made of all dealings and transactions in relation to its
business and activities, and shall permit representatives of the Administrative
Agent or any Lender to visit and inspect any of its properties and examine and
make copies or abstracts from any of its books and records at any reasonable
time during normal business hours and as often as may reasonably be desired by
the Administrative Agent or any Lender, and to discuss the business,
operations, properties and financial and other condition of the Borrower
Parties and the Macerich Core Entities with officers and employees of such
Persons, and with their independent certified public accountants (provided that
representatives of such Persons may be present at and participate in any such
discussion).

 

7.5                                 Notices.
The Borrower shall promptly, but in any event within five Business Days after
obtaining knowledge thereof, give written notice to the Administrative Agent
and each Lender directly of:

 

(1)                                  The
occurrence of any Potential Default or Event of Default and what action the
Borrower has taken, is taking, or is proposing to take in response thereto;

 

(2)                                  The
institution of, or written threat of, any action, suit, proceeding,
governmental investigation or arbitration against or affecting the Borrower
Parties or the Macerich Core Entities and not previously disclosed, which
action, suit, proceeding, governmental investigation or arbitration (i) exposes,
or in the case of multiple actions, suits, proceedings, governmental
investigations or arbitrations arising out of the same general allegations or
circumstances expose, such Persons, in the Borrower’s reasonable judgment, to
liability in an amount aggregating $10,000,000 or more and is or are not
covered by insurance, or (ii) seeks injunctive or other relief which, if
obtained, may have a Material Adverse Effect providing such other information
as may be reasonably available to enable Administrative Agent and its counsel
to evaluate such matters.  The Borrower,
upon request of the Administrative Agent, shall promptly give written notice of
the status of any action, suit, proceeding, governmental investigation or
arbitration;

 

(3)                                  Any
labor dispute to which the Borrower Parties or any of the Macerich Core
Entities may become a party (including, without limitation, any strikes,
lockouts or other disputes relating to any Property of such Persons’ and other
facilities) which could result in a Material Adverse Effect;

 

30

 

(4)                                  The
bankruptcy or cessation of operations of any tenant to which greater than 5% of
either the Borrower’s or MAC’s share of consolidated minimum rent is
attributable; or

 

(5)                                  Any
event not disclosed pursuant to paragraphs (1) through (4) above
which could reasonably be expected to result in a Material Adverse Effect.

 

7.6                                 Expenses.  The Borrower shall pay all reasonable
out-of-pocket expenses (including reasonable fees and disbursements of outside
counsel):  (1) of the Administrative
Agent incident to the preparation, negotiation and administration of the Loan
Documents, including any proposed Modifications or waivers with respect
thereto, the syndication of the Loans (but such expenses shall not include any
fees paid to the syndicate members), and the preservation and protection of the
rights of the Lenders and the Administrative Agent under the Loan Documents,
and (2) of the Administrative Agent and each of the Lenders incident to
the enforcement of payment of the Obligations, whether by judicial proceedings
or otherwise, including, without limitation, in connection with bankruptcy,
insolvency, liquidation, reorganization, moratorium or other similar
proceedings involving any Borrower Party or a “workout” of the Obligations;
provided that only one property inspection or site visit performed pursuant to Section 7.4
shall be paid for by the Borrower each year, unless a Potential Default or
Event of Default has occurred and is continuing, in which case there shall be
no limit to property inspections or site visits performed pursuant to Section 7.4,
and the Borrower shall pay the costs associated with each such inspection and
visit performed during such periods.  The
obligations of the Borrower under this Section 7.6 shall survive
payment of all other Obligations.

 

7.7                                 Payment
of Indemnified Taxes and Other Taxes and Charges.  The Borrower Parties shall, and shall cause
each of the Macerich Core Entities to, file all tax returns required to be
filed in any jurisdiction and, if applicable, and except with respect to taxes
subject to any Good Faith Contest, pay and discharge all Indemnified Taxes and
Other Taxes imposed upon it or any of its Properties or in respect of any of
its franchises, business, income or property before any material penalty shall
be incurred with respect to such Indemnified Taxes and Other Taxes.

 

7.8                                 Insurance.  The
Borrower Parties shall, and shall cause each of the Macerich Core Entities, to
maintain, to the extent commercially available, insurance with responsible and
reputable insurance companies or associations in such amounts and covering such
risks (including, without limitation, fire, extended coverage, vandalism,
malicious mischief, flood, earthquake, public liability, product liability,
business interruption and terrorism) as is usually carried by companies engaged
in similar businesses and owning similar properties in the same general areas
in which the Borrower Parties or the Macerich Core Entities engage in business
or own properties.

 

7.9                                 Hazardous
Materials. The Borrower Parties shall, and shall cause each of the
Macerich Core Entities to, do the following:

 

(1)                                  Keep
and maintain all regional Retail Properties (“Designated Environmental
Properties”) in material compliance with any Hazardous Materials Laws
unless

 

31

 

the failure to so comply would not be reasonably expected to result in
a material adverse effect to such Designated Environmental Property or the
owner thereof.

 

(2)                                  Promptly
cause the removal of any Hazardous Materials discharged, disposed of, or
otherwise released in, on or under any Designated Environmental Properties that
are in violation of any Hazardous Materials Laws and which would be reasonably
expected to result in a material adverse effect to such Designated
Environmental Property or the owner thereof, and cause any remediation required
by any Hazardous Material Laws or Governmental Authority to be performed,
though no such action shall be required if any action is subject to a good
faith contest.  In the course of carrying
out such actions, the Borrower shall provide the Administrative Agent with such
periodic information and notices regarding the status of investigation,
removal, and remediation, as the Administrative Agent may reasonably require.

 

(3)                                  Promptly
advise the Administrative Agent and each Lender in writing of any of the
following: (i) any Hazardous Material Claims known to the Borrower which
would be reasonably expected to result in a material adverse effect to an
Environmental Property or the owner thereof; (ii) the receipt of any
notice of any alleged violation of Hazardous Materials Laws with respect to an
Environmental Property (and the Borrower shall promptly provide the
Administrative Agent and Lenders with a copy of such notice of violation),
provided that such alleged violation, if true (and if any release of the
Hazardous Materials alleged therein were not promptly remediated), would result
in a breach of subsections (1) or (2) above; and (iii) the
discovery of any occurrence or condition on any Designated Environmental
Properties that could cause such Designated Environmental Properties or any
part thereof to be in violation of clauses (1) or, if not promptly
remediated, (2) above.  If the
Administrative Agent and/or any Lender shall be joined in any legal proceedings
or actions initiated in connection with any Hazardous Materials Claims, each
Borrower Party shall indemnify, defend, and hold harmless such Person with
respect to any liabilities and out-of-pocket expenses arising with respect
thereto, including reasonable attorneys’ fees and disbursements.

 

(4)                                  Comply
with each of the covenants set forth in subsections (1), (2) and (3) of
this Section 7.9 with respect to all other Properties of the
Borrower and the Macerich Core Entities unless the failure to so comply would
not reasonably be expected to result in a Material Adverse Effect.

 

7.10                           Compliance
with Laws and Contractual Obligations; Payment of Taxes. The
Borrower Parties shall, and shall cause each of the Macerich Core Entities
to:  (1) comply, in all material
respects, with all material Requirements of Law of any Governmental Authority
having jurisdiction over it or its business, and (2) comply, in all
material respects, with all material Contractual Obligations.

 

7.11                           Further
Assurances. The Borrower Parties shall, and shall cause each of
their respective Subsidiaries to, promptly upon request by the Administrative
Agent or any Lender, do any acts or, execute, acknowledge, deliver, record,
re-record, file, re-file, register and re-register, any and all such further
deeds, conveyances, security agreements, mortgages, assignments, estoppel
certificates, financing statements and continuations thereof, termination
statements, notices of assignment, transfers, certificates, assurances and
other instruments the Administrative Agent or such Lender, as the case may be,
may reasonably require from time to

 

32

 

time in order (i) to carry out more effectively the purposes of
this Agreement or any other Loan Document, and (ii) to assure, convey,
grant, assign, transfer, preserve, protect and confirm to the Administrative
Agent and Lenders the rights granted or now or hereafter intended to be granted
to the Lenders under any Loan Document or under any other document executed in
connection therewith.

 

7.12                           Single
Purpose Entities.  The Westcor
Guarantors shall maintain themselves as Single Purpose Entities.  The Wilmorite Guarantors shall maintain
themselves as Single Purpose Entities.

 

7.13                           REIT
Status.  MAC shall maintain
its status as a REIT and (i) all of the representations and warranties set
forth in clauses (1), (2) and (4) of Section 6.18 shall
remain true and correct at all times and (ii) all of the representations
and warranties set forth in clause (3) of Section 6.18 shall
remain true and correct in all material respects.  MAC will do or cause to be done all things
necessary to maintain the listing of its Capital Stock on the New York Stock
Exchange, the American Stock Exchange or the Nasdaq National Market System (or
any successor thereof), and the Borrower will do or cause to be done all things
necessary to cause it to be treated as a partnership for purposes of federal
income taxation and the tax laws of any state or locality in which the Borrower
is subject to taxation based on its income.

 

7.14                           Use
of Proceeds.  The proceeds of
the Loans shall be used to finance the Wilmorite Acquisition, including any
transaction and other fees and expenses in connection therewith.

 

7.15                           Management
of Projects.  Except as set
forth on Schedule 7.15, all Wholly-Owned Projects shall be managed by
Subsidiaries of MAC pursuant to Master Management Agreements or, with respect
to Wholly-Owned Projects of Westcor or Wilmorite, pursuant to agreements in
place on the date hereof; provided that the Rochester Properties may be managed
by the Rochester Manager pursuant to the Rochester Management Agreement.

 

ARTICLE 8.                                Negative
Covenants.  As an inducement
to the Administrative Agent and each Lender to enter into this Agreement and
for the Lenders to advance their respective Percentage Shares of the Term Loan
or the Interim Loan, as applicable, each of the Borrower and MAC, jointly and
severally, hereby covenants and agrees with the Administrative Agent and each
Lender that, as long as any Obligations remain unpaid:

 

8.1                                 Liens.

 

(1)                                  The
Borrower Parties shall not, and shall not permit any of the Macerich Core
Entities to, create, incur, assume or suffer to exist, any Lien upon any of its
Property except:

 

(A)                              Liens
that secure Secured Indebtedness otherwise permitted under this Agreement;

 

(B)                                Permitted
Encumbrances;

 

(C)                                Other
Liens which are the subject of a Good Faith Contest; and

 

33

 

(D)                               Liens
listed on Schedule 8.1.

 

(2)                                  No Liens on the Capital Stock held by MAC
or any other Pledgor in any of the Borrower Parties shall be created or
suffered to exist (other than Liens pursuant to the Pledge Agreements).  If any of the Borrower Parties or any of the
Macerich Core Entities creates or suffers to exist any Lien upon the Capital
Stock of any other Subsidiary Entity (other than Liens pursuant to the Pledge
Agreements), as a condition to creating or permitting such Lien, the Borrower
shall:  (i) cause the Obligations to
be secured by a Lien that is equal and ratable with any and all other
Indebtedness thereby secured, (ii) enter into valid and binding security
agreements and execute and deliver such other documents (including UCC-1
financing statements) and instruments as the Administrative Agent deems appropriate
in its sole good faith judgment to effect the rights set forth in subpart (i) above,
and (iii) cause the holder of such Indebtedness secured by such Lien to
enter into intercreditor arrangements with the Administrative Agent, for the
benefit of the Lenders, in a form satisfactory to the Administrative Agent in
its sole good faith judgment, to effect the rights set forth in subpart (i) above;
provided that, notwithstanding the foregoing, this covenant shall not be
construed as a consent by the Administrative Agent or any Lender to any
creation or assumption of any such Lien not permitted by the provisions of Section 8.1(1) above.

 

8.2                                 Indebtedness.
The Borrower Parties may only incur, and permit the Macerich Core Entities to
incur Indebtedness to the extent such Borrower Parties maintain compliance with
the financial covenants set forth in Sections 8.12 below.  Without limiting the foregoing, the Borrower
Parties shall not incur Secured Recourse Indebtedness in excess of 10% of Gross
Asset Value at any time; provided, however that the Property at
Queens Development Project shall be excluded from such calculation.  The terms and conditions of any unsecured
Indebtedness that is recourse to any Borrower Party may not be more restrictive
in any material respect than the terms and conditions under this Agreement and
the other Loan Documents.

 

8.3                                 Fundamental
Change.

 

(1)                                  None
of MAC, the Borrower, the Westcor Principal Entities or prior to the Wilmorite
Release Date, the Wilmorite Principal Entity shall do any or all of the
following: merge or consolidate with any Person, or sell, assign, lease or
otherwise effect a Disposition, whether in one transaction or in a series of
transactions, of all or substantially all of its Properties and assets, whether
now owned or hereafter acquired, or enter into any agreement to do any of the
foregoing, unless, in the case of (i) a Westcor Principal Entity or the
Wilmorite Principal Entity, a Macerich Core Entity is the surviving entity or
the acquirer in any such merger, consolidation or sale of assets, and (ii) MAC
or the Borrower, MAC or the Borrower is the surviving Person in any such merger
or consolidation; provided that the Rochester Distribution shall not be
prohibited by this Section 8.3(1).

 

(2)                                  None
of the Borrower Parties shall, nor shall they permit any Macerich Core Entities
to, engage to any material extent in any business other than such Person’s
business as conducted on the date hereof and businesses which are substantially
similar, related or incidental thereto or other additional businesses that
would not have a Material Adverse Effect.

 

34

 

8.4                                 Dispositions.  The Borrower Parties shall not permit any of
the following to occur:

 

(1)                                  Any
Disposition by MAC of any of the Capital Stock of Macerich Partnership or any
of the Westcor Guarantors or the Wilmorite Guarantors; provided that the
forgoing shall not prohibit Macerich Partnership from issuing (i) partnership
units as consideration for the acquisition of a Project otherwise permitted
under this Agreement or (ii) profit participation units in connection with
an employee ownership or similar plan;

 

(2)                                  Any
Disposition by Macerich Partnership of any of the Capital Stock of a Westcor
Guarantor or a Wilmorite Guarantor;

 

(3)                                  Any
Disposition by any Westcor Guarantor of any of the Capital Stock of any Westcor
Principal Entity;

 

(4)                                  Prior
to the Wilmorite Release Date, any Disposition by any Wilmorite Guarantor of
any of the Capital Stock of the Wilmorite Principal Entity; provided that (i) WHLP
may consummate the Rochester Distribution in accordance with the provisions of
the WHLP Partnership Agreement, and (ii) so long as no Potential Default
or Event of Default shall have occurred and be continuing, WHLP may make cash distributions
in accordance with Article 8 of the WHLP Partnership Agreement, provided
that the Borrower Parties would be in compliance with the covenants in Section 8.12,
calculated as of the last day of the most recent fiscal quarter for which
financial statements have been delivered pursuant to Section 7.1(1) or
7.1(2) and on a pro forma basis as if such cash distribution had
occurred, and any Indebtedness incurred in connection therewith had been
incurred, on the last day of such fiscal quarter (any distribution under this
clause (ii), a “Permitted WHLP Cash Distribution”); and

 

(5)                                  Any
Disposition by any Borrower Party or its Subsidiary Entities of any of its
respective Properties if such Disposition would cause the Borrower Parties to
be in violation of any of (a) the covenants set forth in Section 8.12;
(b) the mandatory prepayment requirements set forth in Section 3.3;
or (c) the limitations on Investments set forth in Section 8.5;
provided that the Rochester Distribution shall not violate this Section 8.4(5).

 

8.5                                 Investments.  The Borrower Parties shall not, and shall not
permit any of the Macerich Core Entities to, directly or indirectly make any
Investment, except that such Persons may make the Wilmorite Acquisition and
also may make an Investment in the following, subject to the limitations set
forth below:

 

	
  Permitted Investment

  	
   

  	
  Limitations

  
	
  Wholly-Owned Raw Land

  	
   

  	
  No Wholly-Owned Raw Land shall be acquired if the
  Aggregate Investment Value of such Wholly-Owned Raw Land, together with all
  Wholly-Owned Raw Land then owned by the Borrower Parties and their Subsidiary
  Entities, exceeds

  

 

35

 

	
   

  	
   

  	
  5% of the Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Individual Projects

  	
   

  	
  No individual Project or Capital Stock in a Person
  owning an Individual Project shall be acquired without the consent of the
  Administrative Agent and the Required Lenders if the Aggregate Investment
  Value of such Project exceeds 10% of the Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Portfolio of Projects

  	
   

  	
  Multiple Projects or Capital Stock in Persons owning
  multiple Projects shall not be acquired in a single transaction or series of
  related transactions without the consent of the Administrative Agent and the
  Required Lenders if the Aggregate Investment Value of such Projects exceeds 25%
  of the Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Capital Stock of Joint Ventures in which Macerich
  Partnership, MAC or any Wholly-Owned Subsidiary is not a general partner or a
  managing member

  	
   

  	
  No such Capital Stock shall be acquired without the
  consent of the Administrative Agent and the Required Lenders if the Aggregate
  Investment Value of such Capital Stock and all other such Capital Stock then
  owned by the Borrower Parties and their Subsidiary Entities exceeds 5% of the
  Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Capital Stock of Joint Ventures in which Macerich
  Partnership, MAC or any Wholly-Owned Subsidiary is a general partner or a
  managing member

  	
   

  	
  No such Capital Stock shall be acquired without the
  consent of the Administrative Agent and the Required Lenders if the Aggregate
  Investment Value of such Capital Stock and all other such Capital Stock then
  owned by the Borrower Parties and their Subsidiary Entities exceeds 50% of
  Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Real Property Under Construction

  	
   

  	
  The Aggregate Investment Value of all Real Property
  Under 

  

 

36

 

	
   

  	
   

  	
  Construction shall not exceed 15% of the Gross Asset
  Value

  
	
   

  	
   

  	
   

  
	
  MAC’s redemption of partnership units in Macerich
  Partnership in accordance with its Organizational Documents

  	
   

  	
  Unlimited

  
	
   

  	
   

  	
   

  
	
  First lien priority Mortgage Loans acquired by
  Macerich Partnership, MAC or any Wholly-Owned Subsidiary

  	
   

  	
  The Aggregate Investment Value of all such Mortgage
  Loans shall not exceed 10% of the Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Capital Stock of Management Companies

  	
   

  	
  The Aggregate Investment Value of such Capital Stock
  shall not exceed 5% of Gross Asset Value

  
	
   

  	
   

  	
   

  
	
  Cash and Cash Equivalents

  	
   

  	
  Unlimited

  
	
   

  	
   

  	
   

  
	
  Other Investments (exclusive of the other permitted
  Investment categories set forth in this Section 8.5)

  	
   

  	
  The Aggregate Investment Value of such other
  Investments shall not exceed 1% of Gross Asset Value

  

 

8.6                                 Transactions
with Partners and Affiliates. 
The Borrower Parties shall not, and shall not permit any of the Macerich
Core Entities to directly or indirectly enter into or permit to exist any
transaction (including, without limitation, the purchase, sale, lease or
exchange of any property or the rendering of any service) with a holder or
holders of more than five percent (5%) of any class of equity Securities of
MAC, or with any Affiliate of MAC which is not its Subsidiary (a “Transactional
Affiliate”), except as set forth on Schedule 8.6 or except, as
reasonably determined by the Administrative Agent, upon fair and reasonable
terms no less favorable to the Borrower Parties than would be obtained in a
comparable arm’s-length transaction with a Person not a Transactional
Affiliate; provided that any management agreement substantially in the form of
the Master Management Agreements shall be deemed to satisfy the criteria set
forth in this Section 8.6.

