Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SENIOR SECURED DEBTOR IN POSSESSION CREDIT,

SECURITY AND GUARANTY AGREEMENT

 

dated as of July 23, 2010

 

among

 

THE ENTITIES FROM TIME TO TIME PARTY HERETO AS LENDERS,

as the Lenders,

 

BARCLAYS CAPITAL,

as the Sole Arranger,

 

BARCLAYS BANK PLC,

as the Administrative Agent and Collateral Agent,

 

GENERAL GROWTH PROPERTIES, INC.

and GGP LIMITED PARTNERSHIP,

as the Borrowers,

 

and

 

THE ENTITIES FROM TIME TO TIME PARTY HERETO AS GUARANTORS,

as the Guarantors

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE 1

  	
  INTERPRETATION
  OF THIS AGREEMENT

  	
   

  	
  2

  
	
  Section 1.1

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
  Section 1.2

  	
   

  	
  Accounting
  Terms

  	
   

  	
  21

  
	
  Section 1.3

  	
   

  	
  Interpretive
  Provisions

  	
   

  	
  22

  
	
  ARTICLE 2

  	
  TERM
  LOAN; INTEREST AND FEES

  	
   

  	
  23

  
	
  Section 2.1

  	
   

  	
  Total
  Facility

  	
   

  	
  23

  
	
  Section 2.2

  	
   

  	
  Term
  Loan

  	
   

  	
  23

  
	
  Section 2.3

  	
   

  	
  Interest

  	
   

  	
  24

  
	
  Section 2.4

  	
   

  	
  [Intentionally
  Omitted]

  	
   

  	
  24

  
	
  Section 2.5

  	
   

  	
  Interest
  Limitation

  	
   

  	
  24

  
	
  Section 2.6

  	
   

  	
  Agent’s
  Fee

  	
   

  	
  24

  
	
  ARTICLE 3

  	
  PAYMENTS
  AND PREPAYMENTS

  	
   

  	
  25

  
	
  Section 3.1

  	
   

  	
  Term
  Loan

  	
   

  	
  25

  
	
  Section 3.2

  	
   

  	
  Optional
  Prepayment of the Term Loan

  	
   

  	
  25

  
	
  Section 3.3

  	
   

  	
  Mandatory
  Prepayments of the Term Loan

  	
   

  	
  25

  
	
  Section 3.4

  	
   

  	
  Payments
  by the Borrowers

  	
   

  	
  26

  
	
  Section 3.5

  	
   

  	
  Apportionment,
  Application, and Reversal of Payments

  	
   

  	
  27

  
	
  Section 3.6

  	
   

  	
  Indemnity
  for Returned Payments

  	
   

  	
  27

  
	
  Section 3.7

  	
   

  	
  The
  Agent’s Books and Records

  	
   

  	
  27

  
	
  ARTICLE 4

  	
  CASH
  COLLATERAL ACCOUNTS

  	
   

  	
  28

  
	
  Section 4.1

  	
   

  	
  Cash
  Collateral Accounts

  	
   

  	
  28

  
	
  ARTICLE 5

  	
  TAXES,
  YIELD PROTECTION, AND ILLEGALITY

  	
   

  	
  29

  
	
  Section 5.1

  	
   

  	
  Taxes

  	
   

  	
  29

  
	
  Section 5.2

  	
   

  	
  [Intentionally
  Omitted]

  	
   

  	
  30

  
	
  Section 5.3

  	
   

  	
  Certificates
  of Lenders

  	
   

  	
  30

  
	
  Section 5.4

  	
   

  	
  Replacement
  of Lenders

  	
   

  	
  30

  
	
  Section 5.5

  	
   

  	
  Survival

  	
   

  	
  31

  
	
  ARTICLE 6

  	
  COLLATERAL

  	
   

  	
  31

  
	
  Section 6.1

  	
   

  	
  Grant
  of Security Interest

  	
   

  	
  31

  
	
  Section 6.2

  	
   

  	
  Perfection
  and Protection of Security Interest

  	
   

  	
  33

  
						

 

i

 

TABLE
OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  Section 6.3

  	
   

  	
  Delivery
  of Mortgages

  	
   

  	
  34

  
	
  Section 6.4

  	
   

  	
  Title
  to, Liens on, and Use of Collateral

  	
   

  	
  34

  
	
  Section 6.5

  	
   

  	
  Access
  and Examination; Confidentiality

  	
   

  	
  34

  
	
  Section 6.6

  	
   

  	
  Documents, Instruments,
  and Chattel Paper

  	
   

  	
  35

  
	
  Section 6.7

  	
   

  	
  Right
  to Cure

  	
   

  	
  35

  
	
  Section 6.8

  	
   

  	
  Power
  of Attorney

  	
   

  	
  36

  
	
  Section 6.9

  	
   

  	
  The
  Agent’s and Lenders’ Rights, Duties, and Liabilities

  	
   

  	
  36

  
	
  Section 6.10

  	
   

  	
  Site
  Visits, Observations, and Testing

  	
   

  	
  36

  
	
  Section 6.11

  	
   

  	
  Joinder
  of Subsidiaries

  	
   

  	
  37

  
	
  Section 6.12

  	
   

  	
  Voting
  Rights, etc.

  	
   

  	
  37

  
	
  Section 6.13

  	
   

  	
  Remedies

  	
   

  	
  38

  
	
  ARTICLE 7

  	
  BOOKS
  AND RECORDS; FINANCIAL INFORMATION; NOTICES

  	
   

  	
  38

  
	
  Section 7.1

  	
   

  	
  Books
  and Records

  	
   

  	
  38

  
	
  Section 7.2

  	
   

  	
  Financial
  Information

  	
   

  	
  39

  
	
  Section 7.3

  	
   

  	
  Notices
  to the Agent

  	
   

  	
  42

  
	
  ARTICLE 8

  	
  GENERAL
  WARRANTIES AND REPRESENTATIONS

  	
   

  	
  44

  
	
  Section 8.1

  	
   

  	
  Authorization,
  Validity, and Enforceability of this Agreement and the Loan Documents; No
  Conflicts

  	
   

  	
  44

  
	
  Section 8.2

  	
   

  	
  Validity
  and Priority of Security Interest; Administrative Priority

  	
   

  	
  44

  
	
  Section 8.3

  	
   

  	
  Corporate
  Name; Prior Transactions

  	
   

  	
  45

  
	
  Section 8.4

  	
   

  	
  Capitalization;
  Subsidiaries

  	
   

  	
  45

  
	
  Section 8.5

  	
   

  	
  Material
  Agreements

  	
   

  	
  45

  
	
  Section 8.6

  	
   

  	
  Proprietary
  Rights

  	
   

  	
  46

  
	
  Section 8.7

  	
   

  	
  Litigation

  	
   

  	
  46

  
	
  Section 8.8

  	
   

  	
  Labor
  Disputes

  	
   

  	
  46

  
	
  Section 8.9

  	
   

  	
  Environmental
  Laws

  	
   

  	
  46

  
	
  Section 8.10

  	
   

  	
  No
  Violation of Law

  	
   

  	
  47

  
	
  Section 8.11

  	
   

  	
  ERISA
  Compliance

  	
   

  	
  47

  
						

 

ii

 

TABLE
OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  Section 8.12

  	
   

  	
  Taxes

  	
   

  	
  47

  
	
  Section 8.13

  	
   

  	
  Regulated
  Entities

  	
   

  	
  48

  
	
  Section 8.14

  	
   

  	
  Use
  of Proceeds

  	
   

  	
  48

  
	
  Section 8.15

  	
   

  	
  Full
  Disclosure

  	
   

  	
  48

  
	
  Section 8.16

  	
   

  	
  No
  Default

  	
   

  	
  48

  
	
  Section 8.17

  	
   

  	
  Governmental
  Authorization

  	
   

  	
  48

  
	
  Section 8.18

  	
   

  	
  First
  Lien Properties

  	
   

  	
  48

  
	
  Section 8.19

  	
   

  	
  Prior
  Lien Debt

  	
   

  	
  49

  
	
  Section 8.20

  	
   

  	
  Leases

  	
   

  	
  49

  
	
  Section 8.21

  	
   

  	
  Title

  	
   

  	
  49

  
	
  Section 8.22

  	
   

  	
  Physical
  Condition

  	
   

  	
  50

  
	
  Section 8.23

  	
   

  	
  Management

  	
   

  	
  50

  
	
  Section 8.24

  	
   

  	
  Condemnation

  	
   

  	
  50

  
	
  Section 8.25

  	
   

  	
  Utilities
  and Public Access

  	
   

  	
  50

  
	
  Section 8.26

  	
   

  	
  Separate
  Lots

  	
   

  	
  50

  
	
  Section 8.27

  	
   

  	
  Permits;
  Certificate of Occupancy

  	
   

  	
  50

  
	
  Section 8.28

  	
   

  	
  Ground
  Leased Property

  	
   

  	
  50

  
	
  Section 8.29

  	
   

  	
  Embargoed
  Person

  	
   

  	
  51

  
	
  Section 8.30

  	
   

  	
  Compliance
  with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws

  	
   

  	
  51

  
	
  ARTICLE 9

  	
  AFFIRMATIVE
  AND NEGATIVE COVENANTS

  	
   

  	
  52

  
	
  Section 9.1

  	
   

  	
  Existence
  and Good Standing

  	
   

  	
  52

  
	
  Section 9.2

  	
   

  	
  Compliance
  with Law and Agreements; Maintenance of Licenses

  	
   

  	
  52

  
	
  Section 9.3

  	
   

  	
  Insurance

  	
   

  	
  52

  
	
  Section 9.4

  	
   

  	
  Casualty
  and Condemnation

  	
   

  	
  52

  
	
  Section 9.5

  	
   

  	
  Covenants
  with Respect to REA

  	
   

  	
  54

  
	
  Section 9.6

  	
   

  	
  Environmental
  Laws

  	
   

  	
  54

  
	
  Section 9.7

  	
   

  	
  Compliance
  with ERISA

  	
   

  	
  55

  
	
  Section 9.8

  	
   

  	
  Mergers,
  Consolidations, Sales, Acquisitions

  	
   

  	
  55

  
						

 

iii

 

TABLE
OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  Section 9.9

  	
   

  	
  Transactions
  with Affiliates

  	
   

  	
  58

  
	
  Section 9.10

  	
   

  	
  Business
  Conducted

  	
   

  	
  59

  
	
  Section 9.11

  	
   

  	
  Debt;
  Liens; No Negative Pledge

  	
   

  	
  59

  
	
  Section 9.12

  	
   

  	
  New
  Subsidiaries

  	
   

  	
  62

  
	
  Section 9.13

  	
   

  	
  Use
  of Proceeds

  	
   

  	
  62

  
	
  Section 9.14

  	
   

  	
  Investments

  	
   

  	
  63

  
	
  Section 9.15

  	
   

  	
  Case
  Matters

  	
   

  	
  63

  
	
  Section 9.16

  	
   

  	
  No
  Amendments or Advances of Prior Lien Debt

  	
   

  	
  65

  
	
  Section 9.17

  	
   

  	
  Maintenance
  of Property; Compliance with Legal Requirements; Parking

  	
   

  	
  65

  
	
  Section 9.18

  	
   

  	
  Taxes
  and Other Claims

  	
   

  	
  66

  
	
  Section 9.19

  	
   

  	
  Leases

  	
   

  	
  66

  
	
  Section 9.20

  	
   

  	
  Restricted
  Payments

  	
   

  	
  67

  
	
  ARTICLE 10

  	
  CONDITIONS
  OF LENDING

  	
   

  	
  68

  
	
  Section 10.1

  	
   

  	
  Conditions
  Precedent to Making of Term Loan

  	
   

  	
  68

  
	
  ARTICLE 11

  	
  DEFAULT;
  REMEDIES

  	
   

  	
  69

  
	
  Section 11.1

  	
   

  	
  Events
  of Default

  	
   

  	
  69

  
	
  Section 11.2

  	
   

  	
  Remedies

  	
   

  	
  73

  
	
  ARTICLE 12

  	
  GUARANTY

  	
   

  	
  77

  
	
  Section 12.1

  	
   

  	
  Guaranty;
  Limitation of Liability

  	
   

  	
  77

  
	
  Section 12.2

  	
   

  	
  Guaranty
  Absolute

  	
   

  	
  77

  
	
  Section 12.3

  	
   

  	
  Waivers
  and Acknowledgments

  	
   

  	
  79

  
	
  Section 12.4

  	
   

  	
  Subrogation

  	
   

  	
  79

  
	
  Section 12.5

  	
   

  	
  Guaranty
  Supplements

  	
   

  	
  80

  
	
  Section 12.6

  	
   

  	
  Continuing
  Guaranty; Assignments

  	
   

  	
  80

  
	
  Section 12.7

  	
   

  	
  Limitation
  on Guaranty

  	
   

  	
  81

  
	
  ARTICLE 13

  	
  AMENDMENTS;
  WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

  	
   

  	
  81

  
	
  Section 13.1

  	
   

  	
  No
  Waivers; Cumulative Remedies

  	
   

  	
  81

  
	
  Section 13.2

  	
   

  	
  Amendments
  and Waivers

  	
   

  	
  81

  
						

 

iv

 

TABLE
OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  Section 13.3

  	
   

  	
  Assignments;
  Participations

  	
   

  	
  82

  
	
  ARTICLE 14

  	
  THE
  AGENT

  	
   

  	
  85

  
	
  Section 14.1

  	
   

  	
  Appointment
  and Authorization

  	
   

  	
  85

  
	
  Section 14.2

  	
   

  	
  Delegation
  of Duties

  	
   

  	
  85

  
	
  Section 14.3

  	
   

  	
  Liability
  of the Agent

  	
   

  	
  85

  
	
  Section 14.4

  	
   

  	
  Reliance
  by the Agent

  	
   

  	
  86

  
	
  Section 14.5

  	
   

  	
  Notice
  of Default

  	
   

  	
  86

  
	
  Section 14.6

  	
   

  	
  Credit
  Decision

  	
   

  	
  87

  
	
  Section 14.7

  	
   

  	
  Indemnification

  	
   

  	
  87

  
	
  Section 14.8

  	
   

  	
  The
  Agent in Individual Capacity

  	
   

  	
  88

  
	
  Section 14.9

  	
   

  	
  Successor
  Agent

  	
   

  	
  88

  
	
  Section 14.10

  	
   

  	
  Withholding
  Tax

  	
   

  	
  89

  
	
  Section 14.11

  	
   

  	
  Collateral
  Matters; Guaranty Releases

  	
   

  	
  90

  
	
  Section 14.12

  	
   

  	
  Restrictions
  on Actions by the Lenders; Sharing of Payments

  	
   

  	
  92

  
	
  Section 14.13

  	
   

  	
  Agency
  for Perfection

  	
   

  	
  92

  
	
  Section 14.14

  	
   

  	
  Payments
  by the Agent to the Lenders

  	
   

  	
  92

  
	
  Section 14.15

  	
   

  	
  Concerning
  the Collateral and the Related Loan Documents

  	
   

  	
  92

  
	
  Section 14.16

  	
   

  	
  Relation
  Among the Lenders

  	
   

  	
  93

  
	
  ARTICLE 15

  	
  MISCELLANEOUS

  	
   

  	
  93

  
	
  Section 15.1

  	
   

  	
  Cumulative
  Remedies

  	
   

  	
  93

  
	
  Section 15.2

  	
   

  	
  Severability

  	
   

  	
  93

  
	
  Section 15.3

  	
   

  	
  Governing
  Law; Choice of Forum; Service of Process; Jury Trial Waiver

  	
   

  	
  93

  
	
  Section 15.4

  	
   

  	
  Waiver
  of Jury Trial

  	
   

  	
  94

  
	
  Section 15.5

  	
   

  	
  Survival

  	
   

  	
  94

  
	
  Section 15.6

  	
   

  	
  Fees
  and Expenses

  	
   

  	
  95

  
	
  Section 15.7

  	
   

  	
  Notices

  	
   

  	
  96

  
	
  Section 15.8

  	
   

  	
  Waiver
  of Notices

  	
   

  	
  97

  
	
  Section 15.9

  	
   

  	
  Binding
  Effect

  	
   

  	
  97

  
						

 

v

 

TABLE
OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  Section 15.10

  	
   

  	
  Indemnity
  of the Agent and the Lenders by the Obligors

  	
   

  	
  97

  
	
  Section 15.11

  	
   

  	
  Limitation
  of Liability

  	
   

  	
  98

  
	
  Section 15.12

  	
   

  	
  Final
  Agreement

  	
   

  	
  98

  
	
  Section 15.13

  	
   

  	
  Counterparts

  	
   

  	
  99

  
	
  Section 15.14

  	
   

  	
  Captions

  	
   

  	
  99

  
	
  Section 15.15

  	
   

  	
  Agency
  of the General Partner for the Other Obligors

  	
   

  	
  99

  
	
  Section 15.16

  	
   

  	
  Patriot
  Act

  	
   

  	
  99

  
	
  Section 15.17

  	
   

  	
  Absence
  of Fiduciary Relationship; Affiliates; Etc.

  	
   

  	
  99

  
	
  Section 15.18

  	
   

  	
  Incorporation
  of Financing Order by Reference

  	
   

  	
  100

  
	
  Section 15.19

  	
   

  	
  Right
  to Publicize and Advertise

  	
   

  	
  100

  
	
  Section 15.20

  	
   

  	
  Consent
  of the Agent and Lenders

  	
   

  	
  100

  
	
  Section 15.21

  	
   

  	
  Sole
  Arranger

  	
   

  	
  101

  
	
  Section 15.22

  	
   

  	
  Schedules

  	
   

  	
  101

  
	
  Section 15.23

  	
   

  	
  Certain
  Provisions Regarding the Investment Agreement

  	
   

  	
  101

  

 

vi

 

Schedules:

 

	
  Schedule
  1.1A

  	
   

  	
   

  	
   

  	
  Fee
  Properties

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  1.1B

  	
   

  	
   

  	
   

  	
  Guarantors

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  1.1C

  	
   

  	
   

  	
   

  	
  Leased
  Properties

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  1.1D

  	
   

  	
   

  	
   

  	
  Primary
  Properties

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  3.1

  	
   

  	
   

  	
   

  	
  Debt
  to Equity Conversion Schedule

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  6.1

  	
   

  	
   

  	
   

  	
  Commercial
  Tort Claims

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  6.3

  	
   

  	
   

  	
   

  	
  Delivery
  of Mortgages

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.2(c)

  	
   

  	
   

  	
   

  	
  Parties
  to the Case

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.3

  	
   

  	
   

  	
   

  	
  Prior
  Names

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.4

  	
   

  	
   

  	
   

  	
  Capitalization

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.5

  	
   

  	
   

  	
   

  	
  Material
  Agreements — Exceptions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.9

  	
   

  	
   

  	
   

  	
  Environmental
  Matters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.11

  	
   

  	
   

  	
   

  	
  ERISA
  Matters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.17

  	
   

  	
   

  	
   

  	
  Governmental
  Authorization — Exceptions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.18

  	
   

  	
   

  	
   

  	
  First
  Lien Properties

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.19-1

  	
   

  	
   

  	
   

  	
  Prior
  Lien Debt

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.19-2

  	
   

  	
   

  	
   

  	
  M&M
  Liens

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.20

  	
   

  	
   

  	
   

  	
  Current
  Rent Roll

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.20-1

  	
   

  	
   

  	
   

  	
  A/R
  Report

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.21

  	
   

  	
   

  	
   

  	
  Title
  Exception Issues

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.22

  	
   

  	
   

  	
   

  	
  Physical
  Condition — Exceptions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.23

  	
   

  	
   

  	
   

  	
  Management

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.25

  	
   

  	
   

  	
   

  	
  Utilities
  and Public Access — Exceptions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  8.27

  	
   

  	
   

  	
   

  	
  Permits
  — Exceptions

  

 

vii

 

	
  Schedule
  8.28

  	
   

  	
   

  	
   

  	
  Unrecorded
  Ground Leases

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  9.3

  	
   

  	
   

  	
   

  	
  Insurance

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule
  9.8

  	
   

  	
   

  	
   

  	
  Property
  Dispositions

  

 

 

Exhibits:

 

	
  Exhibit A

  	
   

  	
   

  	
   

  	
  [Intentionally
  Omitted]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
   

  	
   

  	
  Form of
  Financing Order

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
   

  	
   

  	
  Form of
  Funding Notice

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D

  	
   

  	
   

  	
   

  	
  Form of
  Term Note

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit E

  	
   

  	
   

  	
   

  	
  Form of
  Compliance Certificate

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit F

  	
   

  	
   

  	
   

  	
  Form of
  Subordination, Non-Disturbance and Attornment Agreement

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit G

  	
   

  	
   

  	
   

  	
  [Intentionally
  Omitted]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit H

  	
   

  	
   

  	
   

  	
  Form of
  Guaranty Supplement

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit I-1

  	
   

  	
   

  	
   

  	
  Form of
  Mortgage

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit I-2

  	
   

  	
   

  	
   

  	
  Form of
  Deed of Trust

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit J-1

  	
   

  	
   

  	
   

  	
  Form of
  Legal Opinion of Ronald L. Gern and Jeffrey Palkovitz

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit J-2

  	
   

  	
   

  	
   

  	
  Form of
  Legal Opinion of Weil, Gotshal & Manges LLP

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit K-1

  	
   

  	
   

  	
   

  	
  Form of
  Deed of Trust Subordination Agreement

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit K-2

  	
   

  	
   

  	
   

  	
  Form of
  Mortgage Subordination Agreement

  

 

viii

 

SENIOR SECURED DEBTOR IN POSSESSION

CREDIT, SECURITY AND GUARANTY AGREEMENT

 

This
Senior Secured Debtor in Possession Credit, Security and Guaranty Agreement,
dated as of July 23, 2010, is made and entered into by and among the
entities parties hereto as Lenders (as defined herein) from time to time,
BARCLAYS BANK PLC, as administrative agent and collateral agent for the
Lenders, GENERAL GROWTH PROPERTIES, INC. (the “General Partner”), a
Delaware corporation, as a co-Borrower, GGP LIMITED PARTNERSHIP (“GGPLP”),
a Delaware limited partnership, as a co-Borrower, and the Subsidiaries of the
General Partner from time to time parties hereto as Guarantors (as defined
herein).

 

W I T N E S S E T H

 

A.            On April 16, 2009 (the “Petition
Date”), the Borrowers and certain of the Guarantors filed with the United
States Bankruptcy Court for the Southern District of New York (the “Bankruptcy
Court”) voluntary petitions for relief under Chapter 11 of
Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., and have continued in the possession of their
assets pursuant to Sections 1107 and 1108 thereof.  Each of the Guarantors is a Subsidiary of the
Borrowers.

 

B.            On May 15, 2009 (the “Original
Closing Date”), the Borrowers, the Guarantors, UBS AG, Stamford Branch, as
administrative agent for the lenders, and the lenders from time to time party
thereto, entered into that certain Senior Secured Debtor in Possession Credit,
Security and Guaranty Agreement, dated as of May 15, 2009 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to
time, the “Original DIP Agreement”).

 

C.            On March 31, 2010, the General
Partner and REP Investments LLC entered into that certain Cornerstone
Investment Agreement (as amended by that certain Amendment No. 1, dated as
of May 3, 2010 and that certain Amendment No. 2, dated as of
May 7, 2010 and as further amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Investment
Agreement”), whereby REP Investments LLC agreed to, among other things,
purchase 250,000,000 shares of common stock of the General Partner and make
other investments in Subsidiaries (as defined below) of the General Partner
(the “Investment Transactions”).

 

D.            In order to refinance the Original
DIP Agreement, the Borrowers have requested that Barclays Bank PLC, in its
capacity as a Lender, make a post-petition term loan (the “Term Loan”)
to the Borrowers consisting of a debtor-in-possession credit facility in an
aggregate principal amount not to exceed $400,000,000, subject to this
Agreement and, when entered, the Financing Order (as defined herein).

 

E.             Barclays Bank PLC, in its capacity
as a Lender, is willing to extend such credit to the Borrowers under this
Agreement upon the terms and subject to the conditions set forth in this
Agreement and the Financing Order.

 

NOW,
THEREFORE, in consideration of the mutual conditions and agreements set forth
in this Agreement, and for good and valuable consideration, the receipt and
sufficiency of which 

 

 

are
hereby acknowledged, Barclays Bank PLC, in its capacity as a Lender, the Agent
(as defined herein), the Borrowers and the Guarantors hereby agree as follows.

 

ARTICLE 1

 

INTERPRETATION
OF THIS AGREEMENT

 

Section 1.1             Definitions.  Capitalized terms wherever used in this
Agreement shall have the following respective meanings.

 

“Account”
means “accounts,” as defined in the UCC, and any other rights to payment for
the sale or lease of goods or rendition of services, whether or not they have
been earned by performance, and “Accounts” means all of the foregoing.

 

“Additional
Lender Amounts” has the meaning specified in Section 5.2.

 

“Affiliate”
means, as to any Person (the “subject Person”), any other Person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with, the subject Person or which owns, directly or indirectly, 15.0%
or more of the outstanding equity interests of the subject Person.  A Person shall be deemed to control another
Person if the controlling Person possesses, directly or indirectly, the power
to direct or cause the direction of the management and policies of the other
Person, whether through the ownership of voting securities, by contract, or
otherwise.  Notwithstanding the
foregoing, none of the Agent, the Lenders or any controlled Affiliate of the
foregoing shall be Affiliates of any Obligor for any purpose of the Loan
Documents.

 

“Affiliate
Investments” has the meaning specified in Section 9.9.

 

“Agent”
means Barclays Bank PLC, solely in its capacity as administrative agent and
collateral agent for the Lenders, and any successor agent.  References herein to “Agent” shall include
each Person (if any) performing the duties of the Agent in accordance with Section 14.2.

 

“Agent’s
Liens” means the Liens in the Collateral granted to the Agent, for the
benefit of the Lenders and the Agent, pursuant to this Agreement and the other
Loan Documents.

 

“Agent-Related
Persons” means the Agent, together with its Affiliates, and the officers,
directors, employees, agents, sub-agents and attorneys-in-fact of the Agent and
its Affiliates.

 

“Agreement”
means this Senior Secured Debtor in Possession Credit, Security and Guaranty
Agreement.

 

“A/R
Report” has the meaning specified in Section 8.20(b).

 

“Assignee”
has the meaning specified in Section 13.3(a).

 

“Assignment
and Acceptance” has the meaning specified in Section 13.3(a).

 

2

 

“Automatic
Stay” means the automatic stay imposed under Section 362 of the
Bankruptcy Code.

 

“Bankruptcy
Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., and each successor statute thereto.

 

“Bankruptcy
Court” has the meaning specified in Recital A of this Agreement.

 

“Bankruptcy
Rules” means the Federal Rules of Bankruptcy Procedure, applicable to
the Case.

 

“Borrowers”
means the General Partner, as debtor and debtor in possession in the Case and
GGPLP, as debtor and debtor in possession in the Case and the respective
successors and assigns thereof, including, without limitation, any trustee in
bankruptcy with respect thereto.

 

“Borrowing”
means the borrowing hereunder consisting of the Term Loan made on the same date
by the Lenders to the Borrowers.

 

“Business
Day” means any day that is not a Saturday, Sunday, or a day on which banks
in Chicago, Illinois or New York, New York are required or permitted to be
closed.