 

8.7                                 Margin
Regulations; Securities Laws. 
Neither the Borrower nor any Macerich Core Entities shall use all or any
portion of the proceeds of any credit extended under this Agreement to purchase
or carry Margin Stock.

 

8.8                                 Organizational
Documents.  Without the prior
written consent of Administrative Agent, which shall not be unreasonably
withheld, MAC and the Borrower shall not, and shall not permit the Westcor
Principal Entities or, prior to the Wilmorite Release Date, the Wilmorite Principal
Entity to, Modify any of the terms or provisions in any of their respective
Organizational Documents as in effect as of the Closing Date which would change
in any material manner the rights and obligations of the parties to such
Organizational Documents, except (a) any Modifications necessary for
Macerich Partnership or MAC to issue more Capital

 

37

 

Stock (provided such issuance does not otherwise violate the terms of
this Agreement); (b) any Modifications which would not have an adverse
effect on the Borrower Parties or their Subsidiaries or (c) Modifications
which would have no adverse, substantive effect on the rights or interests of
the Lenders in conjunction with the Loans or under the Loan Documents.

 

8.9                                 Fiscal
Year.  None of the Borrower
Parties shall change its Fiscal Year for accounting or tax purposes from a
period consisting of the 12-month period ending on December 31 of each
calendar year.

 

8.10                           Senior
Management.  Macerich
Partnership and MAC shall cause Art Coppola and either Ed Coppola or Thomas E.
O’Hern to remain part of their senior management until the indefeasible payment
in full of the Obligations.  In the event
of death, incapacitation, retirement, or dismissal of any of these individuals,
Macerich Partnership and MAC shall have 180 calendar days thereafter in which
to retain a senior management replacement reasonably acceptable to the Required
Lenders.

 

8.11                           Distributions.

 

(1)                                  MAC
and Macerich Partnership shall not make (i) Distributions in any Fiscal
Year in excess of the sum of (x) 95% of FFO plus (y) any realized gain
resulting from Dispositions in such Fiscal Year; (ii) Distributions to
acquire the Capital Stock of MAC to the extent such Distributions, individually
or in the aggregate, exceed $75,000,000; (iii) Distributions during any
period while an Event of Default under Section 9.1 has occurred and
is continuing as a result of the Borrower’s failure to pay any principal or
interest due under this Agreement; or (iv) Distributions during any period
that any other material non-monetary Event of Default, has occurred and is
continuing, unless after taking into account all available funds of MAC from
all other sources, such Distributions are required in order to enable MAC to continue
to qualify as a REIT.

 

(2)                                  Prior
to the Wilmorite Release Date, WHLP shall not make Distributions in any Fiscal
Year other than distributions of Available Cash (as defined in the WHLP
Partnership Agreement) under and in accordance with the provisions of the WHLP
Partnership Agreement except for (i) the Rochester Distribution and (ii) any
Permitted WHLP Cash Distribution.

 

8.12                           Financial
Covenants of Borrower Parties.

 

(1)                                  Minimum Tangible Net Worth. As of
the last day of any Fiscal Quarter, Tangible Net Worth shall not be less than
the sum of (a) $750,000,000, minus (b) 100%
of the cumulative Depreciation and Amortization Expense deducted in determining
Net Income for all Fiscal Quarters ending after June 30, 2004, plus (c) 90% of the sum, without duplication, of (i) cumulative
net cash proceeds received from issuance of Capital Stock of MAC or Borrower
after June 30, 2004, (ii) the value of assets acquired (net of
indebtedness and excluding any assets acquired in a Carry Over Basis
Transaction (such assets, the “Carry Over Basis Assets”)) through the
issuance of Capital Stock of MAC or the Borrower after June 30, 2004 and (iii) the
increase in Net Worth that occurs in connection with the Carry Over Basis
Assets acquired in all Carry Over Basis Transactions that are consummated
through the issuance of

 

38

 

Capital Stock of MAC or Borrower after June 30, 2004.  For purposes of clause (c), “net” means net
of underwriters’ discounts, commissions and other reasonable out-of-pocket
expenses of issuance actually paid to any Person (other than a Borrower Party
or any Affiliate of a Borrower Party).

 

(2)                                  Maximum Total Liabilities to Gross Asset Value.
The ratio of Total Liabilities to Gross Asset Value (expressed as a percentage)
shall not at any time be more than 65.0%.

 

(3)                                  Minimum Interest Coverage Ratio. As
of the last day of any Fiscal Quarter, the Interest Coverage Ratio shall not be
less than

 

	
  At any time on or prior to October 31, 2006

  	
   

  	
  1.70 to 1

  
	
   

  	
   

  	
   

  
	
  At any time after October 31, 2006

  	
   

  	
  1.80 to 1

  

 

(4)                                  Minimum Fixed Charge Coverage Ratio.
As of the last day of any Fiscal Quarter, the Fixed Charge Coverage Ratio shall
not be less than 1.50 to 1.

 

(5)                                  Secured Debt to Gross Asset Value.  At any time through July 31, 2006, the
Secured Indebtedness Ratio (expressed as a percentage) shall not exceed
55%.  At any time thereafter, the Secured
Indebtedness Ratio (expressed as a percentage) shall not exceed 52.5%.

 

(6)                                  RESERVED.

 

(7)                                  Maximum Floating Rate Debt.  The Borrower Parties shall maintain Hedging
Obligations on a notional amount of Total Liabilities in respect of Borrowed
Indebtedness so that such notional amount, when added to the aggregate
principal amount of such Total Liabilities which bears interest at a fixed
rate, equals or exceeds 65% of the aggregate principal amount of all Total
Liabilities in respect of Borrowed Indebtedness.

 

ARTICLE 9.                                Events
of Default.  Upon the
occurrence of any of the following events (an “Event of Default”):

 

9.1                                 The
Borrower shall fail to make any payment of principal or interest on the Loans
on the date when due or shall fail to pay any other Obligation within three
days of the date when due; or

 

9.2                                 Any
representation or warranty made by the Borrower Parties in any Loan Document or
in connection with any Loan Document shall be inaccurate or incomplete in any
material respect on or as of the date made or deemed made; or

 

9.3                                 Any
of the Borrower Parties shall default in the observance or performance of any
covenant or agreement contained in Article 8 above or Sections
7.3(1), 7.5(1), 7.13, and 7.14; or

 

39

 

9.4                                 Any
of the Borrower Parties shall fail to observe or perform any other term or
provision contained in the Loan Documents and such failure shall continue for
thirty (30) days following the date a Responsible Officer of such Borrower
Party knew of such failure or a Borrower Party received notice thereof from
Administrative Agent; or

 

9.5                                 Any
of the Borrower Parties, or any Macerich Core Entities, shall default in any
payment of principal of or interest on any recourse Indebtedness (other than
the Obligations) in an aggregate unpaid amount for all such Persons in excess
of $15,000,000, and, prior to the election of the Lenders to accelerate the
Obligations hereunder, such recourse Indebtedness is not paid or the payment
thereof waived or cured in accordance with the terms of the documents,
instruments and agreements evidencing the same; or

 

9.6                                 Any
of the Borrower Parties, or any of the Macerich Core Entities, shall default in
any payment of principal of or interest on any non-recourse Indebtedness in an
aggregate amount for all such Persons in excess of $100,000,000, and, prior to
the election of the Lenders to accelerate the Obligations hereunder, such
non-recourse Indebtedness is not paid or the payment thereof waived or cured in
accordance with the terms of the documents, instruments and agreements
evidencing the same; or

 

9.7                                 (1) Any
of the Borrower Parties or any Consolidated Entities (other than a De Minimis
Subsidiary), shall commence any case, proceeding or other action (i) under
any existing or future law of any jurisdiction, domestic or foreign, relating
to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have
an order for relief entered with respect to it, or seeking to adjudicate it a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (ii) seeking appointment of a receiver, trustee,
custodian or other similar official for it or for all or any substantial part
of its assets, or making a general assignment for the benefit of its creditors;
or (2) there shall be commenced against any of the Borrower Parties or any
Consolidated Entities (other than a De Minimis Subsidiary) any case, proceeding
or other action of a nature referred to in clause (1) above which (i) results
in the entry of an order for relief or any such adjudication or appointment, or
(ii) remains undismissed, undischarged or unbonded for a period of ninety
(90) days; or (3) there shall be commenced against any of the
Borrower Parties or any Consolidated Entities (other than a De Minimis
Subsidiary) any case, proceeding or other action seeking issuance of a warrant
of attachment, execution, distraint or similar process against all or
substantially all of its assets which results in the entry of an order for any
such relief which shall not have been vacated, discharged, stayed, satisfied or
bonded pending appeal within ninety (90) days from the entry thereof; or (4) any
of the Borrower Parties or any Consolidated Entities (other than a De Minimis
Subsidiary) shall take any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in (other than in connection with a final
settlement), any of the acts set forth in clause (1), (2) or (3) above;
or (5) any of the Borrower Parties or any Consolidated Entities (other
than a De Minimis Subsidiary) shall generally not, or shall be unable to, or
shall admit in writing its inability to pay its debts as they become due; or

 

9.8                                 (1) An
ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan
which has resulted or could reasonably be expected to result in liability of
any of the Borrower Parties under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of $20,000,000,
(2) the commencement or increase

 

40

 

of contributions to, or the adoption of or the amendment of a Pension
Plan by any of the Borrower Parties or an ERISA Affiliate which has resulted or
could reasonably be expected to result in an increase in Unfunded Pension
Liability among all Pension Plans in an aggregate amount in excess of
$50,000,000 or (3) any of the Borrower Parties or an ERISA Affiliate shall
fail to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201
of ERISA under a Multiemployer Plan, which has resulted or could reasonably be
expected to result in a Material Adverse Effect; or

 

9.9                                 One
or more judgments or decrees in an aggregate amount in excess of $10,000,000
(excluding judgments and decrees covered by insurance, without giving effect to
self-insurance or deductibles) shall be entered and be outstanding at any date
against any of the Borrower Parties or any Consolidated Entities (other than a
De Minimis Subsidiary) and all such judgments or decrees shall not have been
vacated, discharged, stayed, satisfied or bonded pending appeal (or otherwise
secured in a manner satisfactory to Administrative Agent in its reasonable
judgment) within sixty (60) days from the entry thereof or in any event
later than five days prior to the date of any proposed sale thereunder; or

 

9.10                           Any
Guarantor shall attempt to rescind or revoke its Guaranty, with respect to
future transactions or otherwise, or shall fail to observe or perform any term
or provision of the Guaranties; or

 

9.11                           MAC
shall fail to maintain its status as a REIT; or

 

9.12                           The
Capital Stock of MAC is no longer listed on the NYSE or Nasdaq National Market
System; or

 

9.13                           There
shall occur an Event of Default under the Existing Revolving Credit Facility or
the Existing Term Loan Facility; or

 

9.14                           Any
Event of Default shall occur under any of the other Loan Documents; or

 

9.15                           There
shall occur a Change of Control;

 

THEN,

 

automatically upon the
occurrence of an Event of Default under Section 9.7 above, and in
all other cases at the option of the Administrative Agent at the request or
with the consent of the Required Lenders: 
(i) the Administrative Agent may exercise, on behalf of the
Lenders, all rights and remedies under the Guaranties and any other collateral
documents entered into with respect to the Loans; (ii) the outstanding
principal balance of the Loans and interest accrued but unpaid thereon and all
other Obligations shall become immediately due and payable, without demand upon
or presentment to any of the Borrower Parties, which are expressly waived by
the Borrower Parties; and (iii) the Administrative Agent and Lenders may
immediately exercise all rights, powers and remedies available to them at law,
in equity or otherwise, including, without limitation, under the other Loan
Documents, all of which rights, powers and remedies are cumulative and not
exclusive.

 

41

 

ARTICLE 10.                          The
Agents.

 

10.1                           Appointment.  Each Lender hereby irrevocably designates and
appoints the Administrative Agent and the Collateral Agent as the agents of
such Lender under the Loan Documents and each such Lender hereby irrevocably
authorizes the Administrative Agent and the Collateral Agent, as the agents for
such Lender, to take such action on its behalf under the provisions of the Loan
Documents and to exercise such powers and perform such duties as are expressly
delegated to each such Agent by the terms of the Loan Documents, together with
such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary
elsewhere in the Loan Documents, neither the Administrative Agent nor the
Collateral Agent shall have any duties or responsibilities, except those
expressly set forth herein or therein, or any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into the Loan Documents or otherwise
exist against any of the Agents.  Each
Lender acknowledges and agrees that it shall be bound by all terms and
conditions of the Pledge Agreements and the Guaranties.

 

10.2                           Delegation
of Duties.  The Administrative
Agent and the Collateral Agent may execute any of their respective duties under
the Loan Documents by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such
duties.  Neither the Administrative Agent
nor the Collateral Agent shall be responsible for the negligence or misconduct of
any agents or attorneys-in-fact selected by it with reasonable care.

 

10.3                           Exculpatory
Provisions.  None of the
Administrative Agent, the other Agents, nor any of their respective officers,
directors, employees, agents, attorneys-in-fact or affiliates shall be (1) liable
for any action lawfully taken or omitted to be taken by it or such Person under
or in connection with the Loan Documents (except for its or such Person’s own
gross negligence or willful misconduct), or (2) responsible in any manner
to any of the Lenders for any recitals, statements, representations or
warranties made by the Borrower Parties or any officer thereof contained in the
Loan Documents or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent or the
Collateral Agent under or in connection with the Loan Documents or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of
the Loan Documents or for any failure of the Borrower Parties to perform their
obligations hereunder.  The
Administrative Agent and all other Agents shall not be under any obligation to
any Lender to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, the Loan Documents or to
inspect the properties, books or records of the Borrower Parties.

 

10.4                           Reliance
by the Agents.  Each of the
Agents shall be entitled to rely, and shall be fully protected in relying, upon
any note, writing, resolution, notice, consent, certification, affidavit,
letter, cablegram, telegram, telecopy, telex or teletype message, statement,
order or other document or conversation reasonably believed by it to be genuine
and correct and to have been signed, sent or made by the proper Person or
Persons and upon advice and statements of legal counsel (including, without
limitation, counsel to the Borrower), independent accountants and other experts
selected by such Agent.  As to the
Lenders:  (1) the Administrative
Agent shall be fully justified in failing or refusing to take any action under
the Loan Documents unless it shall first receive such advice or concurrence of
one hundred percent (100%) of the

 

42

 

Lenders (or, if a provision of this Agreement expressly provides that a
lesser number of the Lenders may direct the action of the Administrative Agent,
such lesser number of Lenders) or it shall first be indemnified to its
satisfaction by the Lenders ratably in accordance with their respective
Percentage Shares against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any action (except for
liabilities and expenses resulting from the Administrative Agent’s gross
negligence or willful misconduct); (2) the Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, under the
Loan Documents in accordance with a request of one hundred percent (100%) of
the Lenders (or, if a provision of this Agreement expressly provides that the
Administrative Agent shall be required to act or refrain from acting at the
request of a lesser number of the Lenders, such lesser number of Lenders), and
such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders; (3) the Collateral Agent shall be fully
justified in failing or refusing to take any action under the Loan Documents
unless it shall first receive such advice or concurrence of the Required
Benefited Creditors (or, if a provision of any Loan Document expressly provides
that a greater percentage of Benefited Creditors are required to direct the
action of the Collateral Agent, such greater number of Benefited Creditors) or
it shall first be indemnified to its satisfaction by the Benefited Creditors
against any and all liability and expense which may be incurred by it by reason
of taking or continuing to take any action (except for liabilities and expenses
resulting from the Collateral Agent’s gross negligence or willful misconduct),
and (4) the Collateral Agent shall in all cases be fully protected in
acting, or in refraining from acting, under the Loan Documents in accordance
with a request of the Required Benefited Creditors (or, if a provision of any
Loan Document expressly provides that a greater percentage of Benefited
Creditors are required to direct the action of the Collateral Agent, such
greater number of Benefited Creditors), and such request and any action taken
or failure to act pursuant thereto shall be binding upon all the Benefited
Creditors.

 

10.5                           Notice
of Default.  Neither the
Administrative Agent nor the Collateral Agent shall be deemed to have knowledge
or notice of the occurrence of any Potential Default or Event of Default
hereunder unless the Administrative Agent or the Collateral Agent, as the case
may be, has received notice from a Lender or the Borrower referring to the Loan
Documents, describing such Potential Default or Event of Default and stating
that such notice is a “notice of default.” 
In the event that the Administrative Agent receives such a notice and a
Potential Default has occurred, the Administrative Agent shall promptly give
notice thereof to the Collateral Agent and the Lenders.  The Administrative Agent shall take such
action with respect to such Potential Default or Event of Default as shall be
reasonably directed by the Required Lenders; provided that, unless and until
the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Potential Default or
Event of Default as it shall deem advisable in the best interest of the Lenders
(except to the extent that this Agreement, the Pledge Agreements or the Guaranties
expressly require that such action be taken or not taken by the Administrative
Agent with the consent or upon the authorization of the Required Lenders or
such other group of Lenders or Benefited Creditors, in which case such action
will be taken or not taken as directed by the Required Lenders or such other
group of Lenders or Benefited Creditors). 
The Collateral Agent shall take such action with respect to such
Potential Default or Event of Default as shall be reasonably directed by the
Required Benefited Creditors; provided that, unless and until the Collateral
Agent shall have received such directions, the Collateral Agent may (but shall
not be obligated to) take such action, or refrain from taking such action,

 

43

 

with respect to such Potential Default or Event of Default as it shall
deem advisable in the best interest of the Benefited Creditors (except to the
extent that this Agreement, the Pledge Agreements or the Guaranties expressly
require that such action be taken or not taken by the Collateral Agent with the
consent or upon the authorization of the Required Benefited Creditors, in which
case such action will be taken or not taken as directed by the Required
Benefited Creditors).