 

“Capital
Lease” means, with respect to any Person, any lease of property which, in
accordance with GAAP, should be reflected as a capital lease on a balance sheet
of such Person.

 

“Capital
Stock” means any and all corporate stock, units, shares, partnership
interests, membership interests, equity interests, rights, securities, or other
equivalent evidences of ownership (however designated) issued by any Person.

 

“Carve-Out”
has the meaning specified in the Financing Order.

 

“Case”
means the jointly administered Chapter 11 case captioned In Re:  General Growth
Properties, Inc., et al., Case No. 09-11977 (ALG) arising
upon the filing by certain of the Debtors of voluntary petitions for relief
with the Bankruptcy Court on the Petition Date.

 

“Cash
Collateral Account” means, in respect of the Obligors (a) one or more
deposit accounts maintained with U.S. Bank National Association or another
Eligible Institution in accordance with this Agreement and (b) the Main
Operating Account, which deposit accounts shall contain amounts transferred
thereto in accordance with this Agreement and the other Loan Documents and, in
the case of each of the foregoing clauses (a) and (b), with respect
to which the Agent shall have a perfected Agent’s Lien as security for the
payment and performance of the Obligations by virtue of, and having the
priority set forth in, the Financing Order.

 

“Cash
Equivalents” means: (i) securities issued or directly and fully and
unconditionally guaranteed or insured by the United States government or any
agency or instrumentality thereof the securities of which are unconditionally
guaranteed as a full faith and credit obligation of such government with maturities
of 12 months or less from the date of acquisition; (ii) certificates of
deposit, time deposits and eurodollar time deposits with maturities of one year
or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight 

 

3

 

bank
deposits, in each case with any domestic or foreign commercial bank having
capital and surplus of not less than $500,000,000; (iii) repurchase
obligations for underlying securities of the types described in
clauses (i), (ii) and (iv) entered into with any financial
institution meeting the qualifications specified in clause (ii) above;
(iv) marketable short-term money market and similar securities having a
rating of at least P-1 or A-1 from either Moody’s Investors Service, Inc.
(“Moody’s”) or Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. (“S&P”), respectively (or,
if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency
acceptable to the Majority Lenders) and in each case maturing within 12 months
after the date of creation or acquisition thereof; (v) readily marketable
direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an
investment grade rating from either Moody’s or S&P with maturities of 12
months or less from the date of acquisition; (vi) Investments with average
maturities of twelve months or less from the date of acquisition in money
market funds rated within the top two ratings category by S&P or Moody’s;
and (vii) any other similar Investment permitted by the Bankruptcy Code or
approved by the Bankruptcy Court.

 

“Cash
Management Order” means the order of the Bankruptcy Court entered by the
Court in respect of cash management of the Debtors.

 

“Casualty”
means a fire, explosion, flood, hurricane, tsunami, collapse, earthquake or
other casualty affecting all or any portion of any Property.

 

“Change
in Control” means the occupation after the Closing Date of a majority of
the seats (other than vacant seats) on the board of directors of the General
Partner by Persons who were neither (a) nominated by the board of
directors of the General Partner nor (b) appointed by directors so
nominated.

 

“Charges”
has the meaning specified in Section 2.5.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986 and the regulations promulgated
thereunder.

 

“Collateral”
has the meaning specified in Section 6.1(a).

 

“Commitment”
means , at any time with respect to a Lender, the principal amount set forth
beside such Lender’s name under the heading “Commitment” on the signature
page of this Agreement or on the signature page of the Assignment and
Acceptance pursuant to which such Lender became a Lender hereunder, or the most
recent Assignment and Acceptance to which such Lender is a party, in accordance
with the provisions of Section 13.3, as such Commitment may be
adjusted from time to time in accordance with the provisions of Section 13.3,
and “Commitments” means, collectively, the aggregate amount of the
Commitments of all of the Lenders.

 

“Compliance
Certificate” has the meaning specified in Section 7.2(d).

 

4

 

“Condemnation”
means a taking or voluntary conveyance of all or part of any of the Properties
or any interest in or right accruing to or use of any of the Properties, as the
result of, or in settlement of, any condemnation or other eminent domain
proceeding by any Governmental Authority.

 

“Contaminant”
means any substance, material or waste that is regulated, classified or
otherwise characterized as a pollutant, hazardous substance, toxic substance,
hazardous waste, including petroleum or petroleum derived substance or waste,
asbestos, polychlorinated biphenyls, in each case to the extent regulated under
any applicable Environmental Law.

 

“Conversion
Amount” has the meaning specified in Section 3.1.

 

“Customary
Contingent Guarantees” means guarantees, indemnities, “back-stops” or other
assumptions of liability that are in each case (a) contingent on a future
event or action the outcome of which is undetermined at the time such
guarantees, indemnities, “back-stops” or other assumptions of liability are
entered into and (b) customarily provided (y) by upper tier entities
in connection with the mortgage or mezzanine financing of their affiliates
and/or subsidiaries or (z) under joint venture agreements by the joint
venture partners thereto in favor of the joint venture and/or the other joint
venture partner(s) whereby liability under a Customary Contingent Guaranty
delivered jointly and severally by such joint venture partners in connection
with the mortgage or mezzanine financing of the joint venture or its
subsidiaries is allocated among the joint venture partners in accordance with
the proportionate ownership interest of such joint venture partners in the
joint venture.  Customary Contingent Guaranties
shall include, without limitation, non-recourse carve out guarantees,
environmental indemnities, alteration and tenant allowance indemnities and
estoppel indemnities (provided that the Agent shall have granted its prior
written approval of such estoppel indemnities, which approval shall not be
unreasonably withheld).

 

“Debt”
means, with respect to a Person without duplication, (a) all indebtedness
of such Person for borrowed money, (b) all obligations of such Person for
the deferred purchase price of property (other than trade payables and accrued
expenses incurred in the ordinary course of such Person’s business),
(c) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (d) all indebtedness created or arising
under any conditional sale or other title retention agreement with respect to
property acquired by such Person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are limited to
repossession or sale of such property), (e) all obligations in respect of
Capital Leases of such Person, (f) all obligations of such Person,
contingent or otherwise, as an account party or applicant under acceptance,
letter of credit, surety bond or similar facilities, (g) Guaranties of
such Person with respect to obligations of the type described clauses (a) through
(f) above, (h) all obligations of other Persons of the kind
referred to in clauses (a) through (g) above
secured by any Lien on property owned by such Person, whether or not such
Person has assumed or become liable for the payment of such obligation, and
(i) for the purposes of Section 11.1(d) only, the net
obligations of such Person in respect of post-petition Hedge Agreements.  The Debt of any Person shall include the Debt
of any other entity (including any partnership in which such Person is a
general partner) to the extent such Person is liable therefor as result of such
Person’s ownership interest in or other relationship with such entity, except
to the extent the terms of such Debt expressly provide that such Person is not
liable therefor.

 

5

 

“Debtor”
means either Borrower, any Guarantor or any Negative Pledge Debtor which
Negative Pledge Debtor is or was a party to the Case.

 

“Debtors”
means the Borrowers, the Guarantors and the Negative Pledge Debtors which
Negative Pledge Debtors are or were party to the Case, collectively.

 

“Default”
means any event or circumstance which, with the giving of notice, the lapse of
time, or both, would (if not cured, waived pursuant to Section 13.2,
or otherwise remedied during such time) constitute an Event of Default.

 

“Default
Rate” means a per annum interest rate at all times equal to the sum of
(a) 5.5% per annum, plus (b) (i) on
or before the Outside Date, 2.0% per annum, and
(ii) after the Outside Date, 3.0% per annum.

 

“Deferred
Mortgage” means the Mortgage with respect to the Property known as Apache
Mall, 333 Apache Mall, Rochester, Minnesota.

 

“Disqualified
Lender”  means  (i) any Person identified to the Agent
in writing prior to the date hereof, (ii) any Person which is primarily
engaged in the ownership of retail malls in the United States at the time of
the relevant assignment or participation which directly or indirectly compete
with the Obligors,  (iii) any direct
competitor of the General Partner, any of its Subsidiaries and their respective
affiliates or any affiliate of such direct competitor that controls, is controlled
by or is under common control therewith, in each case engaged in the ownership
of retail malls in the United States, and (iv) any REIT which is, or any
affiliate that controls, is controlled by or is under common control therewith
which is, at the time of any applicable assignment or participation primarily
engaged in the business of owning or operating commercial real estate in the
United States with commercial real estate assets having a value in excess of $2
billion; provided that no Lender (or any of its Affiliates) shall be a
Disqualified Lender; provided further that no Market Maker shall be a
Disqualified Lender after the termination of the Investment Agreement in
accordance with its terms.

 

“DOL”
means the United States Department of Labor or any successor department or
agency.

 

“Dollar”
and “$” means dollars in the lawful currency of the United States.

 

“Eligible
Assignee” means:  (a) a
commercial bank, commercial finance company or other lender in the business of
making secured loans having total assets in excess of $250,000,000,
(b) any Lender listed on the signature page of this Agreement;
(c) any Affiliate of any Lender; and (d) any other Person reasonably
acceptable to the Agent; provided that, at any time on or prior to the
Maturity Date, no Disqualified Lender may, without the Borrowers’ prior written
consent, be an Eligible Assignee unless the maturity of the Term Loan has been
accelerated.

 

“Eligible
Institution” means any depository institution as approved under or
contemplated by the cash management order entered in the Case.

 

“Embargoed
Person” has the meaning specified in Section 8.29(a).

 

6

 

“Emerged
Debtor Guarantor” means any Guarantor for which a Plan Date has occurred;
provided, that in no event will Century Plaza L.L.C. or Century
Plaza, Inc. be deemed to be Emerged Debtor Guarantors.

 

“Entry
Date” means the date on which the Financing Order was entered on the docket
of the Bankruptcy Court (the “original entry date”) and, with respect to
any wholly-owned Subsidiary of the Borrowers or its property becoming subject
to the Case after the original entry date, the date on which such Subsidiary or
its property becomes subject to the Case.

 

“Environmental
Compliance Issues” has the meaning specified in Section 9.6(a).

 

“Environmental
Laws” means all applicable federal, state, or local laws, statutes, common
law duties, rules, regulations, ordinances, and codes, together with all
applicable administrative orders, licenses, authorizations and permits of, and
legally binding agreements with, any Governmental Authority, in each case
relating to the protection of the environment and natural resources or human
health and safety with respect to exposure to contaminants.

 

“Environmental
Lien” means a Lien in favor of any Governmental Authority for any liability
under Environmental Laws.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and regulations
promulgated thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under
common control with any Obligor within the meaning of
Section 414(b) or (c) of the Code and
Sections 414(m) and (o) of the Code.

 

“ERISA
Event” means (a) any “reportable event,” as defined in
Section 4043 of ERISA or the regulations issued thereunder, with respect
to a Pension Plan (other than an event for which the 30-day notice period is
waived); (b) the existence with respect to any Pension Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (c) the filing pursuant
to Section 412(d) of the Code or Section 303(d) of ERISA of
an application for a waiver of the minimum funding standard with respect to any
Pension Plan; (d) the incurrence by the Borrowers or any of their ERISA
Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Pension Plan or the withdrawal or partial withdrawal of the
Borrowers or any of their ERISA Affiliates from any Pension Plan or
Multi-employer Plan; (e) the receipt by the Borrowers or any of their
ERISA Affiliates from the PBGC or a plan administrator of any notice relating
to the intention to terminate any Pension Plan or to appoint a trustee to
administer any Pension Plan; (f) the adoption of any amendment to a
Pension Plan that would require the provision of security pursuant to
Section 401(a)(29) of the Code or Section 307 of ERISA; (g) the
receipt by the Borrowers or any of their ERISA Affiliates of any notice, or the
receipt by any Multi-employer Plan from the Borrowers or any of their ERISA
Affiliates of any notice, concerning the imposition of withdrawal liability (as
defined in Part I of Subtitle E of Title IV of ERISA) or a
determination that a Multi-employer Plan is, or is expected to be, insolvent or
in reorganization, within the meaning of Title IV of ERISA; (h) the
occurrence of a “prohibited transaction” with respect to which the Borrowers or
any of the Subsidiaries is a “disqualified person” (within the 

 

7

 

meaning
of Section 4975 of the Code) or with respect to which the Borrowers or any
such Subsidiary could reasonably be expected to have a material liability; or
(i) any other event or condition with respect to a Pension Plan or
Multi-employer Plan that could result in liability of the Borrowers or any
Subsidiary.

 

“Event
of Default” has the meaning specified in Section 11.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, and regulations promulgated
thereunder.

 

“Federal
Funds Rate” means, for any day, the rate set forth in the weekly
statistical release designated as H.15(519), or any successor publication,
published by the Federal Reserve Bank of New York (including any such
successor, “H.15(519)”) on the preceding Business Day opposite the
caption “Federal Funds (Effective),” or, if for any relevant day such rate is
not so published on any such preceding Business Day, the rate for such day will
be the arithmetic mean as determined by the Agent of the rates for the last
transaction in overnight Federal funds arranged prior to 9:00 a.m. (New
York City time) on that day by each of three leading brokers of Federal funds
transactions in New York City selected by the Agent.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System
or any successor thereto.

 

“Fee
Properties” means the Real Estate properties owned in fee by a Debtor,
which properties owned as of the Petition Date are listed on Schedule 1.1A.

 

“Financing
Order” means the order of the Bankruptcy Court in the form of Exhibit B
(except as may otherwise be agreed in writing or on the record at the final
hearing with respect to such order in the Case by the Majority Lenders) entered
in the Case after notice and any hearing pursuant to the Bankruptcy
Rules and applicable local rules which, among other matters,
authorizes the Obligors to obtain credit, incur (or guaranty) the Obligations
and grant Liens under the Loan Documents and provides for the priority of the
Agent’s and the Lenders’ claims, as the same may be modified or supplemented from
time to time after the Entry Date with the written consent of the Majority
Lenders.

 

“First
Lien Properties” means all Properties set forth in Schedule 8.18,
together with any Property of a wholly-owned Subsidiary that becomes a
Guarantor after the Closing Date.

 

“Fiscal
Quarter” means a period of three calendar months beginning on the first day
of each January, April, July, and October, constituting a Person’s fiscal
quarter for financial accounting purposes, with the first of such measurement
periods beginning on the first day of each Fiscal Year and the last of such
measurement periods ending on the last day of such Fiscal Year.

 

“Fiscal
Year” means, with respect to any Person, such Person’s fiscal year for
financial accounting purposes.

 

“Foreign
Subsidiary” means any Subsidiary of an Obligor (i) that is not
incorporated or organized under the laws of the United States, any State
thereof or the District of Columbia, or 

 

8

 

(ii) that
is a disregarded entity for U.S. federal income tax purposes, (A) which is
treated for U.S. federal income tax purposes as a division of an entity
described in clause (i) above or (B) substantially all of
the assets of which consist of the Capital Stock of Subsidiaries described in clause (i) above.

 

“Fraudulent
Conveyance” has the meaning specified in Section 12.7.

 

“Funding
Date” means the date on which the Borrowing occurs.

 

“Funding
Notice” means a notice substantially in the form of Exhibit C.

 

“GAAP”
means generally accepted accounting principles set forth from time to time in
the opinions and pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the United States
accounting profession), as in effect from time to time.

 

“General
Intangibles” means “general intangibles,” as defined in the UCC, chooses in
action and causes of action, and any other intangible personal property of
every kind and nature (other than Accounts), including, without limitation, all
contract rights, payment intangibles, Proprietary Rights, corporate or other
business records, inventions, designs, blueprints, plans, specifications,
patents, patent applications, trademarks, service marks, trade names, trade
secrets, goodwill, copyrights, computer software, customer lists,
registrations, licenses, franchises, tax refund claims, any funds which may become
due to a Person in connection with the termination of any employee benefit plan
or any rights thereto and any other amounts payable to a Person from any
employee benefit plan, rights and claims against carriers and shippers, rights
to indemnification, business interruption insurance and proceeds thereof,
property, casualty or any similar type of insurance and any proceeds thereof,
proceeds of insurance covering the lives of key employees on which a Person is
beneficiary, rights to receive dividends, distributions, cash, instruments, and
other property in respect of or in exchange for pledged equity interests or
Investment Property, and any letter of credit, guarantee, claim, security
interest, or other security held by or granted to a Person.

 

“General
Partner” means General Growth Properties, Inc., a Delaware corporation
and the general partner of GGPLP.

 

“GGPLP”
means GGP Limited Partnership, a Delaware limited partnership.

 

“GGMI”
means General Growth Management, Inc., a Delaware corporation.

 

“Gift
Card and Lotto Accounts” means one or more deposit accounts established by
the General Partner or any Subsidiary that are used exclusively to hold the
proceeds of gift cards or lotto sales, respectively, which accounts shall not
be included in the Collateral.

 

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

 

9

 

“Ground
Lease” means each ground lease pursuant to which a Debtor is leasing Real
Estate from another Person.

 

“Guaranteed
Obligations” has the meaning specified in Section 12.1(a).

 

“Guarantor”
means each of the Persons identified on Schedule 1.1B and any other
wholly-owned Subsidiary that (a) ceases to be a Negative Pledge Debtor
and/or (b) becomes a party to the Case. 
Notwithstanding anything else in this Agreement, no Foreign Subsidiary
and no Negative Pledge Debtor shall be a Guarantor.

 

“Guaranty”
means, with respect to any Person, all obligations of such Person which in any
manner directly or indirectly guarantee or assure, or in effect guarantee or
assure, the payment or performance of any indebtedness, dividend, or other
obligations of any other Person (the “guaranteed obligations”), or
assure or in effect assure the holder of the guaranteed obligations against
loss in respect thereof, including any such obligations incurred through an
agreement, contingent, or otherwise: 
(a) to purchase the guaranteed obligations or any property
constituting security therefor; (b) to advance or supply funds for the
purchase or payment of the guaranteed obligations or to maintain a working
capital or other balance sheet condition; or (c) to lease property or to
purchase any debt or equity securities or other property or services.

 

“Guaranty
Supplement” has the meaning specified in Section 12.5.

 

“Hedge
Agreements” means interest rate swap, cap or collar agreements, interest
rate future or option contracts, currency swap agreements, currency future or
option contracts and other hedging agreements.

 

“Improvements”
means all buildings, structures and other improvements located on any of the
Properties and owned by any Debtor from time to time.

 

“Initial
Lender” means each of the Persons listed on the signature pages to
this Agreement as an “Initial Lender.”

 

“Insurance
Requirements” means, collectively, (a) all material terms of any
insurance policy required pursuant to this Agreement and (b) all material
regulations and then current standards applicable to or affecting any of the
Properties or any portion thereof or any use or condition thereof, which may,
at any time, be recommended by the board of fire underwriters, if any, having
jurisdiction over any of the Properties, or any other body exercising similar
functions.

 

“Intercompany
Subordination Agreement” means, collectively, that certain (i) Deed of
Trust Subordination Agreement by and among the General Partner, GGPLP, Century
Plaza, L.L.C., Century Plaza, Inc. and the Agent in the form of Exhibit K-1,
and (ii) Mortgage Subordination Agreement by and among the General
Partner, GGPLP, Howard Hughes Properties, Inc., TRC and the Agent in the
form of Exhibit K-2.

 

“Investment
Agreement” has the meaning specified in Recital C of this Agreement.

 

10

 

“Investment
Property” means “investment property,” as defined in the UCC, and any
(a) securities whether certificated or uncertificated, (b) securities
entitlements, (c) securities accounts, (d) commodity contracts and
(e) commodity accounts, together with all other units, shares, partnership
interests, membership interests, equity interests, rights or other equivalent
evidences of ownership (howsoever designated) issued by any Person.

 

“Investment
Transactions” has the meaning specified in Recital C of this Agreement.

 

“Investments”
means, as to any Person, any direct or indirect acquisition or investment by
such Person, whether by means of (i) the purchase or other acquisition of
Capital Stock or debt or other securities of another Person, (ii) a loan,
advance or capital contribution to, Guaranty or assumption of Debt of, or
purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture
interest in such other Person or (iii) the purchase or other acquisition
(in one transaction or a series of transactions) of all or substantially all of
the property and assets or business of another Person or assets constituting a
business unit, line of business or division of such Person (other than
purchases of (1) real property and related rights that are adjacent to or
ancillary to any Property or (2) other assets ancillary to a Property of
the Debtors or (3) the Capital Stock of a Person whose assets consist
primarily of any of the foregoing).  For
purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment.

 

“IRS”
means the Internal Revenue Service and any Governmental Authority succeeding to
any of its principal functions under the Code.

 

“Issuer”
has the meaning specified in Section 6.2(c).

 

“Knowledge”
means, with respect to any Obligor, the actual knowledge of the president,
chief executive officer, chief financial officer, general counsel, vice
president and deputy general counsel of real estate and finance or the
equivalent officer performing similar functions of any of the foregoing, in
each case of such Obligor.

 

“Lease”
means any lease, sublease, sub-sublease, license, letting, concession,
occupancy agreement or other agreement (whether written or oral and whether now
or hereafter in effect) under which any Debtor is a lessor, existing as of the
Closing Date or hereafter entered into by any Debtor, pursuant to which any
other Person (including Affiliates of any Debtor) is granted a possessory
interest in, or right to use or occupy all or any portion of any space in any
of the Properties, and every modification, amendment or other agreement
relating to such lease, sublease, sub-sublease, or other agreement entered
into, in accordance with the terms of the Loan Documents, in connection with
such lease, sublease, sub-sublease, or other agreement and all agreements
related thereto, and every guarantee of the performance and observance of the
covenants, conditions and agreements to be performed and observed by the other
party thereto.

 

“Leased
Properties” means the Real Estate leased by a Debtor, as lessee, pursuant
to a Ground Lease which Real Estate leased as of the Petition Date is listed on
Schedule 1.1C.

 

“Legal
Requirements” means:  (a) all
applicable and legally binding governmental statutes, laws, rules, orders,
regulations, ordinances (including, without limitation, zoning and 

 

11

 

other
similar ordinances), judgments, decrees and injunctions of Governmental
Authorities (including Environmental Laws) affecting either a Debtor or the
Property or any portion thereof or the construction, ownership, use, alteration
or operation thereof, or any portion thereof (whether now or hereafter enacted
and in force), and (b) all permits, licenses and authorizations and
regulations relating thereto.

 

“Lender”
means any Person, in its capacity as a lender hereunder and its successors and
permitted assigns in such capacity as a lender, and “Lenders” means two
or more of such Persons, collectively.

 

“Lien”
means:  (a) any interest in property
securing an obligation owed to, or a claim by, a Person other than the owner of
the property, whether such interest is based on the common law, statute, or
contract, and including a security interest, charge, claim, or lien arising
from a mortgage, deed of trust, encumbrance, pledge, hypothecation, assignment,
deposit arrangement, agreement, security agreement, conditional sale or trust
receipt or a lease, consignment, or bailment for security purposes and
(b) to the extent not included under clause (a) preceding,
any reservation, exception, encroachment, easement, right of way, covenant
running with the land, condition, restriction, lease, or other title exception
or encumbrance affecting any Property, in each case excluding any zoning or
similar law or right reserved to or vested in any Governmental Authority to
contest or regulate the use of any Property.

 

“Loan
Documents” means, collectively (a) the Financing Order, (b) this
Agreement, (c) the Term Note and (d) any other agreements,
instruments, and documents heretofore, now or hereafter evidencing, securing,
guaranteeing, or otherwise relating to the Obligations or the Collateral.

 

“Loss
Proceeds” means amounts, awards or payments payable to any Debtor or the
Agent in respect of all or any portion of any of the Properties in connection
with a Casualty or Condemnation thereof (after the deduction therefrom and
payment to such Debtor and the Agent (or the holder of any Pre-Petition Lien
with respect to such Property, any Tenant of such Property or holder of any
Ground Lease or REA in respect of such Property to the extent required by the
terms of the documents evidencing Pre-Petition Liens, the Lease, the Ground
Lease or REA with such Person, as applicable), respectively, (a) of any
and all reasonable out-of-pocket expenses incurred by such Debtor, the Agent or
such other Person in the recovery thereof, including all reasonable
out-of-pocket attorneys’ fees and disbursements, the fees of insurance experts
and adjusters and the reasonable out-of-pocket costs incurred in any litigation
or arbitration with respect to such Casualty or Condemnation, (b) of any
taxes payable with respect to such payments and (c) of any amounts
required to be paid to or for the benefit of the holders of any Pre-Petition
Lien).

 

“M&M
Liens” means mechanics’, materialmen’s, repairmen’s or similar Liens
created under any contract or existing under any applicable law and affecting
any Property.

 

“Main
Operating Account” has the meaning specified in the first day motions and
orders.

 

“Major
Entities” means, on any date, the General Partner, GGPLP, TRC, any Obligor
that owns any First Lien Property and any direct or indirect parent holding
company of such Obligor.

 

12

 

“Major
Lease” means any Lease which covers more than 75,000 square feet of
rentable building area.

 

“Major
REA” means any reciprocal easement agreement with respect to a regional
shopping center entered into by the applicable Debtor and an anchor occupant.

 

“Majority
Lenders” means one or more Lenders whose Pro Rata Shares aggregate more
than 50.0% as such percentage is determined under the definition of Pro Rata
Share set forth herein.

 

“Margin
Stock” means “margin stock” as such term is defined in Regulation T,
U, or X of the Federal Reserve Board.

 

“Market
Maker”  means any firm that regularly
makes a trading market in, or quotes prices for purchase and sale of, debt
instruments and which, is approved by the Borrowers, such approval not to be
unreasonably withheld.

 

“Material
Adverse Effect” means:  (a) a
material adverse change in, or a material adverse effect upon, the operations,
business, properties or condition (financial or otherwise) of the Debtors,
taken as a whole, or of the Collateral, taken as a whole, (b) a material
adverse change in, or a material adverse effect upon, the First Lien Properties,
taken as a whole, (c) a material adverse change in, or a material adverse
effect upon, the Negative Pledge Properties, taken as a whole, or (d) a
material adverse effect upon the legality, validity, binding effect, or
enforceability against any Obligor of the Loan Documents, taken as a whole; provided
that, for purposes of determining the existence or occurrence of a Material
Adverse Effect, (i) the effect of any Casualty or Condemnation shall be
excluded, (ii) “Material Adverse Effect” excludes the foregoing if and to
the extent the foregoing arise as a result of the filing of the Petitions and
commencement of the Case and/or the events leading thereto and (iii) when
used in this Agreement with respect to any action, event or circumstance that
is subject to the Automatic Stay, such action, event or circumstance could not
have, or be expected to have, a Material Adverse Effect for so long as such
action, event or circumstance remains subject to the Automatic Stay.

 

“Material
Agreements” means each contract and agreement (other than Leases and
agreements in respect of Debt) relating to the ownership, management,
development, use, operation, leasing, maintenance, repair or improvement of any
Properties (a) under which a Debtor has the obligation to pay more than $10,000,000
per annum or (b) as to which the breach, nonperformance or cancellation
thereof, or the failure thereof to be renewed could reasonably be expected to
have a Material Adverse Effect.

 

“Maturity
Date” means the date that is the earliest to occur of (a) the Outside
Date, (b) the Plan Date or (c) the date the Term Loan is accelerated
pursuant to the terms hereof, whether at stated maturity, upon an Event of
Default or otherwise.

 

“Maximum
Rate” has the meaning specified in Section 2.5.

 

“Maximum
Term Loan Amount” means $400,000,000.

 

13

 

“Mortgage”
has the meaning specified in Section 6.3.

 

“Multi-employer
Plan” means a multi-employer plan as defined in Section 3(37) or
Section 4001(a)(3) of ERISA which is or was at any time during the
current year or the immediately preceding five years contributed to by any
Borrower or any ERISA Affiliate.

 

“Municipal
Financing” means any tax increment financings, sales or real estate tax
rebates, payment in lieu of taxes (PILOTs), special improvement districts,
financings funded by the issuance of bonds or other negotiable instruments
sponsored or issued by a Governmental Authority or quasi-Governmental
Authority, financings related to on-site or off-site infrastructure or public
works or any other financing arrangements for which a Debtor is an obligor and
a Governmental Authority or quasi-Governmental Authority is the obligee.

 

“Negative
Pledge Debtor” means (i) any Subsidiary of the Borrower that was a
party to the Case on the Original Closing Date which holds one or more Negative
Pledge Properties, (ii) any wholly-owned Subsidiary that became a party to
the Case after the Original Closing Date which holds one or more Negative
Pledge Properties and (iii) any Subsidiary of a Person set forth in clause
(i) or clause (ii) above.

 

“Negative
Pledge Properties” means (a) all Properties other than First Lien
Properties and (b) all Capital Stock of a Person owning Property (or the
direct holding company of such Person) which Capital Stock has been pledged to
secure Prior Lien Debt constituting so-called “mezzanine loans.”

 

“Negative
Pledge Property Retention Amount” means, with respect to any sale or other
disposition of any Negative Pledge Property (or any Debtor owning any Negative
Pledge Property or its direct or indirect parent holding company), an amount
equal to (a) 50% of all Net Proceeds of all such sales or other
dispositions aggregating up to $100 million of Net Proceeds, (b) 40% of
all Net Proceeds of such sales or other dispositions aggregating more than $100
million and up to $200 million of Net Proceeds, (c) 30% of all Net
Proceeds of such sales or dispositions aggregating more than $200 million and
up to $300 million of Net Proceeds and (d) 20% of all Net Proceeds  of such sales or dispositions aggregating more than $300 million of Net
Proceeds.

 

“Net
Proceeds” means, with respect to any sale or disposition contemplated in Section 3.3(a),
an amount equal to all proceeds of such sale or disposition net of the items
specified in Section 3.3(a)(1), (2), (3) and (5).

 

“New
Lending Office” has the meaning specified in Section 5.1(d).

 

“Non-U.S.
Lender” means each Lender (or Assignee) that is not a “United States
person” as defined in Section 7701(a)(30) of the Code.

 

“Obligations”
means all loans, advances, liabilities, obligations, covenants, duties, and
debts owing by the Obligors (or any thereof) to the Agent and/or any Lender,
arising under or pursuant to this Agreement or any of the other Loan Documents,
whether or not evidenced by any note, or other instrument or document, whether
arising from an extension of credit, acceptance, loan, guaranty,
indemnification, or otherwise, whether direct or indirect, absolute or 

 

14

 

contingent,
due or to become due, primary or secondary, as principal or guarantor, and
including all principal, interest, charges, expenses, fees, attorneys’ fees,
filing fees, and any other sums chargeable to any Obligor hereunder or under
any of the other Loan Documents. 
“Obligations” includes, without limitation, all debts, liabilities, and
obligations of the Obligors now or hereafter arising from or in connection with
the Term Loan.

 

“Obligor”
means either Borrower or any Guarantor, and “Obligors” means the
Borrowers and the Guarantors.

 

“Obligor
Materials” has the meaning specified in Section 7.2.

 

“OFAC
List” means the list of specially designated nationals and other prohibited
parties maintained by the United States Treasury Department’s Office of Foreign
Assets Control.

 

“Original
Closing Date” has the meaning specified in Recital B of this Agreement.

 

“Original
DIP Agreement” has the meaning specified in Recital B of this Agreement.

 

“Other
Taxes” means any present or future stamp or documentary taxes or any other
excise or property taxes, charges, or similar levies (excluding, in the case of
each Lender and the Agent, such taxes (including income taxes or franchise
taxes) as are imposed on or measured by such Lender’s or the Agent’s, as the
case may be, net income) which arise from any payment made hereunder or from
the execution, delivery, or registration of, or otherwise with respect to, this
Agreement or any other Loan Documents, excluding any and all taxes that are
attributable to such Lender’s or the Agent’s failure to comply with the
applicable requirements set forth in Section 14.10.

 

“Outside
Date” means May 16, 2011.

 

“Participant”
has the meaning specified in Section 13.3(f).

 

“Participant
Register” has the meaning specified in Section 13.3(g).

 

“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001;
Public Law 107-56).

 

“Payment
Date” means the first Business Day of each month.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any Governmental Authority
succeeding to any of its principal functions thereof.

 

“Pension
Plan” means a pension plan (as defined in Section 3(2) of ERISA)
subject to Title IV of ERISA which any Obligor or any ERISA Affiliate
sponsors, maintains, or to which it makes, is making, or is obligated to make
contributions at any time during the current year or the immediately preceding
five plan years, but excluding any Multi-employer Plan.

 

15

 

“Permits”
means all licenses, permits, variances and certificates used in connection with
the ownership, operation, use or occupancy by each Obligor and each Debtor in
respect of its Properties (including certificates of occupancy, business
licenses, state health department licenses, licenses to conduct business and
all such other permits, licenses and rights, obtained from any Governmental
Authority or private Person concerning ownership, operation, use or occupancy
of the Property).

 

“Permitted
Liens” means:

 

(a)        the Agent’s Liens;

 

(b)        Pre-Petition Liens and Liens resulting from the refinancing
of the obligations secured thereby; provided that (i) such refinancing is
on the same or substantially similar terms, (ii) the obligations secured
thereby (A) shall not be increased, (B) shall have a final maturity
no sooner than and a weighted average life no less than the obligations being
refinanced and (C) shall not be the obligation of any Person other than
the Person previously obligated thereon, and (iii) the Liens shall not
cover any additional property;

 

(c)        Liens for taxes, fees, assessments, or other charges of a
Governmental Authority not overdue by more than 30 days or, if more than 30
days overdue, which are (i) subject to the Automatic Stay or
(ii) being contested in good faith and by appropriate proceedings
diligently pursued and as to which adequate financial reserves have been
established in accordance with GAAP on the applicable Debtor’s books and
records;

 

(d)        Liens (i) consisting of deposits made in the ordinary
course of business exclusively in connection with, or to secure payment of,
obligations under worker’s compensation, unemployment insurance, social
security, and other similar laws, or to secure the performance of bids,
tenders, or contracts (other than for the repayment of borrowed money) or to
secure indemnity, performance, performance and completion bonds or guarantees,
other similar obligations for the performance of bids, tenders, or contracts
(other than for the repayment of borrowed money) or to secure statutory
obligations (other than Liens arising under ERISA or Environmental Liens) or
surety, stay, customs or appeal or other similar bonds, (ii) consisting of
deposits made in the ordinary course of business exclusively to secure
liability for insurance premiums or deductibles or self-retention amounts,
(iii) securing Debt of the type set forth in Section 9.11(a)(ix) secured
exclusively by the policies financed thereby (and the proceeds thereof), and
(iv) consisting of deposits in respect of letters of credit or bank
guaranties posted exclusively to support payment of the items in clauses (i) and
(ii) or exclusively to secure letters of credit or bank guaranties
otherwise permitted under Section 9.11(a)(vi) or Section 9.11(a)(xvii);

 

(e)        Liens securing the claims or demands of carriers,
warehousemen, landlords, and other like Persons;

 

(f)         Liens constituting encumbrances in the nature of
reservations, exceptions, encroachments, easements, rights of way, covenants running
with the land, and other similar title exceptions or encumbrances affecting any
Real Estate of a Debtor including any REA; provided that such Liens do
not in the aggregate materially detract from the value of such Real 

 

16

 

Estate for its intended
purpose or materially interfere with its use in the ordinary conduct of such
Debtor’s business or the business of any material tenant occupying any of such
Real Estate;

 

(g)        Liens securing the claims or demands of materialmen,
mechanics, repairmen and similar Liens: (i) in respect of work done prior
to the Petition Date, and (ii) M&M Liens arising after the Petition
Date in respect of amounts not overdue by more than 60 days or, if more than 60
days overdue, the amount or validity of such Lien is being contested by the
Debtor whose Property is affected thereby, by appropriate legal proceedings
promptly initiated and conducted in good faith and with due diligence;

 

(h)        Liens arising from judgments and attachments in connection
with court proceedings; provided the attachment or enforcement of such
judgment Liens would not otherwise result in an Event of Default hereunder;

 

(i)         any “adequate protection liens” expressly contemplated by
the Financing Order;

 

(j)         Liens created with the prior written consent of the Majority
Lenders;

 

(k)        Liens not otherwise referred to in this definition incurred
in the ordinary course of business that do not secure Debt; provided
that the granting of such Lien could not be reasonably expected to have a
Material Adverse Effect;

 

(l)         licenses of Proprietary Rights granted by Debtors in the
ordinary course of business and not interfering in any material respect with
the ordinary conduct of the business of the Debtors, taken as a whole, the
granting of which could not reasonably be expected to result in a Material
Adverse Effect;

 

(m)       rights of existing and future Tenants (as tenants only)
pursuant to written Leases related to the Property in question to the extent
such Leases are entered into in conformity with the provisions of this
Agreement;

 

(n)        any interest or title of a lessor (or its mortgagor) under
any Ground Lease (with respect to a Leased Property) (including a sub-lessor)
under any operating lease or Ground Lease;

 

(o)        leases, subleases, licenses and sublicenses granted to other
Persons not interfering in any material respect with the (i) ordinary
course of the business of the Debtors, taken as a whole, and (ii) the
rights reserved or vested in any Person by the terms of any lease, license,
franchise, grant or permit held by any Debtor or by a statutory provision, to
terminate any such lease, license, franchise, grant or permit, or to require
annual or periodic payments as a condition to the continuance thereof;

 

(p)        bankers’ Liens, rights of setoff and other similar Liens on
cash and cash equivalents on deposit in one or more accounts maintained by any
Debtor, in each case granted in the ordinary course of business in favor of the
bank or banks with which such accounts are maintained, securing amounts owing
to such bank with respect to cash management and operating account
arrangements, including those involving pooled accounts and netting 

 

17

 

arrangements in respect of
such deposit accounts, and not securing any obligations relating to any
extension of credit;

 

(q)        the filing of UCC financing statements solely as a
precautionary measure in connection with operating leases, consignment of goods
or sales of Accounts;

 

(r)         Liens consisting of (i) an agreement to dispose of any
property pursuant to a disposition permitted under Section 9.8 and
(ii) earnest money deposits of cash or cash equivalents by any Debtor in
connection with any letter of intent or purchase agreement permitted hereunder;

 

(s)        the granting of any purchase option, right of first refusal,
right of first offer or similar right in respect of any portion of any of the
Properties or the subjecting of any portion of any of the Properties to
restrictions on transfer, in each case, in the ordinary course of business and
(i) to the extent existing on the Petition Date, (ii) consisting of
customary purchase options, rights of first refusal, rights of first offer or
similar rights given in respect of anchor occupant parcels or outparcels, in
the case of clause (ii), that do not contain a restraint on
alienation to reasonably similar competitors of the Debtors, taken as a whole,
or (iii) in respect of any Negative Pledge Property;

 

(t)         Liens securing Debt of the type permitted under Section 9.11(a)(iv) provided
that individual financings of assets of the Debtors provided by one lender or
its Affiliates may be cross-collateralized to other financings of assets
provided by such lender or its Affiliates;

 

(u)        Liens set forth in any UCC search results delivered or made
available to the Agent on or prior to the Petition Date with respect to GGMI;
and

 

(v)        Liens evidencing and/or securing any Municipal Financing and,
to the extent constituting Debt, if such Debt is permitted under Section 9.11(a)(xxi).

 

“Person”
means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association,
corporation, Governmental Authority, or any other entity.

 

“Petition
Date” has the meaning specified in Recital A of this Agreement (the “original
petition date”) and, with respect to any wholly-owned Subsidiary of the
Borrowers that becomes a party to the Case after the original petition date,
the date on which such Subsidiary becomes subject to the Case.

 

“Petitions”
means the voluntary petitions filed by the Debtors with the Bankruptcy Court
for relief under Chapter 11 of the Bankruptcy Code.

 

“Plan
Date” means the effective date of a plan of reorganization in respect of
the Debtors in the Case.

 

“Platform”
has the meaning specified in Section 7.2.

 

“Pledged
Collateral” has the meaning specified in Section 6.12(b).

 

18

 

“Prepayment
Cash Collateral Account” has the meaning specified in Section 3.3(d).

 

“Pre-Petition
Liens” means Liens which (a) were valid, enforceable, properly
perfected (or are permitted to be perfected after the Petition Date pursuant to
the Bankruptcy Code and are so perfected) and non-avoidable as of the Petition
Date, if any, (b) as a matter of applicable nonbankruptcy law, would have
priority over the Agent’s Liens as of the Petition Date if the Agent’s Liens
were created as of such date (or with respect to Liens permitted to be
perfected after the Petition Date pursuant to the Bankruptcy Code and which are
so perfected, have priority over the Agent’s Liens as of such date of
perfection) and (c) are not avoided in the Case.

 

“Primary
Properties” means the Properties described on Schedule 1.1D.

 

“Prior
Lien Debt” means the Debt and other obligations existing as of the Petition
Date which are secured by Pre-Petition Liens, as amended, restated, amended and
restated, supplemented or otherwise modified prior to the date hereof or after
the date hereof in accordance with this Agreement.

 

“Private
Side Communications” has the meaning specified in Section 7.2.

 

“Pro
Rata Share” means, with respect to a Lender, a fraction (expressed as a
percentage), the numerator of which is the sum of the principal amount of the
Term Loan owed to such Lender and the denominator of which is the aggregate
principal amount of the Term Loan owed to all Lenders.

 

“Professional
Person” means a Person who is an attorney, accountant, appraiser,
auctioneer, financial advisor, or other professional Person and who is retained
with approval of the Bankruptcy Court, after notice and opportunity for hearing
to the Agent and the Lenders, by (a) any Debtor pursuant to
Section 327 of the Bankruptcy Code, (b) a committee pursuant to
Section 1103(a) of the Bankruptcy Code or (c) the official
committee of unsecured creditors.

 

“Properties”
means the Fee Properties and the Leased Properties, including all Improvements
thereon.

 

“Proprietary
Rights” means, with respect to a Person, all of such Person’s now owned and
hereafter arising or acquired:  licenses,
franchises, permits, patents, patent rights, copyrights, works which are the
subject matter of copyrights, trademarks, service marks, trade names, trade
styles, patent, trademark and service mark applications, and all licenses and
rights related to any of the foregoing (including goodwill), and all other
rights under any of the foregoing, all extensions, renewals, reissues,
divisions, continuations, and continuations in part of any of the foregoing,
and all rights to sue for past, present, and future infringement of any of the
foregoing.

 

“Public
Lender” has the meaning specified in Section 7.2.

 

“REA”
means any reciprocal easement or similar agreement affecting any Property.

 

“Real
Estate” means, with respect to any Person, all of such Person’s now or
hereafter owned or leased estates in real property, including, without
limitation, all fees, leaseholds, and future interests, together with all of
such Person’s now or hereafter owned or leased interests in 

 

19

 

the
improvements thereon, the fixtures attached thereto, and the easements
appurtenant thereto.  The Real Estate
includes, without limitation, the Properties.

 

“Register”
has the meaning specified in Section 13.3(d).

 

“REIT”
means a real estate investment trust as defined in Section 856 of the Code
or any successor provision.

 

“Release”
means a release, spill, emission, leaking, pumping, injection, deposit,
disposal, discharge, dispersal, leaching, or migration of a Contaminant into
the environment including, without limitation, indoor air.

 

“Rent
Roll” has the meaning specified in Section 8.20(a).

 

“Responsible
Officer” means, with respect to any Obligor, the chief executive officer,
the president, the chief financial officer, or any senior vice president, the
treasurer, any assistant treasurer, the Secretary or any assistant secretary of
such Obligor (or of the general partner or manager of such Obligor if it is not
a corporation), or any other officer having substantially the same authority
and responsibility.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Capital Stock of any Debtor,
or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such Capital Stock
or any option, warrant or other right to acquire any such Capital Stock (other than
convertible Debt).

 

“Sole
Arranger” means Barclays Capital, the investment banking division of
Barclays Bank PLC, solely in its capacity as sole arranger with respect to this
Agreement.

 

“Subsidiary”
as to any Person, a corporation, partnership, limited liability company or
other entity of which shares of stock or other ownership interests having
ordinary voting power (other than stock or such other ownership interests
having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation,
partnership or other entity are at the time owned, or the management of which
is otherwise controlled directly or indirectly through one or more
intermediaries, or both, by such Person. 
Unless otherwise qualified, all references to a “Subsidiary” or to
“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of
the General Partner.

 

“Taxes”
means any and all present or future taxes, levies, imposts, deductions, charges,
or withholdings, and all liabilities with respect thereto, excluding, in the
case of each Lender and the Agent, taxes (including income taxes or franchise
taxes and branch profits taxes) as are imposed on or measured by such Lender’s
or the Agent’s, as the case may be, net income by the jurisdiction (or any
political subdivision thereof) under the laws of which such Lender or the
Agent, as the case may be, is organized or maintains a lending office or does
business, or by a jurisdiction to which the Agent or such Lender is or
previously was otherwise connected pursuant to the laws of such jurisdiction,
other than by reason of activity arising solely from the 

 

20

 

Agent
or such Lender having executed this Agreement and having enjoyed its rights and
performed its obligations under this Agreement.

 

“Tenant”
means any Person liable by contract or otherwise to pay monies (including a
percentage of gross income, revenue or profits) pursuant to a Lease.

 

“Tenant
Allowances” means tenant improvements paid or reimbursed through allowances
to or credit against rent only by a Tenant pursuant to such Tenant’s Lease.

 

“Tenant
Obligations Order” means the order of the Bankruptcy Court entered by the
Court in respect of tenant obligations of the Debtor.

 

“Term
Loan” has the meaning specified in Recital D of this Agreement.

 

“Term
Note” means a promissory note made by the Borrowers payable to the order of
a Lender evidencing the obligation of the Borrowers to pay the aggregate unpaid
principal amount of the Term Loan made to the Borrowers by such Lender and/or
held by such Lender (and any promissory note or notes that may be issued from
time to time in substitution, renewal, extension, replacement, or exchange
thereof whether payable to such Lender or to a different Lender in connection
with a Person becoming a Lender after the Closing Date or otherwise)
substantially in the form of Exhibit D, with all of the blanks
properly completed.

 

“Threshold
Amount” means, with respect to any Property, $25,000,000.

 

“TRC”
means The Rouse Company LP.

 

“Unfunded
Pension Liability” means the excess of a Pension Plan’s actuarial value of
benefit liabilities under Section 4001(a)(16) of ERISA, over the current
actuarial value of that Pension Plan’s assets allocable to such benefit
liabilities, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 or Section 430 of the Code (or
corresponding provisions of ERISA) for the applicable plan year.

 

“UCC”
means the Uniform Commercial Code (or any successor statute) of the State of
New York or of any other state the laws of which are required by
Section 9-301 thereof to be applied in connection with the issue of
perfection of security interests.

 

“United
States” means the United States of America.

 

“U.S.
Lender” means each Lender (or Assignee) that is a “United States person” as
defined in Section 7701(a)(30) of the Code.

 

Section 1.2         Accounting Terms.  Any accounting term used in this Agreement
without definition shall have, unless otherwise specifically provided herein,
the meaning customarily given in accordance with GAAP, and all financial
computations hereunder shall be computed, unless otherwise specifically
provided herein, in accordance with GAAP.

 

21

 

Section 1.3             Interpretive Provisions.

 

(a)           The meanings of defined
terms are equally applicable to the singular and plural forms of the defined
terms.

 

(b)           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, Schedule and
Exhibit references are to this Agreement unless otherwise specified.

 

(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.”

 

(c)           Unless otherwise expressly
provided herein, (i) references to agreements (including this Agreement)
and other contractual instruments shall be deemed to include all subsequent
amendments, restatements, amendments and restatements, supplements and other
modifications thereto, but only to the extent such amendments and other
modifications are not prohibited by the terms of any Loan Document, and
(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.

 

(d)           The captions and headings of
this Agreement are for convenience of reference only and shall not affect the
interpretation of this Agreement.

 

(e)           This Agreement and the other
Loan Documents are the result of negotiations among and have been reviewed by
counsel to the Agent, the Lenders, and the Obligors and are the products of all
parties.  Accordingly, the Loan Documents
shall not be construed against the Agent, any Lender, or any Obligor merely
because of any such Person’s involvement in their preparation.

 

(f)            Terms not otherwise defined
in this Agreement shall have the meanings attributed to such terms in the UCC.

 

(g)           Whenever the payment of any
obligation or the performance of any covenant, agreement or obligation is
stated to be due on a day which is not a Business Day, such payment or
performance shall be made on the next succeeding Business Day, and such
extension of time shall be included in the computation of interest or fees, as
applicable.

 

(h)           All references in any Loan
Document to all or any part of the Obligations being paid in full, payment in
full, paid in full in cash, payment in full in cash, paid in cash, repayment in
full, repaid in full, payment and satisfaction in full or indefeasibly paid or
any similar phrase shall refer to such portion of the Obligations either being
paid in full in cash or 

 

22

 

being converted to equity
and/or debt to the extent permitted by, and in the manner set forth on, Schedule 3.1-A.

 

ARTICLE 2

 

TERM
LOAN; INTEREST AND FEES

 

Section 2.1             Total Facility.  Subject to all of the terms and conditions of
this Agreement and the Financing Order, the Lenders severally agree to make
available a term credit facility of up to the Maximum Term Loan Amount for use
by the Debtors.  The term credit facility
described in the preceding sentence is not a revolving line of credit, and the
Borrowers may not reborrow sums previously advanced as part of the Term Loan
and prepaid or repaid.

 

Section 2.2             Term Loan.

 

(a)           The Term Loan.  Subject to Section 10.1, the Lenders
agree, on the terms and conditions hereinafter set forth, to make a single
advance in the amount equal to its Commitment or such lesser amount as is
authorized by the Financing Order to the Borrowers on or, at the Lenders’
option, before the date which is ten (10) Business Days following the
Entry Date.

 

(b)           No Liability.  The Agent shall not incur any liability to
any Obligor as a result of acting reasonably under this Section 2.2,
and the crediting of Term Loan to the Borrowers’ deposit account, or wire
transfer to such Person as the Borrowers shall direct, shall conclusively
establish the obligation of the Borrowers to repay such Term Loan as provided
herein.

 

(c)           Notation.  The Agent shall record on its books the
principal amount of the Term Loan owing to each Lender from time to time.  In addition, each Lender is authorized, at
such Lender’s option, to note the date and amount of each payment or prepayment
of principal of such Lender’s Term Loan in its books and records, including
computer records, such books and records constituting presumptive evidence,
absent manifest error, of the accuracy of the information contained therein.

 

(d)           Term Notes.  The Borrowers shall execute and deliver to
the Agent, on behalf of each Lender, effective as of the Closing Date and on
the date of the assignment of any portion of any Lender’s Term Loan, a Term
Note, to evidence such Lender’s Term Loan, in the principal amount equal to the
greater of the amount of such Lender’s Commitment with respect to the Term Loan
or the aggregate principal amount of the Term Loan owed to such Lender.

 

(e)           Commitment Termination.  All Commitments shall automatically terminate
if the conditions to the Funding Date set forth in Section 10.1
shall not have been satisfied by 5:00 P.M., New York City time, on the
earlier of (i) August 15, 2010 and (ii) the termination of the
Investment Agreement in accordance with its terms.

 

23

 

Section 2.3             Interest.

 

(a)           Interest Rates.  The Term Loan shall bear interest on the
unpaid outstanding principal amount thereof (including, to the extent permitted
by law, on accrued interest thereon not paid when due) from the date made until
paid in full in cash at a per annum rate equal to the lesser of (i) the Maximum
Rate or (ii) five and one-half percent (5.5%).  Subject to Section 2.5, all
interest charges on the Obligations shall be computed on the basis of a year of
360 days and actual days elapsed (which results in more interest being paid
than if computed on the basis of a 365-day year).

 

(b)           The Borrower shall deliver
to the Agent a Funding Notice.

 

(c)           [Intentionally Omitted].

 

(d)           [Intentionally Omitted].

 

(e)           Default Rate.  Subject to Section 2.5, upon the
occurrence and during the continuance of an Event of Default, the principal
amount of the Term Loan outstanding and, to the extent permitted by applicable
law, any interest payments on the Term Loan or any fees, in each case, which
are overdue, shall thereafter bear interest payable on demand at a rate per
annum equal to the lesser of (i) the Maximum Rate or (ii) the Default
Rate.

 

Section 2.4             [Intentionally Omitted]..

 

Section 2.5             Interest Limitation  Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to the Term Loan,
together with all fees, charges and other amounts which are treated as interest
on such Term Loan under applicable law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lenders holding
such Term Loan in accordance with applicable law, the rate of interest payable
in respect of such Term Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of
such Term Loan but were not payable as a result of the operation of this
Section 2.5 shall be cumulated and the interest and Charges payable to
such Lender in respect of such Term Loan or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount shall have been
received by such Lender if such amount may be paid to such Lender without
violating any Legal Requirement.

 

Section 2.6             Agent’s Fee.  Subject to Section 2.5, the
Borrowers agree to pay, to the Agent for the Agent’s own account, collateral
management, agency and administrative fees at the times and in the amounts
separately agreed in writing among the Borrowers and the Agent; provided
that the amount of such fees shall not exceed $30,000 per month but may be
required to be paid annually in advance.

 

24

 

ARTICLE 3

 

PAYMENTS
AND PREPAYMENTS

 

Section 3.1             Term Loan.  Subject to Section 15.23, the
Borrowers jointly and severally agree to repay the outstanding principal
balance of the Term Loan plus all accrued but unpaid interest thereon, together
with all other non-contingent Obligations, on the Maturity Date; provided
that the General Partner (on its own behalf and on behalf of GGPLP) shall have
the right to elect to convert the outstanding principal amount of the Term Loan
and accrued and unpaid interest due and owing upon the Plan Date (the “Conversion
Amount”) to equity and/or debt to the extent permitted by, and in the
manner set forth on, Schedule 3.1-A.  Accrued and unpaid interest on the Term Loan
shall be due and payable on each Payment Date (beginning on August 1,
2010) and on the Maturity Date, and the Borrowers agree to pay such accrued and
unpaid interest on such dates (it being understood that the payment of interest
on the Maturity Date may be paid by conversion of such amounts to the extent
permitted by the preceding sentence).

 

Section 3.2             Optional Prepayment of the
Term Loan.  The
Borrowers may prepay the principal of the Term Loan, in whole or in part, at
any time and from time to time by (a) providing to the Agent two (2) Business
Days prior written notice of its intention to make such prepayment and
(b) paying to the Agent or, if applicable, paying in compliance with Section 15.23
all accrued and unpaid interest on the principal amount being prepaid
concurrently with the making of such prepayment; provided, however, that
each such optional prepayment shall be in a minimum principal amount of
$1,000,000 and integral multiples of $500,000 in excess thereof.