 

10.6                           Non-Reliance
on Agents and Other Lenders. 
Each Lender expressly acknowledges that none of the Administrative
Agent, the other Agents nor any of their respective officers, directors,
employees, agents, attorneys-in-fact or affiliates has made any representations
or warranties to it and that no act by the Administrative Agent or the other
Agents hereinafter taken, including any review of the affairs of the Borrower
Parties, shall be deemed to constitute any representation or warranty by the
Administrative Agent or the other Agents to any Lender.  Each Lender represents to the Administrative
Agent and the other Agents that it has, independently and without reliance upon
the Administrative Agent, the other Agents or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Borrower Parties and
made its own decision to make its loans hereunder and enter into this
Agreement.  Each Lender also represents
that it will, independently and without reliance upon the Administrative Agent,
the other Agents or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement, and to make such investigation as it deems necessary to inform
itself as to the business, operations, property, financial and other condition
and creditworthiness of the Borrower Parties. 
Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder, the
Administrative Agent and the other Agents shall not have any duty or
responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, financial and other condition or
creditworthiness of the Borrower or other Borrower Parties which may come into
the possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates.

 

10.7                           Indemnification.  The Lenders agree to indemnify the
Administrative Agent and the other Agents in their respective capacity as such
(to the extent not reimbursed by the Borrower and without limiting the
obligation of the Borrower to do so), ratably according to the respective
amounts of their Percentage Shares, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever which may at any time
(including without limitation at any time following the payment of the
Obligations) be imposed on, incurred by or asserted against the Administrative
Agent or the other Agents in any way relating to or arising out of the Loan
Documents or any documents contemplated by or referred to herein or the
transactions contemplated hereby or any action taken or omitted by the
Administrative Agent or the other Agents under or in connection with any of the
foregoing; provided that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s or any other Agent’s gross negligence or willful
misconduct, respectively.  The provisions
of this

 

44

 

Section 10.7 shall survive the
indefeasible payment of the Obligations and the termination of this Agreement.

 

10.8                           Agents
in Their Individual Capacity. 
The Administrative Agent, the other Agents and their affiliates may make
loans to, accept deposits from and generally engage in any kind of business
with any of the Borrower Parties or any of their respective Subsidiary Entities
and Affiliates as though the Administrative Agent and the other Agents were
not, respectively, the Administrative Agent, the Collateral Agent, a
Co-Syndication Agent or an Agent hereunder. 
With respect to such loans made or renewed by them and any Note issued
to them, the Administrative Agent and the other Agents shall have the same
rights and powers under the Loan Documents as any Lender and may exercise the
same as though it were not the Administrative Agent, the Collateral Agent, a
Co-Syndication Agent or an Agent, respectively, and the terms “Lender” and “Lenders”
shall include the Administrative Agent, the Collateral Agent, each
Co-Syndication Agent and each other Agent in its individual capacity.

 

10.9                           Successor
Administrative Agent.  The
Administrative Agent may resign as Administrative Agent under the Loan
Documents upon thirty (30) days’ notice to the Lenders.  If the Administrative Agent shall resign,
then the Lenders (other than the Lender resigning as Administrative Agent)
shall (with, so long as there shall not exist and be continuing an Event of
Default, the consent of the Borrower, such consent not to be unreasonably
withheld or delayed) appoint a successor agent or, if the Lenders are unable to
agree on the appointment of a successor agent, the Administrative Agent shall
appoint a successor agent for the Lenders whereupon such successor agent shall
succeed to the rights, powers and duties of the Administrative Agent, and the
term “Administrative Agent” shall mean such successor agent effective upon its
appointment, and the former Administrative Agent’s rights, powers and duties as
Administrative Agent shall be terminated, without any other or further act or
deed on the part of such former Administrative Agent or any of the parties to
this Agreement or any of the Loan Documents or successors thereto.  After any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the provisions of the Loan
Documents shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent under the Loan Documents.

 

10.10                     Successor
Collateral Agent.  The
Collateral Agent may resign as Collateral Agent under the Loan Documents upon
thirty (30) days’ notice to the Lenders. 
If the Collateral Agent shall resign, then the Required Benefited
Creditors (as determined by excluding the Benefited Creditor resigning as the
Collateral Agent) shall (with, so long as there shall not exist and be continuing
an Event of Default, the consent of the Borrower, such consent not to be
unreasonably withheld or delayed) appoint a successor agent or, if such
Required Benefited Creditors are unable to agree on the appointment of a
successor agent, the Collateral Agent shall appoint a successor agent for the
Benefited Creditors whereupon such successor agent shall succeed to the rights,
powers and duties of the Collateral Agent, and the term “Collateral Agent”
shall mean such successor agent effective upon its appointment, and the former
Collateral Agent’s rights, powers and duties as Collateral Agent shall be
terminated, without any other or further act or deed on the part of such former
Collateral Agent or any of the parties to this Agreement or any of the Loan
Documents or successors thereto.  After
any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the
provisions of the Loan Documents shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Collateral Agent under the Loan
Documents.

 

45

 

10.11                     Limitations
on Agents’ Liability.  None of
the Co-Syndication Agents, the Lead Arranger, the Co-Documentation Agents, the
Managing Agents, the Co-Agents or the Joint Lead Arrangers, in such capacities,
shall have any right, power, obligation, liability, responsibility or duty
under this Agreement.

 

ARTICLE 11.                          Miscellaneous
Provisions.

 

11.1                           No
Assignment by Borrower  None
of the Borrower Parties may assign its rights or obligations under this
Agreement or the other Loan Documents without the prior written consent of the
Administrative Agent and one hundred percent (100%) of the Lenders, except
pursuant to operation of law by reason of a merger or consolidation not prohibited
by Section 7.3 and Section 8.3. 
Subject to the foregoing, all provisions contained in this Agreement and
the other Loan Documents and in any document or agreement referred to herein or
therein or relating hereto or thereto shall inure to the benefit of the
Administrative Agent and each Lender, their respective successors and assigns,
and shall be binding upon each of the Borrower Parties and such Person’s
successors and assigns.

 

11.2                           Modification.  Neither this Agreement nor any other Loan
Document may be Modified or waived unless such Modification or waiver is in
writing and signed by the Administrative Agent, the Guarantors, the Borrower
and, except with respect to the Modifications and waivers described in the next
sentence requiring unanimous approval of the Lenders adversely affected
thereby, the Required Lenders. 
Notwithstanding the foregoing, no such Modification or waiver shall,
without the prior written consent of one hundred percent (100%) of the Lenders
adversely affected thereby:  (1) reduce
the principal of, or rate of interest on, the Loans or fees payable hereunder, (2) except
as expressly contemplated by Section 11.8 below, modify the
Percentage Share of any Lender, (3) Modify the definition of “Required
Lenders”, (4) extend or waive any scheduled payment date for any
principal, interest or fees, (5) release MAC from its obligations under
the REIT Guaranty, (6) release the Borrower from its obligation to repay
the Loans, (7) Modify this Section 11.2, or (8) Modify
any provision of the Loan Documents which by its terms requires the consent or
approval of one hundred percent (100%) of the Lenders.  It is expressly agreed and understood that
the failure by the Required Lenders to elect to accelerate amounts outstanding
hereunder and/or to terminate the obligation of the Lenders to make Loans
hereunder shall not constitute a Modification or waiver of any term or
provision of this Agreement.  No
Modification of any provision of the Loan Documents relating to the
Administrative Agent shall be effective without the written consent of the
Administrative Agent.  No Modification of
any provision of the Loan Documents relating to the Collateral Agent shall be
effective without the written consent of the Collateral Agent.

 

11.3                           Cumulative
Rights; No Waiver.  The
rights, powers and remedies of the Administrative Agent and the Lenders
hereunder and under the other Loan Documents are cumulative and in addition to
all rights, power and remedies provided under any and all agreements among the
Borrower Parties, the Administrative Agent and the Lenders relating hereto, at
law, in equity or otherwise.  Any delay
or failure by Administrative Agent and the Lenders to exercise any right, power
or remedy shall not constitute a waiver thereof by the Administrative Agent or
the Lenders, and no single or partial exercise by the Administrative Agent or
the Lenders of any right, power or remedy shall preclude other or further
exercise thereof or any exercise of any other rights, powers or remedies.

 

46

 

11.4                           Entire
Agreement.  This Agreement,
the other Loan Documents and the schedules, appendices, documents and
agreements referred to herein and therein embody the entire agreement and
understanding between the parties hereto and supersede all prior agreements and
understandings relating to the subject matter hereof and thereof.

 

11.5                           Survival.  All representations, warranties, covenants
and agreements contained in this Agreement and the other Loan Documents on the
part of the Borrower Parties shall survive the termination of this Agreement
and shall be effective until the Obligations are paid and performed in full or
longer as expressly provided herein.

 

11.6                           Notices.  All notices given by any party to the others
under this Agreement and the other Loan Documents shall be in writing unless
otherwise provided for herein, and any such notice shall become effective (i) upon
personal delivery thereof, including, but not limited to, delivery by overnight
mail and courier service, (ii) four (4) days after it shall have been
mailed by United States mail, first class, certified or registered, with
postage prepaid, or (iii) in the case of notice by a telecommunications
device, when properly transmitted, in each case addressed to the party at the
address set forth on Schedule 11.6 attached hereto.  Any party may change the address to which
notices are to be sent by notice of such change to each other party given as
provided herein.  Such notices shall be effective
on the date received or, if mailed, on the third Business Day following the
date mailed.

 

11.7                           Governing
Law.  This Agreement and the
other Loan Documents shall be governed by and construed in accordance with the
laws of the State of New York without giving effect to its choice of law rules.

 

11.8                           Assignments,
Participations, Etc.

 

(1)                                  With
the prior written consent of the Administrative Agent and, but only if there
has not occurred and is continuing an Event of Default or Potential Default,
MAC, such consents not to be unreasonably withheld or delayed, any Lender may
at any time assign and delegate to one or more Eligible Assignees (provided
that no written consent of MAC or the Administrative Agent shall be required in
connection with any assignment and delegation by a Lender to an Affiliate of
such Lender or to another Lender or its Affiliate) (each an “Assignee”)
all or any part of such Lender’s rights and obligations under this Agreement
(including all or a portion of the Loans at the time owing to it) and the other
Obligations held by such Lender hereunder, in a minimum amount of $1,000,000
(or (A) if such Assignee is another Lender or an Affiliate of a Lender,
$1,000,000, or such lesser amount as agreed by the Administrative Agent; and (B) if
such Lender’s Percentage Share of the Term Loan or the Interim Loan is less
than $1,000,000, one hundred percent (100%) thereof); provided, however, that
MAC, the Borrower and the Administrative Agent may continue to deal solely and
directly with such Lender in connection with the interest so assigned to an
Assignee until (i) written notice of such assignment, together with
payment instructions, addresses and related information with respect to the
Assignee, shall have been given to the Borrower and the Administrative Agent by
such Lender and the Assignee; (ii) such Lender and its Assignee shall have
delivered to the Borrower and the Administrative Agent an Assignment and
Acceptance Agreement and (iii) the Assignee has paid to the Administrative
Agent a processing fee in the amount of $3,500

 

47

 

(treating multiple, contemporaneous assignments by related Lenders as a
single assignment for purposes of such requirement).

 

(A)                              From
and after the date that the Administrative Agent notifies the assignor Lender
and the Borrower that it has received an executed Assignment and Acceptance
Agreement and payment of the above-referenced processing fee:  (i) the Assignee thereunder shall be a
party hereto and, to the extent that rights and obligations hereunder and under
the other Loan Documents have been assigned to it pursuant to such Assignment
and Acceptance Agreement, shall have the rights and obligations of a Lender
under the Loan Documents, (ii) the assignor Lender shall, to the extent
that rights and obligations hereunder and under the other Loan Documents have
been assigned by it pursuant to such Assignment and Acceptance Agreement,
relinquish its rights and be released from its obligations under the Loan
Documents (but shall be entitled to indemnification as otherwise provided in
this Agreement with respect to any events occurring prior to the assignment)
and (iii) this Agreement shall be deemed to be amended to the extent, but
only to the extent, necessary to reflect the addition of the Assignee and the
resulting adjustment of the Percentage Shares resulting therefrom.

 

(2)                                  Within
five Business Days after its receipt of notice by the Administrative Agent that
it has received an executed Assignment and Acceptance Agreement and payment of
the processing fee (which notice shall also be sent by the Administrative Agent
to each Lender), the Borrower shall, if requested by the Assignee, execute and
deliver to the Administrative Agent, a new Note evidencing such Assignee’s
Percentage Share of the Term Loan or the Interim Loan, as applicable.

 

(3)                                  Any
Lender may at any time sell to one or more commercial banks or other Persons
not Affiliates of the Borrower (a “Participant”) participating interests
in the Term Loan, the Interim Loan and the other interests of that Lender (the “Originating
Lender”) hereunder and under the other Loan Documents; provided, however,
that (i) the originating Lender’s obligations under this Agreement shall
remain unchanged, (ii) the originating Lender shall remain solely
responsible for the performance of such obligations, and (iii) the
Borrower and the Administrative Agent shall continue to deal solely and
directly with the originating Lender in connection with the originating Lender’s
rights and obligations under this Agreement and the other Loan Documents.  In the case of any such participation, the
Participant shall be entitled to the benefit of Sections 2.5, 2.6
and 2.7 (and subject to the burdens of Sections 2.8 and 11.8
above) as though it were also a Lender thereunder, and if amounts outstanding
under this Agreement are due and unpaid, or shall have been declared or shall
have become due and payable upon the occurrence of an Event of Default, each
Participant shall be deemed to have the right of set-off in respect of its
participating interest in amounts owing under this Agreement to the same extent
as if the amount of its participating interest were owing directly to it as a
Lender under this Agreement, and Section 11.10 of this Agreement
shall apply to such Participant as if it were a Lender party hereto.

 

(4)                                  Notwithstanding
any other provision contained in this Agreement or any other Loan Document to
the contrary, any Lender may assign all or any portion of the Loans held by it
to any Federal Reserve Lender or the United States Treasury as collateral
security pursuant to Regulation A of the Board of Governors of the Federal
Reserve System and any “Operating Circular” issued by such Federal Reserve
Lender; provided that any payment in

 

48

 

respect of such assigned Loans made by the Borrower to or for the
account of the assigning and/or pledging Lender in accordance with the terms of
this Agreement shall satisfy the Borrower’s obligations hereunder in respect to
such assigned Loans to the extent of such payment.  No such assignment shall release the
assigning Lender from its obligations hereunder.

 

11.9                           Counterparts.  This Agreement and the other Loan Documents
may be executed in any number of counterparts, all of which together shall
constitute one agreement.

 

11.10                     Sharing
of Payments.  If any Lender
shall receive and retain any payment, whether by setoff, application of deposit
balance or security, or otherwise, in respect of the Obligations in excess of
such Lender’s Percentage Share thereof, then such Lender shall purchase from
the other Lenders for cash and at face value and without recourse, such
participation in the Obligations held by them as shall be necessary to cause
such excess payment to be shared ratably as aforesaid with each of them;
provided, that if such excess payment or part thereof is thereafter recovered
from such purchasing Lender, the related purchases from the other Lenders shall
be rescinded ratably and the purchase price restored as to the portion of such
excess payment so recovered, but without interest.  Each Lender is hereby authorized by the
Borrower Parties to exercise any and all rights of setoff, counterclaim or
bankers’ lien against the full amount of the Obligations, whether or not held
by such Lender.  Each Lender hereby
agrees to exercise any such rights first against the Obligations and only then
to any other Indebtedness of the Borrower to such Lender.

 

11.11                     Confidentiality.  Each Lender agrees to take normal and
reasonable precautions and exercise due care to maintain the confidentiality of
all information provided to it by any of the Borrower Parties or by the
Administrative Agent on the Borrower Parties’ behalf, in connection with this
Agreement or any other Loan Document, and neither it nor any of its Affiliates
shall use any such information for any purpose or in any manner other than
pursuant to the terms contemplated by this Agreement, except to the extent such
information: (1) was or becomes generally available to the public other
than as a result of a disclosure by any Lender or any prospective Lender, or (2) was
or becomes available from a source other than the Borrower Parties not known to
the Lenders to be in breach of an obligation of confidentiality to the Borrower
Parties in the disclosure of such information. 
Nothing contained herein shall restrict any Lender from disclosing such
information (i) at the request or pursuant to any requirement of any
Governmental Authority; (ii) pursuant to subpoena or other court process; (iii) when
required to do so in accordance with the provisions of any applicable
Requirement of Law; (iv) to the extent reasonably required in connection
with any litigation or proceeding to which the Administrative Agent, any Lender
or their respective Affiliates may be party; (v) to the extent reasonably
required in connection with the exercise of any remedy hereunder or under any
other Loan Document; (vi) to such Lender’s independent auditors and other
professional advisors; and (vii) to any Participant or Assignee and to any
prospective Participant or Assignee; provided that each Participant and
Assignee or prospective Participant or Assignee first agrees to be bound by the
provisions of this Section 11.11.

 

11.12                     Consent
to Jurisdiction.  ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY OR OF
THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK,

 

49

 

AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE BORROWER
PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS.  EACH OF THE BORROWER PARTIES,
THE ADMINISTRATIVE AGENT AND THE LENDERS IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM
NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF
ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR
ANY DOCUMENT RELATED HERETO.  EACH OF THE
BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH WAIVE PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY
ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

 

11.13                     Waiver
of Jury Trial.  EACH OF THE
BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH WAIVE THEIR
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR
OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER
PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIMS, OR OTHERWISE.  EACH OF THE
BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS AGREE THAT ANY SUCH
CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, EACH OF SUCH
PARTIES FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED
BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION
HEREOF OR THEREOF.  THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

11.14                     Indemnity.  Whether or not the transactions contemplated
hereby are consummated, each of the Borrower Parties shall indemnify and hold
the Administrative Agent, the other Agents and each Lender and each of their
respective officers, directors, employees, counsel, agents and
attorneys-in-fact (each, an “Indemnified Person”) harmless from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, charges, expenses and disbursements
(including reasonable attorney’s fees and expenses) of any kind or nature
whatsoever which may at any time (including at any time following repayment of
the Loans and the termination, resignation or replacement of the Administrative
Agent or replacement of any Lender) be imposed on, incurred by or asserted
against any such Person in any way relating to or arising out of this Agreement
or any document contemplated by or referred to herein, or the transactions
contemplated hereby, or any action taken or omitted by any such Person under or
in connection with any of the foregoing, including with respect to any
investigation, litigation or proceeding (including any insolvency proceeding or
appellate

 

50

 

proceeding) related to or arising out of this Agreement or the Loans or
the use of the proceeds thereof, whether or not any Indemnified Person is a
party thereto (all the foregoing, collectively, the “Indemnified Liabilities”);
provided, however, that the Borrower Parties shall have no obligation hereunder
to any Indemnified Person with respect to Indemnified Liabilities resulting
solely from the gross negligence or willful misconduct of such Indemnified
Person.  The agreements in this Section 11.14
shall survive payment of all other Obligations.