 

Section 3.3             Mandatory Prepayments of the
Term Loan.  Subject to Section 15.23,
the Borrowers shall prepay the principal amount of the Term Loan at the
following times and in the following amounts:

 

(a)           (i) in the case of a
sale or disposition pursuant to Section 9.8(d) within two (2) Business
Days (during which period no Obligor shall be entitled to make any Restricted
Payments) and (ii) in the case of any sale or disposition of condominiums
pursuant to Section 9.8(f)(i), on or before the last Business Day
of the applicable Fiscal Quarter during which such sale or disposition was made
of (A) any First Lien Property (or any Debtor owning such First Lien
Property or its direct or indirect parent holding company) or (B) any
Negative Pledge Property (or any Debtor owning such Negative Pledge Property or
its direct or indirect parent holding company), all proceeds of such sale or
other disposition net of (1) the reasonable and customary out-of-pocket
costs and expenses of such sale or disposition paid to Persons that are not
Obligors or their Subsidiaries, (2) the amount applied to all obligations
secured by a Pre-Petition Lien on the asset being sold or the Capital Stock of
the Person (or the direct holding company of such Person) owning such asset
being sold which is secured by any Pre-Petition Lien, (3) the amount of
sales and transfer taxes that are payable by a Debtor or any Affiliate in
connection therewith, and (4) in the case of a sale or disposition of (x) First
Lien Property, to the extent the net proceeds of all such sales or dispositions
since the Closing Date exceed $75,000,000 in the aggregate and
(y) Negative Pledge Property, the Negative Pledge Property Retention
Amount, if applicable;

 

25

 

(b)           with respect to the Loss
Proceeds of any Casualty or Condemnation with respect to any Property of any
Debtor, at the time and in the amount of such prepayment as required by Section 9.4(e);

 

(c)           [Intentionally Omitted]; and

 

(d)           notwithstanding any of the
other provisions of this Section 3.3, so long as no Event of
Default shall have occurred and be continuing, any prepayment of the Term
Loan  required to be made pursuant to
this Section may, at the election of the Borrowers, be maintained in a
Prepayment Cash Collateral Account (or pursuant to other arrangements
reasonably satisfactory to the Agent) and, so long as no Event of Default has
occurred and is continuing, such amount shall not be required to be applied to
reduce the principal amount of the Term Loan at such time as would otherwise be
required by this Section 3.3. 
For purposes of this clause (d), the term “Prepayment
Cash Collateral Account” means a deposit or securities account established
by a Borrower with a bank designated by the Agent and over which the Agent
shall have exclusive dominion and control, including the exclusive right of
withdrawal for application in accordance with this clause (d); provided
that the Borrowers shall have the right to reasonably direct the investment
of amounts on deposit in a Prepayment Cash Collateral Account in Cash
Equivalents as the Borrowers shall elect. 
If the maturity of the Term Loan has been accelerated pursuant to Section 11.2
or if the Term Loan has matured in accordance with its terms, the Agent  shall at the direction of the Majority
Lenders apply all amounts on deposit in the Prepayment Cash Collateral Accounts
(or otherwise held by the Agent) to satisfy any of the Obligations.

 

Section 3.4             Payments by the Borrowers.

 

(a)           Subject to Section 15.23,
all payments to be made by the Borrowers shall be made without set-off,
recoupment, or counterclaim except as otherwise expressly permitted hereunder
(including, without limitation, the terms and provisions of the Investment
Agreement and Schedule 3.1-A). 
Except as otherwise expressly provided herein (including, without
limitation, in Section 15.23), all payments by the Borrowers shall
be made to the Agent, for the account of the Lenders (but in any event in one
wire transfer), at the Agent’s address set forth in Section 15.7,
and shall be made in Dollars and in immediately available funds, no later than
1:00 p.m. (New York City time) on the date specified herein.  Any payment received by the Agent later than
1:00 p.m. (New York City time) may, at the option of the Agent, be deemed
to have been received on the following Business Day and any applicable interest
or fee shall continue to accrue.

 

(b)           Unless the Agent receives notice
from the Borrowers prior to the date on which any payment is due to the Lenders
that the Borrowers will not make such payment in full as and when required, the
Agent may assume that the Borrowers have made such payment in full to the Agent
on such date in immediately available funds and the Agent may (but shall not be
so required), in reliance upon such assumption, distribute to each Lender on
such due date an amount equal to the amount then due such Lender.  If and to the extent the Borrowers have not
made such payment in full to the Agent, each Lender shall repay to the Agent on
demand such amount distributed to such Lender, together with interest thereon
at the Federal Funds Rate for each day from the date such amount is distributed
to such Lender until the date repaid.

 

26

 

(c)           [Intentionally Omitted].

 

Section 3.5             Apportionment, Application,
and Reversal of Payments. 
Except as otherwise expressly provided herein  (including, without limitation, in Section 15.23),
aggregate principal and interest payments shall be apportioned ratably among
the Lenders (according to the unpaid principal balance of the Term Loan to
which such payments relate held by each Lender) and payments of the fees shall,
as applicable, be apportioned ratably among the Lenders as of the date such
fees are received by the Agent.  Except
as specifically provided otherwise herein (including, without limitation, in Section 15.23)
or in the Financing Order, all payments shall be remitted to the Agent and all
such payments not constituting payment of specific fees, and all proceeds of
Accounts or other Collateral received by the Agent, shall be applied, ratably,
subject to the provisions of this Agreement, FIRST, to pay any interest
or fees then due with respect to, or which constitute, Obligations, SECOND,
to pay or prepay principal of the Term Loan under this Agreement, and THIRD,
to the payment of any other Obligation. 
The Agent shall promptly distribute to each Lender, pursuant to the applicable
wire transfer instructions received from each Lender in writing, such funds as
it may be entitled to receive.

 

Section 3.6             Indemnity for Returned
Payments.  If, after
receipt of any payment which is applied to the payment of all or any part of the
Obligations, the Agent or any Lender is for any reason compelled to surrender
such payment or proceeds to any Person because such payment or application of
proceeds is invalidated, declared fraudulent, set aside, determined to be void
or voidable as a preference, impermissible set-off, or a diversion of trust
funds, or for any other reason, then the Obligations or part thereof intended
to be satisfied shall be revived and continued and this Agreement shall
continue in full force as if such payment or proceeds had not been received by
the Agent or such Lender and the Borrowers shall be liable to pay to the Agent
and the Lenders, and hereby do indemnify the Agent and the Lenders and hold the
Agent and the Lenders harmless for, the amount of such payment or proceeds
surrendered.  The provisions of this Section 3.6
shall be and remain effective notwithstanding any contrary action which may
have been taken by the Agent or any Lender in reliance upon such payment or
application of proceeds, and any such contrary action so taken shall be without
prejudice to the Agent’s and the Lenders’ rights under this Agreement and shall
be deemed to have been conditioned upon such payment or application of proceeds
having become final and irrevocable.  The
provisions of this Section 3.6 shall survive the termination of
this Agreement.

 

Section 3.7             The Agent’s Books and
Records.  The Obligors agree that the
Agent’s books and records showing the Obligations and the transactions pursuant
to this Agreement and the other Loan Documents shall be admissible in any
action or proceeding arising therefrom, and shall constitute rebuttably
presumptive proof thereof, irrespective of whether any Obligation is also
evidenced by a promissory note or other instrument.  Such books and records shall be deemed
correct, accurate, and binding on the Borrowers and an account stated (except
for corrections of errors discovered by the Agent) in the absence of evidence
to the contrary.  In the event a timely
written notice of objections is given by the Borrowers, only the items to which
exception is expressly made will be considered to be disputed by the Borrowers.

 

27

 

ARTICLE 4

 

CASH
COLLATERAL ACCOUNTS

 

Section 4.1             Cash Collateral Accounts.

 

(a)           All cash of the Obligors
shall be deposited by the Obligors in one or more accounts subject to the
perfected Agent’s Lien by virtue of, and having the priority set forth in, the
Financing Order and, except for the Main Operating Account, if at any time
required by the Agent upon the occurrence and during the continuance of an
Event of Default, under its exclusive dominion and control upon written notice
to the General Partner and the applicable financial institution.  Such funds shall be held in a Cash Collateral
Account until such time as the amounts held therein are applied by the relevant
Obligors to pay expenses or otherwise used in accordance with this
Agreement.  So long as no Event of
Default shall have occurred and be continuing, amounts held in a Cash Collateral
Account shall be available to the Obligors for use in a manner or for a purpose
not prohibited by this Agreement.  During
the existence of an Event of Default all amounts held in any Cash Collateral
Account (other than amounts held in the Main Operating Account subject to the
Liens in favor of the Adequate Protection Parties (as defined in the Financing
Order)), at the election of the Agent, shall be applied as required by Section 11.2(e);
provided that during the existence of an Event of Default (1) notwithstanding
the existence of such Event of Default or an acceleration of the Obligations,
funds in the Main Operating Account that are not subject to the first priority
Agent’s Lien shall not be transferred out of the Main Operating Account other
than for ordinary course expenditures to protect and preserve the Collateral
(including all documented payroll expenses (including benefits), operating
expenses of the Properties, taxes, insurance premiums, ground rents with
respect to the Properties, and cash management, in each case, in the ordinary
course of business, and the adequate protection payments) and (2) funds in
any Cash Collateral Account that are subject to the first priority Agent’s Lien
(x) may, until otherwise directed by Agent, be transferred out of the Cash
Collateral Accounts only for ordinary course expenditures to protect and
preserve the Collateral (including all documented payroll expenses (including
benefits), operating expenses of the Properties, taxes, insurance premiums,
ground rents with respect to the Properties, and cash management, in each case,
in the ordinary course of business and (y) at the Agent’s sole discretion
and with the consent of the Majority Lenders, any funds in the Cash Collateral
Accounts that are subject to the first priority Agent’s Lien may instead be
applied at the direction of the Agent.

 

(b)           If no Event of Default has
occurred and is continuing, the Obligors may invest the funds in any Cash
Collateral Account as permitted by the Bankruptcy Court.

 

(c)           Notwithstanding the
foregoing, GGMI shall maintain one or more accounts for the collection of the
revenues and income of GGMI and its Subsidiaries.  GGMI shall pay its expenses and the expenses
of its Subsidiaries from such account consistent with its past practices.

 

(d)           The Obligors shall cause the
Negative Pledge Debtors to use all cash of the Negative Pledge Debtors only in
accordance with (a) the Cash Management Order, the Tenant 

 

28

 

Obligations Order and the
Financing Order or (b) the applicable confirmation order, if any,
heretofore entered by the Bankruptcy Court.

 

ARTICLE 5

 

TAXES,
YIELD PROTECTION, AND ILLEGALITY

 

Section 5.1             Taxes.

 

(a)           Any and all payments by any
Obligor to a Lender or the Agent under this Agreement and any other Loan
Document shall be made free and clear of, and without deduction or withholding
for any Taxes, except as provided below. 
In addition, the Borrowers shall pay all Other Taxes.

 

(b)           The Borrowers shall
indemnify and hold harmless each Lender and the Agent for the full amount of
Taxes or Other Taxes (including any Taxes or Other Taxes imposed by any
jurisdiction on amounts payable under this Section 5.1) paid by
such Lender or the Agent and any liability (including penalties, interest,
additions to tax, and expenses) arising therefrom or with respect thereto,
whether or not such Taxes or Other Taxes were correctly or legally
asserted.  Payment under this
indemnification shall be made within 30 days after the date such Lender or the
Agent makes written demand therefor accompanied by a certificate setting forth
in reasonable detail the amount and calculation of any indemnification payment
so requested by such Lender or the Agent. 
However, no Lender shall be entitled to any amounts under this Section 5.1
to the extent that the event giving rise to such Taxes or Other Taxes occurred
more than one hundred and twenty (120) days prior to the date notice and demand
therefor was given to the Borrowers.

 

(c)           If any Obligor shall be
required by law to deduct or withhold any Taxes or Other Taxes from or in
respect of any sum payable hereunder to any Lender or the Agent, then:

 

(i)            the sum payable shall be
increased as necessary so that after making all required deductions and
withholdings (including deductions and withholdings applicable to additional
sums payable under this Section 5.1) such Lender or the Agent, as
the case may be, receives an amount equal to the sum it would have received had
no such deductions or withholdings been made;

 

(ii)           such Obligor shall make such
deductions and withholdings; and

 

(iii)          such Obligor shall pay the
full amount deducted or withheld to the relevant Governmental Authority or
other authority in accordance with any Legal Requirements.

 

(d)           No Obligor shall be required
to increase any amounts payable to a Lender (including an Assignee) or the
Agent with respect to any Taxes under this Section 5.1 where
(i) such Taxes are attributable to the failure of the Agent or such Lender
to comply with the requirements of Section 14.10 or (ii) the
obligation to withhold amounts with respect to Taxes existed on the date
(A) the Agent or such Lender became a party to this Agreement or
(B) with respect to payments to a Lender which changes its applicable
lending office by designating a 

 

29

 

different lending office (a
“New Lending Office”), the date such Lender designated such New Lending
Office with respect to the Term Loan.

 

(e)           If the Agent or a Lender
determines in its sole discretion that it has received a refund or credit that
is attributable to any Taxes or Other Taxes as to which the Agent or such
Lender has been indemnified by an Obligor, or with respect to which the Obligor
has paid an additional amount hereunder, the Agent or such Lender shall within
30 days after the date of such receipt pay over the amount of such refund or
credit (to the extent so attributable) to such Obligor.  If a Governmental Authority later determines
that the Agent or such Lender is not entitled to such refund or credit, such
Obligor shall return the amount of such refund or credit to the Agent or Lender
upon written demand.

 

(f)            Within a reasonable period
after the date of any payment by any Obligor of Taxes or Other Taxes pursuant
to this Article 5, such Obligor shall furnish the Agent the
original or a certified copy of a receipt evidencing payment thereof, or other
evidence of payment reasonably satisfactory to the Agent.

 

(g)           Notwithstanding any other
provision contained herein, if a Lender is classified for U.S. federal income
tax purposes as a partnership and is composed of partners, which if such
partners were themselves Non-U.S. Lenders would be required to provide the
documentation described in Section 14.10, then Section 5.1
hereof shall be applied to payments to such Lender as if such payments were
made directly to the partners of such Lender provided such Lender obtains from
such partners the documents described in Section 14.10 and provides
such documentation to the Agent and Borrowers.

 

Section 5.2             [Intentionally Omitted].

 

Section 5.3             Certificates of Lenders.  Any Lender claiming reimbursement or
compensation under this Article 5 shall deliver to the Borrowers
(with a copy to the Agent) a certificate setting forth in reasonable detail the
amount and calculation of the funds payable to such Lender hereunder and such
certificate shall be presumed to be correct and binding on the Borrowers.  To the extent any Lender receives a refund of
all or a portion of the Additional Lender Amounts, such Lender shall promptly
remit the same to the Borrowers.

 

Section 5.4             Replacement of Lenders.  If (i) any Lender requests reimbursement
or compensation under this Article 5, (ii) if any Lender
refuses to consent to an amendment, modification, supplement or waiver required
pursuant to Section 13.2 with respect to any Loan Document which
has otherwise been approved by Majority Lenders or (iii) any Lender
becomes insolvent or has its assets become subject to a receiver, liquidator,
trustee, custodian or other officer having similar powers, then Borrowers may,
at their sole expense and effort, upon notice to such Lender and Agent, require
such Lender to assign and delegate at par (in accordance with Section 13.3),
all of its interests, rights and obligations in connection with the Term Loan
under this Agreement and the related Loan Documents to an Eligible Assignee
that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that if a Lender is being
replaced as a result of a request for reimbursement or compensation under this Article 5
with respect to taxes, costs or other amounts being incurred 

 

30

 

generally by the other Lenders, such Lender may only be replaced by an
Eligible Assignee that will alleviate the need for the reimbursement or payment
of such taxes, costs or other amounts.

 

A
Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling Borrowers to require such assignment and delegation
cease to apply.

 

Each
Lender hereby grants to the Agent an irrevocable power of attorney (which power
is coupled with an interest) to execute and deliver, on behalf of such Lender
as assignor, any Assignment and Acceptance necessary to effectuate any
assignment of such Lender’s interests hereunder in the circumstances
contemplated by, and in accordance with, this Section 5.4.

 

Section 5.5             Survival.  The agreements and obligations of the
Obligors in this Article 5 shall survive the payment of all other
Obligations.

 

ARTICLE 6

 

COLLATERAL

 

Section 6.1             Grant of Security Interest.

 

(a)           As security for all
Obligations, each Obligor hereby collaterally assigns and grants to the Agent,
for the benefit of the Agent and the Lenders, a continuing security interest
in, Lien on, assignment of, all of the following property and assets of such
Obligor, whether now owned or existing or hereafter acquired or arising, regardless
of where located:

 

(i)            all Accounts, including all
credit enhancements therefor;

 

(ii)           all contract rights,
including, without limitation, all rights of such Obligor as either lessor or
lessee under any lease or rental agreement of real or personal property,
including, without limitation, each Lease;

 

(iii)          all chattel paper;

 

(iv)          all documents;

 

(v)           all instruments;

 

(vi)          all supporting obligations
and letter-of-credit rights;

 

(vii)         all General Intangibles
(including, without limitation, payment intangibles, intercompany accounts, and
software);

 

(viii)        all inventory and other
goods;

 

(ix)           all equipment and fixtures;

 

(x)            all Investment Property
(except as provided in the last sentence of this Section 6.1(a) below);

 

(xi)           all money, cash, cash
equivalents, securities, and other property of any kind;

 

31

 

(xii)          the Cash Collateral
Accounts, each Prepayment Cash Collateral Account and all other deposit
accounts and all other credits and balances with and other claims against any
financial institution;

 

(xiii)         all notes, and all documents
of title;

 

(xiv)        all books, records, and
other property related to or referring to any of the foregoing, including,
without limitation, books, records, account ledgers, data processing records,
computer software and other property, and General Intangibles at any time evidencing
or relating to any of the foregoing;

 

(xv)         all commercial tort claims
listed on Schedule 6.1 and disclosed from time to time to the Agent
pursuant to the terms of this Agreement;

 

(xvi)        if such Obligor is a Debtor,
all Real Estate owned or leased by such Obligor;

 

(xvii)       all other personal property
of such Obligor, excluding any avoidance actions under Chapter 5 of the
Bankruptcy Code and recoveries therefrom; and

 

(xviii)      all accessions to,
substitutions for, and replacements, products, and proceeds of any of the
foregoing, including, but not limited to, proceeds of any insurance policies,
claims against third parties, and condemnation or requisition payments with
respect to all or any of the foregoing.

 

All
of the foregoing and all other property of such Obligor in which the Agent or
any Lender may at any time be granted a Lien, is herein collectively referred
to as the “Collateral.” 
Notwithstanding anything herein to the contrary, in no event shall the
Collateral (or any component term thereof) include or be deemed to include
(i) the Capital Stock of any Foreign Subsidiary, other than 65% in total
voting power of such Capital Stock and 100% of non-voting Capital Stock, in
each case, of a first tier Foreign Subsidiary of any Obligor, (ii) any
contracts, instruments, licenses, license agreements or other documents (or any
rights thereunder), to the extent (and only to the extent) that the grant of a
security interest would (A) constitute a violation of a restriction in
favor of a third party on such grant, (B) give any other party to such
contract, instrument, license, license agreement or other document the right to
terminate its obligations thereunder, or (C) violate any law; provided
that the limitation set forth in this clause (ii) above shall
not affect, limit, restrict or impair the grant by an Obligor of a security
interest pursuant to this Agreement in any such right, to the extent that an
otherwise applicable prohibition or restriction on such grant is rendered
ineffective by any applicable law, including the UCC or the Bankruptcy Code,
(iii) any direct or indirect interest in any Capital Stock of any joint
venture, partnership or other entity if and for so long as the grant of such
security interest or Lien shall constitute a default under or termination
pursuant to the terms of the joint venture agreement, partnership agreement or
other organizational documents of, or contract, mortgage or other debt
agreements or other agreement of (or covering or purporting to cover the assets
of) such joint venture, partnership or entity or its direct or indirect parent,
or require the payment of a fee, penalty or similar increased costs or result
in the loss of economic benefit or the abandonment or invalidation of such
Obligor’s or any Subsidiary’s interest in such Capital Stock or shall otherwise
adversely impact such interest in such joint venture, partnership or other
entity; provided that the limitation set forth in this clause (iii) above
shall not affect, limit, restrict or impair the grant by an Obligor of a
security interest pursuant to this Agreement in any such right, 

 

32

 

to
the extent that an otherwise applicable prohibition or restriction on such
grant is rendered ineffective by any applicable law, including the UCC or the
Bankruptcy Code, (iv) any Ground Lease of a Debtor which has been assumed
pursuant to Section 365 of the Bankruptcy Code if the granting of a Lien
hereunder would cause a default under or allow the termination of such Ground
Lease (it being agreed that, to the extent the Lien granted pursuant to this Section 6.1
attaches to any such Ground Lease prior to a Debtor’s assumption thereof, and
the granting of a Lien hereunder would cause a default under or allow the
termination of such Ground Lease, such Lien shall automatically be released
upon such assumption and any Mortgage evidencing such Lien shall automatically
terminate with respect to such Ground Lease), (v) the Gift Card and Lotto
Accounts and (vi) any Real Estate of GGMI; provided, further,
that any such security interest and Lien shall attach immediately and
automatically after any such disqualifying condition specified in clause (ii) or
(iii) of this paragraph shall cease to exist.

 

(b)           All of the Obligations shall
be secured by all of the Collateral.

 

Section 6.2             Perfection and Protection of
Security Interest.

 

(a)           Each Obligor shall, as
applicable, at such Obligor’s expense, perform all steps reasonably requested
by the Agent at any time to perfect, maintain, protect, and enforce the Agent’s
Liens, including:  upon an Event of
Default, delivering to the Agent (1) the originals of all instruments,
documents, and chattel paper, and all other Collateral of which the Agent
reasonably determines it should have physical possession in order to perfect
and protect the Agent’s security interest therein, duly pledged, endorsed, or
assigned to the Agent without restriction, (2) warehouse receipts covering
any portion of the Collateral located in warehouses and for which warehouse receipts
are issued, (3) certificates of title (excluding deeds for Real Estate)
covering any portion of the Collateral for which certificates of title have
been issued and (4) all letters of credit on which such Obligor is named
beneficiary.  Notwithstanding anything to
the contrary contained herein, no Obligor shall be required to obtain, maintain
or provide any (x) mortgage or deed of trust (except as set forth in Section 6.3
below), title insurance commitment or policy or survey, in each case, in
respect of any Property or (y) lockbox agreement, deposit account control
agreement (or similar agreement), or securities account control agreement (or
similar agreement), in each case, in respect of any Collateral.

 

(b)           To the extent permitted by
any Legal Requirement, the Agent may file, without any Obligor’s signature, one
or more financing statements disclosing the Agent’s Liens on the Collateral; provided
that the Agent will not file any financing statement against any Obligor if
such filing would require the payment of any documentary, intangibles or
similar fees or taxes (other than customary filing charges per page and
nominal fees and taxes) except filings reasonably necessary to perfect the
Agent’s Liens with respect to (i) any Obligor organized as of the date hereof
in a jurisdiction where the filing of financing statements would not require
the payment of such fees or taxes, if such Obligor reorganizes in another
jurisdiction or (ii) any assets over which the Agent’s Liens are or have
been perfected pursuant to the terms hereof, if such assets are transferred by
any Obligor to an Obligor organized in another jurisdiction.

 

(c)           To the extent any Obligor is
or becomes the issuer of any Investment Property that is Collateral (in such
capacity, an “Issuer”), each Obligor agrees as follows with respect to
such Investment Property, but subject to the terms of any documents or
agreements entered 

 

33

 

into prior to the Closing
Date creating or evidencing any Pre-Petition Lien with respect to such
Investment Property:

 

(i)            All such Investment Property
issued by such Issuer, all warrants, and all non-cash dividends and other
non-cash distributions in respect thereof at any time registered in the name
of, or otherwise deliverable to, any Obligor, shall be delivered directly to
the Agent, for the account of such Obligor, at the Agent’s address for notices
set forth in Section 15.7.

 

(ii)           All cash dividends, cash
distributions, and other cash or cash equivalents in respect of such Investment
Property at any time payable or deliverable to any Obligor shall be deposited
into the Cash Collateral Account.

 

(iii)          Such Issuer will not
acknowledge any transfer or encumbrance in respect of such Investment Property
to or in favor of any Person other than the Agent or a Person designated by the
Agent in writing.

 

Section 6.3             Delivery of Mortgages.  Within ten (10) days of
the Funding Date, the applicable Obligor shall deliver mortgages with respect
to each of the Primary Properties substantially in the relevant form attached
hereto as Exhibit I-1 or I-2 appropriately completed, with such state
specific changes as are necessary to create a Lien on the applicable Real
Estate in such state and otherwise in a form described in Schedule 6.3
(each, a “Mortgage” and, collectively, the “Mortgages”); provided
however, the Deferred Mortgage shall not be filed or recorded prior to the
earlier to occur of (i) December 1, 2010, (ii) the occurrence
and continuance of an Event of Default and (iii) the termination of the
Investment Agreement in accordance with its terms.

 

Section 6.4             Title to, Liens on, and Use
of Collateral.  Each
Obligor represents and warrants to the Agent and the Lenders and agrees with
the Agent and the Lenders that: 
(a) all of the Collateral owned by such Obligor is and will
(subject to dispositions permitted hereunder) continue to be owned by such
Obligor free and clear of all Liens whatsoever, except for Permitted Liens,
(b) the Agent’s Liens in the Collateral will not be junior in priority to
any prior Lien other than the Carve-Out, the Pre-Petition Liens and Liens
described in clauses (b), (c), (d), (e), (f),
(g), (i) (to the extent, and only to the extent, set forth
in the Financing Order), (j) (to the extent, and only to the extent,
so agreed by the Majority Lenders), (m), (n), (o), (p),
(s), (t), (u) and (v) (to the extent
existing on the Entry Date) of the definition of “Permitted Liens” and
(c) such Obligor will use, store, and maintain the Collateral owned by
such Obligor with all reasonable care. 
The inclusion of proceeds in the Collateral shall not be deemed to
constitute the Agent’s or any Lender’s consent to any sale or other disposition
of the Collateral except as expressly permitted herein.

 

Section 6.5             Access and Examination;
Confidentiality.

 

(a)           The Agent (or its
representatives and/or advisors) may at reasonable times during regular
business hours as may be requested by the Agent upon reasonable advance notice,
and at any time when an Event of Default exists, upon reasonable notice to the
Borrowers have access to, examine, audit, make extracts from or copies of, and
inspect any or all of the Obligors’ records, files, and books of account and
the Collateral, and discuss the Obligors’ affairs with executive officers of any
Obligor.

 

34

 

(b)           The Agent and each Lender
severally agree to take normal and reasonable precautions and exercise due care
to maintain the confidentiality of all financial information and other
information relating to the Borrowers and each Debtor, except to the extent
that such information (i) was or becomes generally available to the public
other than as a result of disclosure by the Agent or such Lender or
(ii) was or becomes available on a nonconfidential basis from a source
other than a Debtor (so long as such source is not known to Agent, such Lender
or any of their respective Affiliates to be bound by confidentiality
obligations to any Debtor). 
Notwithstanding the foregoing, the Agent and any Lender may disclose any
such information (1) pursuant to any requirement of any Governmental
Authority to which the Agent or such Lender is subject or in connection with an
examination of the Agent or such Lender by any such Governmental Authority, (2) pursuant
to subpoena or other court process, (3) when appropriate to do so in
accordance with the provisions of any applicable Legal Requirement, (4) to
the extent reasonably necessary in connection with any litigation or proceeding
between or among any Obligor and the Agent, any Lender, or their respective
Affiliates or any other litigation or proceeding to which the Agent, any
Lender, or their respective Affiliates may be party arising out of or related
to this Agreement, any other Loan Document, or any transaction contemplated
herein, (5) to the extent reasonably required in connection with the
exercise of any right or remedy hereunder or under any other Loan Document,
(6) to the Agent’s or such Lender’s directors, officers, employees,
managers,  independent auditors,
accountants, attorneys, and other professional advisors on a “need to know”
basis for use in connection with this Agreement and the other Loan Documents,
(7) to any prospective Participant or Assignee, actual or potential and
(8) to its Affiliates  on a “need to
know” basis for use in connection with this Agreement and the other Loan
Documents; provided that the receiving parties pursuant to
subsections (6), (7) and (8) above, agree to keep such
information confidential to the same extent required of the Agent and the
Lenders hereunder.  The obligations of
each party contained in this Section 6.5(b) shall continue for
a period of three (3) years after such party ceases to be a party to this
Agreement.

 

Section 6.6             Documents, Instruments,
and Chattel Paper.  Each
Obligor represents and warrants to the Agent and the Lenders that (a) to
its Knowledge all documents, instruments, and chattel paper describing,
evidencing, or constituting Collateral owned by such Obligor, and all
signatures and endorsements thereon of any Obligor, are and will be complete,
valid, and genuine in all material respects, and (b) all goods evidenced
by such documents, instruments, and chattel paper are and will be owned by such
Obligor, free and clear of all Liens other than Permitted Liens.

 

Section 6.7             Right to Cure.  Upon the occurrence and during the
continuance of an Event of Default, the Agent may, in its reasonable
discretion, and shall, at the direction of the Majority Lenders and upon ten
(10) days notice to the applicable Obligor, pay any amount or do any act
required of any Obligor hereunder or under any other Loan Document in order to
preserve, protect, maintain, or enforce the Obligations, the Collateral, or the
Agent’s Liens therein, and which any Obligor fails to pay or do, including
payment of any judgment against any Obligor, any insurance premium, any
warehouse charge, any finishing or processing charge, any landlord’s or
bailee’s claim, and any other obligation secured by a Lien upon or with respect
to the Collateral; provided, however, that the Agent’s obligations to
make any payments under this Section 6.7 shall only arise to the
extent the Agent receives sufficient funds from the Lenders to make such
payments; provided further that neither the Agent nor the Lenders shall 

 

35

 

pay any amount (i) being diligently contested by appropriate
proceedings or (ii) in respect of any Pre-Petition Lien.  All payments that the Agent makes under this Section 6.7
and all out-of-pocket costs and reasonable expenses that the Agent pays or
incurs in connection with any reasonable action taken by it hereunder shall be
considered part of the Obligations and shall bear interest until repaid at the
Default Rate.  Any payment made or other
action taken by the Agent under this Section 6.7 shall be without
prejudice to any right to assert an Event of Default hereunder and to proceed
thereafter as herein provided.

 

Section 6.8             Power of Attorney.  Upon the occurrence of and during the
continuance of an Event of Default, each Obligor hereby appoints the Agent and
the Agent’s designee(s) as such Obligor’s attorney to sign such Obligor’s
name on any invoice, bill of lading, warehouse receipt, or other document of
title relating to any Collateral, on drafts against customers, on assignments
of Accounts, on notices of assignment, financing statements, and other public
records and to file any such financing statements permitted under this
Agreement by electronic means with or without a signature as authorized or
required by applicable law or filing procedure. 
Each Obligor ratifies and approves all acts of such attorney.  This power, being coupled with an interest,
is irrevocable until this Agreement has been terminated and the non-contingent
Obligations have been fully satisfied.

 

Section 6.9             The Agent’s and Lenders’
Rights, Duties, and Liabilities.  The Obligors assume all responsibility and
liability arising from or relating to the use, sale, or other disposition of
the Collateral.  The Obligations shall not
be affected by any failure of the Agent or any Lender to take any steps to
perfect the Agent’s Liens or to collect or realize upon the Collateral, nor
shall loss of or damage to the Collateral release any Obligor from any of the
Obligations.

 

Section 6.10           Site Visits, Observations,
and Testing.  The Agent
and its representatives will have the right at any commercially reasonable
time, and upon reasonable advance notice to the applicable Obligor and subject
to the terms and conditions of any applicable Ground Lease or other Lease, to
enter and visit the Real Estate of any Obligor constituting Collateral for the
purposes of observing such Real Estate and taking and removing soil or
groundwater samples on any part of such Real Estate (a) upon prior consultation
with such Obligor where the Agent reasonably believes there exists the presence
of a Contaminant at concentrations exceeding those allowed by Environmental
Laws that could reasonably be expected to materially and adversely affect the
value of such Real Estate or (b) at any time during the existence of an
Event of Default; provided that in the event such Real Estate is leased
by a Obligor, such observing and testing shall be conducted in accordance with
the terms of the Ground Lease with respect to such Real Estate and in
observation of the rights of any Tenant. 
The Agent is under no duty, however, to visit or observe such Real
Estate or to conduct tests, and any such acts by the Agent will be solely for
the purposes of protecting the Agent’s Liens and preserving the Agent and the
Lenders’ rights and remedies under this Agreement.  No site visit, observation, or testing by the
Agent and the Lenders will result in a waiver of any Default or Event of
Default or impose any liability on the Agent or the Lenders other than for
damages incurred as a result of the gross negligence, willful misconduct, bad
faith or breach of the Loan Documents by the Agent or any Lender.  In each instance, the Agent will give such
Obligor reasonable notice before entering such Real Estate or any other place
the Agent is permitted to enter under this Section 6.10.  The Agent will make reasonable efforts to
avoid interfering with 

 

36

 

any use of such Real Estate or any other property in exercising any
rights provided hereunder.  The Agent
agrees to indemnify, defend and hold harmless such Obligor from any loss or
liability arising from damages caused to Real Estate or any personal property
by Agent’s representatives’ actions taken under the authority granted by this Section 6.10.  The Agent agrees that any environmental
professional retained to perform the taking and removing soil or groundwater
samples under this Section 6.10 shall be reasonably qualified and
possess reasonable levels of insurance naming Borrowers and any other relevant
Obligor as an additional insured for the environmental sampling the
environmental professional has been retained to conduct.

 

Section 6.11           Joinder of Subsidiaries.  Promptly upon any (a) wholly-owned Subsidiary
(other than a Foreign Subsidiary or a Negative Pledge Debtor) of the Borrowers
or its property becoming subject to the Case or (b) any wholly-owned
Subsidiary (other than a Foreign Subsidiary) that is a Negative Pledge Debtor
avoiding or having avoided or repaid or discharged the Pre-Petition Liens
securing such Subsidiary’s Prior Lien Debt (other than pursuant to a
refinancing permitted by this Agreement), the Borrowers shall cause such
Subsidiary to execute and deliver to the Agent a joinder agreement and a
Guaranty Supplement pursuant to which such Subsidiary will become a party
hereto for the purposes of guaranteeing the Obligations and granting the Agent
Liens on the Collateral of such new Subsidiary of a type described in the
definition of Collateral and such Subsidiary shall (a) obtain such orders
from the Bankruptcy Court in the Case as the Agent may reasonably request to
effect such joinder and such guarantee and (b) execute and deliver such
other instruments, certificates, supplements to the Schedules and agreements in
connection herewith and therewith as the Agent may reasonably request subject
to the limitations set forth in Section 6.2.

 

Section 6.12           Voting Rights, etc. in
Respect of Investment Property.

 

(a)           So long as no Event of
Default shall be in existence and the relevant Obligor has not received a
written notice pursuant to Section 6.12(b) (i) each
Obligor shall be entitled to exercise any and all voting and other consensual
rights (including, without limitation, the right to give consents, waivers, and
notifications in respect of any securities) pertaining to its Investment
Property or any part thereof; provided that without the prior written
consent of the Majority Lenders, no vote shall be cast or consent, waiver, or
ratification given or action taken which would (A) be inconsistent with or
violate any provision of this Agreement or any other Loan Document in any
material respect or (B) amend, modify, or waive any material term,
provision, or condition of the certificate of incorporation, bylaws,
certificate of formation, or other charter document or other agreement relating
to, evidencing, providing for the issuance of, or securing any such Investment
Property, in any manner that would materially impair such Investment Property
or the Agent’s Liens therein and (ii) each Obligor shall be entitled to
receive, and each Obligor must, promptly following its receipt, deposit into
the Cash Collateral Accounts, any and all dividends and interest paid in
respect of any of such Investment Property (unless otherwise required, or
permitted to be used, by this Agreement, including uses permitted under Section 9.13).

 

(b)           During the existence of an
Event of Default, (i) the Agent may, upon written notice to the relevant
Obligor, transfer or register in the name of the Agent or any of its nominees,
for the benefit of the Agent and the Lenders, any or all of the Collateral
consisting of Investment Property, the proceeds thereof (in cash or otherwise),
and all liens, security, 

 

37

 

rights, remedies, and claims of any Obligor with respect thereto (as
used in this Section 6.12 collectively, the “Pledged Collateral”)
held by the Agent hereunder, and the Agent or its nominee may thereafter, after
written notice to the applicable Obligor, exercise all voting and corporate
rights at any meeting of any corporation, partnership, or other business entity
issuing any of the Pledged Collateral and any and all rights of conversion,
exchange, subscription, or any other rights, privileges, or options pertaining
to any of the Pledged Collateral as if it were the absolute owner thereof,
including, without limitation, the right to exchange at its discretion any and
all of the Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization, or other readjustment of any corporation, partnership, or
other business entity issuing any of such Pledged Collateral or upon the
exercise by any such issuer or the Agent of any right, privilege, or option
pertaining to any of the Pledged Collateral, and in connection therewith, to
deposit and deliver any and all of the Pledged Collateral with any committee,
depositary, transfer agent, registrar, or other designated agency upon such
terms and conditions as it may determine, all without liability except to
account for property actually received by it, but the Agent shall have no duty
to exercise any of the aforesaid rights, privileges, or options, and the Agent
shall not be responsible for any failure to do so or delay in so doing,
(ii) to the extent permitted under Legal Requirements, after the Agent’s
giving of the notice specified in clause (i) of this Section 6.12(b) all
rights of any Obligor to exercise the voting and other consensual rights which
it would otherwise be entitled to exercise pursuant to Section 6.12(a)(i) and
to receive the dividends, interest, and other distributions which it would
otherwise be authorized to receive and retain thereunder shall be suspended
until such Event of Default shall no longer exist, and all such rights shall,
until such Event of Default shall no longer exist, thereupon become vested in
the Agent which shall thereupon have the sole right to exercise such voting and
other consensual rights and to receive and hold as Pledged Collateral such
dividends, interest, and other distributions, (iii) all dividends,
interest, and other distributions which are received by any Obligor contrary to
the provisions of this Section 6.12(b) shall be received in
trust for the benefit of the Agent, shall be segregated from other funds of
such Obligor and shall be forthwith deposited into the Cash Collateral Accounts
as Collateral in the same form as so received (with any necessary endorsement),
and (iv) each Obligor shall execute and deliver (or cause to be executed
and delivered) to the Agent all such proxies and other instruments as the Agent
may reasonably request for the purpose of enabling the Agent to exercise the
voting and other rights which it is entitled to exercise pursuant to this Section 6.12(b) and
to receive the dividends, interest, and other distributions which it is
entitled to receive and retain pursuant to this Section 6.12(b).

 

Section 6.13           Remedies.  Neither the Agent nor any Lender shall take
any action under this Article 6 (or similar provisions of any Loan
Document) except after the five Business Day waiting period in accordance with
the Financing Order.

 

ARTICLE 7

 

BOOKS
AND RECORDS; FINANCIAL INFORMATION; NOTICES

 

Section 7.1             Books and Records.  The Borrowers shall maintain, at all times,
correct and complete books, records, and accounts to enable the preparation of
its financial statements, on a consolidated basis, in accordance with GAAP.

 

38

 

Section 7.2             Financial Information.  The Borrowers will furnish, or cause to be
furnished, to the Agent, the following:

 

(a)           As soon as available, but in
any event not later than 90 days after the close of each Fiscal Year, an
audited consolidated balance sheet and consolidated statements of income and
cash flow for the General Partner and its consolidated Subsidiaries for such
Fiscal Year, and with respect to such audited financial statements, setting
forth in comparative form figures for the previous Fiscal Year, all in
reasonable detail, fairly presenting, in all material respects, the financial
position and the results of operations of the General Partner and its
consolidated Subsidiaries as at the date thereof and for the Fiscal Year then
ended in accordance with GAAP.  Such
financial statements shall be examined in accordance with generally accepted
auditing standards by, and accompanied by a report thereon (without any
qualification or exception as to the scope of such audit, other than any such
qualification or exception arising as a result of the commencement of the Case
or the events leading thereto) of Deloitte & Touche LLP, other
independent certified public accountants of national standing selected by the
General Partner or another firm reasonably satisfactory to the Agent.  The General Partner authorizes the Agent to
communicate directly with the General Partner’s certified public accountants,
upon reasonable advance notice to the Borrowers, and by this provision,
authorizes those accountants to disclose to the Agent any and all financial statements
and other supporting financial documents and schedules relating to the General
Partner and its consolidated Subsidiaries and to discuss directly with the
Agent the finances and affairs of the General Partner and its consolidated
Subsidiaries; provided that the Borrowers shall have a reasonable
opportunity to participate in such communications.

 

(b)           As soon as available but in
any event not later than 45 days after the end of each of the first three
Fiscal Quarters, the unaudited consolidated balance sheet of the General
Partner and its consolidated Subsidiaries as at the end of such Fiscal Quarter,
and unaudited consolidated statements of income for the General Partner and its
consolidated Subsidiaries for such Fiscal Quarter and for the period from the
beginning of the Fiscal Year to the end of such Fiscal Quarter, all in
reasonable detail, fairly presenting, in all material respects, the financial
position and results of operations of the General Partner and its consolidated
Subsidiaries as at the date thereof and for such periods, in accordance with
GAAP (other than presentation of footnotes and subject to normal year-end audit
adjustments).  The General Partner shall
certify by a certificate signed by its chief financial officer that all such financial
statements have been prepared in accordance with GAAP and present fairly, in
all material respects, subject to normal year-end adjustments and the absence
of footnotes, the General Partner’s consolidated financial position as at the
dates thereof and its results of operations for the periods then ended.

 

(c)           [Intentionally Omitted].

 

(d)           With each of the financial
statements delivered pursuant to Section 7.2(a) and Section 7.2(b),
the General Partner shall provide to the Agent a certificate of its chief
financial officer or other principal financial officer in the form of Exhibit E
(the “Compliance Certificate”) stating that, except as explained in
reasonable detail in such certificate, no Default or Event of Default then
exists.  If such certificate discloses
that a Default or Event of Default then exists, such certificate shall set
forth what action the Obligors have taken or propose to take with respect
thereto.

 

39

 

(e)           Within ten (10) days
after the filing thereof or the date the same are sent, as applicable, the
Obligors shall provide to the Agent copies of all reports, if any, to or other
documents filed by the General Partner with the Securities and Exchange
Commission under the Exchange Act, and all reports, notices, or statements sent
(other than routine non-material correspondence) by the General Partner to all
holders of any equity interests of the General Partner or of any Debt of any
Obligor registered under the Securities Act of 1933 or to the trustee under any
indenture under which the same is issued, in each case, unless such statement,
report or certificate is made publicly available by such Obligor.

 

(f)            [Intentionally Omitted].

 

(g)           [Intentionally Omitted].

 

(h)           Promptly after receipt thereof,
the General Partner shall provide to the Agent a copy of the final management
letter prepared for the General Partner by its independent certified public
accountants in connection with its annual audit.

 

(i)            Promptly after any filing
thereof, the Obligors shall deliver to the Agent copies of all written
pleadings, motions, applications, financial information, petitions, schedules,
reports, and other papers and documents filed with the Bankruptcy Court by or
on behalf of any Debtor in the Case; provided that so long as the Agent and its
counsel are included on the master service list in the Case, the requirements
of this Section 7.2(i) shall be deemed to have been satisfied.

 

(j)            [Intentionally Omitted].

 

(k)           The Obligors shall provide
to the Agent such additional information as the Agent (and/or any Lender,
acting through the Agent) may from time to time reasonably request regarding
the financial and business affairs of any Debtor (which additional information
may include, without limitation, (i) the unaudited consolidated balance
sheet of the Obligors owning each Primary Property and any Debtor owning any
Negative Pledge Property to the extent prepared for the holder of the Prior
Lien Debt as at the end of each Fiscal Year or Fiscal Quarter, and unaudited
consolidated statements of income for the Obligors owning each Primary Property
and any Negative Pledge Property to the extent prepared for the holder of the
Prior Lien Debt for such period, (ii) an updated 13-week cash flow
forecast of receipts and disbursements on a consolidated basis, (iii) the
cash balance of the Main Operating Account and (iv) copies of all material
written reports and presentations (other than information which is privileged
or confidential in respect of the recipient) delivered by or on behalf of any
Debtor to the official creditors’ committee in the Case).

 

Documents
required to be delivered pursuant to this Section 7.2 may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrowers post such documents, or
provide a link thereto on the website of the Securities and Exchange Commission
at http://www.sec.gov or on the website of the General Partner at www.ggp.com
(or such other website address accessible to the Agent and the Lenders as
notified to the Agent in accordance with the terms hereof); or (ii) on
which such documents are posted on the Borrowers’ behalf on
IntraLinks/IntraAgency or another website to which each 

 

40

 

Lender
and the Agent have access (whether a commercial, third-party website or whether
sponsored by the Agent); provided that the Borrowers shall notify (which notice
may be by facsimile or electronic mail) the Agent of the posting of any such
documents.  Notwithstanding anything to
the contrary contained in clauses (e) and (h) of
this Section 7.2, the failure to deliver any notice or provide any
information in accordance therewith shall not constitute a Default or Event of
Default so long as such notice or information is delivered to the Agent
concurrently with the delivery of the financial statements pursuant to clauses
(a) or (b) above for the period in which such relevant
notice or information were to have been given to the Agent.  Notwithstanding anything contained herein, in
every instance the Borrowers shall be required to provide paper copies of the
Compliance Certificates required by Section 7.2(d) to the
Agent; provided, however, that if such Compliance Certificate is first
delivered by electronic means, the date of such delivery by electronic means
shall constitute the date of delivery for purposes of compliance with Section 7.2(d).

 

The
Borrowers hereby acknowledge that (a) the Agent will make available to the
Lenders materials and/or information provided by or on behalf of the Obligors
hereunder (collectively, “Obligor Materials”) by posting the Obligor
Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders may be “public-side” Lenders (i.e.,
Lenders that do not wish to receive material non-public information with
respect to the Obligors or their securities) (each, a “Public Lender”).
The Borrowers hereby agree that they will identify that portion of the Obligor
Materials that may be distributed to the Public Lenders and that (w) all
such Obligor Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (x) by marking Obligor Materials “PUBLIC,”
the Borrowers shall be deemed to have authorized the Agent and the Lenders to
treat such Obligor Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the
Obligors or their securities for purposes of United States federal and state
securities laws; (y) all Obligor Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated “Public
Investor”; and (z) the Agent shall be entitled to and shall treat any
Obligor Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Investor.”

 

Each
Lender acknowledges that circumstances may arise that require it to refer to
Obligor Materials that may contain material non-public information (“Private
Side Communications”).  Accordingly, each Lender agrees that it will
use commercially reasonable efforts to designate at least one individual to
receive Private Side Communications on its behalf in compliance with its
procedures and applicable law and identify such designee (including such
designee’s contact information) on such Lender’s “Administrative
Questionnaire.”  Each Lender agrees to notify the Agent in writing from
time to time of such Lender’s designee’s e-mail address to which notice of the
availability of Private Side Communications may be sent by electronic
transmission.

 

Each
Lender that elects not to be given access to Private Side Communications does
so voluntarily and, by such election, (i) acknowledges and agrees that the
Agent and other Lenders may have access to Private Side Communications that
such electing Lender does not have and (ii) takes sole responsibility for
the consequences of, and waives any and all claims based on or arising out of,
not having access to Private Side Communications.

 

41

 

The
Platform is provided “as is” and “as available.”  The Agent does not
warrant the accuracy or completeness of the Obligor Materials, or the adequacy
of the Platform and expressly disclaims liability for errors or omissions in
the communications.  No warranty of any kind, express, implied or
statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third party rights or
freedom from viruses or other code defects, is made by Agent in connection with
the Obligor Materials or the Platform.  In no event shall Agent or any
Agent-Related Person have any liability to the Obligors, any Lender or any
other person for damages of any kind, including direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in tort,
contract or otherwise) arising out of any Obligor’s or Agent’s transmission of
communications through the Internet, except to the extent the liability of such
person is found in a final non-appealable judgment by a court of competent
jurisdiction to have resulted from such person’s gross negligence or willful
misconduct.

 

Section 7.3                 Notices to the Agent.  The Obligors shall notify the Agent in
writing of the following matters at the following times (which notice shall set
forth, in reasonable detail, the action that the Obligors or any ERISA
Affiliate, as applicable, has taken or proposes to take with respect thereto):

 

(a)           promptly upon obtaining Knowledge of
any Default or Event of Default;

 

(b)           promptly upon obtaining Knowledge of
any event or development which could reasonably be expected to have, or has
resulted in, a Material Adverse Effect;

 

(c)           promptly upon obtaining Knowledge of
any pending (or written threat of any) action, suit, proceeding, or
counterclaim by any Person, or any pending or threatened (in writing)
investigation by a Governmental Authority, which could reasonably be expected
to have, or has resulted in, a Material Adverse Effect;

 

(d)           promptly upon obtaining Knowledge of
any pending (or written threat of any) strike, work stoppage, unfair labor
practice claim, or other labor dispute affecting any Obligor, in each case in a
manner which could reasonably be expected to have, or has resulted in, a
Material Adverse Effect;

 

(e)           promptly upon obtaining Knowledge of
any violation of any law, statute, regulation, or ordinance of a Governmental
Authority affecting any Obligor which could reasonably be expected to have, or
has resulted in, a Material Adverse Effect;

 

(f)            promptly after receipt of any notice
of any violation by any Obligor of any Environmental Law which could reasonably
be expected to have, or has resulted in, a Material Adverse Effect or that any
Governmental Authority has asserted that any Obligor is not in compliance with
any Environmental Law or is investigating any Obligor’s compliance therewith,
in each case, which could reasonably be expected to have, or has resulted in, a
Material Adverse Effect;

 

(g)           promptly after receipt of any written
notice that any Obligor is or may be liable to any Person as a result of the
Release or threatened Release of any Contaminant or that any Obligor (or
Obligor’s Property) is subject to an Environmental Lien which has priority over
the 

 

42

 

Agent’s Liens or any
investigation by any Governmental Authority evaluating whether any remedial
action is needed to respond to the Release or threatened Release of any
Contaminant which, in each case, could reasonably be expected to have, or has
resulted in, a Material Adverse Effect;

 

(h)           at least 30 days prior to any change
in GGMI’s legal name, state of organization, or form of organization;

 

(i)            upon request, each annual report
(Form 5500 series), including Schedule B thereto, filed with the PBGC,
the DOL, or the IRS with respect to each Pension Plan;

 

(j)            upon request, copies of each
actuarial report for any Pension Plan and annual report for any Multi-employer
Plan, and promptly after receipt thereof by any Obligor or any ERISA Affiliate,
copies of the following:  (i) any
notices of the PBGC’s intention to terminate a Pension Plan or to have a
trustee appointed to administer such Pension Plan, (ii) any unfavorable
determination letter from the IRS regarding the qualification of a Pension Plan
under Section 401(a) of the Code or (iii) any notice from a
Multi-employer Plan regarding the imposition of withdrawal liability;

 

(k)           promptly after any Obligor or any
ERISA Affiliate has Knowledge that any of the following events, which could
reasonably be expected to have, or has resulted in, a Material Adverse Effect,
has or will occur:  (i) a
Multi-employer Plan has been or will be terminated, (ii) the administrator
or plan sponsor of a Multi-employer Plan intends to terminate a Multi- employer
Plan, or (iii) the PBGC has instituted or will institute proceedings under
Section 4042 of ERISA to terminate a Multi-employer Plan;

 

(l)            promptly upon obtaining Knowledge of
any (i) default, breach or failure to perform alleged in writing on the
part of any Debtor under or in regard to any Major Lease, (ii) default,
breach or failure to perform on the part of any Tenant under any Major Lease or
any assertion, in writing, by any such Tenant or any guarantor of any such
Tenant’s obligations under such Major Lease that such Tenant or guarantor
intends to seek to terminate such Major Lease or the guarantee of the Tenant’s
obligations thereunder or (iii) bankruptcy or similar action relating to
any such Tenant or guarantor, in each case, which could reasonably be expected
to have, or has resulted in, a Material Adverse Effect;

 

(m)          promptly upon obtaining Knowledge of
any Casualty that is expected to result in damages in excess of the Threshold
Amount or any Condemnation that could reasonably be expected to have a material
adverse effect on the value of the relevant Property affected thereby,
information regarding such Casualty or Condemnation (as applicable) in such
detail as the Agent may reasonably request;

 

(n)           each Obligor shall deliver to the
Agent copies of any written notices of material default or material event of
default relating to any Major REA served to or by such Debtor which could
reasonably be expected to have a Material Adverse Effect; and

 

(o)           [Intentionally Omitted].

 

43

 

Notwithstanding
anything to the contrary contained in clauses (g), (h), (j),
(k), (l), (m), or (n) of this Section 7.3,
the failure to deliver any notice or provide any information in accordance
therewith shall not constitute a Default or Event of Default so long as such
notice or information is delivered to the Agent concurrently with the delivery
of the financial statements pursuant to clauses (a) or (b) of
Section 7.2 for the period in which such relevant notice or
information were to have been given to the Agent.  Notwithstanding the foregoing, notice shall
be deemed to have been properly given in respect of the events, facts or
circumstances set forth in this Article 7 if such events, facts or
circumstances are described in any pleading, motion, application, financial
information, petition, schedule, report and other papers or documents filed
with the Bankruptcy Court and available to the Agent.