 

11.15                     Telephonic
Instruction.  Any agreement of
the Administrative Agent and the Lenders herein to receive certain notices by
telephone is solely for the convenience and at the request of the
Borrower.  The Administrative Agent and
the Lenders shall be entitled to rely on the authority of any Person purporting
to be a Person authorized by the Borrower to give such notice and the
Administrative Agent and the Lenders shall not have any liability to the
Borrower or other Person on account of any action taken or not taken by the
Administrative Agent or the Lenders in reliance upon such telephonic
notice.  The obligation of the Borrower
to repay the Loans shall not be affected in any way or to any extent by any
failure by the Administrative Agent and the Lenders to receive written
confirmation of any telephonic notice or the receipt by the Administrative
Agent and the Lenders of a confirmation which is at variance with the terms
understood by the Administrative Agent and the Lenders to be contained in the
telephonic notice.

 

11.16                     Marshalling;
Payments Set Aside.  Neither
the Administrative Agent, the Collateral Agent nor the Lenders shall be under
any obligation to marshal any assets in favor of any of the Borrower Parties or
any other Person or against or in payment of any or all of the
Obligations.  To the extent that any of
the Borrower Parties makes a payment or payments to the Administrative Agent or
the Lenders, or the Administrative Agent, the Collateral Agent or the Lenders
enforce their Liens or exercise their rights of set-off, and such payment or
payments or the proceeds of such enforcement or set-off or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by the
Administrative Agent in its discretion) to be repaid to a trustee, receiver or
any other party in connection with any insolvency proceeding, or otherwise,
then (1) to the extent of such recovery the obligation or part thereof
originally intended to be satisfied shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or
set-off had not occurred, and (2) each Lender severally agrees to pay to
the Administrative Agent upon demand its ratable share of the total amount so
recovered from or repaid by the Administrative Agent.

 

11.17                     Set-off.  In addition to any rights and remedies of the
Lenders provided by law, if an Event of Default exists, each Lender is
authorized at any time and from time to time, without prior notice to the Borrower
Parties, any such notice being waived by the Borrower Parties to the fullest
extent permitted by law, to set off and apply in favor of the Benefited
Creditors any and all deposits (general or special, time or demand, provisional
or final) at any time held by, and other indebtedness at any time owing to,
such Lender to or for the credit or the account of the Borrower Parties against
any and all Aggregate Obligations owing to the Benefited Creditors, now or
hereafter existing, irrespective of whether or not the Administrative Agent,
the Collateral Agent or such Lender shall have made demand under this Agreement
or any Loan Document and although such Aggregate Obligations may be contingent
or unmatured.  Each Lender agrees
promptly to (i) notify the Borrower Parties, the Administrative Agent and
the Collateral Agent after any such set-off and application made by such
Lender; provided,

 

51

 

however, that the failure to give such notice shall not affect the validity
of such set-off and application and (ii) pay such amounts that are set-off
to the Collateral Agent for the ratable benefit of the Benefited Creditors.

 

11.18                     Severability.  The illegality or unenforceability of any
provision of this Agreement or any other Loan Document or any instrument or
agreement required hereunder or thereunder shall not in any way affect or
impair the legality or enforceability of the remaining provisions hereof or
thereof.

 

11.19                     No
Third Parties Benefited.  This
Agreement and the other Loan Documents are made and entered into for the sole
protection and legal benefit of the Borrower Parties, the Lenders, the Agents,
and the other Benefited Parties, and their permitted successors and assigns,
and no other Person shall be a direct or indirect legal beneficiary of, or have
any direct or indirect cause of action or claim in connection with, this
Agreement or any of the other Loan Documents.

 

11.20                     Time.  Time is of the essence as to each term or
provision of this Agreement and each of the other Loan Documents.

 

11.21                     Effectiveness
of Agreement.  This Agreement
shall become effective upon the execution of a counterpart hereof by the
Borrower, MAC, the other Borrower Parties party to this Agreement, the Lenders
and the Administrative Agent and receipt by the Borrower and the Administrative
Agent of written or telephonic notification of such execution and authorization
of delivery thereof.

 

[Signature Pages Following]

 

52

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the day and year first above written.

 

 

	
  BORROWER:

  	
   

  
	
   

  	
   

  
	
   

  	
  THE MACERICH PARTNERSHIP, L.P., a Delaware

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich Company, a Maryland corporation,

  Its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President, Secretary

  and General Counsel

  
	
   

  	
   

  
	
  GUARANTORS:

  	
   

  
	
   

  	
   

  
	
   

  	
  THE MACERICH COMPANY, a Maryland corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Secretary and

  General Counsel

  
	
   

  	
   

  
	
   

  	
  [Add signature blocks for other guarantors]

  
							

 

S-1

 

LENDERS AND AGENTS:

 

	
   

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, as

  Administrative Agent and a Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James Rolison

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  James Rolison

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Linda Wang

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Linda Wang

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

 

Signature Page to

Macerich $650,000,000 INTERIM LOAN
FACILITY AND

$450,000,000 TERM LOAN FACILITY

CREDIT AGREEMENT

 

S-2

 

EXECUTION COPY

 

ANNEX
I:  GLOSSARY

 

THIS GLOSSARY is attached to and made a part of that
certain Credit Agreement (the “Credit Agreement”) made and dated as of April 25,
2005, by and among THE MACERICH
PARTNERSHIP, L.P., a limited partnership organized under the laws of the state
of Delaware (“Macerich Partnership”), AS BORROWER; THE MACERICH COMPANY,
a Maryland corporation (“MAC”); MACERICH
WRLP II CORP., a Delaware corporation (“Macerich WRLP II Corp.”);
MACERICH WRLP II, a Delaware limited partnership (“Macerich WRLP II LP”);
MACERICH WRLP CORP., a Delaware corporation (“Macerich WRLP Corp.”);
MACERICH WRLP LLC, a Delaware limited liability company (“Macerich WRLP LLC”);
MACERICH TWC II CORP., a Delaware corporation (“Macerich TWC Corp.”);
MACERICH TWC II LLC, a Delaware limited liability company (“Macerich TWC LLC”);
MACERICH WALLEYE LLC, a Delaware limited liability company (“Macerich
Walleye LLC”); IMI WALLEYE LLC, a Delaware limited liability company (“IMI
Walleye LLC”); and WALLEYE RETAIL INVESTMENTS LLC, a Delaware limited
liability company (“Walleye Investments LLC”), AS GUARANTORS; THE LENDERS FROM TIME TO TIME PARTY
HERETO (collectively and severally, the “Lenders”); and DEUTSCHE BANK
TRUST COMPANY AMERICAS, as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”) and as collateral agent for the
Benefited Creditors.  For purposes of the Credit Agreement and the
other Loan Documents, the terms set forth below shall have the following
meanings:

 

“Act” shall have
the meaning given such term in Section 6.13 of the Credit
Agreement.

 

“Administrative Agent”
shall have the meaning given such term in the introductory paragraph of the
Credit Agreement and shall include any successor to DBTCA as the initial “Administrative
Agent” thereunder.

 

“Affiliate” shall
mean, as to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with, such
Person.  “Control” as used herein means
the power to direct the management and policies of such Person.  In the case of a Lender which is a fund that
invests in loans, any other fund that invests in loans which is managed by the
same investment advisor as such Lender, or by another Affiliate of such Lender
or such investment advisor, shall be deemed an Affiliate of such Lender.

 

“Affiliate Guarantors”
shall mean, jointly and severally, Macerich Great Falls Limited Partnership, a
California limited partnership, Macerich Oklahoma Limited Partnership, a
California limited partnership, Macerich Westside Adjacent Limited Partnership,
a California limited partnership, Macerich Sassafras Limited Partnership, a
California limited partnership, Northgate Mall Associates, a California general

 

1

 

partnership, and any
other guarantors executing Supplemental Guaranties in accordance with Section 4.1
of the Credit Agreement.

 

“Agents” shall
mean the Administrative Agent, the Co-Syndication Agents, the Lead Arranger,
the Co-Documentation Agents, the Collateral Agent and any other Persons acting
in the capacity of an agent for the Lenders under the Credit Agreement,
together with their permitted successors and assigns.

 

“Aggregate Investment
Value” shall mean for each permitted Investment identified in Section 8.5
of the Credit Agreement (and any related Property referred to in such Section),
the greater of (i) the purchase price of such Investment (and related
Property); or (ii) that portion of the Gross Asset Value represented by
the relevant Investment (and related Property) as calculated in the most recent
Measuring Period; provided, however, that all Real Property Under Construction
shall be valued at the out-of-pocket costs incurred by the applicable Borrower
Parties or their Subsidiary Entities in respect of such Real Property Under
Construction.

 

“Aggregate Obligations”
shall have the meaning given to such term in the Pledge Agreements.

 

“Anti-Terrorism Laws”
shall have the meaning given such term in Section 6.26 of the
Credit Agreement.

 

“Applicable Base Rate”
shall mean the floating rate per annum equal to the daily average Base Rate in
effect during the applicable calculation period plus (i) with respect to
the Term Loan, one-half of one percent (0.50%) and (ii) with respect to
the Interim Loan, (x) prior to the Original Interim Maturity Date,
six-tenths of one percent (0.60%), (y) on or after the Original Interim
Maturity Date and prior to the First Extended Interim Maturity Date, one
percent (1.00%), and (y) on or after the First Extended Interim Maturity
Date, one and one-half percent (1.50%).

 

“Applicable LIBO Rate”
shall mean, with respect to any LIBO Rate Loan for the Interest Period
applicable to such LIBO Rate Loan, the per annum rate equal to the Reserve
Adjusted LIBO Rate plus (i) with respect to the Term Loan, one and
one-half percent (1.50%) and (ii) with respect to the Interim Loan,
(x) prior to the Original Interim Maturity Date, one and six-tenths
percent (1.60%), (y) on or after the Original Interim Maturity Date and
prior to the First Extended Interim Maturity Date, two percent (2.00%), and
(y) on or after the First Extended Interim Maturity Date, two and one-half
percent (2.50%).

 

“Assignee” shall
have the meaning given such term in Section 11.8 of the Credit
Agreement.

 

“Assignment and
Acceptance Agreement” shall mean an agreement in the form of that attached
to the Credit Agreement as Exhibit A.

 

2

 

“Base Rate” shall
mean on any day the higher of:  (a) the
Prime Rate in effect on such day, and (b) the sum of the Federal Funds
Rate in effect on such day plus one half of one percent (0.50%).

 

“Base Rate Loan”
shall have the meaning given such term in Section 2.1 of the Credit
Agreement.

 

“Benefited Creditors”
shall have the meaning given such term in the Pledge Agreements.

 

“Board
of Directors” shall mean, with respect to any person, (i) in the case
of any corporation, the board of directors of such person, (ii) in the
case of any limited liability company, the board of managers of such person, (iii) in
the case of any partnership, the Board of Directors of the general partner of
such person and (iv) in any other case, the functional equivalent of the
foregoing.

 

“Book Value” shall
mean the book value of such asset or property, without regard to any related
Indebtedness.

 

“Borrowed Indebtedness”  of any Person means, without duplication, (A) all
obligations for borrowed money of such Person, (B) all liabilities and
obligations, contingent or otherwise, evidenced by a letter of credit or a reimbursement
obligation of such Person with respect to any letter of credit, (C) all
obligations payable in cash (excluding obligations payable in cash or Capital
Stock, at the option of a Borrower Party) for the deferred purchase price of
real property acquired by such Person (excluding obligations arising in the
ordinary course of business but including all obligations of such Person
created or arising under any conditional sale or other title retention
agreement with respect to any real property acquired by such Person), (D) all
obligations for borrowed money secured by any Lien upon or in any real property
owned by such Person whether or not such Person has assumed or become liable
for the payment of such obligations for borrowed money and (E) all
obligations of the type described in any of clauses (A) through (D) above
which are guaranteed, directly or indirectly, or endorsed (otherwise than for
collection or deposit in the ordinary course of business) or discounted with
recourse by such Person.  Borrowed Indebtedness
shall not include (i) Indebtedness set forth on Schedule 6.21
to the Credit Agreement, (ii) Indebtedness incurred for the purpose of
acquiring one or more items of personal property, or (iii) guaranties or
indemnities executed by the Borrower Parties in respect of Indebtedness secured
by a Permitted Mortgage to the extent either: (A) such guaranty or
indemnity has been incurred in respect of customary exclusions from the
non-recourse provisions of the applicable Permitted Mortgage (including any
customary exclusion in respect of environmental liabilities); or (B) such
Indebtedness has been incurred for the purpose of financing the construction or
development of Real Property owned by any Subsidiary of the Borrower Parties.

 

“Borrower” shall
mean The Macerich Partnership.

 

3

 

“Borrower Parties”
shall mean, jointly and severally, each of the Borrower and the Guarantors.

 

“Broadway Plaza
Property” shall mean Real Property and
improvements located at 1275 Broadway Plaza, Walnut Creek, CA  94596, commonly referred to as “Broadway
Plaza” and owned by Macerich Northwestern Associates, a California general
partnership.

 

“Bullet Payment”
shall mean any payment of the entire unpaid balance of any Indebtedness at its
final maturity other than the final payment with respect to a loan that is
fully amortized over its term.

 

“Business Day”
shall mean any day other than a Saturday, a Sunday or a day on which banks in
Los Angeles, California or New York, New York are authorized or obligated to
close their regular banking business.

 

“Capitalized Lease”
of a Person means any lease of property by such Person as lessee which would be
capitalized on a balance sheet of such Person prepared in accordance with GAAP.

 

“Capitalized Lease
Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet
of such Person prepared in accordance with GAAP.

 

“Capitalized Loan Fees”
shall mean, with respect to the Macerich Entities, and with respect to any
period, any upfront, closing or similar fees paid by such Person in connection
with the incurrence or refinancing of Indebtedness during such period that are
capitalized on the balance sheet of such Person.

 

“Capital Stock”
means (i) with respect to any Person that is a corporation, any and all
shares, interests, participations or other equivalents (however designated and
whether or not voting) of corporate stock, including, without limitation, each
class or series of common stock and preferred stock of such Person and (ii) with
respect to any Person that is not a corporation, any and all investment units,
partnership, membership or other equity interests of such Person.

 

“Carry Over Basis
Transaction”  shall mean any
transaction in which the acquired assets have a carry over basis and are not
marked to market at the time of such acquisition.

 

“Cash Equivalents”
shall mean, with respect to any Person: (a) securities issued, guaranteed
or insured by the United States of America or any of its agencies with
maturities of not more than one year from the date acquired; (b) certificates
of deposit with maturities of not more than one year from the date acquired by
a United States federal or state chartered commercial bank of recognized
standing, which has capital and unimpaired surplus in excess of $500,000,000
and which bank or its holding company has a short-term commercial paper rating
of at least A-2 or the equivalent by S&P or at 

 

4

 

least P-2 or equivalent
by Moody’s; (c) reverse repurchase agreements with terms of not more than
seven days from the date acquired, for securities of the type described in
clause (a) above and entered into only with commercial banks having the
qualifications described in clause (b) above; (d) commercial paper
issued by any Person incorporated under the laws of the United States of
America or any State thereof and rated at least A-2 or the equivalent thereof
by S&P or at least P-2 or the equivalent thereof of Moody’s, in each case
with maturities of not more than one year from the date acquired; and (e) investments
in money market funds registered under the Investment Company Act of 1940,
which have net assets of at least $500,000,000 and at least 85% of whose assets
consist of securities and other obligations of the type described in clauses (a) through
(d) above.

 

“CERCLIS” shall
have the meaning given such term in Section 6.15 of the Credit
Agreement.

 

“Change in Law”
shall mean (a) the adoption of any law, rule or regulation after the
date of the Credit Agreement, (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Governmental
Authority after the date of the Credit Agreement or (c) compliance by any
Lender (or by any lending office of such Lender or by such Lender’s holding
company, if any) with any guideline or directive (whether or not having the
force of law) of any Governmental Authority made or issued after the date of
the Credit Agreement; provided,
however, that (i) no Change in Law shall be deemed to have occurred with
respect to any Assignee or Participant until after the date on which such
Assignee or Participant acquired its interest as an Assignee or Participant
under this Agreement and (ii) clause (i) of this proviso shall not
apply to any Change in Law with respect to (x) any Assignee to the extent
such Change in Law was applicable to the assignor Lender on the effective date
of the Assignment and Acceptance Agreement pursuant to which such Assignee
became a Lender or (y) any Participant to the extent such Change in Law
was applicable to the Originating Lender on the effective date of the agreement
pursuant to which such Participant became a Participant.

 

“Change of Control”
shall mean, with respect to MAC, the occurrence of either of the following:  (i) a
change in the beneficial ownership within the meaning of Rule 13d-3 of the
Securities and Exchange Commission under the Securities Exchange Act of 1934 of
more than twenty-five percent (25%) of the Capital Stock of MAC having general
voting rights so that such Capital Stock is held by a Person, or two (2) or
more Persons acting in concert, unless the Administrative Agent and the
Required Lenders have approved in advance in writing the identity of such
Person or Persons or (ii) the resignation or removal from the Board of
Directors of fifty percent (50%) or more of the members of MAC’s Board of
Directors during any twelve (12) month period for any reason other than death,
disability or voluntary retirement or personal reasons, unless otherwise
approved in advance in writing by the Required Lenders.

 

“Closing Certificate”
shall mean a certificate in the form of that attached to the Credit Agreement
as Exhibit B.

 

5

 

“Closing Date”
shall mean the date as of which all conditions set forth in Section 5.1
of the Credit Agreement shall have been satisfied or waived and the Loans shall
have been funded.

 

“Code” shall mean
the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder, as from time to time in effect.

 

“Co-Documentation
Agents” shall mean (i) Wells Fargo Bank, National Association and Euro
Hypo AG, New York Branch, as the documentation agents for the interim loan
facility and (ii) Wells Fargo Bank, National Association and U.S. Bank
National Association, as the documentation agents for the term loan facility,
in each case, evidenced by the Credit Agreement, together with their permitted
successors and assigns.

 

“Collateral Agent”
shall mean DBTCA in its capacity as collateral agent for the benefit of the
Benefited Creditors, together with its permitted successors and assigns.

 

“Commencement of
Construction” shall mean with respect to any Real Property, the
commencement of material on-site work (including grading) or the commencement
of a work of improvement of such property.

 

“Compliance
Certificate” shall mean a certificate in the form of that attached to the
Credit Agreement as Exhibit C.

 

“Construction in
Process” means, with respect to any Real Property Under Construction, the
aggregate amount of expenditures classified as “construction-in-process” on the
balance sheet of the Consolidated Entities with respect thereto.

 

“Consolidated Entities”
means, collectively, (i) the Borrower Parties, (ii) MAC’s
Subsidiaries; and (iii) any other Person the accounts of which are
consolidated with those of MAC in the consolidated financial statements of MAC
in accordance with GAAP.

 

“Contact Office”
shall mean the office of DBTCA located at Deutsche Bank Trust Company Americas,
90 Hudson Street Mail Stop: JCY05-0511 Jersey City, NJ 07302 Attn: Joseph
Adamo, or such other offices in New York, New York as the Administrative Agent
may notify the Borrower and the Lenders from time to time in writing.

 

“Contingent Obligation”
as to any Person shall mean, without duplication, (i) any contingent
obligation of such Person required to be shown on such Person’s balance sheet
in accordance with GAAP, and (ii) any obligation required to be disclosed
in the footnotes to such Person’s financial statements in accordance with GAAP,
guaranteeing partially or in whole any non-recourse Indebtedness, lease,
dividend or other obligation, exclusive of contractual indemnities (including,
without limitation, any indemnity or price-adjustment provision relating to the
purchase or sale of securities or other assets), of such Person or of any other
Person.  The amount of any Contingent Obligation
described in clause (ii) shall be deemed to be (a) with respect to a
guaranty of interest or interest 

 

6

 

and principal, or
operating income guaranty, the sum of all payments required to be made
thereunder (which in the case of an operating income guaranty shall be deemed
to be equal to the debt service for the note secured thereby), calculated at
the interest rate applicable to such Indebtedness, through (1) in the case
of an interest or interest and principal guaranty, the stated date of maturity
of the obligation (and commencing on the date interest could first be payable
thereunder), or (2) in the case of an operating income guaranty, the date
through which such guaranty will remain in effect, and (b) with respect to
all guarantees not covered by the preceding clause (a) an amount equal to
the stated or determinable amount of the primary obligation in respect of which
such guaranty is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to
perform thereunder) as recorded on the balance sheet and on the footnotes to
the most recent financial statements of the applicable Person required to be
delivered pursuant hereto. 
Notwithstanding anything contained herein to the contrary, guarantees of
completion and non-recourse carve outs in secured loans shall not be deemed to
be Contingent Obligations unless and until a claim for payment has been made
thereunder, at which time any such guaranty of completion shall be deemed to be
a Contingent Obligation in an amount equal to any such claim.  Subject to the preceding sentence, (i) in
the case of a joint and several guaranty given by such Person and another
Person (but only to the extent such guaranty is recourse, directly or
indirectly to the applicable Borrower Party or their respective Subsidiaries),
the amount of the guaranty shall be deemed to be 100% thereof unless and only
to the extent that (X) such other Person has delivered cash or Cash Equivalents
to secure all or any part of such Person’s guaranteed obligations or (Y) such
other Person holds an Investment Grade Credit Rating from either Moody’s or
S&P, and (ii) in the case of a guaranty (whether or not joint and
several) of an obligation otherwise constituting Indebtedness of such Person,
the amount of such guaranty shall be deemed to be only that amount in excess of
the amount of the obligation constituting Indebtedness of such Person.  Notwithstanding anything contained herein to
the contrary, “Contingent Obligations” shall not be deemed to include
guarantees of loan commitments or of construction loans to the extent the same
have not been drawn.

 

“Co-Syndication Agents”
shall mean Keybank National Association and Commerzbank AG, New York Branch, as
the syndication agents for the credit facility evidenced by the Credit
Agreement, together with their permitted successors and assigns.

 

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

 

“Credit Agreement”
shall mean the Credit Agreement defined in the introductory paragraph of this
Glossary, as the same may be Modified, extended or replaced from time to time.

 

“DBTCA” shall mean
Deutsche Bank Trust Company Americas.

 

7

 

“De Minimis Subsidiary”
shall mean any Subsidiary or Subsidiaries which in the aggregate represents
less than one percent of Gross Asset Value of the Consolidated Entities.

 

“Depreciation and
Amortization Expense” shall mean (without duplication), for any period, the
sum for such period of (i) total depreciation and amortization expense,
whether paid or accrued, of the Consolidated Entities, plus
(ii) any Consolidated Entity’s pro rata share
of depreciation and amortization expenses of Joint Ventures.  For purposes of this definition, MAC’s pro rata share of depreciation and amortization expense of
any Joint Venture shall be deemed equal to the product of (i) the
depreciation and amortization expense of such Joint Venture, multiplied by (ii) the percentage of the total
outstanding Capital Stock of such Person held by any Consolidated Entity,
expressed as a decimal.

 

“Designated
Environmental Properties” shall have the meaning given such term in Section 7.9
of the Credit Agreement.

 

“Disposition”
shall mean the sale, conveyance, pledge, hypothecation, encumbrance, creation
of a security interest with respect to, or other transfer, whether voluntary or
involuntary, direct or indirect, of any legal or beneficial interest in a
Property, including any sale, conveyance, pledge, hypothecation, encumbrance,
creation of a security interest with respect to, or other transfer, at any tier,
of any ownership interest in any Macerich Entity; provided, however, that
Disposition shall not include any Permitted Encumbrances or any Distributions
to another Macerich Entity; provided further that such exclusion of Permitted
Encumbrances shall not apply to the Dispositions described in Sections
8.4(1), 8.4(2), and 8.4(3) of the Credit Agreement.  “Disposition” shall not include the sale of
any ancillary building pad site within a Project provided that the
consideration received for such transaction does not exceed $1,000,000 for any
Project and $5,000,000 in the aggregate for all Projects and shall not include
any ground lease.

 

“Disposition
Promissory Note” shall mean any promissory note received as consideration
for the Disposition of a Property subject to Section 3.3 of the
Credit Agreement.

 

“Disqualified Capital
Stock” shall mean with respect to any Person any Capital Stock of such
Person (other than preferred stock of MAC issued and outstanding on the Closing
Date) that by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or otherwise (including upon the
occurrence of any event), is required to be redeemed or is redeemable for cash
at the option of the holder thereof, in whole or in part (including by
operation of a sinking fund), or is exchangeable for Indebtedness (other than
at the option of such Person), in whole or in part, at any time.

 

“Distribution”
shall mean with respect to MAC, Macerich Partnership or, prior to the Wilmorite
Release Date, WHLP: (i) any distribution of cash or Cash Equivalent,
directly or indirectly, to the partners or holders of Capital Stock of such
Persons, or any 

 

8

 

other distribution on or
in respect of any partnership, company or equity interests of such Persons; and
(ii) the declaration or payment of any dividend on or in respect of any
shares of any class of Capital Stock of such Persons, other than: (1) dividends
payable solely in shares of common stock by MAC; or (2) the purchase,
redemption, exchange, or other retirement of any shares of any class of Capital
Stock of such Persons, directly or indirectly through a Subsidiary of MAC or
otherwise, (A) to the extent such purchase, redemption, exchange, or other
retirement occurs in exchange for the issuance of Capital Stock of MAC or
Macerich Partnership or (B) with respect to WHLP, to the extent such
purchase, redemption, or other retirement occurs in exchange for the issuance
of Capital Stock of WHLP, MAC or Macerich Partnership in accordance with the
provisions of the WHLP Partnership Agreement.

 

“Dollar” shall
mean lawful currency of the United States of America.

 

“EBITDA” shall
mean, for the twelve months then most recently ended, solely with respect to
the Consolidated Entities, Net Income, plus (without
duplication) (A) Interest Expense, (B) Tax Expense, (C) Depreciation
and Amortization Expense and (D) noncash charges for stock options, in
each case for such period.

 

“Eligible Assignee”
shall mean any of the following:

 

(a)           A commercial bank organized under the
laws of the United States, or any state thereof, and having a combined capital
and surplus of at least $100,000,000;

 

(b)           A
commercial bank organized under the laws of any other country which is a member
of the Organization for Economic Cooperation and Development (the “OECD”),
or a political subdivision of any such country, and having a combined capital
and surplus of at least $100,000,000 (provided that such bank is acting through
a branch or agency located in the country in which it is organized or another
country which is also a member of the OECD);

 

(c)           A Person that is engaged in the
business of commercial banking and that is: 
(1) an Affiliate of a Lender, (2) an Affiliate of a Person of
which a Lender is an Affiliate, or (3) a Person of which a Lender is an
Affiliate;

 

(d)           An insurance company, mutual fund or
other financial institution organized under the laws of the United States, any
state thereof, any other country which is a member of the OECD or a political
subdivision of any such country which in vests in bank loans and has a net
worth of at least $500,000,000; and

 

(e)           Any fund (other than a mutual fund)
which invests in bank loans and whose assets exceed $100,000,000;

 

provided, however, that
no Person shall be an “Eligible Assignee” unless at the time of the proposed
assignment to such Person:  (i) such
Person is able to make its portion of the Term Loan or Interim Loan, as
applicable, in U.S. dollars, and (ii) such Person is exempt from withholding
of tax on interest and is able to deliver the documents related thereto
pursuant to Section 2.10(5) of the Credit Agreement.

 

9

 

“Environmental
Properties” shall have the meaning given such term in Section 6.15
of the Credit Agreement.

 

“ERISA” shall mean
the Employee Retirement Income Security Act of 1974, as Modified, and the rules and
regulations promulgated thereunder as from time to time in effect.

 

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

 

“ERISA Event”
shall mean (a) a Reportable Event with respect to a Pension Plan or a
Multiemployer Plan; (b) a withdrawal by any Consolidated Entity or any
ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations which is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by any Consolidated Entity or any ERISA Affiliate from a Multiemployer Plan or
notification that a multiemployer is in reorganization; (d) the filing of
a notice of intent to terminate, the treatment of a plan amendment as a
termination under Section 4041 or 4041A of ERISA or the commencement of
proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) a
failure by any Consolidated Entity to make required contributions to a Pension
Plan, Multiemployer Plan or other Plan subject to Section 412 of the Code;
(f) an event or condition which might reasonably be expected to constitute
grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan or Multiemployer Plan;
(g) the imposition of any liability under Title IV of ERISA, other than
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any
Consolidated Entity or any ERISA Affiliate; or (h) an application for a
funding waiver or an extension of any amortization period pursuant to Section 412
of the Code with respect to any Plan.

 

“Eurodollar Business
Day” shall mean a Business Day on which commercial banks in London, England
and Frankfurt, Germany are open for domestic and international business.

 

“Event of Default”
shall have the meaning given such term in Article 9 of the Credit
Agreement.

 

“Evidence of No
Withholding” shall have the meaning given such term in Section 2.10(5) of
the Credit Agreement.

 

“Excess Amount”
shall have the meaning given such term in Section 3.3(3) of
the Credit Agreement.

 

“Exchange Property”
shall mean real property acquired in connection with a

 

10

 

Like-Kind Exchange by a Macerich Entity as consideration, in whole or
in part, for the sale of Real Property owned by such Macerich Entity.

 

“Excluded Taxes” shall
mean, with respect to the Administrative Agent, any Lender, or any other
recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder, (a) income or franchise taxes imposed on (or measured
by) its net income by the United States of America, or by any state, locality
or foreign jurisdiction under the laws of which such recipient is organized or
in which it maintains an office or permanent establishment, (b) any branch
profits taxes imposed by the United States of America or any similar tax
imposed by any other jurisdiction in which the Borrower is located and (c) any
withholding tax (in the case of a Foreign Lender) or backup withholding tax (in
the case of any Lender), that is imposed on amounts payable to such Lender at
the time such Lender becomes a party to the Credit Agreement (or designates a
new lending office) or is attributable to such Lender’s failure to comply with Section 2.10(5) or
Section 2.10(6) of the Credit Agreement, except to the extent
any such withholding taxes were imposed on the Lender’s predecessor in interest
(or former lending office); provided, however, Excluded Taxes shall not include
any withholding tax resulting from any inability to comply with Section 2.10(5) or
Section 2.10(6) of the Credit Agreement solely by reason of
there having occurred a Change in Law.

 

“Executive Order”
shall have the meaning given such term in Section 6.26 of the
Credit Agreement.

 

“Existing Revolving
Credit Agreement” shall mean that certain Credit Agreement evidencing the
Existing Revolving Credit Facility, amended and restated as of April 25,
2005, by and among the Borrower, as borrower, MAC and the other guarantors
signatory thereto, the lenders signatory thereto and DBTCA, as administrative
agent and collateral agent.

 

“Existing Revolving
Credit Facility” shall mean that certain credit facility evidenced by the
Existing Revolving Credit Agreement, which provides for the funding of certain
revolving loans and the issuance of letters of credit to, and on behalf of,
Macerich Partnership in the aggregate committed amount of, as of the date
hereof, $1.0 billion.

 

“Existing Term Loan
Credit Agreement” shall mean that certain Credit Agreement evidencing the
Existing Term Loan Facility, amended and restated as of April 25, 2005, by
and among the Borrower, as borrower, MAC and the other guarantors signatory
thereto, the lenders signatory thereto and DBTCA, as administrative agent and
collateral agent.

 

“Existing Term Loan
Facility” shall mean that certain credit facility evidenced by the Existing
Term Loan Credit Agreement, which provides for the funding of a term loan to
the Borrower in the aggregate commitment amount of, as of the date hereof, $250
million.

 

11

 

“Federal Funds Rate”
shall mean for any day, an interest rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of
the Federal Reserve System arranged by Federal funds brokers on such day, as
published for such day (or, if such day is not a Business Day, for the
immediately preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the
average of the quotations at approximately 1:00 p.m. (New York time) on
such day on such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by the Administrative
Agent in its sole discretion.

 

“FFO” shall mean
net income (loss) (computed in accordance with GAAP) excluding gains (or
losses) from debt restructurings and sales of property, plus real estate
related depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures, as set forth in more detail under the definitions and interpretations thereof
promulgated by the National Association of Real Estate Investment Trusts or its
successor as of the date hereof, but in any case excluding any write down due
to impairment of assets.

 

“Financing” shall
mean any transaction pursuant to which new Indebtedness is incurred and secured
by a Property subject to the mandatory payment provisions of Section 3.3
of the Credit Agreement.

 

“First Extended
Interim Maturity Date” shall have the meaning given such term in Section 1.4(1) of
the Credit Agreement.

 

“First Extension Fee”
shall have the meaning given such term in Section 1.4(2) of
the Credit Agreement.

 

“Fiscal Quarter”
or “fiscal quarter” means any three-month period ending on March 31,
June 30, September 30 or December 31 of any Fiscal Year.

 

“Fiscal Year” or “fiscal
year” shall mean the 12-month period ending on December 31 in each
year or such other period as MAC may designate and the Administrative Agent may
approve in writing.

 

“Fixed Charge Coverage
Ratio” shall mean, at any time, the ratio of (i) EBITDA for the twelve
months then most recently ended (except that, with respect to any Project that
has not achieved Stabilization, EBITDA for such Project shall be calculated for
the most recent fiscal quarter and annualized), to (ii) Fixed Charges for
such period (except that, with respect to any Project that has not achieved
Stabilization, Fixed Charges for such Project shall be calculated for the most
recent fiscal quarter and annualized).

 

“Fixed Charges”
shall mean, for any period, solely with respect to the Consolidated Entities,
the sum of the amounts for such period of (i) scheduled payments of
principal of Indebtedness of the Consolidated Entities (other than any Bullet
Payment, including any Bullet Payment under the Interim Loan or Term Loan), (ii) the

 

12

 

Consolidated Entities’ pro rata share of scheduled payments of principal of
Indebtedness of Joint Ventures (other than any Bullet Payment) that does not otherwise
constitute Indebtedness of and is not otherwise recourse to the Consolidated
Entities or their assets, (iii) Interest Expense, (iv) payments of
dividends in respect of Disqualified Capital Stock; and (v) to the extent
not otherwise included in Interest Expense, dividends and other distributions
paid during such period by the Borrower or MAC with respect to preferred stock
or preferred operating units (excluding distributions on convertible preferred
units of WHLP in accordance with the WHLP Partnership Agreement).  For purposes of clauses (ii) and (v),
the Consolidated Entities’ pro rata share
of payments by any Joint Venture shall be deemed equal to the product of (a) the
payments made by such Joint Venture, multiplied by (b) the
percentage of the total outstanding Capital Stock of such Person held by any
Consolidated Entity, expressed as a decimal.

 

“Foreign Lender”
shall mean any Lender that is organized under the laws of a jurisdiction other
than that in which the Borrower is located. 
For purposes of this definition, the United States of America, each
State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

 

“GAAP” shall mean
generally accepted accounting principles in the United States of America in
effect from time to time; provided that for purposes of calculating the
covenants set forth in Section 8.12 of the Credit Agreement, GAAP
shall mean generally accepted accounting principles in the United States of
America in effect as of the date hereof.

 

“Good Faith Contest”
means the contest of an item if (1) the item is diligently contested in
good faith, and, if appropriate, by proceedings timely instituted, (2) adequate
reserves are established if required by, and in accordance with, GAAP with
respect to the contested item, (3) during the period of such contest, the
enforcement of any contested item is effectively stayed and (4) the
failure to pay or comply with the contested item during the period of the
contest is not likely to result in a Material Adverse Effect.

 

“Governmental
Authority” shall mean any nation or government, any state or other
political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any court or other entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

 

“Gross Asset Value”
shall mean, at any time, solely with respect to the Consolidated Entities, the
sum of (without duplication):

 

(i) for
Retail Properties that are Wholly-Owned the sum of, for each such property, (a) such
property’s Property NOI for the Measuring Period, divided by
(b) (1) 7.00% (expressed as a decimal), in the case of regional
Retail Properties or (2) 9.00% (expressed as a decimal) in the case of
Retail Properties that are not regional Retail Properties; plus

 

(ii) for
Retail Properties that are not Wholly-Owned, the sum of, for each such
property, (a) the Gross Asset Value of each such Retail Property at such 

 

13

 

time, as calculated
pursuant to the foregoing clause (i), multiplied by (b) the
percentage of the total outstanding Capital Stock held by Consolidated Entities
in the owner of the subject Retail Property, expressed as a decimal; provided,
notwithstanding anything to the contrary in this definition, so long as 100% of
the Indebtedness and other liabilities of the owner of the Broadway Plaza
Property reflected in the financial statements of such owner or disclosed in
the notes thereto (to the extent the same would constitute a Contingent
Obligation) is counted in the calculation of Total Liabilities pursuant to subsection (ii) of
the definition of “Total Liabilities”, the Broadway Plaza Property, and the
cash and Cash Equivalents and “Other GAV Assets” (as defined below) with
respect thereto, shall be deemed to be Wholly-Owned and the Gross Asset Value
with respect to the Broadway Plaza Property shall be calculated in accordance
with clause (i) of this definition; plus

 

(iii) all
cash and Cash Equivalents (other than, in either case, Restricted Cash) held by
the Consolidated Entity at such time, and, in the case of cash and Cash
Equivalents not Wholly-Owned, multiplied by a
percentage (expressed as a decimal) equal to the percentage of the total
outstanding Capital Stock held by the Consolidated Entity holding title to such
cash and Cash Equivalents; plus

 

(iv) all
Mortgage Loans acquired for the purpose of acquiring the underlying real
property, valued by the book value of each such Mortgage Loan when measured; plus

 

(v)(a) 100%
of the Book Value of Construction-in-Process with respect to Retail Properties
Under Construction that are Wholly-Owned and (b) the product of (1) 100%
of the Book Value of Construction-in-Process with respect to Retail Properties
Under Construction that are not Wholly-Owned multiplied
by (2) a percentage (expressed as a decimal) equal to the
percentage of the total outstanding Capital Stock held by the Consolidated
Entity holding title to such Retail Properties Under Construction; plus

 

(vi) to
the extent not otherwise included in the foregoing clauses, (a) the Book
Value of tenant receivables, deferred charges and other assets with respect to
Real Properties that are Wholly-Owned and (b) the product of (1) the
Book Value of tenant receivables, deferred charges and other assets with
respect to Real Properties that are not Wholly-Owned multiplied
by (2) a percentage (expressed as a decimal) equal to the
percentage of the total outstanding Capital Stock held by a Consolidated Entity
holding title to such Real Property (collectively, “Other GAV Assets”), provided that the aggregate value of Other GAV Assets shall
not exceed five percent (5%) of the aggregate Gross Asset Value of all the
assets of the Consolidated Entities; plus

 

(vii) the
Book Value of land and other Properties not constituting Retail Properties; plus

 

(viii) 
the Book Value of the Investment in Northpark Mall.