 

ARTICLE 8

 

GENERAL
WARRANTIES AND REPRESENTATIONS

 

Each
of the Obligors warrants and represents to the Agent and the Lenders as
follows:

 

Section 8.1                 Authorization, Validity, and
Enforceability of this Agreement and the Loan Documents; No Conflicts.  Subject to entry of the Financing Order with
respect to each Debtor, each Obligor has the power and authority to execute,
deliver, and perform this Agreement and the other Loan Documents to which it is
a party, to incur the Obligations, and to grant to the Agent the Liens upon the
Collateral.  Subject to entry of the
Financing Order with respect to each Debtor, each Obligor has taken all
necessary action (including, without limitation, obtaining approval of its
stockholders, general partners, limited partners, members, or other applicable
equity owners, if necessary) to authorize its execution, delivery, and
performance of this Agreement and the other Loan Documents to which it is a
party.  This Agreement and the other Loan
Documents have been duly executed and delivered by each Obligor and, subject to
entry of the Financing Order with respect to each Debtor, constitute the legal,
valid, and binding obligations of each Obligor, enforceable against it in
accordance with their respective terms, except as enforceability may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally, and the Cases in particular. 
Each Obligor’s execution, delivery, and performance of this Agreement
and the other Loan Documents to which it is a party do not conflict with, or
constitute a violation or breach of, or constitute a default under, or result
in the creation or imposition of any Lien upon the property of any Obligor by
reason of the terms of (a) any post-petition contract, agreement,
indenture, or instrument to which such Obligor is a party or which is binding
upon it, in each case which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, (b) any Legal Requirement
applicable to such Obligor which could reasonably be expected to have a
Material Adverse Effect, or (c) the certificate of limited partnership,
agreement of limited partnership, certificate of incorporation, bylaws, or
other organizational or constituent documents, as the case may be, of the
Borrowers.

 

Section 8.2                 Validity and Priority of
Security Interest; Administrative Priority.

 

(a)           The provisions of this Agreement and
the other Loan Documents create Liens upon the Collateral in favor of the
Agent, for the benefit of the Agent and the Lenders, which shall be deemed
valid and perfected by entry of the Financing Order with respect to each 

 

44

 

Obligor and which shall
constitute continuing Liens on the Collateral having priority over all other
Liens on the Collateral (except the Carve-Out and as provided in Section 6.4),
securing all the Obligations.  The Agent
shall not be required to file or record any financing statements, mortgages,
notices of Lien or similar instruments in any jurisdiction or filing office or
to take any other action in order to validate or perfect the Liens and security
interest granted by or pursuant to this Agreement, the Financing Order or any
other Loan Document, except (i) the financing statements naming GGMI and
each Emerged Debtor Guarantor as debtor to be filed with the Secretary of State
of the State of organization for GGMI and each Emerged Debtor Guarantor or (ii) to
the extent not required by Section 6.2(a).  As of the Original Closing Date, GGMI had not
incurred any Debt for borrowed money that was secured by one or more Liens,
except for the Liens created by this Agreement.

 

(b)           Pursuant to Section 364(c)(1) of
the Bankruptcy Code, the Obligations of the Obligors shall at all times
constitute allowed administrative expenses in the Case, having priority over
all administrative expenses of and unsecured claims against the applicable
Obligor now existing or hereafter arising, of any kind or nature whatsoever,
including, without limitation, all administrative expenses of the kind
specified in, or arising or ordered under, Sections 105, 326, 503(b),
506(c), 507(a), 507(b), 546(c), 726, 1113 and 1114 of the Bankruptcy Code,
subject, as to priority, only to the Carve-Out and any adequate protection
Liens granted pursuant to the Financing Order, and shall at all times be senior
to the rights of any Obligor, any Obligor’s estate, and any successor trustee
or estate representative in the Case or any subsequent proceeding or case under
the Bankruptcy Code.

 

(c)           As of the Closing Date, Schedule 8.2(c) sets
forth (i) the Obligors for which a Plan Date has not occurred and (ii) the
Obligors for which a Plan Date has occurred.

 

Section 8.3                 Corporate Name; Prior
Transactions.  Except as set forth on
Schedule 8.3, during the past four months, no Obligor has been
known by or used any other corporate name, or been a party to any merger or
consolidation with any Person (other than Affiliates of the Borrower).

 

Section 8.4                 Capitalization; Subsidiaries.  Each Obligor is (a) duly incorporated,
formed, or organized, as the case may be, and validly existing under the laws
of its state of incorporation, formation, or organization, and
(b) qualified to do business as a foreign business entity and in good
standing in each jurisdiction in which the failure to be so qualified or be in
good standing has had, or could reasonably be expected to have, a Material
Adverse Effect, and (c) subject to the entry of the Financing Order with
respect to each Debtor, has all requisite power and authority to conduct its
business and own its property as presently conducted or owned.  As of the Petition Date, the Capital Stock of
each Obligor (other than the General Partner) and each Subsidiary of an Obligor
directly owned by either Borrower or any Subsidiary is owned beneficially and
of record in the amounts and by the Persons set forth on Schedule 8.4
(other than minor typographical errors and shortening of legal names).  Each of the Guarantors (other than the
Borrowers) and each of the Negative Pledge Debtors is a Subsidiary of GGPLP.

 

Section 8.5                 Material Agreements.  Except as indicated in Schedule 8.5
or as may occur as a result of the commencement of the Case, (a) each of
the Material Agreements is in full force and effect and, to the Knowledge of
the Obligors, there are no material defaults thereunder 

 

45

 

on the part of any other
party thereto which are not subject to the Automatic Stay or which would
reasonably be expected to have a Material Adverse Effect, and (b) no
Debtor is in default in any material respect in the performance, observance or
fulfillment of any of its obligations, covenants or conditions contained in any
agreement evidencing or creating any Permitted Lien which is not subject to the
Automatic Stay or any other Material Agreement to which it is a party or by
which it or its Property is bound which are not subject to the Automatic Stay
or which would reasonably be expected to have a Material Adverse Effect.

 

Section 8.6                 Proprietary Rights.  To the Obligors’ Knowledge, as of the Closing
Date, none of their Proprietary Rights infringe on or conflict with any other
Person’s property and no other Person’s property infringes on or conflicts with
such Proprietary Rights, in each case, in a manner which could reasonably be
expected to have a Material Adverse Effect.

 

Section 8.7                 Litigation.  As of the Closing Date, there is no pending
or (to any Obligor’s Knowledge) written threat of, any action, suit,
proceeding, or counterclaim by any Person, or investigation by any Governmental
Authority, which could reasonably be expected to have a Material Adverse
Effect.

 

Section 8.8                 Labor Disputes.  There is no pending or (to any Obligor’s
Knowledge) threatened, strike, work stoppage, material unfair labor practice
claim, or other material labor dispute against or affecting any Obligor or its
respective employees which could reasonably be expected to have a Material
Adverse Effect.

 

Section 8.9                 Environmental Laws.  Except as otherwise disclosed on Schedule 8.9,
as of the Petition Date:

 

(a)           Each Debtor has complied in all
material respects with all Environmental Laws except where failure to do so
could not reasonably be expected to have a Material Adverse Effect.

 

(b)           Each Debtor has obtained all Permits
necessary for its current operations under Environmental Laws if the failure to
do so could reasonably be expected to have a Material Adverse Effect, and all
such Permits are in good standing and each Debtor is in compliance with all
terms and conditions of such Permits except for non-compliance that could not
reasonably be expected to have a Material Adverse Effect.

 

(c)           No Debtor has received any summons,
complaint, order, or similar written notice indicating that it is not currently
in compliance with, or that any Governmental Authority is investigating its
compliance with, any Environmental Laws or that it is or may be liable to any
other Person as a result of a Release or threatened Release of a Contaminant
which could reasonably be expected to have a Material Adverse Effect.

 

(d)           To each Obligor’s Knowledge, none of
the present operations of any Debtor is the subject of any current
investigation by any Governmental Authority evaluating whether any remedial
action is needed to respond to a Release or threatened Release of a Contaminant
which could reasonably be expected to have a Material Adverse Effect.

 

46

 

(e)           To each Obligor’s Knowledge, there
has been no Release of a Contaminant at any Debtor’s Property that requires, or
would reasonably be expected to require, investigation, removal, remediation,
or other response action under Environmental Laws which, in each case, could
reasonably be expected to have a Material Adverse Effect.

 

The
representations and warranties contained in this Section 8.9 are
the sole and exclusive representation being made by the Obligors with respect
to any environmental matter related in any way to this Agreement or subject
matter.

 

Section 8.10               No Violation of Law.  No Debtor is in violation of any law,
statute, regulation, ordinance, judgment, order, or decree applicable to it
which violation could reasonably be expected to have a Material Adverse Effect.

 

Section 8.11               ERISA Compliance.  Except as specifically disclosed in Schedule 8.11,
as of the Original Closing Date:

 

(a)           Except for those failures that could
not, in the aggregate, reasonably be expected to result in a Material Adverse
Effect, (i) each Pension Plan is in compliance in all material respects
with the applicable provisions of ERISA, the Code, and other Legal Requirements
and (ii) each Obligor and each ERISA Affiliate has made all required
contributions to any Pension Plan subject to Section 412 or
Section 430 of the Code (or corresponding provisions of ERISA), and no
application for a funding waiver or an extension of any amortization period
pursuant to Section 412 or Section 430 of the Code (or corresponding
provisions of ERISA) has been made with respect to any Pension Plan.

 

(b)           There are no pending or, to the
Knowledge of any Obligor, threatened claims, actions, or lawsuits, or actions
by any Governmental Authority, with respect to any Pension 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 Pension Plan which has resulted or could reasonably be expected
to result in a Material Adverse Effect.

 

(c)           Except for instances, if any, which
together do not give rise to liability which has resulted or could reasonably
be expected to result in a Material Adverse Effect, (i) no ERISA Event has
occurred or is reasonably expected to occur, (ii) neither any Obligor nor
any ERISA Affiliate has incurred, or reasonably expects to incur, any liability
under Title IV of ERISA with respect to any Pension Plan (other than
contributions and premiums due and not delinquent under Section 4007 of
ERISA) or a Multi-employer Plan (other than contributions in the normal
course), (iii) neither any Obligor nor any ERISA Affiliate has incurred,
or 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
Multi-employer Plan, and (iv) neither any Obligor nor any ERISA Affiliate
has engaged in a transaction that could be subject to Section 4069 or
4212(c) of ERISA.

 

Section 8.12               Taxes.  Each Debtor has filed all federal and other
material tax returns and reports required to be filed (or appropriate
extensions have been timely filed), and has paid 

 

47

 

all post-petition federal
and other material taxes, assessments, fees and other governmental charges
levied or imposed upon it or its properties, income, or assets or which otherwise
are due and payable (other than any such returns or reports or material taxes,
assessments, fees and other governmental charges, as applicable (a) being
contested in good faith by appropriate proceedings, (b) which consist of
interest or penalties on pre-petition taxes or (c) which could not
reasonably be expected to have a Material Adverse Effect).

 

Section 8.13               Regulated Entities.  No Obligor is an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment
Company Act of 1940.  No Obligor is a
“holding company” or a “subsidiary company” of a “holding company” or an
“affiliate” of a “holding company” or a “public utility” within the meaning of
the Public Utility Holding Company Act of 1935, or is subject to regulation
under the Federal Power Act, the Interstate Commerce Act, any state public
utilities code or law, or any other federal or state statute or regulation
limiting its ability to incur indebtedness.

 

Section 8.14               Use of Proceeds.  The proceeds of the Term Loan are to be used
solely for the purposes specified in Section 9.13.  No Obligor is engaged in the business of
purchasing or selling Margin Stock or extending credit for the purpose of
purchasing or carrying Margin Stock.

 

Section 8.15               Full Disclosure.  None of the representations or warranties
made by any Obligor in the Loan Documents as of the date such representations
and warranties are made or deemed made, and none of the statements or
information contained in any exhibit, report, statement, or certificate
furnished by or on behalf of any Obligor for use in connection with the Loan
Documents (other than projections, forecasts or other forward-looking
information or information of any industry-specific or general economic
nature), contain any untrue statement of a material fact or omit any material
fact required to be stated therein or necessary to make the statements made
therein, when taken as a whole and in light of the circumstances under which
they are made, not materially misleading as of the time when made or delivered.

 

Section 8.16               No Default.  To the Borrower’s Knowledge, there is no
Event of Default existing under the Original DIP Agreement.

 

Section 8.17               Governmental Authorization.  Except (i) as set forth on Schedule 8.17,
(ii) for the entry of or pursuant to the terms of the Financing Order,
(iii) for such approvals or similar actions which have been obtained prior
to the Closing Date and remain in full force and effect, and (iv) for
filings and recordings with respect to the Collateral required to be made under
applicable law (if any), no approval, consent, exemption, authorization, or
other action by, or notice to, or filing or registration with, any Governmental
Authority, or other Person is necessary or required in connection with the
execution, delivery, or performance by, or enforcement against, any Obligor of
this Agreement or any other Loan Document.

 

Section 8.18               First Lien Properties.  As of the Original Closing Date, there had
been no material diminution in the fair market value (taking into account any
applicable insurance proceeds) of the First Lien Properties since May 12,
2009, other than arising out of or resulting from (a) the commencement of
the Cases, (b) general market conditions beyond the control of the Obligors,
(c) acts of war or sabotage or terrorism or (d) earthquakes,
hurricanes or other 

 

48

 

natural disasters.  Schedule 8.18 accurately sets
forth all First Lien Properties as of the Closing Date (after giving effect to
the use of proceeds of the Term Loan) and each owner or lessee under a Ground
Lease of First Lien Properties.

 

Section 8.19               Prior Lien Debt.  Schedule 8.19-1 accurately sets
forth, in all material respects, the outstanding principal amount of all Debt
for borrowed money due and outstanding in regard to the Prior Lien Debt as of
the date set forth in Schedule 8.19-1.  Schedule 8.19-2 sets forth, in
all material respects, as of the Original Closing Date, the M&M Liens
affecting each Property, the name of each party asserting the claims, the
amount claimed as being owed and the Property which is the subject of such
claim by any Person who alleges it has supplied any labor and/or materials
relating to any such Property and which remain unpaid as of the Original
Closing Date, which information is segregated by each Property affected
thereby, except to the extent any M&M Liens not listed in such Schedule 8.19-2
secure valid claims in an amount less than or equal to (i) $25,000,000 in
the aggregate with respect to the First Lien Properties and
(ii) $50,000,000 in the aggregate with respect to all Properties; provided
that it will not be a breach of this representation so long as an amount equal
to any amounts in excess of such $25,000,000 and $50,000,000 amounts referred
to above are applied either (A) to the payment of M&M Lien claims or
(B) to prepay the Term Loan, in either case within 30 days after the date
such M&M Liens exceed such amounts. 
As of the Original Closing Date, no Debtor had the right to request or
receive any further advances of proceeds of any Prior Lien Debt and the only
amounts that may hereafter be advanced as part of the Prior Lien Debt are
amounts the holders of the Prior Lien Debt may advance as protective advances
to pay taxes and insurance premiums relating to, and costs to protect or
repair, collateral which secures such Prior Lien Debt.

 

Section 8.20               Leases.

 

(a)           Schedule 8.20 sets forth
in all material respects on a Property by Property basis (to the extent
applicable) a rent roll, effective as of March 9, 2009, relating to all
Leases (the “Rent Roll”).  As of
the date of the Rent Roll, to the Obligors’ Knowledge, each of the Major Leases
is valid and enforceable in accordance with its terms and is in full force and
effect.

 

(b)           Except as set forth on Schedule 8.20-1
(the “A/R Report”), as of the date of such A/R Report, no rent
(exclusive of any security deposits and de minimis
payments constituting rent) under any Major Lease with respect to any of the
First Lien Properties is more than 60 days past due.

 

Section 8.21               Title.  Except as set forth on Schedule 8.21,
each Debtor owns good and indefeasible fee and/or leasehold title to its
Property and good title to its personal property, in each case free and clear
of all Liens whatsoever except (i) the Permitted Liens and (ii) Liens
incurred since the Original Closing Date which could not reasonably be expected
to have a Material Adverse Effect; provided that after giving effect to
the funding of the Term Loan and the use of the proceeds thereof on the Funding
Date, none of the First Lien Properties are encumbered by any valid Liens
securing outstanding Debt for borrowed money (except to the extent subordinated
pursuant to an Intercompany Subordination Agreement and other than any such
borrowed money incurred pursuant to a Municipal Financing if such Debt is
permitted under Section 9.11(a)(xxi)).

 

49

 

Section 8.22               Physical Condition.

 

(a)           Except for matters set forth in Schedule 8.22,
as of the Closing Date, no Obligor has Knowledge of any material structural or
other material defect or damages in any Property or any Improvements thereon,
whether latent or otherwise, which could reasonably be expected to have a
Material Adverse Effect.

 

(b)           No Debtor has received, and no
Obligor has Knowledge of any other party’s receipt of, written notice from any
insurance company or bonding company of any defects or inadequacies in any
Property not covered by insurance policies which would, alone or in the
aggregate, adversely affect in any material respect the insurability of the
same or of any termination of any policy of insurance or bond which could
reasonably be expected to have a Material Adverse Effect.

 

Section 8.23               Management.  Except as described on Schedule 8.23
or pursuant to contracts with Affiliates of the Debtor, no property management
agreements were in effect with respect to any Property as of the Original
Closing Date.

 

Section 8.24               Condemnation.  No Condemnation that could reasonably be
expected to have a Material Adverse Effect has been commenced or, to each
Obligor’s Knowledge, is contemplated as of the Closing Date with respect to all
or any material portion of any Property.

 

Section 8.25               Utilities and Public Access.  With respect to all Properties that are
operating shopping centers, except as set forth in Schedule 8.25 or
to the extent that the failure to have the same would not reasonably be
expected to have a Material Adverse Effect, each Property has adequate rights
of access to dedicated public ways and is served by water, electric, sewer,
sanitary sewer and storm drain facilities necessary to the continued use and
enjoyment of each Property as presently used and enjoyed.

 

Section 8.26               Separate Lots.  To the Obligors’ Knowledge, no portion of any
Primary Property is part of a tax lot that also includes any real property that
is not Collateral unless (i) there exists an equitable and enforceable
mechanism for the allocation of taxes thereon or (ii) such failure to have
a separate tax lot could not reasonably be expected to have a Material Adverse
Effect.

 

Section 8.27               Permits; Certificate of
Occupancy.  Except as disclosed in Schedule 8.27,
each Debtor has to the Obligors’ Knowledge obtained all Permits necessary for
the present use and operation of its Property except to the extent the failure
to do so would not reasonably be expected to have a Material Adverse
Effect.  The uses being made of each
Property are in conformity in all material respects with the Permits for such
Property, all applicable Legal Requirements and any other restrictions,
covenants or conditions affecting such Property except to the extent the
failure to so conform would not reasonably be expected to have a Material
Adverse Effect.

 

Section 8.28               Ground Leased Property.  Except as set forth on Schedule 8.28,
each material Ground Lease in respect of a Primary Property or a memorandum
thereof has been duly recorded (or the relevant Obligor will promptly use
commercially reasonable efforts to cause the same to be duly recorded upon
acquiring Knowledge that it has not been duly recorded).  Each 

 

50

 

Ground Lease is in full
force and effect and no post-petition default has occurred thereunder and, to
each Obligor’s Knowledge, there is not any post-petition existing condition
(other than the granting of the security interests hereunder) which, but for
the passage of time or the giving of notice or both, would result in a default
under the terms of such Ground Lease, in each case which would reasonably be
expected to have a Material Adverse Effect.

 

Section 8.29               Embargoed Person.

 

(a)           None of the funds or other assets of
any Obligor, or any direct or indirect equityholder in any Obligor, constitute
property of, or are beneficially owned, directly or indirectly, by, any Person
subject to trade restrictions under federal law, including, without limitation,
the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1
et seq., and any executive orders or
regulations promulgated thereunder, with the result that (i) the
investment in any Obligor or any direct or indirect equityholder in any
Obligor, as applicable (whether directly or indirectly), is prohibited by law or
(ii) the Term Loan is in violation of law (any such Person, an “Embargoed
Person”).

 

(b)           No Embargoed Person has any interest
of any nature whatsoever in any Obligor or any direct or indirect equityholder
in any Obligor, as applicable (whether directly or indirectly), with the result
that (i) the investment in any Obligor or any direct or indirect
equityholder in any Obligor, as applicable (whether directly or indirectly) is
prohibited by law or (ii) the Term Loan is in violation of law.

 

(c)           None of the funds of any Obligor or
any direct or indirect equityholder in any Obligor, as applicable, have been
derived from any unlawful activity with the result that (i) the investment
in any Obligor or any direct or indirect equityholder in any Obligor, as applicable
(whether directly or indirectly) is prohibited by law or (ii) the Term
Loan is in violation of law.

 

(d)           Notwithstanding the foregoing, no
part of this Section 8.29 shall apply, or be construed as applying,
to any Person that owns or purchases publicly traded shares in the General
Partner.

 

Section 8.30               Compliance with
Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws

 

(a)           Each Obligor, and to each Obligor’s
Knowledge, each Person owning an interest in any Obligor or any direct or indirect
equityholder in any Obligor:  (A) is
not currently identified on the OFAC List and (B) is not a Person with
whom a citizen of the United States is prohibited to engage in transactions by
any trade embargo, economic sanction, or other prohibition of any Legal
Requirement.  Notwithstanding the
foregoing, no part of this Section 8.30 shall apply, or be
construed as applying, to any Person that owns or purchases publicly traded
shares in the General Partner.

 

(b)           Each Lender and the Agent (for itself
and not on behalf of any Lender) hereby notifies each Obligor that, pursuant to
the requirements of the Patriot Act, it is required to obtain, verify and
record information that identifies each Obligor, which information includes 

 

51

 

the name and address of each
Obligor and other information that will allow each Lender or the Agent, as
applicable, to identify such Obligor in accordance with the Patriot Act.

 

ARTICLE 9

 

AFFIRMATIVE
AND NEGATIVE COVENANTS

 

Each
Obligor covenants to the Agent and each Lender that so long as any of the
non-contingent Obligations remain outstanding or any Commitment or this
Agreement is in effect:

 

Section 9.1                 Existence and Good Standing.  Each Obligor shall, and shall cause each
Debtor to, (a) maintain its existence in the jurisdiction of its
incorporation, formation or organization, as the case may be (subject only to
any mergers, consolidations, dissolutions or liquidations permitted by Section 9.8)
and (b) maintain its qualification and good standing in all jurisdictions
in which the failure to maintain such existence and qualification or good
standing could reasonably be expected to have a Material Adverse Effect.

 

Section 9.2                 Compliance with Law and
Agreements; Maintenance of Licenses. 
Each Obligor shall, and shall cause each other Debtor to, comply with
all Legal Requirements of any Governmental Authority having jurisdiction over
it or its business (including the Federal Fair Labor Standards Act) unless
failure to do so could not reasonably be expected to have a Material Adverse
Effect.  Each Obligor shall, and shall
cause each other Debtor to, obtain and maintain all Permits necessary to own
its property and to conduct its business in substantially the same manner as
conducted on the Original Closing Date unless failure to do so could not
reasonably be expected to have a Material Adverse Effect.  No Obligor shall, and shall not permit any
other Debtor to, modify, amend, or alter its certificate of limited partnership,
certificate of incorporation, partnership agreement, bylaws, or other similar
documents in a manner which materially and adversely affects the rights of the
Lenders or the Agent.

 

Section 9.3                 Insurance.  Each Obligor shall, and shall cause each
other Debtor to, comply with all terms and provisions of Schedule 9.3,
which are incorporated herein by reference.

 

Section 9.4                 Casualty and Condemnation.

 

(a)           The Agent, on behalf of the Lenders,
may, with respect to the First Lien Properties and subject to the rights of any
other Person pursuant to any Lease, Ground Lease or REA, (i) jointly with
the applicable Obligor settle and adjust any claims in respect of any Casualty
or Condemnation, and during the continuance of an Event of Default, settle and
adjust any such claims without the consent or cooperation of any Obligor, or
(ii) allow the applicable Obligor to settle and adjust any such claims; provided
that if no Event of Default has occurred and is continuing, the Obligors may
settle and adjust such claims without regard to clause (i) above
aggregating not in excess of the Threshold Amount.  The reasonable out-of-pocket expenses
incurred by the Agent in the adjustment and collection of Loss Proceeds shall
become part of the Obligations, and shall be reimbursed by the Borrowers to the
Agent within 30 days after receipt of written demand therefor itemizing such
expenses.

 

52

 

(b)           Subject to the terms of any Lease,
any Ground Lease, any REA or any agreement governing any Pre-Petition Lien, as
applicable, all Loss Proceeds from any Casualty or Condemnation, shall be
forthwith deposited into a Cash Collateral Account.

 

(c)           If any Condemnation or Casualty
occurs and:

 

(i)            no monetary Event of Default exists
at the time of the Condemnation or Casualty or the receipt of the Loss
Proceeds; and

 

(ii)           either:

 

(A)          in the case of a Casualty, the
Casualty will not render untenantable, or result in the cancellation of Leases
covering, more than 15% of the gross rentable area of such Property (provided
that a Lease shall not be deemed cancelled if the relevant Debtor shall enter
into a new Lease with an existing or new Tenant on market terms) and the
General Partner delivers to the Agent evidence reasonably satisfactory to the
Agent that the insurer under each applicable insurance policy has not denied
liability thereunder; or

 

(B)           in the case of a Condemnation, the
Condemnation did not render untenantable, or result in the cancellation of
Leases covering, more than 15% of the gross rentable area of the applicable Property
(provided that a Lease shall not be deemed cancelled if the relevant
Debtor shall enter into a new Lease with an existing or new Tenant on market
terms) and the General Partner delivers to the Agent evidence reasonably
satisfactory to the Agent that such Property can be restored to an economically
and architecturally viable unit;

 

then
the Loss Proceeds (after reimbursement of any reasonable out of pocket expenses
incurred by the Agent in connection therewith) shall be applied to the cost of
restoring, repairing, replacing or rebuilding such Property or part thereof
subject to the Casualty or Condemnation, in the manner set forth below.  The Obligors hereby covenant and agree to
commence or cause to be commenced as promptly and diligently as practicable and
to prosecute or cause to be prosecuted such restoring, repairing, replacing or
rebuilding of such Property in a workmanlike fashion and in accordance with
applicable law to a status at least equivalent to the quality and character of
such Property immediately prior to the Condemnation or Casualty.  If there shall remain excess Loss Proceeds
after the proposed restoration has been substantially completed in accordance
with the provisions of this Section 9.4, such excess shall be
maintained in a Cash Collateral Account and disbursed in accordance with this
Agreement.  Notwithstanding anything to
the contrary contained in this clause (c), if the terms of any
Lease, any Ground Lease, any REA or any agreement governing any Prior Lien Debt
require restoration, repair, replacement, rebuilding or other application then
the Loss Proceeds shall be applied in accordance with the terms of such Lease,
Ground Lease, REA or agreement governing such Prior Lien Debt, as the case may
be.

 

(d)           Each Obligor shall cooperate with the
Agent in obtaining for the Lenders the benefits of any Loss Proceeds lawfully
or equitably payable to the Lenders.  The
Agent shall be reimbursed for any out-of-pocket expenses reasonably incurred in
connection therewith (including all costs and expenses set forth in Section 15.6)
out of such Loss Proceeds.

 

53

 

(e)           If a Debtor is not entitled to apply
Loss Proceeds toward the restoration of its Property pursuant to Section 9.4(c),
such Loss Proceeds shall either be applied within two (2) Business Days
(during which period no Obligor shall be entitled to make any Restricted
Payment) of receipt of such Loss Proceeds as a prepayment on the Term Loan or
deposited into a Cash Collateral Account, as the Agent may so elect.

 

Section 9.5                 Covenants with Respect to
REA.

 

(a)           The Obligors covenant and agree (and
shall cause the other Debtors to covenant and agree) as follows:

 

(i)            each Debtor shall comply with all
material terms, conditions and covenants of any Major REA except for such
non-compliance that could not reasonably be expected to have a Material Adverse
Effect; and

 

(ii)           notwithstanding anything herein to
the contrary, each Debtor shall have the right to waive or negotiate settlement
of defaults (or threatened defaults) under any REA, so long as such waiver or
settlement could not reasonably be expected to have a Material Adverse Effect.