 

14

 

provided,
however, that (A)(i) the determination of Gross Asset Value
for any period shall not include any Retail Property (or any Property NOI
relating to any Retail Property) that has been sold or otherwise disposed of at
any time prior to or during such period; and (ii) any Retail Property
(whether acquired before or after the Closing Date) shall be valued at Book
Value for 18 months after acquisition thereof; and (B) upon the sale,
conveyance, or transfer of all of a Real Property to a Person other than a
Macerich Entity, the Gross Asset Value with respect to such Real Property shall
no longer be considered.

 

“Gross Leasable Area”
shall mean the total leasable square footage of buildings situated on Real
Properties, excluding the square footage of any department stores.

 

“Guarantors” shall
mean, jointly and severally (i) any Initial Guarantor and (ii) any
Supplemental Guarantor.

 

“Guaranty” shall
mean any unconditional guaranty executed by any Person in favor of DBTCA (or a
successor) in its capacity as Administrative Agent for the Lenders pursuant to
the terms of the Credit Agreement, in a form approved by the Administrative
Agent and the Collateral Agent.  “Guaranty”
shall include all Subsidiary Guaranties and the REIT Guaranty.

 

“Hazardous Materials”
shall mean any flammable materials, explosives, radioactive materials,
hazardous wastes, toxic substances or related materials, including, without
limitation, any substances defined as or included in the definitions of “hazardous
substances,” “hazardous wastes,” “hazardous materials,” or “toxic substances”
under any applicable federal, state, or local laws or regulations.

 

“Hazardous Materials
Claims” shall mean any enforcement, cleanup, removal or other governmental
or regulatory action or order with respect to the Property, pursuant to any
Hazardous Materials Laws, and/or any claim asserted in writing by any third
party relating to damage, contribution, cost recovery compensation, loss or
injury resulting from any Hazardous Materials.

 

“Hazardous Materials
Laws” shall mean any applicable federal, state or local laws, ordinances or
regulations relating to Hazardous Materials.

 

“Hedging Obligations”
of a Person means any and all obligations of such Person or any of its
Subsidiaries, whether absolute or contingent and howsoever and whenever
created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor), under (a) any and all
agreements, devices or arrangements designed to protect at least one of the
parties thereto from the fluctuations of interest rates, commodity prices,
exchange rates or forward rates applicable to such party’s assets, liabilities
or exchange transactions, including, but not limited to, dollar-denominated or
cross-currency interest rate exchange agreements, forward currency exchange
agreements, interest rate cap or collar protection agreements, forward rate
currency or interest rate options, puts and warrants, and (b) any and all
cancellations, buy backs, reversals, terminations or assignments of any of the
foregoing.

 

15

 

“IMI Walleye LLC”
shall mean IMI Walleye LLC, a Delaware limited liability company.

 

“Incremental Payment”
shall have the meaning given such term in Section 2.9 of the Credit
Agreement.

 

“Indebtedness” of
any Person shall mean without duplication, (a) all liabilities and
obligations of such Person, whether consolidated or representing the
proportionate interest in any other Person, (i) in respect of borrowed
money (whether or not the recourse of the lender is to the whole of the assets
of such Person or only to a portion thereof, and including construction loans),
(ii) evidenced by bonds, notes, debentures or similar instruments, (iii) representing
the balance deferred and unpaid of the purchase price of any property or
services, except those incurred in the ordinary course of its business that
would constitute a trade payable to trade creditors (but specifically excluding
from such exception the deferred purchase price of real property), (iv) evidenced
by bankers’ acceptances, (v) consisting of obligations, whether or not
assumed, secured by Liens or payable out of the proceeds or production from
property now or hereafter owned or acquired by such Person (in an amount equal
to the lesser of the obligation so
secured and the fair market value of such property), (vi) consisting of
Capitalized Lease Obligations (including any Capitalized Leases entered into as
a part of a sale/leaseback transaction), (vii) consisting of liabilities
and obligations under any receivable sales transactions, (viii) consisting
of a letter of credit or a reimbursement obligation of such Person with respect
to any letter of credit, or (ix) consisting of Net Hedging Obligations; or
(b) all Contingent Obligations and liabilities and obligations of others
of the kind described in the preceding clause (a) that such Person has
guaranteed or that is otherwise its legal liability and all obligations to
purchase, redeem or acquire for cash or non-cash consideration any Capital
Stock or other equity interests and (c) obligations of such Person to
purchase for cash or non-cash consideration Securities or other property
arising out of or in connection with the sale of the same or substantially
similar securities or property.  For the
avoidance of doubt, Indebtedness of any water, sewer, or other improvement
district that is payable from assessments or taxes on property located within
such district shall not be deemed to be Indebtedness of any Person owning
property located within such district; provided that
such Person has not otherwise obligated itself in respect of the repayment of
such Indebtedness.

 

“Indemnified
Liabilities” shall have the meaning given such term in Section 11.14
of the Credit Agreement.

 

“Indemnified Person”
shall have the meaning given such term in Section 11.14 of the
Credit Agreement.

 

“Indemnified Taxes”
means Taxes other than Excluded Taxes.

 

“Initial Financial
Statements” shall have the meaning given such term in Section 6.1
of the Credit Agreement.

 

16

 

“Initial Guarantors”
shall mean MAC, the Westcor Guarantors, the Wilmorite Guarantors and the
Affiliate Guarantors who enter into Guaranties on or as of the date hereof.

 

“Intangible Assets”
shall mean (i) all unamortized debt discount and expense, unamortized
deferred charges, goodwill and other intangible assets and (ii) all
write-ups (other than write-ups resulting from foreign currency translations
and write-ups of assets of a going concern business made within twelve months
after the acquisition of such business) subsequent to December 31, 1994,
in the Book Value of any asset owned by the Consolidated Entities.

 

“Interest Coverage
Ratio” shall mean, at any time, the ratio of (i) EBITDA for the twelve
months then most recently ended (except that, with respect to any Project that
has not achieved Stabilization, EBITDA for such Project shall be calculated for
the most recent fiscal quarter and annualized), to (ii) Interest Expense
for such period (except that with respect to any Project that has not achieved
Stabilization, Interest Expense for such Project shall be calculated for the
most recent fiscal quarter and annualized).

 

“Interest Expense”
shall mean, for any period, solely with respect to the Consolidated Entities,
the sum (without duplication) for such period of: (i) total interest
expense, whether paid or accrued, of the Consolidated Entities, including fees
payable in connection with the Credit Agreement, charges in respect of letters
of credit and the portion of any Capitalized Lease Obligations allocable to
interest expense, including the Consolidated Entities’ share of interest
expenses in Joint Ventures but excluding amortization or write-off of debt
discount and expense (except as provided in clause (ii) below), (ii) amortization
of costs related to interest rate protection contracts and rate buydowns (other
than the costs associated with the interest rate buydowns completed in
connection with the initial public offering of MAC), (iii) capitalized
interest, provided that capitalized interest may
be excluded from this clause (iii) to the extent (A) such interest is
paid or reserved out of any interest reserve established under a loan facility;
or (B) consists of interest imputed under GAAP in respect of ongoing
construction activities, but only to the extent such interest has not actually
been paid, and the amount thereof does not exceed $20,000,000, (iv) for
purposes of determining Interest Expense as used in the Fixed Charge Coverage
Ratio (both numerator and denominator) only, amortization of Capitalized Loan
Fees, (v) to the extent not included in clauses (i), (ii), (iii) and
(iv), any Consolidated Entities’ pro rata share
of interest expense and other amounts of the type referred to in such clauses
of the Joint Ventures, and (vi) interest incurred on any liability or
obligation that constitutes a Contingent Obligation of any Consolidated
Entity.  For purposes of clause (v), any
Consolidated Entities’ pro rata share
of interest expense or other amount of any Joint Venture shall be deemed equal
to the product of (a) the interest expense or other relevant amount of
such Joint Venture, multiplied by (b) the
percentage of the total outstanding Capital Stock of such Person held by any
Consolidated Entity, expressed as a decimal.

 

“Interest Period”
shall mean, with respect to a LIBO Rate Loan, a period of one, two, three or
six months commencing on a Eurodollar Business Day selected by the Borrower
pursuant to the Credit Agreement.  Such
Interest Period shall end on (but

 

17

 

exclude) the day which corresponds numerically to such date one, two,
three or six months thereafter, provided, however, that if there is no such
numerically corresponding day in such next, second, third or sixth succeeding
month, such Interest Period shall end on the last day of such next, second,
third or sixth succeeding month.  If an
Interest Period would otherwise end on a day which is not a Eurodollar Business
Day, such Interest Period shall end on the next succeeding Eurodollar Business
Day, provided, however, that if said next succeeding Eurodollar Business Day
falls in a new calendar month, such Interest Period shall end on the
immediately preceding Eurodollar Business Day.

 

“Interim Lender”
shall mean any Lender which has made or is obligated to make an Interim Loan.

 

“Interim Loan”
shall have the meaning given such term in Section 1.1 of the Credit
Agreement.

 

“Interim Maturity Date”
shall initially mean the Original Interim Maturity Date; provided that the “Interim
Maturity Date” shall mean (i) the First Extended Interim Maturity Date if
the Borrower extends the Original Interim Maturity Date in accordance with the
terms and conditions of Section 1.5, or (ii) the Second
Extended Interim Maturity Date if the Borrower extends the First Extended
Interim Maturity Date in accordance with the terms and conditions of Section 1.5.  The Interim Maturity Date shall be subject to
acceleration upon an Event of Default as otherwise provided in the Credit
Agreement.

 

“Interim Note”
shall mean a promissory note in the form of that attached to the Credit
Agreement as Exhibit E-2 issued by the Borrower at the request of
an Interim Lender pursuant to Section 3.1 of the Credit Agreement.

 

“Investment” shall
mean, with respect to any Person, (i) any purchase or other acquisition by
that Person of Securities, or of a beneficial interest in Securities, issued by
any other Person, (ii) any purchase by that Person of a Property or the
assets of a business conducted by another Person, and (iii) any loan
(other than loans to employees), advance (other than deposits with financial
institutions available for withdrawal on demand, prepaid expenses, accounts
receivable, advances to employees and similar items made or incurred in the
ordinary course of business) or capital contribution by that Person to any
other Person, including, without limitation, all Indebtedness to such Person
arising from a sale of property by such Person other than in the ordinary
course of its business.  “Investment”
shall not include (a) any promissory notes or other consideration paid to
it or by a tenant in connection with Project leasing activities or (b) any
purchase or other acquisition of Securities of, or a loan, advance or capital
contribution to, MAC or any Subsidiary of MAC by MAC or any other Subsidiary of
MAC.  The amount of any Investment shall
be the original cost of such Investment, plus the cost of all additions thereto
less the amount of any return of capital or principal to the extent such return
is in cash with respect to such Investment without any adjustments for
increases or decreases in value or write-ups, write-downs or write-offs with
respect to such Investment.

 

18

 

Notwithstanding the foregoing, Investments shall not include any
promissory notes received by a Person in connection with a Disposition.

 

“IRS” shall mean
the Internal Revenue Service or any entity succeeding to any of its principal
functions under the Code.

 

“Joint Venture”
shall mean, as to any Person: (i) any corporation fifty percent (50%) or
less of the outstanding securities having ordinary voting power of which shall
at the time be owned or controlled, directly or indirectly, by such Person or
by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization fifty percent (50%)
or less of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. 
Notwithstanding the foregoing, a Joint Venture of MAC shall include each
Person, other than a Subsidiary, in which MAC owns a direct or indirect equity
interest.  Unless otherwise expressly
provided, all references in the Loan Documents to a “Joint Venture” shall mean
a Joint Venture of MAC.

 

“Lakewood Center
Property” shall mean The Lakewood Center, a Retail Property located in
Lakewood, California.

 

“Lead Arranger”
shall mean Deutsche Bank Securities, Inc., in its capacity as sole lead
arrangers and sole bookrunner for the credit facility evidenced by the Credit
Agreement, together with its permitted successors and assigns.

 

“Lenders” shall
mean each of the lenders from time to time party to the Credit Agreement,
including any Assignee permitted pursuant to Section 11.8 of the
Credit Agreement.

 

“LIBO Rate” shall
mean, with respect to any LIBO Rate Loan for the Interest Period applicable to
such LIBO Rate Loan, the per annum rate for such Interest Period and for an
amount equal to the amount of such LIBO Rate Loan shown on Dow Jones Telerate Page 3750
(or any equivalent successor page) at approximately 11:00 a.m. (London
time) two Eurodollar Business Days prior to the first day of such Interest
Period or if such rate is not quoted, the arithmetic average as determined by
the Administrative Agent of the rates at which deposits in immediately
available U.S. dollars in an amount equal to the amount of such LIBO Rate Loan
having a maturity approximately equal to such Interest Period are offered to
four (4) reference banks to be selected by the Administrative Agent in the
London interbank market, at approximately 11:00 a.m. (London time) two
Eurodollar Business Days prior to the first day of such Interest Period.

 

“LIBO Rate Loan”
shall have the meaning given such term in Section 2.1 of the Credit
Agreement.

 

19

 

“LIBO Reserve
Percentage” shall mean with respect to an Interest Period for a LIBO Rate
Loan, the maximum aggregate reserve requirement (including all basic,
supplemental, marginal and other reserves and taking into account any
transitional adjustments) which is imposed under Regulation D on eurocurrency
liabilities.

 

“Lien” shall mean
any security interest, mortgage, pledge, lien, claim on property, charge or
encumbrance (including any conditional sale or other title retention
agreement), any lease in the nature thereof, and any agreement to give any
security interest.

 

“Like-Kind Exchange”
shall mean an exchange of real property qualifying for non-recognition of gain
pursuant to Section 1031 of the Code.

 

“Loan Documents”
shall mean the Credit Agreement and the Notes and each of the following (but
only to the extent evidencing, guaranteeing, supporting or securing the
obligations under the foregoing instruments and agreements): the REIT Guaranty,
each of the Subsidiary Guaranties, any Guaranty executed by any other
Guarantor, the Pledge Agreements, and each other instrument, certificate or
agreement executed by the Borrower, MAC or the other Borrower Parties in
connection herewith, as any of the same may be Modified from time to time.

 

“Loan Month” shall
mean any full calendar month during the term of the Term Loan, with the first
Loan Month being May 2005, which first Loan Month shall be deemed to
include the partial month commencing on the Closing Date of the Loan.

 

“Loans” shall mean
the Interim Loan and the Term Loan.

 

“MAC” shall have
the meaning given such term in the preamble to the Credit Agreement.

 

“Macerich Core
Entities” shall mean collectively, (i) the Consolidated Entities, and (ii) any
Joint Venture in which any Consolidated Entity is a general partner or in which
any Consolidated Entity owns more than 50% of the Capital Stock.

 

“Macerich Entities”
shall mean the Borrower Parties, and all Subsidiary Entities of the Borrower
Parties.  “Macerich Entity” shall
mean any one of the Macerich Entities.

 

“Macerich Partnership”
shall have the meaning given such term in the preamble to the Credit Agreement.

 

“Macerich TWC Corp.”
shall mean Macerich TWC II Corp., a Delaware corporation.

 

“Macerich TWC LLC”
shall mean Macerich TWC II LLC, a Delaware limited liability company.

 

20

 

“Macerich Walleye LLC”
shall mean Macerich Walleye LLC, a Delaware limited liability company.

 

“Macerich WRLP Corp.”
shall mean Macerich WRLP Corp., a Delaware corporation.

 

“Macerich WRLP LLC”
shall mean Macerich WRLP LLC, a Delaware limited liability company.

 

“Macerich WRLP II
Corp.” shall mean Macerich WRLP II Corp., a Delaware corporation.

 

“Macerich WRLP II LP”
shall mean Macerich WRLP II LP, a Delaware limited partnership.

 

“Management Companies”
shall mean (a) Macerich Property Management Company, a Delaware limited
liability company, Macerich Management Company, a California corporation, Westcor Partners LLC, an Arizona limited
liability company, Westcor Partners of Colorado LLC, a Colorado limited
liability company, Macerich Westcor Management LLC, a Delaware limited
liability company, Wilmorite Property Management, LLC, a Delaware limited
liability company, and includes their respective successors, and (b) with
respect to the Rochester Properties, the Rochester Manager and it successors
and assigns pursuant to the Rochester Management Agreement.

 

“Management Contracts”
shall mean any contract between any Management Company, on the one hand, and
any other Macerich Entity, on the other hand, relating to the management of any
Macerich Entity or any Joint Venture or any of the properties of such Person,
as the same may be amended from time to time.

 

“Margin Stock”
shall mean “margin stock” as defined in Regulation U.

 

“Master Management
Agreements” shall mean Management Contracts between a Macerich Entity, as
owner of a Project, and a Wholly Owned Subsidiary in the form of Exhibit D
attached hereto (or with respect to Subsidiaries of Westcor or Subsidiaries of
Wilmorite, in the form that exists as of the Closing Date) with such
Modifications to such form as may be made by the Macerich Entities in their
reasonable judgment so long as such Modifications are fair, reasonable, and no
less favorable to the owner than would be obtained in a comparable arm’s-length
transaction with a Person not a Transactional Affiliate.

 

“Material Adverse
Effect” shall mean with respect to (a) MAC and its Subsidiaries on a
consolidated basis taken as a whole or (b) Macerich Partnership and its
Subsidiaries on a consolidated basis taken as a whole, any of the following (1) a
material adverse change in, or a material adverse effect upon, the operations,
business, properties, condition (financial or otherwise) or prospects of any of
such Persons from and after the Statement Date, (2) a material impairment
of the ability of any of such Persons to otherwise perform under any Loan
Document; or (3) a material adverse

 

21

 

effect upon the legality, validity, binding effect or enforceability
against any of such Persons of any Loan Document.

 

“Measuring Period”
shall mean the period of four consecutive fiscal quarters ended on the last day
of the Fiscal Quarter most recently ended as to which operating statements with
respect to a Real Property have been delivered to the Lenders.

 

“Minority Interest”
shall mean all of the partnership units (as defined under the Borrower’s
partnership agreement) of the Borrower held by any Person other than MAC.

 

“Modifications” shall mean any amendments, supplements, modifications,
renewals, replacements, consolidations, severances, substitutions and
extensions of any document or instrument from time to time; “Modify”, “Modified,”
or related words shall have meanings correlative thereto.

 

“Moody’s” shall
mean Moody’s Investors Service, Inc., or any successor thereto.

 

“Mortgage Loans”
shall mean all loans owned or held by any of the Macerich Entities secured by
mortgages or deeds of trust on Retail Properties.

 

“Multiemployer Plan”
shall mean a “multiemployer plan” (within the meaning of Section 4001(a)(3) of
ERISA) and to which any Consolidated Entity or any ERISA Affiliate makes, is
making, or is obligated to make contributions or, during the preceding three
calendar years, has made, or been obligated to make, contributions.

 

“Net Cash Proceeds”
shall mean with respect to any Disposition of any Property, any Financing with
respect to any Property, or the issuance of any debt or equity Securities:  (a) all cash consideration, as well as
the value of all non-cash consideration (other than Disposition Promissory
Notes, which shall be subject to the mandatory prepayment provisions set forth
in Section 3.3(2)(C) of the Credit Agreement); less, but without duplication, (b) any
repayment of Secured Indebtedness incurred with respect to the Property subject
to a Disposition or Financing, to the extent required or permitted under the
terms of the loan documents governing the Secured Indebtedness, and any net
payments made to a counterparty under Hedging Obligations incurred with respect
to such Secured Indebtedness in connection with the termination of such Hedging
Obligations as a result of a subject Disposition, less
(c) transfer taxes, customary brokerage costs, reasonable legal fees and
other customary and reasonable out of pocket costs actually paid to
unaffiliated third parties in connection with such Disposition, Financing, or
issuance.  Notwithstanding the
foregoing:  (1) to the extent the
Property subject to the Disposition or Financing is not Wholly-Owned, Net Cash
Proceeds shall equal the sum of (a), (b), and (c) as the same is payable
or allocable to the Borrowers, MAC, or their Wholly Owned Subsidiaries, and any
sums not so allocable (i.e., portions of the net proceeds allocable to
Unaffiliated Partners) shall not be included in Net Cash Proceeds; (2) Net
Cash Proceeds shall not include (i) any portion of a construction loan
advanced for the purposes of improving the subject Real

 

22

 

Property, (ii) any taxable gain from a Disposition to the extent
that:  (A) MAC would be subject to
paying corporate tax on such gains as a result of the obligation to make a
mandatory repayment to the Interim Lenders pursuant to the Credit Agreement
(and the resulting failure to distribute such sums to its shareholders); and (B) the
amount of such gain does not, when added to any taxable gain from other
Dispositions subject to this clause (2)(ii) made on or prior to the date
of such Disposition, exceed $50,000,000 in the aggregate; and (3) Net Cash
Proceeds shall not include any proceeds resulting from a Financing of an
Unencumbered Property to the extent each of the following conditions has been
satisfied as determined by the Administrative Agent in its good faith
judgment:  (i) such proceeds are
used to repay advances under the Existing Revolving Credit Facility used to
purchase such Unencumbered Property; and (ii) in the event the Interim
Loan has not been repaid in full, such Financing occurs within sixty (60) days
after the subject Unencumbered Property is acquired.

 

“Net Hedging
Obligations” shall mean, as of any date
of determination, the excess (if any) of all “unrealized losses” over all “unrealized
profits” of such Person arising from Hedging Obligations as substantiated in
writing by the Borrower and approved by the Administrative Agent.  “Unrealized losses” means the fair market
value of the cost to such Person of replacing such Hedging Obligation as of the
date of determination (assuming the Hedging Obligation were to be terminated as
of that date), and “unrealized profits” means the fair market value of the gain
to such Person of replacing such Hedging Obligation as of the date of
determination (assuming such Hedging Obligation were to be terminated as of
that date).

 

“Net Income” shall
mean, for any period, the net income (or loss), after provision for taxes, of
the Consolidated Entities determined on a consolidated basis for such period
taken as a single accounting period as determined in accordance with GAAP, and
including the Consolidated Entities’ pro rata share of the net income (or loss)
of any Joint Venture for such period, but excluding (i) any recorded
losses and gains and other extraordinary items for such period; (ii) other
non-cash charges and expenses (including non-cash charges resulting from
accounting changes), (iii) any gains or losses arising outside of the
ordinary course of business, and (iv) any charges for minority interests
in the Borrower held by Unaffiliated Partners. 
For purposes hereof the Consolidated Entities’ pro rata share of the net
income (or loss) of any Joint Venture shall be deemed equal to the product of (i) the
income (or loss) of such Joint Venture, multiplied by (ii) the
percentage of the total outstanding Capital Stock of such Person held by any
Consolidated Entity, expressed as a decimal.

 

“Net Worth” means,
at any date, the consolidated stockholders’ equity of the Consolidated
Entities, excluding any amounts attributable to Disqualified Capital Stock.

 

“Note” shall mean
a Term Note or an Interim Note.  “Notes”
shall mean, collectively, all Term Notes and all Interim Notes.

 

“NPL” shall have
the meaning given such term in Section 6.15 of the Credit
Agreement.

 

23

 

“Obligations”
shall mean any and all debts, obligations and liabilities of the Borrower or
the other Borrower Parties to the Administrative Agent, the other Agents and
the Lenders (whether now existing or hereafter arising, voluntary or
involuntary, whether or not jointly owed with others, direct or indirect,
absolute or contingent, liquidated or unliquidated, and whether or not from
time to time decreased or extinguished and later increased, created or
incurred), arising out of or related to the Loan Documents.

 

“OFAC” shall have
the meaning given such term in Section 6.26 of the Credit
Agreement.

 

“Officer’s Certificate”
shall mean as to any Person, a certificate executed on behalf of such Person by
a Responsible Officer.

 

“Organizational
Documents” shall mean:  (a) for
any corporation, the certificate or articles of incorporation, the bylaws, any
certificate of determination or instrument relating to the rights of preferred
shareholders of such corporation, and all applicable resolutions of the Board
of Directors (or any committee thereof) of such corporation, (b) for any
partnership, the partnership agreement, any certificate of formation, and any
other instrument or agreement relating to the rights between the partners or
pursuant to which such partnership is formed, (c) for any limited
liability company, the operating agreement, any articles of organization or
formation, and any other instrument or agreement relating to the rights between
the members, pertaining to the manager, or pursuant to which such limited
liability company is formed, and (d) for any trust, the trust agreement
and any other instrument or agreement relating to the rights between the
trustors, trustees and beneficiaries, or pursuant to which such trust is
formed.

 

“Original Interim
Maturity Date” shall have the meaning given such term in Section 1.3(2) of
the Credit Agreement.  The Original
Interim Maturity Date may be subject to acceleration upon an Event of Default
as otherwise provided in the Credit Agreement.

 

“Originating Lender”
shall have the meaning given such term in Section 11.8 of the
Credit Agreement.

 

“Other Taxes”
means any and all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies of a Governmental Authority
with respect to any payment made under any Loan Document or from the execution,
delivery or enforcement of any Loan Document.

 

“Participant”
shall have the meaning given such term in Section 11.8 of the
Credit Agreement.

 

“Patriot Act”
shall have the meaning given such term in Section 6.26 of the
Credit Agreement.

 

24

 

“PBGC” shall mean
the Pension Benefit Guaranty Corporation or any entity succeeding to any of its
principal functions under ERISA.

 

“Pension Plan”
shall mean a pension plan (as defined in Section 3(2) of ERISA)
subject to Title IV of ERISA which the Consolidated Entities or any ERISA Affiliate
sponsors, maintains, or to which it makes, is making, or is obligated to make
contributions, or in the case of a multiple employer plan (as described in Section 4064(a) of
ERISA) has made contributions at any time during the immediately preceding five
(5) plan years, but excluding any Multiemployer Plan.

 

“Percentage Share”
shall mean (i) when used in reference to the Term Loan, for any Term
Lender at any date the percentage set forth next to such Term Lender’s name on
the Column labeled “Term Loan” on Schedule G-1 to the Credit
Agreement; (ii) when used in reference to the Interim Loan, for any
Interim Lender at any date the percentage set forth next to such Interim Lender’s
name on the Column labeled “Interim Loan” on Schedule G-1 to the
Credit Agreement; and (iii) when used in reference to the Loans, for any
Lender at any date the percentage set forth next to such Lender’s name on the
Column labeled “Total” on Schedule G-1 to the Credit Agreement, in
each case, as the same may be Modified from time to time, including, without
limitation, to reflect the addition or withdrawal of a Lender or the assignment
of all or a portion of an existing Lender’s portion of the Term Loan or the
Interim Loan as permitted pursuant to Section 11.8 of the Credit
Agreement.

 

“Permitted
Encumbrances” shall mean any Liens with respect to the assets of the
Borrower Parties and the Macerich Core Entities consisting of the following:

 

(a)           Liens (other than environmental Liens
and Liens in favor of the PBGC) with respect to the payment of taxes,
assessments or governmental charges in all cases which are not yet due or which
are being contested in good faith and with respect to which adequate reserves
or other appropriate provisions are being maintained in accordance with GAAP;

 

(b)           Statutory liens of carriers,
warehousemen, mechanics, materialmen, landlords, repairmen or other like Liens
arising by operation of law in the ordinary course of business for amounts
which, if not resolved in favor of the Borrower Parties or the Macerich Core
Entities, could not result in a Material Adverse Effect;

 

(c)           Liens securing the performance of
bids, trade contracts (other than borrowed money), leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature incurred in the ordinary course of business;

 

(d)           Other Liens, incidental to the
conduct of the business of the Borrower Parties or the Macerich Core Entities,
including Liens arising with respect to zoning restrictions, easements,
licenses, reservations, covenants, rights-of-way, easements, encroachments,
building restrictions, minor defects, irregularities in title and other similar
charges or encumbrances on the use of the assets of the Borrower Parties or

 

25

 

the Macerich Core Entities which do not interfere with the ordinary
conduct of the business of the Borrower Parties or the Macerich Core Entities
and that are not incurred (i) in violation of any terms and conditions of
the Credit Agreement; (ii) in connection with the borrowing of money or
the obtaining of advances or credit, or (iii) in a manner which could
result in a Material Adverse Effect;

 

(e)           Liens incurred or deposits made in
the ordinary course of business in connection with worker’s compensation,
unemployment insurance and other types of social security;

 

(f)            Any attachment or judgment Lien not
constituting an Event of Default;

 

(g)           Licenses (with respect to
intellectual property and other property), leases or subleases granted to third
parties;

 

(h)           any (i) interest or title of a
lessor or sublessor under any lease not prohibited by the Credit Agreement, (ii) Lien
or restriction that the interest or title of such lessor or sublessor may be
subject to, or (iii) subordination of the interest of the lessee or
sublessee under such lease to any Lien or restriction referred to in the
preceding clause (ii), so long as the holder of such Lien or restriction agrees
to recognize the rights of such lessee or sublessee under such lease;

 

(i)            Liens arising from filing UCC
financing statements relating solely to leases not prohibited by the Credit
Agreement;

 

(j)            Liens in favor of customs and
revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods; and

 

(k)           Liens on personal property.

 

“Permitted Mortgages”
shall mean those certain mortgages and/or deeds of trust entered into by
Subsidiaries of the Borrower Parties with respect to Real Property directly
owned by such Subsidiaries of the Borrower Parties to the extent such mortgages
and deeds of trust are otherwise permitted under the Credit Agreement
(including Section 8.1(1) of the Credit Agreement).

 

“Permitted WHLP Cash
Distribution” shall have the meaning given such term in Section 8.4(4) of
the Credit Agreement.

 

“Person” shall
mean any corporation, natural person, firm, joint venture, partnership, trust,
unincorporated organization, government or any department or agency of any
government.

 

“Plan” shall mean
an employee benefit plan (as defined in Section 3(3) of ERISA) which
the Consolidated Entities or any ERISA Affiliate sponsors or maintains

 

26

 

or to which the Consolidated Entities or any ERISA Affiliate makes, is
making, or is obligated to make contributions and includes any Pension Plan,
other than a Multiemployer Plan.

 

“Pledge Agreements”
shall mean, individually or collectively, each of the Pledge Agreements dated
as of even date herewith from Macerich Partnership, MAC and the other Pledgors,
each in substantially the form attached to the Credit Agreement as Exhibit H,
pursuant to which each of Macerich Partnership, MAC and the other Pledgors
shall pledge to the Collateral Agent, for the ratable benefit of the Benefited
Creditors, all of its direct and indirect ownership interest in the Guarantors
(or general partners thereof, as the case may be) as further specified therein.

 

“Pledgors” shall
mean Macerich Partnership, MAC and Macerich WRLP II Corp.

 

“Potential Default”
shall mean an event which but for the lapse of time or the giving of notice, or
both, would constitute an Event of Default.

 

“Prime Rate” shall
mean the fluctuating per annum rate announced from time to time by DBTCA or any
successor Administrative Agent at its principal office in New York, New York as
its “prime rate”.  The Prime Rate is a
rate set by DBTCA as one of its base rates and serves as the basis upon which
effective rates of interest are calculated for those loans making reference
thereto, and is evidenced by the recording thereof after its announcement in
such internal publication or publications as DBTCA may designate.  The Prime Rate is not tied to any external
index and does not necessarily represent the lowest or best rate of interest
actually charged to any class or category of customers.  Each change in the Prime Rate will be
effective on the day the change is announced within DBTCA.

 

“Pro Forma Statements”
shall have the meaning given such term in Section 6.1 of the Credit
Agreement.

 

“Prohibited Person”
shall have the meaning given such term in Section 6.26 of the
Credit Agreement.

 

“Project” shall
mean any shopping center, retail property, office building, mixed use property
or other income producing project owned or controlled, directly or indirectly
by a Macerich Entity.  “Project” shall
include the redevelopment, or reconstruction of any existing Project.

 

“Property” shall
mean, collectively and severally, any and all Real Property and all personal
property owned or occupied by the subject Person.  “Property” shall include all Capital Stock
owned by the subject Person in a Subsidiary Entity.

 

“Property Expense”
shall mean, for any Retail Property, all operating expenses relating to such
Retail Property, including the following items (provided,
however, that Property Expenses shall
not include debt service, tenant improvement costs, leasing

 

27

 

commissions, capital improvements, Depreciation and Amortization
Expenses and any extraordinary items not considered operating expenses under
GAAP): (i) all expenses for the operation of such Retail Property,
including any management fees payable under the Management Contracts and all
insurance expenses, but not including any expenses incurred in connection with
a sale or other capital or interim capital transaction; (ii) water
charges, property taxes, sewer rents and other impositions, other than fines,
penalties, interest or such impositions (or portions thereof) that are payable
by reason of the failure to pay an imposition timely; and (iii) the cost
of routine maintenance, repairs and minor alterations, to the extent they can
be expensed under GAAP.

 

“Property Income”
shall mean, for any Retail Property, all gross revenue from the ownership
and/or operation of such Retail Property (but excluding income from a sale or
other capital item transaction), service fees and charges and all tenant
expense reimbursement income payable with respect to such Retail Property.

 

“Property NOI”
shall mean, for any Retail Property for any period, (i) all Property
Income for such period, minus (ii) all
Property Expenses for such period.

 

“Queens Development
Project” shall mean the Real Property
and improvements located at or adjacent to 90-15 Queen’s Blvd., Elmhurst, New
York, commonly referred to as “Queens Development Project” and owned by
Macerich Queens Limited Partnership and/or Macerich Queens Expansion, LLC.

 

“Rate Request”
shall mean a request for the conversion or continuation of a Base Rate Loan or
LIBO Rate Loan in the form of that attached to the Credit Agreement as Exhibit F.

 

“Real Property”
means each of those parcels (or portions thereof) of real property,
improvements and fixtures thereon and appurtenances thereto now or hereafter
owned or leased by the Macerich Entities.

 

“Real Property Under
Construction” shall mean Real Property for which Commencement of
Construction has occurred but construction of such Real Property is not
substantially complete or has not yet reached Stabilization.

 

“Regulation D” shall
mean Regulation D of the Board of Governors of the Federal Reserve System from
time to time in effect and shall include any successor or other regulation of
said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

 

“Regulation U”
shall mean Regulation U of the Board of Governors of the Federal Reserve System
(12 C.F.R. § 221), as the same may from time to time be amended,
supplemented or superseded.

 

“REIT” shall mean
a domestic trust or corporation that qualifies as a real estate investment
trust under the provisions of Sections 856, et seq. of the Code.

 

28

 

“REIT Guaranty”
shall mean the credit guaranty executed by MAC in favor of DBTCA (or a successor
Administrative Agent), in its capacity as Administrative Agent for the benefit
of the Lenders, as the same may be Modified from time to time.

 

“Related Parties”
shall mean, with respect to any specified Person, such Person’s Affiliates and
the respective directors, officers, employees, agents and advisors of such
Person and such Person’s Affiliates.

 

“Reportable Event”
shall mean any of the events set forth in Section 4043(b) of ERISA or
the regulations thereunder, other than any such event for which the thirty
(30)-day notice requirement under ERISA has been waived in regulations issued
by the PBGC.

 

“Required Benefited
Creditors” shall have the meaning given such term in the Pledge Agreements.

 

“Required Lenders”
shall mean at any date, those Lenders holding not less than 66 2/3% of the
outstanding principal portion of the Loans.

 

“Requirements of Law”
shall mean, as to any Person, the Organizational Documents of such Person, and
any law, treaty, rule or regulation, or a final and binding determination
of an arbitrator or a determination of a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject.

 

“Reserve Adjusted LIBO
Rate” shall mean, with respect to any LIBO Rate Loan, the rate per annum
(rounded upward, if necessary, to the next higher 1/16 of one percent)
calculated as of the first day of such Interest Period in accordance with the
following formula:

 

	
  Reserve Adjusted LIBO
  Rate  =

  	
   

  	
  LR

  
	
   

  	
  1-LRP

  

 

	
  where

  
	
  LR 

  	
  =

  	
  LIBO Rate

  
	
  LRP 

  	
  =

  	
  LIBO Reserve Percentage

  

 

“Responsible Financial
Officer” shall mean, with respect to any Person, the chief financial
officer or treasurer of such Person or any other officer, partner or member
having substantially the same authority and responsibility.

 

“Responsible Officer”
shall mean, with respect to any Person, the president, chief executive officer,
vice president, Responsible Financial Officer, general partner, or managing
member of such Person or any other officer, partner or member having
substantially the same authority and responsibility.

 

29

 

“Restricted Cash”
shall mean any cash or cash equivalents held by any Person with respect to
which such Person does not have unrestricted access and unrestricted right to
expend such cash or expend or liquidate such permitted Investments.