 

(b)           Each Obligor shall (and shall cause
each other Debtor to) pay all post-petition fees, assessments, charges or other
amounts assessed to such Debtor pursuant to any Major REA when the same become
due and payable (subject to good faith disputes) except to the extent the
failure to pay such fees, assessments, charges or other amounts could
reasonably be expected to have a Material Adverse Effect.

 

(c)           Subject to the terms of the
applicable REA, in the event proceeds of a Casualty or Condemnation with
respect to the Property owned or leased by a Debtor under a Ground Lease are
required to be deposited into a segregated account pursuant to any REA, the
Borrowers shall cause such amounts to be deposited into a segregated account of
the type specified in the REA or established with an Eligible Institution.  Any amounts released from such segregated
account to any Obligor shall be deposited into the Cash Collateral Accounts in
accordance herewith.

 

(d)           At the Borrowers’ written request,
the Agent, for and on behalf of the Lenders, shall enter into a subordination
agreement with respect to any (i) new REA or (ii) amendment, restatement,
amendment and restatement, supplement or other modification of an existing REA,
in each case, to the extent permitted by this Agreement and otherwise upon
reasonable and customary terms.  For
avoidance of doubt, the costs and expenses of the Agent in connection with the
review of any such subordination agreement shall be paid or reimbursable by the
Borrowers in accordance with Section 15.6; provided that
such fees and expenses shall not exceed $3,000 per agreement.

 

Section 9.6                 Environmental Laws.

 

(a)           Each Obligor shall, and shall cause
each other Debtor to, conduct its business in compliance with all Environmental
Laws applicable to it, including those relating to the generation, handling,
use, storage, and disposal of any Contaminant except for such non-compliance
that could not reasonably be expected to have a Material Adverse Effect.  Each 

 

54

 

Obligor shall, and shall
cause each other Debtor to, take prompt and appropriate action to respond to
any non-compliance with Environmental Laws that could reasonably be expected to
result in a Material Adverse Effect of which any Obligor at any time has
Knowledge (“Environmental Compliance Issues”) and shall upon written
request from the Agent report to the Agent from time to time on such response
to any unresolved Environmental Compliance Issue.

 

(b)           The Agent may reasonably request, in
which case the Obligors will promptly furnish or cause to be promptly furnished
to the Agent, an update of the status of each unresolved Environmental
Compliance Issue (whether past or present), if any, and copies of
non-privileged technical reports prepared by any Debtor and its communications
with any Governmental Authority to determine whether such Debtor is proceeding
reasonably to correct, cure, or contest in good faith any Environmental
Compliance Issue.  At any time any
Environmental Compliance Issue that could reasonably be expected to have a
Material Adverse Effect or Event of Default exists, the Obligors shall at the
Agent’s or the Majority Lenders’ request and at the Obligors’ expense,
(i) retain an independent environmental professional reasonably acceptable
to the Agent to evaluate the site, including tests if appropriate, to which the
Environmental Compliance Issue relates and prepare and deliver to the Agent
(with a copy to the relevant Obligor), for distribution by the Agent to the
Lenders, a report setting forth the results of such evaluation, a proposed plan
for responding to any environmental problems described therein, and an estimate
of the costs thereof and (ii) provide to the Agent for distribution by the
Agent to the Lenders a supplemental report of such environmental professional
whenever the scope of the environmental problems (if any), or the response
thereto or the estimated costs thereof, shall change in any material respect.

 

Section 9.7                 Compliance with ERISA.  Except to the extent the same could not
reasonably be expected to result in a Material Adverse Effect, each Obligor
shall and shall cause each ERISA Affiliate to: 
(a) maintain each Pension Plan in compliance in all material
respects with the applicable provisions of ERISA, the Code, and other federal
or state law; (b) make all required contributions to any Pension Plan
subject to Section 412 or Section 430 of the Code (or corresponding
provisions of ERISA or any Multi-employer Plan); and (c) not engage in a
transaction that could be subject to Section 4069 or 4212(c) of
ERISA, in each case unless enforcement action is stayed pursuant to Legal
Requirements.

 

Section 9.8                 Mergers, Consolidations,
Sales, Acquisitions.  No Obligor
shall, nor shall it permit any Debtor to, consummate any transaction of merger,
reorganization, or consolidation, or sell, assign, lease (or otherwise dispose
of all or any part of its property (including any sale or other disposition of
Capital Stock of any Debtor)) (for purposes of this Section 9.8 or
references hereto, each such transaction, a “disposition”), or wind up,
liquidate or dissolve, except for:

 

(a)           dispositions of obsolete, worn out or
surplus personal property or personal property no longer useful in the business
of the Debtors;

 

(b)           consolidations, mergers and
dispositions of assets between or among the General Partner and its
Subsidiaries (provided that any such consolidation or merger involving 

 

55

 

a Borrower shall result in a
Borrower being the surviving entity in such consolidation or merger);

 

(c)           dissolutions and liquidations if all
of the property of the dissolving Person is transferred to the General Partner
or one of its Subsidiaries;

 

(d)           dispositions of any Property (or any
Debtor owning a Property or its direct or indirect parent holding company); provided
that the net proceeds thereof are applied in accordance with, and to the extent
required by, Section 3.3(a);

 

(e)           dispositions of real property
constituting all or a portion of an anchor parcel to an anchor occupant in the
ordinary course of business or otherwise consistent with past practice;

 

(f)            (i) dispositions of inventory
(including gift cards, sales transfers and/or dedications from the Debtors’
master planned communities and condominium sales) in the ordinary course of
business; provided that, in the case of condominium sales, the net proceeds
thereof are applied in accordance with Section 3.3(a); and
(ii) sales of Property pursuant to any purchase option, right of first
refusal, right of first offer or similar right in respect of any of the
Properties, in each case, in the ordinary course of business and (A) to
the extent existing on the Petition Date, (B) consisting of customary
purchase options, rights of first refusal, rights of first offer or similar
rights given in respect of anchor occupant parcels or outparcels or (C) in
respect of any Negative Pledge Property;

 

(g)           dispositions of personal property to
the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property or (ii) the proceeds of
such dispositions are promptly applied to the purchase price of such
replacement property;

 

(h)           the disposition of cash and Cash
Equivalents for a purpose that is otherwise permitted under this Agreement;

 

(i)            to the extent constituting a
disposition, the entering into and performance of the Loan Documents;

 

(j)            dispositions of accounts in
connection with the collection or compromise thereof;

 

(k)           Leases permitted under Section 9.19
and licenses or sublicenses of property in the ordinary course of business and
which do not materially interfere with the business of any Debtor;

 

(l)            transfers of property subject to any
Casualty or Condemnation proceeding (including in lieu thereof) upon receipt of
the net proceeds therefor;

 

(m)          dispositions in the ordinary course of
business consisting of the abandonment of intellectual property rights which,
in the reasonable good faith determination of the General Partner, are not
material to the conduct of the business of any Debtor;

 

56

 

(n)           the expiration of any option
agreement in respect of real or personal property;

 

(o)           Permitted Liens to the extent
constituting a disposition of property;

 

(p)           dispositions of personal property
(other than Capital Stock) among the General Partner and its Subsidiaries to
any non-debtor Affiliate in the ordinary course of business;

 

(q)           in order to resolve disputes that
occur in the ordinary course of business (in which event the holder thereof may
discount or otherwise compromise for less than the face value thereof) the
disposition of notes or accounts receivable;

 

(r)            a disposition in order to qualify
members of the board of directors (or similar governing body) if required by
applicable law or contract;

 

(s)           Restricted Payments in accordance
with Section 9.20 and, to the extent constituting a disposition,
Permitted Liens and any Investment permitted pursuant to Section 9.14;

 

(t)            any involuntary or voluntary
terminations of Hedge Agreements;

 

(u)           dispositions of investments in
non-wholly owned Persons to the extent required by, or made pursuant to,
buy/sale arrangements among the owners of the Capital Stock of such entity set
forth in binding agreements pertaining to the ownership of such Capital Stock
entered into before the Closing Date;

 

(v)           dispositions of Property secured by
Pre-Petition Liens to the holders of such Pre-Petition Liens when the Borrowers
reasonably believe that doing so is in the best interests of the Debtors and
that the relevant Debtor’s equity interest in such assets is negative;

 

(w)          the disposition of the Property
described on Schedule 9.8; and

 

(x)            the disposition of assets (other
than Property) in an amount not to exceed $50,000,000 in the aggregate.

 

Notwithstanding
the foregoing, for the purposes of clause (d) and sales of
condominiums pursuant to clause (f)(i), (w) no Debtor shall
consummate the disposition of any of the Properties collectively known to the
parties as “Victoria Ward” without the prior written consent of the Majority
Lenders, (x) no Property (or any Debtor owning a Property or its direct or
indirect parent holding company) shall be disposed of for less than fair market
value, as determined by the applicable Debtor in good faith, (y) no First
Lien Property (or any Debtor owning a First Lien Property or its direct or
indirect parent holding company) with a fair market value in excess of
$30,000,000 shall be disposed of without the prior written consent of the
Majority Lenders and (z) if any Real Estate of any Person is being
disposed together with any First Lien Property (or any Debtor owning a First
Lien Property or its direct or indirect parent holding company) in a single
transaction or in a series or related transaction, none of such dispositions
shall be consummated unless the Majority Lenders shall be satisfied with the
allocation of consideration among such First Lien Property and other Real
Estate.

 

57

 

Section 9.9                 Transactions with Affiliates.  No Obligor shall, nor shall it permit any
Debtor to, (i) sell, transfer, distribute, or pay any money or property,
including, but not limited to, any fees or expenses of any nature (including,
but not limited to management or service fees), to any Affiliate (other than
the other Debtors), (ii) lend or advance money or property to, invest in
(by capital contribution or otherwise) or purchase or repurchase any stock,
indebtedness or any property of, any Affiliate or (iii) become liable on
any Guaranty of the indebtedness, dividends, or other obligations of any
Affiliate (any of the foregoing, “Affiliate Investments”); provided
that the foregoing shall not prohibit any of the following:

 

(a)           transactions upon fair and reasonable
terms no less favorable to such Debtor than it would obtain in a comparable
arm’s-length transaction with a Person that is not an Affiliate;

 

(b)           Affiliate Investments among the
General Partner and its Subsidiaries;

 

(c)           Affiliate Investments existing as of
the Closing Date;

 

(d)           Affiliate Investments by the General
Partner and its Subsidiaries in any Affiliate of the General Partner and its
Subsidiaries that is not a Debtor consisting of (i) required capital
contributions pursuant to agreements or instruments existing as of the Closing
Date or voted on by the partners or members of such Affiliate, or
(ii) otherwise, in an aggregate amount under this clause (ii) not
to exceed $100,000,000 in any Affiliate that is not a Subsidiary; provided
that if (x) an Event of Default has occurred and is continuing and (y) the
Investment Agreement has been terminated in accordance with its terms, then no
Affiliate Investments under clause (i) or (ii) in
an amount of $1,000,000 or more shall be made without the prior written consent
of the Majority Lenders;

 

(e)           transactions in the ordinary course
of business in accordance with the General Partner’s and its Subsidiaries’ cash
management system;

 

(f)            loans and advances to directors,
officers, employees and members of management of the General Partner and its
Subsidiaries in the ordinary course of business consisting of advances of
payroll, travel expenses, petty cash and similar items;

 

(g)           Affiliate Investments reasonably
necessary for the General Partner or any of its Subsidiaries to remain
qualified as a real estate investment trust, qualified REIT subsidiary or
taxable REIT subsidiary under the provisions of the Code;

 

(h)           dispositions permitted pursuant to Section 9.8,
Debt permitted by Section 9.11(a) and Liens permitted pursuant
to Section 9.11(b);

 

(i)            Restricted Payments permitted in
accordance with Section 9.20 and loans and advances made in lieu of
such permitted Restricted Payments;

 

(j)            acquisitions of the property and
assumptions of obligations of Affiliates resulting from mergers,
consolidations, liquidations or dissolutions of any Affiliate permitted by Section 9.8;

 

58

 

(k)           reasonable and customary director,
officer and employee compensation (including bonuses and severance) and other
benefits (including retirement, health, stock option and other benefit plans)
and indemnification arrangements in the ordinary course of business or to the
extent approved in good faith by the board of directors (or other governing
body) of the General Partner or its Subsidiaries;

 

(l)            the payment of management fees by
the Debtor which owns Willowbrook Mall to GGMI in accordance with the Amended
and Restated Willowbrook Mall Property Management Agreement dated
December 19, 1995;

 

(m)          equity issuances not prohibited by
this Agreement;

 

(n)           reasonable and customary fees paid to
members of the board of directors (or other governing body) of the General
Partner and its Subsidiaries (or its direct or indirect parent) and
reimbursement of reasonable out-of-pocket costs and expenses of such Persons;

 

(o)           Affiliate Investments consisting of
Customary Contingent Guarantees; and

 

(p)           so long as the Investment Agreement
has not terminated in accordance with its terms, any other Affiliate Investment
not prohibited by the Investment Agreement.

 

Section 9.10               Business Conducted.  No Obligor shall, nor shall it permit any
Debtor to, engage directly or indirectly, in any line of business other than
the businesses in which such Person is engaged on the Closing Date and
businesses reasonably related or ancillary thereto.

 

Section 9.11               Debt; Liens; No Negative
Pledge.

 

(a)           No Obligor shall, nor shall it permit
any Debtor to, create, incur, assume or suffer to exist any Debt  except:

 

(i)            Debt under the Loan Documents;

 

(ii)           Debt in existence on the Petition
Date (and refinancings thereof in accordance with clause (b) of
the definition of “Permitted Liens”);

 

(iii)          Capital Leases in existence on the
Petition Date;

 

(iv)          purchase money Debt and Debt in
respect of Capital Leases, in each case incurred after the Petition Date in the
ordinary course of business of the Debtors as modified pursuant to the Case;

 

(v)           endorsement of items for deposit or
collection in the ordinary course of business;

 

(vi)          indebtedness with respect to letters
of credit or guaranties entered into in the ordinary course of business and any
amendment, modification, extension, renewal or replacement thereof; provided
that any letters of credit or guaranties under this clause (vi) shall
be included in the limitation under clause (xiv);

 

(vii)         Debt among Debtors; provided
that no such Debt shall be incurred by GGMI other than in the ordinary course
of business;

 

59

 

(viii)        Debt which may be deemed to exist in
connection with customary agreements providing for indemnification, purchase
price adjustments, earnouts and similar obligations in connection with
dispositions permitted pursuant to Section 9.8;

 

(ix)           Debt consisting of the financing of
insurance premiums in the ordinary course of business, so long as the aggregate
amount payable pursuant to such Debt does not materially exceed the amount of
the premium for such insurance;

 

(x)            cash management obligations and Debt
in respect of netting services, overdraft protection and similar arrangements
in connection with cash management and deposit accounts;

 

(xi)           Debt representing deferred
compensation to directors, officers, members of management, employees or
consultants of the Debtors in the ordinary course of business;

 

(xii)          contingent obligations in respect of
indemnities or similar agreements to hold others harmless arising in the
ordinary course of business;

 

(xiii)         Debt in respect of indemnity,
performance, surety, stay, customs, bid, appeal bonds, completion guarantees or
other similar obligations provided in the ordinary course of business,
including guarantees or obligations of the Debtors with respect to (and
deposits of cash to secure) letters of credit supporting such indemnity,
performance, surety, stay, customs, bid, appeal bonds, completion guarantees or
other similar obligations, but excluding Debt incurred through the borrowing of
money, Capital Leases and purchase money obligations;

 

(xiv)        other Debt of the Debtors in an
aggregate principal amount at any time outstanding not to exceed, together with
the aggregate amount of all letters of credit and guaranties under clause (vi) above,
$75,000,000 (in all cases without double counting); provided that
(x) before any Debtor incurs any Debt for borrowed money pursuant to this clause (xiv) in
an aggregate principal amount exceeding $10,000,000, an Obligor shall provide
to the Agent a reasonably detailed summary of the economic and other terms of
such Debt and (y) no Debt for borrowed money incurred pursuant to this clause (xiv) in
an aggregate principal amount in excess of $20,000,000 shall have a final
maturity sooner than, or a weighted average life less than, that of the Term
Loan;

 

(xv)         Guaranties of the Debtors with respect
to Debt of the General Partner and its Subsidiaries permitted hereunder;

 

(xvi)        Debt consisting of take or pay
obligations contained in supply agreements, in each case incurred in the
ordinary course of business;

 

(xvii)       Debt constituting reimbursement
obligations with respect to (and deposits of cash to secure) letters of credit
issued in the ordinary course in respect of workers’ compensation, unemployment
insurance, social security or other similar laws, to secure the performance of
tenders, statutory obligations, bids, leases, government contracts, trade
contracts and other similar obligations, securing insurance premiums or
deductibles, coinsurance, reinsurance, self-retention or reimbursement
obligations, indemnity, performance, surety, stay, customs and appeal bonds,
performance bonds, performance and completion guarantees and other obligations
of a similar nature; 

 

60

 

provided that upon the
drawing of such letters of credit or the incurrence of such Debt, such
obligations are reimbursed within 30 days following such drawing or incurrence;

 

(xviii)      Debt of the Debtors to any Affiliate of
the Debtors in the ordinary course of business in connection with cash
management and otherwise consistent with the cash management order in all
material respects;

 

(xix)         additional Prior Lien Debt advanced as
protective advances to pay taxes and insurance premiums relating to, and costs
to protect or repair, collateral secured by Pre-Petition Liens, to the extent
permitted under the definitive documents for such Prior Lien Debt as in effect
on the Closing Date (as refinanced in accordance with clause (b) of
the definition of Permitted Liens);

 

(xx)          to the extent constituting Debt by
virtue of clause (h) of the definition thereof, Debt (other
than in respect of borrowed money, purchase money and Capital Leases) secured
by Permitted Liens;

 

(xxi)         Debt constituting a Municipal Financing
incurred in the ordinary course of business in connection with a new
development or redevelopment of the Property; provided that the prior
written consent of the Majority Lenders shall be required with respect to any
Municipal Financing that qualifies as Debt incurred after the Petition Date
with respect to any First Lien Property;

 

(xxii)        to the extent constituting Debt,
Customary Contingent Guarantees; and

 

(xxiii)       all premiums (if any), interest, fees,
expenses, charges and additional or contingent interest on obligations
described above in this Section 9.11(a).

 

(b)           No
Obligor shall, nor shall it permit any Debtor to, create, incur, assume, or
permit to exist any Lien on (A) any property now owned or hereafter
acquired by any of them, except Permitted Liens or (B) any of the Negative
Pledge Properties, except Permitted Liens.

 

(c)           Other than as set forth in this
Agreement, no Obligor shall, nor shall it permit any Debtor to, enter into or
become subject after the Closing Date to any agreement, contract, or other
arrangement whereby any Debtor is prohibited from, or would otherwise be in
default as a result of, creating, assuming, incurring, or suffering to exist,
directly or indirectly, any Agent’s Lien, except for the following:

 

(i)            any agreement governing any
post-petition Debt permitted by (A) clauses (iv), (ix),
(xvi) and (xxii) of Section 9.11(a) as
to the assets financed with the proceeds of such Debt or (B) clauses (vi),
(xiii) and (xvii) of Section 9.11(a) in
respect of cash collateral;

 

(ii)           customary provisions restricting
subletting or assignment of any lease governing a leasehold interest of a
Debtor;

 

(iii)          customary provisions restricting
assignment of any agreement entered into by a Debtor in the ordinary course of
business;

 

(iv)          agreements of any holder of any
Permitted Lien set forth in clause (b), (f), (m), (n),
(o)(ii), (r), (s) or (v) of the
definition thereof restricting the transfer of any property subject thereto;

 

61

 

(v)                                 customary
restrictions and conditions contained in any agreement relating to the
disposition of any Property permitted under Section 9.8 pending the
consummation of such disposition or in leases, subleases, licenses or
sub-licenses relating to the assets covered thereby;

 

(vi)                              customary
provisions in partnership agreements, limited liability company organizational
governance documents, asset sale and stock sale agreements and other similar
agreements entered into in the ordinary course of business that restrict the
transfer of ownership interests in such partnership, limited liability company
or similar Person;

 

(vii)                           restrictions on
cash or other deposits or net worth imposed by suppliers or landlords under
contracts entered into the ordinary course of business; or

 

(viii)                        customary
provisions in joint venture agreements and similar agreements applicable to
joint venture relating solely to such joint venture.

 

Section 9.12                                            New
Subsidiaries.  No Debtor
shall, nor shall it permit any Debtor to, directly or indirectly, organize,
create or acquire any direct Subsidiary other than as follows:

 

(a)                                  in connection
with a tax driven strategy in the ordinary course of business;

 

(b)                                 Subsidiaries
(i) existing on the Closing Date, and/or (ii) acquired or formed by a
Subsidiary that was not a Debtor at the time of such acquisition or formation;

 

(c)                                  new
Subsidiaries of the Debtors approved in writing by the Majority Lender; and

 

(d)                                 as approved by
the Bankruptcy Court and reasonably acceptable to the Agent.

 

Section 9.13                                            Use of Proceeds.  The proceeds of the Term Loan shall be used
(a) first, to repay amounts outstanding under the Original DIP Agreement
(whether for principal, accrued and unpaid interest, fees and/or expenses owing
under the Original DIP Agreement as of the Closing Date) and (b) after
such Debt has been repaid in full and the Liens with respect thereto have been
released, for general working capital purposes (not otherwise prohibited by
this Agreement) in the ordinary course of business, (i) to fund expenses
incident to the Debtors’ efforts to operate, maintain, reorganize, or dispose
of their business and assets, (ii) to fund payment of fees and expenses
owing to Professional Persons incurred during the Case, (iii) to pay all
fees and expenses provided under this Agreement (whether incurred before or
after the Petition Date) and, in any event, only to the extent authorized by
the Financing Order, and (iv) as otherwise authorized by the Financing
Order, including, without limitation, permitted capital expenditures, priority
employee wage claims, and expenses associated with the assumption of executory
contracts and unexpired leases.  The
Borrowers shall not use any portion of the proceeds of the Term Loan, directly
or indirectly, (A) to purchase or carry any Margin Stock, (B) to
repay or otherwise refinance indebtedness of the Borrowers or others incurred
to purchase or carry any Margin Stock, (C) to extend credit for the
purpose of purchasing or carrying any Margin Stock, (D) to acquire any
security in any transaction that is subject to Section 13 or 14 of the
Exchange Act, or (E) as prohibited pursuant to Section 9.15.

 

62

 

Section 9.14                                            Investments.  No Obligor shall, nor shall it permit any
Debtor to, directly or indirectly, make or hold any Investments, except the
following:

 

(a)                                  Affiliate
Investments not prohibited by Section 9.9;

 

(b)                                 Investments in
cash and/or Cash Equivalents;

 

(c)                                  Investments
existing on the Closing Date;

 

(d)                                 Investments in
the ordinary course of business consisting of UCC Article III endorsements
for collection or deposit;

 

(e)                                  Investments
(including debt obligations and Capital Stock) received in connection with the
bankruptcy or reorganization of suppliers and customers or in settlement of
delinquent obligations of, or other disputes with, customers and suppliers
arising in the ordinary course of business or upon the foreclosure with respect
to any secured Investment or other transfer of title with respect to any
secured Investment;

 

(f)                                    Investments
constituting (i) accounts or notes receivable arising, trade debt granted,
and deposits made in connection with the purchase price of goods or services or
(ii) lease, utility and other similar deposits, in each case in the
ordinary course of business;

 

(g)                                 other
Investments over the term of this Agreement not to exceed $100,000,000;

 

(h)                                 Investments
consisting of indebtedness or contingent liabilities, Liens, Restricted
Payments and dispositions permitted by Section 9.11, Section 9.20
and Section 9.8, respectively; and

 

(i)                                     Investments
received in connection with the satisfaction or enforcement of indebtedness or
claims due or owing to any Debtor or as security for any such Indebtedness
claim;

 

provided that any
Investment which when made complies with the requirements of the definition of
the term “Cash Equivalent” may continue to be held notwithstanding that such
Investment if made thereafter would not comply with such requirements.

 

Section 9.15                                            Case Matters.(a)                                All fees or
expenses of Professional Persons at any time paid by the Debtors, or any of
them, shall be paid by the Debtors pursuant to procedures established by an
order of the Bankruptcy Court.

 

(b)                                 No Obligor
shall, nor shall it permit any other Debtor to, assert, file or seek, or
consent to the filing or the assertion of or joinder in, or use any portion of
the proceeds of the Term Loan to compensate services rendered or expenses
incurred in connection with, any claim, counterclaim, action, proceeding,
order, application, pleading, motion, objection, any other papers or documents,
defense (including, without limitation, offsets and counterclaims of any nature
or kind but in any event subject to the terms and provisions of the Investment
Agreement and Schedule 3.1-A), or other contested matter
(including, without limitation, any 

 

63

 

of the foregoing the purpose
of which is to seek or the result of which would be to obtain any order,
judgment, determination, declaration, or similar relief):

 

(i)                                     invalidating,
setting aside, avoiding, subordinating, or otherwise challenging the validity,
perfection, enforceability, or nonavoidability (under Sections 105,
506(c), 542, 543, 544, 545, 547, 548, 549, 550, 551, 552(b), or 553 of the
Bankruptcy Code or otherwise), in each case, in whole or in part, of the
Obligations or the Agent’s Liens;

 

(ii)                                  reversing,
modifying, amending, staying or vacating the Financing Order, except for
modifications and amendments consented to by the Majority Lenders in writing;

 

(iii)                               granting
priority for any administrative expense, secured claim or unsecured claim
against the Borrowers or any of the Guarantors other than GGMI (now existing or
hereafter arising of any kind or nature whatsoever, including without limitation
any administrative expenses of the kind specified in, or arising or ordered
under, Sections 105, 326, 327, 328, 330, 331, 503(b), 506(c), 507(a),
507(b), 546(c), 726 and 1114 of the Bankruptcy Code) equal or superior to the
priority of the Agent and the Lenders in respect of the Obligations, except as
provided under the Carve-Out, Pre-Petition Liens and the Financing Order;

 

(iv)                              granting or
imposing under Sections 364(c) or 364(d) of the Bankruptcy Code
or otherwise, any Lien equal or superior to the priority of the Agent’s Liens
(other than under clause (i) of the definition of Permitted
Liens (to the extent, and only to the extent, set forth in the Financing Order)
or as permitted to have priority under Section 6.4);

 

(v)                                 permitting the
use of cash collateral as defined in Section 363 of the Bankruptcy Code,
except as expressly permitted by the Financing Order or this Agreement; or

 

(vi)                              modifying,
altering, or impairing in any manner any of the Agent’s Liens pursuant to the
Financing Order, this Agreement, or any of the Loan Documents or any documents
related thereto (including, without limitation, the right to demand payment of
all Obligations and to enforce its liens and security interests in the
Collateral), whether by plan of reorganization or liquidation, order of
confirmation, or any financings of, extensions of credit to, or incurring of
debt by any Debtor, whether pursuant to Section 364 of the Bankruptcy Code
or otherwise.