 

“Retail Property”
or “Retail Properties” means any Real Property that is a neighborhood,
community or regional shopping center or mall or office building.

 

“Retail Property Under
Construction” shall mean Retail Property for which Commencement of
Construction has occurred but construction of such Retail Property is not
substantially complete or has not yet reached Stabilization.

 

“Rochester Malls LLC”
shall mean Rochester Malls LLC, a Delaware limited liability company.

 

“Rochester Management
Agreement” shall mean the Management Contract between a Macerich Entity
which is an owner of a Rochester Property and the Rochester Manager in the form
of Exhibit D-2 attached hereto with such Modifications to such form
as may be made by the Macerich Entities in their reasonable judgment so long as
such Modifications are fair, reasonable, and no less favorable to the owner
than would be obtained in a comparable arm’s-length transaction with a Person
not a Transactional Affiliate.

 

“Rochester Manager”
shall mean Rochester Management, Inc., a Delaware corporation.

 

“Rochester Properties”
shall mean the Eastview Mall, Eastview Commons, Greece Ridge Center,
Marketplace Mall and Pittsford Plaza properties.

 

“Rochester
Distribution” shall mean the distribution by WHLP of all of the membership
interests in Rochester Malls LLC to limited partners of WHLP in accordance with
Sections 8.7 or 8.8 of the WHLP Partnership Agreement.

 

“S&P” shall
mean Standard & Poor’s Rating Services, a division of the McGraw-Hill
Companies, Inc., or any successor thereto.

 

“Second Extended
Interim Maturity Date” shall have the meaning given such term in Section 1.4(3) of
the Credit Agreement.

 

“Second Extension Fee”
shall have the meaning given such term in Section 1.4(4) of
the Credit Agreement.

 

“Secured Indebtedness”
shall mean that portion of the Total Liabilities that is, without duplication: (i) secured
by a Lien (excluding, however, the Indebtedness under the Credit Agreement, the
Existing Revolving Credit Facility and the Existing Term Loan Facility); or (ii) any
unsecured Indebtedness of any Subsidiary of a Borrower Party if such Subsidiary
is not a Guarantor.

 

30

 

“Secured Indebtedness
Ratio” shall mean, at any time, the ratio of (i) Secured Indebtedness,
to (ii) Gross Asset Value for such period.

 

“Secured Recourse
Indebtedness” shall mean Secured Indebtedness to the extent the principal
amount thereof has been guaranteed by (or is otherwise recourse to) any
Borrower Party (other than a Borrower Party whose sole assets are (i) collateral for
such Secured Indebtedness; or (ii) Capital Stock in another Borrower
Party whose sole assets are such
collateral and who otherwise meets the criteria set forth in clauses (D) through
(T) in the definition of Single Purpose Entity).

 

“Securities” means
any stock, shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit sharing agreement or
arrangement, bonds, debentures, options, warrants, notes, or other evidences of
indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for
the purchase or acquisition of, or any right to subscribe to, purchase or
acquire, any of the foregoing.

 

“Single Purpose Entity”
shall mean a Person, other than an individual, which (A) is formed or
organized solely for the purpose of holding, directly or indirectly, an
ownership interest in the Westcor Principal Entities or the Wilmorite Principal
Entity, (B) does not engage in any business unrelated to clause (A) above,
(C) has not and will not have any assets other than those related to its
activities in accordance with clauses (A) and (B) above, (D) maintains
its own separate books and records and its own accounts, in each case which are
separate and apart from the books and records and accounts of any other Person,
(E) holds itself out as being a Person, separate and apart from any other
Person, (F) does not and will not commingle its funds or assets with those
of any other Person, (G) conducts its own business in its own name, (H) maintains
separate financial statements and files its own tax returns (or if its tax
returns are consolidated with those of MAC, such returns shall clearly identify
such Person as a separate legal entity), (I) pays its own debts and
liabilities when they become due out of its own funds, (J) observes all
partnership, corporate, limited liability company or trust formalities, as
applicable, and does all things necessary to preserve its existence, (K) except
as expressly permitted by the Loan Documents, maintains an arm’s-length
relationship with its Transactional Affiliates and shall not enter into any
Contractual Obligations with any Affiliates except as permitted under the
Credit Agreement, (L) pays the salaries of its own employees, if any, and
maintains a sufficient number of employees in light of its contemplated
business operations, (M) does not guarantee or otherwise obligate itself
with respect to the debts of any other Person, or hold out its credit as being
available to satisfy the obligations of any other Person, except with respect
to the Obligations and the

 

31

 

“Obligations” under and as defined in the Existing Revolving Credit
Facility and the Existing Term Loan Facility and as otherwise permitted under
the Loan Documents, (N) does not acquire obligations of or securities
issued by its partners, members or shareholders, (O) allocates fairly and
reasonably shared expenses, including any overhead for shared office space,
(P) uses separate stationery, invoices, and checks, (Q) does not and
will not pledge its assets for the benefit of any other Person (except as
permitted under the Loan Documents) or make any loans or advances to any other
Person (except with respect to the Obligations and the “Obligations” under and
as defined in the Existing Revolving Credit Facility and the Existing Term Loan
Facility), (R) does and will correct any known misunderstanding regarding
its separate identity, (S) maintains adequate capital in light of its
contemplated business operations, and (T) has and will have a partnership
or operating agreement, certificate of incorporation or other organizational
document which complies with the requirements set forth in this definition.

 

“Solvent” shall
mean, when used with respect to any Person, that at the time of determination: (i) the
fair saleable value of its assets is in excess of the total amount of its
liabilities (including, without limitation, contingent liabilities); (ii) the
present fair saleable value of its assets is greater than its probable
liability on its existing debts as such debts become absolute and matured; (iii) it
is then able and expects to be able to pay its debts (including, without
limitation, contingent debts and other commitments) as they mature; and (iv) it
has capital sufficient to carry on its business as conducted and as proposed to
be conducted.

 

“Stabilization”
shall mean, with respect to any Real Property, the earlier of (i) the date
on which eighty-five percent (85%) or more of the Gross Leasable Area of such
Real Property has been subject to binding leases for a period of twelve (12)
months or longer, or (ii) the date twenty-four (24) months after the date
that substantially all portions of such Real Property are open to the public
and operating in the ordinary course of business.

 

“Statement Date”  shall mean December 31, 2004.

 

“Subsidiary” shall
mean, with respect to any Person:  (a) any
corporation more than fifty percent (50%) of the outstanding securities having
ordinary voting power of which shall at the time be owned or controlled,
directly or indirectly, by such Person or by one or more of its Subsidiaries or
by such Person and one or more of its Subsidiaries, (b) any partnership,
limited liability company, association, joint venture or similar business
organization more than fifty percent (50%) of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled, (c) with
respect to MAC, any other Person in which MAC owns, directly or indirectly, any
Capital Stock and which would be combined with MAC in the consolidated
financial statements of MAC in accordance with GAAP; (d) with respect to
the Westcor Guarantors and the Westcor Principal Entities, any other Person in
which they own, directly or indirectly, any Capital Stock and which would be
combined with them in consolidated financial statements in accordance with GAAP
or (e) with respect to the Wilmorite Guarantors and the Wilmorite
Principal Entity, any other Person in which they own, directly or indirectly,
any Capital Stock and which would be combined with them in consolidated
financial statements in accordance with GAAP.

 

“Subsidiary Entities”
shall mean a Subsidiary or Joint Venture of a Person.  Unless otherwise expressly provided, all
references in the Loan Documents to a “Subsidiary Entity” shall mean a
Subsidiary Entity of MAC.

 

32

 

“Subsidiary Guaranties”
shall mean each of the credit guaranties executed by each of the Westcor
Guarantors, the Wilmorite Guarantors and the Affiliate Guarantors in favor of
DBTCA (or a successor Administrative Agent), in its capacity as Administrative
Agent for the benefit of the Lenders, as the same may be Modified from time to
time.

 

“Supplemental
Guarantor” shall have the meaning set forth in Section 4.2 of
the Credit Agreement.

 

“Supplemental
Guaranties” shall mean a Guaranty executed by a Supplemental Guarantor
pursuant to Section 4.2 of the Credit Agreement.

 

“Tangible Net Worth”
shall mean, at any time, (i) Net Worth minus (ii) Intangible
Assets, plus (iii) solely for purposes of Section 8.12(1) of
the Credit Agreement, any minority interest reflected in the balance sheet of
MAC, but only to the extent attributable to Minority Interests, in each case at
such time.

 

“Taxes” shall mean
any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority.

 

“Tax Expense”
shall mean (without duplication), for any period, total tax expense (if any)
attributable to income and franchise taxes based on or measured by income,
whether paid or accrued, of the Consolidated Entities, including the
Consolidated Entity’s pro rata share
of tax expenses in any Joint Venture. 
For purposes of this definition, the Consolidated Entities’ pro rata share of any such tax expense of any Joint Venture
shall be deemed equal to the product of (i) such tax expense of such Joint
Venture, multiplied by (ii) the percentage
of the total outstanding Capital Stock of such Person held by the Consolidated
Entity, expressed as a decimal.

 

“Term Lender”
shall mean any Lender which has made or is obligated to make a Term Loan.

 

“Term Loan” shall
have the meaning given such term in Section 1.1 of the Credit
Agreement.

 

“Term Maturity Date”
shall have the meaning given such term in Section 1.3 of the Credit
Agreement.  The Term Maturity Date shall
be subject to acceleration upon an Event of Default as otherwise provided in
the Credit Agreement.

 

“Term Note” shall
mean a promissory note in the form of that attached to the Credit Agreement as Exhibit E-1
issued by the Borrower at the request of a Term Lender pursuant to Section 3.1
of the Credit Agreement.

 

“Total Liabilities”
shall mean, at any time, without duplication, the aggregate amount of (i) all
Indebtedness and other liabilities of the Consolidated Entities reflected in
the financial statements of MAC or disclosed in the notes thereto (to the
extent the same would constitute a Contingent Obligation), plus
(ii) all Indebtedness and other

 

33

 

liabilities of all Joint Ventures reflected in the financial statements
of such Joint Ventures or disclosed in the notes thereto (to the extent the
same would constitute a Contingent Obligation) which are otherwise recourse to
any Consolidated Entity or any of its assets or that otherwise constitutes
Indebtedness of any Consolidated Entity (including any recourse obligations
arising as a result of a Consolidated Entity serving as a general partner,
directly or indirectly, in such Joint Ventures, unless such general partner is
a corporation whose sole asset is its general partnership interest and who
otherwise meets the criteria set forth in clauses (D) through (T) in the
definition of Single Purpose Entity); provided that,
notwithstanding this clause (ii), those certain guarantees described on Schedule G-2
to the Credit Agreement, which liabilities thereunder are recourse, directly or
indirectly, to any of the Westcor Principal Entities or their Subsidiaries or
the Wilmorite Principal Entity or its Subsidiaries, shall be considered an
obligation governed by clause (iii) below, plus
(iii) the Consolidated Entities’ pro rata share
of all Indebtedness and other liabilities reflected in the financial statements
of any Joint Venture or disclosed in the notes thereto (to the extent the same
would constitute a Contingent Obligation) not otherwise constituting
Indebtedness of or recourse to any Consolidated Entity or any of its assets, plus (iv) all liabilities of the Consolidated Entities
with respect to purchase and repurchase obligations, provided that any
obligations to acquire fully-constructed Real Property shall not be included in
Total Liabilities prior to the transfer of title of such Real Property.  With respect to any Real Property Under
Construction as to which any Consolidated Entity has provided an outstanding
and undrawn letter of credit relating to the performance and/or completion of
construction at such property, the amount of Indebtedness evidenced by such
letter of credit shall be included in Total Liabilities if: (a) such
Indebtedness does not duplicate Indebtedness incurred in respect of such Real
Property Under Construction (including any off-site improvements associated
therewith); (b) such Indebtedness is required by GAAP to be reflected on
the liability side of any Consolidated Entities’ balance sheet; and (c) to
the extent such Indebtedness is not required by GAAP to be reflected on the
liability side of any Consolidated Entities’ balance sheet, then such
Indebtedness shall only be included to the extent the amount of such
Indebtedness exceeds $40,000,000.  For
purposes of clause (iii), the Consolidated Entities’ pro rata
share of all Indebtedness and other liabilities of any Joint Venture shall be
deemed equal to the product of (a) such Indebtedness or other liabilities,
multiplied by (b) the percentage of
the total outstanding Capital Stock of such Person held by any Consolidated
Entity, expressed as a decimal.

 

“Transactional
Affiliates” shall have the meaning given such term in Section 8.6
of the Credit Agreement.

 

“UCC” shall mean
the Uniform Commercial Code.

 

“Unaffiliated Partner
Interests” shall mean the Capital Stock of Unaffiliated Partners in a
Subsidiary Entity of the Borrower Parties.

 

“Unaffiliated Partners”
shall mean Persons who own, directly or indirectly at any tier, a beneficial
interest in the Capital Stock of a Subsidiary Entity, but such Persons shall
exclude: (i) the Macerich Entities; (ii) Affiliates of Macerich
Entities;

 

34

 

(iii) Persons whose Capital Stock or beneficial interest therein
is owned, directly or indirectly at any tier, by the Macerich Entities or their
Affiliates.

 

“Unencumbered Property”
shall have the meaning set forth in Section 4.1 of the Credit
Agreement.

 

“Unfunded Pension
Liability” shall mean the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Plan’s
assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 of the Code for the applicable plan
year.

 

“Walleye Investments
LLC” shall mean Walleye Retail Investments LLC, a Delaware limited liability
company.

 

“Westcor” shall
mean (i) the Westcor Principal Entities, (ii) the Westcor Guarantors,
(iii) the Subsidiaries of the Westcor Guarantors; and (iv) any other
Person the accounts of which would be consolidated with those of the Westcor
Guarantors in consolidated financial statements in accordance with GAAP.  When the context so requires, “Westcor” shall
mean any of the Persons described above.

 

“Westcor Assets”
shall mean all Projects and related Property, directly or indirectly, in whole
or in any part, owned or leased by Westcor.

 

“Westcor Guarantors”
shall mean Macerich WRLP Corp., Macerich WRLP LLC, Macerich WRLP II Corp.,
Macerich WRLP II LP, Macerich TWC Corp. and Macerich TWC LLC.

 

“Westcor Principal
Entities” shall mean, jointly and severally, Westcor Realty Limited
Partnership and The Westcor Company II Limited Partnership.

 

“WHLP” shall mean
Wilmorite Holdings, L.P., a Delaware limited partnership (following the
Wilmorite Acquisition, Wilmorite Holdings, L.P. will change its name to MACWH,
L.P.).

 

“WHLP Partnership
Agreement” shall mean the 2005 Amended and Restated Agreement of Limited
Partnership of WHLP, between WHLP and the Borrower.

 

“Wholly-Owned”
shall mean, with respect to any Real Property, Capital Stock, or other Property
owned or leased, that (i) title to such Property is held directly by, or
such Property is leased by, the Borrower, or (ii) in the case of Real
Property or Capital Stock, title to such property is held by, or (in the case
of Real Property) such Property is leased by, a Consolidated Entity at least
99% of the Capital Stock of which is held of record and beneficially by the
Borrower (or a Person whose Capital Stock is owned 100% by the Borrower) and
the balance of the Capital Stock of which (if any) is held of record and
beneficially by MAC (or a Person whose Capital Stock is owned 100% by
MAC).  References to Property
Wholly-Owned by Westcor, Wilmorite or a Macerich Entity shall mean property
100% owned by such Person.

 

35

 

“Wholly-Owned Raw Land”
shall mean Wholly-Owned land that is not under development and for which no
development is planned to commence within twelve (12) months after the date on
which it was acquired.

 

“Wilmorite” shall
mean (i) the Wilmorite Principal Entity, (ii) the Wilmorite
Guarantors, (iii) the Subsidiaries of the Wilmorite Guarantors; and (iv) any
other Person the accounts of which would be consolidated with those of the
Wilmorite Guarantors in consolidated financial statements in accordance with
GAAP.  When the context so requires, “Wilmorite”
shall mean any of the Persons described above.

 

“Wilmorite Acquisition”
shall mean that certain acquisition by MAC and the Borrower of Wilmorite
Properties, Inc., WHLP and their subsidiaries pursuant to the Wilmorite
Merger Agreement.

 

“Wilmorite Assets”
shall mean all Projects and related Property, directly or indirectly, in whole
or in any part, owned or leased by Wilmorite.

 

“Wilmorite Guarantors”
shall mean Macerich Walleye LLC, IMI
Walleye LLC and Walleye Investments LLC; provided that on the Wilmorite Release
Date, IMI Walleye LLC and Walleye Investments LLC shall cease to be the
Wilmorite Guarantors.

 

“Wilmorite JV
Investment” shall mean the acquisition by a Person that is not an Affiliate
of MAC of limited liability interests of IMI Walleye LLC.

 

“Wilmorite Merger
Agreement” shall mean an Agreement and Plan of Merger, dated as of December 22,
2004, among MAC, the Borrower, MACW, Inc., Wilmorite Properties, Inc.
and WHLP.

 

“Wilmorite Principal
Entity” shall mean WHLP.

 

“Wilmorite Release
Date” shall have the meaning given such term in Section 4.4 of
the Credit Agreement.

 

36

 

Other Interpretive Provisions.

 

(1)           The meanings of defined terms are
equally applicable to the singular and plural forms of the defined terms.  Terms (including uncapitalized terms) not
otherwise defined herein and that are defined in the UCC shall have the
meanings therein described.

 

(2)           The words “hereof”, “herein”, “hereunder”
and similar words refer to this Agreement as a whole and not to any particular
provision of this Agreement; and Section, subsection, Schedule and Exhibit references
are to this Agreement unless otherwise specified.

 

(3)           (i)            The term “documents” includes any and
all instruments, documents, agreements, certificates, indentures, notices and
other writings, however evidenced;

 

(ii)           The term “including” is not limiting
and means “including without limitation;”

 

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

 

(iv)          The term “property” includes any kind
of property or asset, real, personal or mixed, tangible or intangible; and

 

(v)           The verb “exists” and its correlative
noun forms, with reference to a Potential Default or an Event of Default, means
that such Potential Default or Event of Default has occurred and continues
uncured and unwaived.

 

(4)           Unless otherwise expressly provided
herein, (i) references to agreements (including this Agreement) and other
contractual instruments shall be deemed to include all subsequent Modifications
thereto, but only to the extent such Modifications are not prohibited by the
terms of any Loan Document, (ii) references to any statute or regulation
are to be construed as including all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting the statute or
regulation, and (iii) references to any Person include its permitted
successors and assigns.

 

(5)           This Agreement and the other Loan
Documents may use several different limitations, tests or measurements to
regulate the same or similar matters. 
All such limitations, tests and measurements are cumulative and shall
each be performed in accordance with their terms.

 

37

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