 

(c)                                  No Obligor
shall, nor shall it permit any other Debtor to, seek or consent to any order
(i) dismissing any part of the Case under Sections 105, 305 or 1112
of the Bankruptcy Code or otherwise; or (ii) converting any part of the
Case under Sections 105 or 1112 of the Bankruptcy Code or otherwise, in
each case in respect of any Major Entity, unless such Debtor would cease to be
a Major Entity upon giving effect to transactions permitted under Section 9.8;
provided that any mandatory prepayments required under Section 3.3
shall occur substantially contemporaneously with or prior to such dismissal or
conversion.

 

(d)                                 The Obligors
shall not, nor shall they permit any other Debtor to, make any payments or
transfer any property on account of claims asserted by any vendors of any
Debtor, 

 

64

 

for reclamation in
accordance with Section 2-702 of any applicable UCC and
Section 546(c) of the Bankruptcy Code, unless otherwise ordered by
the Bankruptcy Court upon prior notice to the Agent or unless otherwise
consented to by the Majority Lenders.

 

(e)                                  The Obligors
shall not, nor shall they permit any other Debtor to, return any inventory or
other property to any vendor pursuant to Section 546(g) of the
Bankruptcy Code, unless otherwise ordered by the Bankruptcy Court in accordance
with Section 546(g) of the Bankruptcy Code upon prior notice to the
Agent or unless otherwise consented to by the Majority Lenders.

 

Section 9.16                                            No Amendments
or Advances of Prior Lien Debt.  No amendment or modification of the terms of
the Prior Lien Debt constituting debt for borrowed money or any document or
instrument which evidences, secures or otherwise relates to any Prior Lien Debt
constituting debt for borrowed money will be effected, other than in connection
with any refinancing permitted hereby or which does not adversely affect the
Term Loan or the Lenders, without the prior written consent of the Majority
Lenders.  No Obligor shall, nor shall it
permit any other Debtor to, request or accept any advance of proceeds of any
Prior Lien Debt after the Closing Date other than protective advances to pay
taxes and insurance premiums relating to, and costs to protect or repair,
collateral which secures such Prior Lien Debt and other similar matters.

 

Section 9.17                                            Maintenance of
Property; Compliance with Legal Requirements; Parking.

 

(a)                                  Each Obligor
shall, and shall cause each other Debtor to, keep its Property and Improvements
that are operating as shopping malls or occupied buildings in good working
order and repair (reasonable wear and tear and Casualty and Condemnation
excepted).  Each Obligor shall, and shall
cause each other Debtor to, from time to time make, or cause to be made, all
reasonably necessary repairs, renewals, replacements, betterments and
improvements thereto.  Each Obligor
shall, and shall cause each other Debtor to, comply with, and shall cause its
Property and Improvements to be operated, maintained, repaired and improved in
compliance with, all Legal Requirements, Insurance Requirements and the
requirements of any Major Lease or Ground Lease, in each case except to the
extent that the failure to comply, operate, maintain, repair or improve the
relevant Property or Improvements (i) could not reasonably be expected to
have a Material Adverse Effect or (ii) is occasioned by Casualty or
Condemnation and (A) the Agent or other insured party has not made
available the proceeds thereof to the relevant Debtor to restore, repair,
replace or rebuild the relevant Property or Improvements, or (B) the
relevant Debtor is in the process of restoring, repairing, replacing or
rebuilding the relevant Property or Improvements.

 

(b)                                 As applicable,
each Obligor shall, and shall cause each other Debtor to, provide, maintain and
light parking areas of its Properties that are operating as shopping malls,
including any sidewalks, aisles, streets, driveways, sidewalk cuts and
rights-of-way to and from the adjacent public streets, in a manner consistent
with properties of a similar class as the relevant Property in the locale where
such Property is located, in each case except to the extent such failure could
not reasonably be expected to have a Material Adverse Effect.

 

65

 

Section 9.18                                            Taxes and Other
Claims.  Each Obligor shall, and shall
cause each other Debtor to, pay and discharge all material post-petition
federal and other material post-petition taxes, assessments and governmental
charges levied upon it, its income and its assets, subject to any orders of the
Bankruptcy Court, and all lawful post-petition claims for labor, materials and
supplies or otherwise, in each case subject to any rights to contest contained
in the definition of Permitted Liens. 
Each Obligor shall, and shall cause each other Debtor to, file all
post-petition federal and all post-petition material state and local tax
returns and other reports that it is required by law to file within the
timeframes permitted (including any extensions thereof).  All references in this Section to
post-petition taxes, assessments and governmental charges shall, in the case of
GGMI only, include a reference to pre-petition taxes, assessments and
governmental charges of GGMI.

 

Section 9.19                                            Leases.

 

(a)                                  Upon the
reasonable request of the Agent, the Borrowers shall furnish the Agent with
executed copies of any Major Leases entered into after the Closing Date.  The Obligors hereby covenant and agree that,
with respect to First Lien Properties and subject to clause (b) below,
all new Major Leases and renewals or amendments of Major Leases shall be
entered into with Tenants whose identity and creditworthiness are appropriate
for tenancy at the applicable Property, shall provide for rental rates and
other economic terms which, taken as a whole, are not materially less favorable
than then-existing market rates, based on the applicable market, except as
otherwise agreed to by the Majority Lenders.

 

(b)                                 With respect to
First Lien Properties, all new Major Leases that do not comply with Section 9.19(a) shall
be subject to the prior written consent of the Majority Lenders (it being understood
that all other Leases or terminations, renewals and amendments of Leases shall
not require the Agent’s prior written consent), which consent shall not be
unreasonably withheld, conditioned or delayed. 
Each Debtor shall have the right to waive or negotiate settlement of
defaults (or threatened defaults) under Leases, so long as such waiver or
settlement could not reasonably be expected to have a Material Adverse Effect.

 

(c)                                  Each Obligor
shall, and shall cause each other Debtor to (i) observe and perform all
material post-petition obligations imposed upon the lessor under the Major
Leases (other than Major Leases that are rejected pursuant to the Case),
(ii) with respect to First Lien Properties, enforce all material terms,
covenants and conditions contained in the Major Leases on the part of the
lessee thereunder to be observed or performed, short of termination thereof
(including enforcing the provisions, if any, requiring Tenants to perform all
acts necessary to satisfy the requirements of Governmental Authorities and, if
applicable, to do such acts as are necessary to maintain their respective
certificates of occupancy in full force and effect); provided that a
Debtor may terminate any Lease, subject to Section 9.19(b) above,
following a default thereunder by the respective Tenant, (iii) not collect
any of the rents under any Major Lease (exclusive of security deposits) more
than one month in advance of the due date thereof, other than in connection
with the satisfaction or compromise of Tenant improvements costs, (iv) not
execute any assignment of lessor’s interest in the Leases or associated rents
other than the assignment of rents and leases contained in the Financing Order
and, as applicable, in the documents that create or evidence the Pre-Petition
Liens (or any refinancing or extension thereof permitted under this Agreement)
and (v) not cancel or terminate any guarantee (except 

 

66

 

in accordance with the terms
thereof) of any of the Major Leases without the prior written consent of the
Majority Lenders (which consent shall not be unreasonably withheld or delayed)
unless such cancellation or termination could not reasonably be expected to
have a Material Adverse Effect.

 

(d)                                 At the
Borrowers’ written request, the Agent, for and on behalf of the Lenders, shall
enter into a subordination, non-disturbance and attornment agreement, in the
form (i) in the case of Leases with respect to First Lien Properties,
attached hereto as Exhibit F or (ii) in the case of Leases
with respect to Negative Pledge Properties, in the form approved by the lender
that holds the prior Lien on such Negative Pledge Property, and, in each case
with respect to any national Tenant, as such Tenant and the Agent shall
reasonably agree.  The Agent shall not be
required to provide any such subordination, non-disturbance and attornment
agreement with respect to First Lien Properties unless it shall receive in
exchange an estoppel certificate from the Tenant under the applicable Lease that
the Tenant is not aware of any material default by the landlord under the
Lease.  For avoidance of doubt, the costs
and expenses of the Agent in connection with the review of any such
subordination, non-disturbance and attornment agreement shall be paid or
reimbursable by the Borrowers in accordance with Section 15.6; provided
that such fees and expenses shall not exceed $100 per such agreement in the
case of agreements set forth in clause (i) which are not
negotiated and otherwise $1,000 per agreement.

 

(e)                                  With respect to
any approval by the Majority Lenders of a Major Lease pursuant to Section 9.19(a) or
any consent of the Majority Lenders regarding any Major Lease referred to in Section 9.19(b),
if no response thereto is received by the General Partner from the Agent within
ten (10) Business Days after a request for such approval or consent is
delivered in writing to the Agent, then such approval or consent (as
applicable) shall be deemed to have been given by the Majority Lenders.

 

Section 9.20                                            Restricted
Payments.  No Obligor
shall, nor shall it permit any Debtor to, make any Restricted Payment except:

 

(a)                                  the Debtors may
make Restricted Payments to any other Debtor (and, in the case of Debtors
(other than the General Partner) that are not wholly-owned Subsidiaries, to
other equity holders in accordance with and to the extent provided for in their
governing organizational documents as in effect on the Closing Date or by
applicable law);

 

(b)                                 Restricted
Payments to any Debtor and to the General Partner and to its equityholders in
order to maintain its REIT status under the Code; provided that, in the
case of Restricted Payments to the equityholders of the General Partner, the
cash portion of any such Restricted Payments shall not exceed the minimum cash
portion necessary to maintain such REIT status, taking into account IRS Revenue
Procedure 2009-15 and any comparable guidance;

 

(c)                                  Restricted
Payments by a Debtor to a Subsidiary of the Borrowers that is not a Debtor to
enable such Subsidiary or another Subsidiary to satisfy any tax liabilities
(after taking into account any off-setting deductions) that are attributable to
the business or activities 

 

67

 

of any Debtor and are not
payable directly by any Debtor, in each case to the extent used to pay such tax
liabilities; and

 

(d)                                 Restricted
Payments by any Debtor to enable the recipient or its direct or indirect parent
to make preferred dividends in the amount not to exceed $500,000 in the
aggregate; provided that any such preferred dividend is made by an
entity that qualifies as a REIT.

 

ARTICLE 10

 

CONDITIONS
OF LENDING

 

Section 10.1                                            Conditions
Precedent to Making of Term Loan.  The obligation of each Lender to make the
Term Loan on the Funding Date is subject to the following conditions precedent
having been satisfied (except if and to the extent that any such condition has
been expressly waived in writing by the Agent and the Lenders):

 

(a)                                  Financing Order.  At the time of the making of the Term Loan,
the Agent shall have received a certified copy of the Financing Order, which
Financing Order (i) shall have been entered on the docket of the
Bankruptcy Court on or before the Funding Date and (ii) shall be in full
force and effect and shall not have been vacated, stayed, reversed, modified or
amended in any respect without the written consent of the Majority Lenders;
and, if the Financing Order is the subject of a pending appeal in any respect,
neither the making of the Term Loan, nor the performance by the Obligors of any
of their respective obligations hereunder, under the other Loan Documents or
under any other instrument or agreement referred to herein shall be the subject
of a presently effective stay pending appeal.

 

(b)                                 [Intentionally
Omitted].

 

(c)                                  Delivery of
Documents.  The Agent
shall have received each of the following documents, which shall be
satisfactory in form and substance to the Agent and the Lenders:

 

(i)                                     executed
counterparts of this Agreement, executed and delivered by a Responsible Officer
of each Borrower and each other Obligor listed on Schedule 1.1B,
the Agent, and the Lenders;

 

(ii)                                  a Term Note
payable to the order of each Lender, duly executed and delivered by the
Borrowers, complying with the requirements of Section 2.2(d);

 

(iii)                               a copy of the
resolutions of the board of directors (or similar governing body) of each
Obligor authorizing and approving (as applicable) the commencement of the Case
and the execution, delivery and performance of the Loan Documents;

 

(iv)                              written
opinions (addressed to the Agent and the Lenders and dated the Funding Date),
issued by counsel to the Obligors in the forms set forth as Exhibits J-1
and J-2, respectively;

 

(v)                                 all other
documents and instruments required by law or reasonably requested by the Agent
in proper form to be filed, registered or recorded to create or perfect the
Liens intended to be created under the Loan Documents; it being understood 

 

68

 

that no Mortgages, UCC
financing statements or similar documents will be filed on the Funding Date
except UCC financing statements naming GGMI and each Emerged Debtor Guarantor
as debtor to be filed with the Secretary of State of the State of organization
for GGMI and each Emerged Debtor Guarantor;

 

(vi)                              all
governmental and regulatory approvals necessary in connection with the closing
of this Agreement and the transactions contemplated hereby and such approvals
shall have been received and be in full force and effect; and

 

(vii)                           all
certificates of insurance with proper loss payee and additional insured
endorsements for the insurance policies required by Section 9.3.

 

(d)                                 The
representations and warranties contained in this Agreement shall be true and
correct in all material respects on and as of the Funding Date as if made on
and as of such date (except to the extent that any such representation or
warranty relates to another specified date, in which case the same shall be
true and correct as of such other specified date).

 

(e)                                  No material
adverse change shall have occurred with respect to the assets, liabilities,
business, financial condition, or results of operations of the Debtors, taken
as a whole, in comparison to those that existed on March 31, 2010, in each
case other than as a result of the filing of the Petitions and the commencement
of the Case.

 

(f)                                    The Obligors
shall have paid all costs and expenses of the Agent and the Lenders set forth
in Section 15.6 invoiced at least two Business Days prior to the
Funding Date, due and payable to the Agent for the benefit of the Agent or the
Lenders.

 

(g)                                 Substantially
concurrent with the Funding Date, the Borrowers shall use the proceeds of the
Term Loan and cash on hand to repay all amounts outstanding pursuant to the
Original DIP Agreement and shall have caused all Liens and related Guaranties
under the Original DIP Agreement to be released.

 

(h)                                 No event shall
have occurred and be continuing, or would occur as a result of such extension
of credit, which constitutes a Default or an Event of Default.

 

The
acceptance by the Borrowers of any proceeds of the Term Loan shall be deemed to
be a representation and warranty (other than with respect to conditions
qualified as satisfactory to, to the satisfaction of or similar approval or
consent of the Agent or any Lender, as to which the Borrowers make no
representations or warranty) made by the Obligors to the effect that all of the
conditions precedent to the making of the Term Loan have been satisfied or to
the knowledge of the Borrower waived, with the same effect as delivery to the
Agent and the Lenders of a certificate signed by a Responsible Officer of the
Obligors as of the Funding Date to such effect.

 

ARTICLE 11

 

DEFAULT;
REMEDIES

 

Section 11.1                                            Events of
Default.  It shall constitute an event
of default (“Event of Default”) if, on or after the Closing Date, any
one or more of the following shall occur for any reason:

 

69

 

(a)                                  any failure by
any Borrowers or any other Obligor obligated therefor to pay (i) any principal
amount owing hereunder within two Business Days of the date when due (provided
that no grace period shall be available for principal payments due on the
Maturity Date) or (ii) any interest or premium on any of the Obligations
or any fee or other amount owing hereunder within two Business Days of when
due, whether upon demand or otherwise;

 

(b)                                 any
representation or warranty made or deemed made by any Obligor in this Agreement
or in any of the other Loan Documents or any certificate furnished by any Obligor
at any time to the Agent or any Lender hereunder or thereunder shall prove to
be untrue in any material respect as of the date on which made, deemed made, or
furnished;

 

(c)                                  any default
shall occur in

 

(i)                                     the observance
or performance of any of the covenants and agreements contained in paragraphs (4) of
Schedule 3.1-A, Section 4.1, Section 7.3(a),
Section 9.1 (but only insofar as it requires the preservation of
the existence of the Borrowers), Section 9.8, Section 9.9,
Section 9.11, Section 9.12, Section 9.13, Section 9.14
and Section 9.15;

 

(ii)                                  the observance
or performance of any of the covenants and agreements contained in this
Agreement, other than as referenced in Section 11.1(a) or Section 11.1(c)(i),
or any other Loan Documents, and such default shall continue for a period of
thirty (30) days after receipt by the General Partner of written notice from
the Agent; provided that if such breach is not capable of cure within
such thirty (30) day period, such period shall be extended for a reasonable
period of time to permit such cure so long as the relevant Person has promptly
commenced and is diligently pursuing such cure; provided that, other
than in the case of cures involving maintenance and repair of Real Estate and
Improvements, such extended period shall not exceed an additional sixty (60)
days; or

 

(iii)                               the observance
or performance of any of the covenants and agreements contained in paragraph (3) of
Schedule 3.1-A and such default shall continue for a period of five
(5) Business Days after the payment date (as such term is used in such paragraph (3));

 

(d)                                 any default
shall occur with respect to any post-petition Debt of any Obligor or any Debt
of GGMI (in each case, other than the Obligations) in an outstanding principal
amount which exceeds $50,000,000, or under any agreement or instrument under or
pursuant to which any such Debt may have been issued, created, assumed, or
guaranteed by any Obligor, and such default shall continue for more than the
period of any grace, waiver, cure or forbearance, if any, if the effect thereof
(after taking into account the giving of notice or after the lapse of any
required time period or both) is to accelerate, or to permit the holders of any
such post-petition Debt to accelerate, the maturity of any such post-petition
Debt, or any such post-petition Debt shall be declared due and payable or be
required to be prepaid (other than by a regularly scheduled required
prepayment) prior to the stated maturity thereof;

 

(e)                                  any Loan
Document, including any guaranty of the Obligations, shall be
(i) terminated other than in accordance with its terms, (ii) revoked
by an Obligor, (iii) declared void, invalid, or unenforceable (it being
understood that, to the extent the Financing Order 

 

70

 

contains provisions to allow
the realization on the Collateral, no such declaration, invalidity or
unenforceability shall constitute an Event of Default so long as the Liens on
the Collateral granted pursuant to the Financing Order remain valid and
enforceable), or (iv) challenged in writing by any Obligor;

 

(f)                                    one or more
judgments, orders, decrees, or arbitration awards (other than any claim against
any Property that is not stayed pending appeal granting relief from the
Automatic Stay with respect to the Debtors’ Properties) is entered against any
Obligor involving liability in the aggregate (to the extent not covered by
independent third party insurance) as to any single or related or unrelated
series of transactions, incidents or conditions, of $37,500,000 or more, and
the same shall remain unsatisfied, unvacated, and unstayed pending appeal or
not subject to the Automatic Stay for a period of 60 days after the entry
thereof;

 

(g)                                 (i) an
ERISA Event shall occur with respect to a Pension Plan or Multi-employer Plan
which has resulted or could reasonably be expected to result in a Material
Adverse Effect; (ii) the aggregate amount of Unfunded Pension Liability
among all Pension Plans at any time which has resulted or could reasonably be expected
to result in a Material Adverse Effect; or (iii) any Obligor or any 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 Multi-employer Plan in an aggregate
amount which has resulted or could reasonably be expected to result in a
Material Adverse Effect;

 

(h)                                 any Loan
Document ceases to be in full force and effect (other than in accordance with
its terms) or any Lien with respect to any material portion of the Collateral
intended to be secured thereby ceases to be, or is not, valid, perfected, and
prior to all other Liens (other than Permitted Liens which are expressly
permitted to have priority over the Agent’s Lien) or is terminated, revoked, or
declared void (other than in accordance with its terms) it being understood
that to the extent the Financing Order contains provisions to allow the
realization on any Collateral, no such termination, revocation, declaration,
invalidity or unenforceability with respect to any Loan Document shall
constitute an Event of Default;

 

(i)                                     an order shall
be entered confirming any plan of reorganization in the Case in respect of any
Major Entity (unless the applicable Debtor would cease to be a Major Entity
upon giving effect to a transaction permitted under Section 9.8 and
any mandatory prepayments required under Section 3.3 occurring
substantially contemporaneously with or prior to such plan of reorganization),
which does not, upon entry thereof (i) contain a provision for the payment
in full in cash of all non-contingent Obligations as of and no later than the
effective date of such plan and (ii) provide for the continuation of the
Liens and security interests granted to the Agent for the benefit of the
Lenders and the required priorities of such Liens until the Obligations have
been paid in full in cash;

 

(j)                                     an order with
respect to the Case shall be entered appointing, or any Obligor shall file an
application for an order with respect to the Case seeking the appointment of,
in either case without the prior written consent of the Majority Lenders
(i) a trustee under Section 1104 of the Bankruptcy Code, or
(ii) an examiner or any other Person with enlarged powers relating to the
operation of the business (i.e., powers
beyond those set forth in 

 

71

 

Sections 1104(d) and
1106(a)(3) and (4) of the Bankruptcy Code) under Section 1106(b) of
the Bankruptcy Code;

 

(k)                                  an order shall
be entered dismissing the Case or converting the Case to a case under
Chapter 7 of the Bankruptcy Code, in each case in respect of a Major
Entity, unless the applicable Debtor would cease to be a Major Entity upon
giving effect to a transaction permitted under Section 9.8 and any
mandatory prepayments required under Section 3.3 occurring
substantially contemporaneously with or prior to such dismissal or conversion;

 

(l)                                     any Debtor or
any Person with the support of any Debtor shall file any pleading, or any order
is entered with respect to the Case, without the prior written consent of the
Majority Lenders (i) to revoke, reverse, stay, modify, supplement, or
amend the Financing Order, (ii) to permit any administrative expense or
any claim (now existing or hereafter arising, of any kind or nature whatsoever)
to have administrative priority equal or superior to the priority of the Agent
and the Lenders in respect of the Obligations other than the Carve-Out,
(iii) to grant or permit the grant of a Lien on any of the Collateral
other than Permitted Liens (other than with respect to any pleading that
(A) has been filed inadvertently, (B) has not resulted in the
granting of or permission to grant such Lien and (C) has been withdrawn as
soon as practicable but in no event later than the earlier to occur of
(1) 15 days from the filing of such pleading or (2) 3 days prior to
the hearing on the motion), (iv) to permit any Debtor to use proceeds of
Collateral other than in accordance with the terms of the Loan Documents,
(v) to invalidate or otherwise challenge any of the Agent’s Liens, or
otherwise object to, or raise defenses to, the extent, amount (other than bona
fide disputes as to the amount of Obligations owed), validity, perfection,
priority or enforceability of any of the Obligations or the Agent’s Liens,
(vi) to surcharge under Section 506(c) or 552 of the Bankruptcy
Code any Collateral, or (vii) permit the use of cash collateral except as
permitted by this Agreement and the Financing Order;

 

(m)                               an order shall
be entered that is not stayed pending appeal granting relief from the Automatic
Stay to any creditor of a Debtor with respect to any claim against any Property
that, when taken together with all other orders entered on the docket of the
Bankruptcy Court that are not stayed pending appeal granting relief from the
Automatic Stay with respect to the Debtors’ Properties, could reasonably be
expected to have a Material Adverse Effect; provided that it shall not
be an Event of Default if relief from the Automatic Stay is granted
(i) solely for the purpose of allowing such creditor to determine the
liquidated amount of its claim against a Debtor, (ii) to permit the
commencement of or prosecution of a proceeding to collect proceeds in respect
of a Condemnation or Casualty, (iii) to make protective advances in
respect of taxes, insurance premiums or costs to protect or repair any Collateral
secured by a Prior Lien Debt or (iv) in connection with a transaction
permitted by Section 9.8(v);

 

(n)                                 the violation
by any Debtor of any of the provisions of the Financing Order if such violation
is adverse to the Agent or the Lenders;

 

(o)                                 absent the prior
written consent of the Majority Lenders, any change or alteration that is
adverse in any material respect to the Lenders to (i) the consolidated
cash management system of the Obligors, as such system existed on the Petition
Date (other than changes in the ordinary course of business consistent with
past practices), or (ii) any order 

 

72

 

entered by the Bankruptcy
Court in the Debtors’ chapter 11 cases approving such cash management
system; or

 

(p)                                 a Change in
Control.

 

Section 11.2                                            Remedies.

 

(a)                                  If an Event of
Default exists, the Agent may, in its discretion, and shall, at the direction
of the Majority Lenders, at any time or times and in any order, without notice
to or demand on any Obligor, restrict the amount of or refuse to permit any
Lender to make the Term Loan.  If an
Event of Default exists, the Agent shall, at the direction of the Majority
Lenders, do one or more of the following, in addition to the action described
in the preceding sentence, at any time or times and in any order, without
notice to or demand on any Obligor except as required by Section 11.2(e):  (A) terminate the Commitments and the
other obligations of the Agent and the Lenders under this Agreement;
(B) declare any or all Obligations to be immediately due and payable; and
(C) pursue its other rights and remedies under the Loan Documents, the
Financing Order and/or applicable law. 
Except as otherwise provided in the Financing Order, the Agent and the
Lenders may exercise any of the foregoing remedies without demand and without
further application to or order of the Bankruptcy Court.

 

(b)                                 Each Obligor
recognizes that the Agent may be unable to effect a public sale of any or all
of the Collateral that constitutes securities to be sold by reason of certain
prohibitions contained in the laws of any jurisdiction outside the United
States or in applicable federal or state securities laws but may be compelled
to resort to one or more private sales thereof to a restricted group of purchasers
who will be obliged to agree, among other things, to acquire such Collateral to
be sold for their own account for investment and not with a view to the
distribution or resale thereof.  Each
Obligor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable to the seller than if such sale were a public
sale and, notwithstanding such circumstances, agrees that any such private sale
shall, to the extent permitted by law, be deemed to have been made in a commercially
reasonable manner.  Unless required by a
Legal Requirement, the Agent shall not be under any obligation to delay a sale
of any of such Collateral to be sold for the period of time necessary to permit
the issuer of such securities to register such securities under the laws of any
jurisdiction outside the United States or under any applicable federal or state
securities laws, even if such issuer would agree to do so.  Each Obligor further agrees to do or cause to
be done, to the extent that such Obligor may do so under Legal Requirements,
all such other acts and things as may be necessary to make such sales or
resales of any portion or all of such Collateral or other property to be sold
valid and binding and in compliance with any and all Legal Requirements at the
Obligors’ expense.  Each Obligor further
agrees that a breach of any of the covenants contained in this Section 11.2(b) will
cause irreparable injury to the Agent and the Lenders for which there is no
adequate remedy at law and, as a consequence, agrees that each covenant
contained in this Section 11.2(b) shall be specifically
enforceable against such Obligor, and each Obligor hereby waives and agrees, to
the fullest extent permitted by law, not to assert as a defense against an
action for specific performance of such covenants that (i) such Obligor’s
failure to perform such covenants will not cause irreparable injury to the
Agent and the Lenders or (ii) the Agent or the Lenders have an adequate
remedy at law in respect of such breach. 
Each Obligor further acknowledges the impossibility of ascertaining the
amount of damages which would be 

 

73

 

suffered by the Agent and
the Lenders by reason of a breach of any of the covenants contained in this Section 11.2(b) and,
consequently, agrees that, if such Obligor shall breach any of such covenants
and the Agent or the Lenders shall sue for damages for such breach, such
Obligor shall pay to the Agent, for the benefit of the Agent and the Lenders,
as liquidated damages and not as a penalty, an aggregate amount equal to the
value of the Collateral or other property to be sold on the date the Agent
shall demand compliance with this Section 11.2(b).

 

(c)                                  If an Event of
Default has occurred and is continuing: 
(i) the Agent shall have for the benefit of the Lenders, in
addition to all other rights of the Agent and the Lenders, the rights and
remedies of a secured party under the UCC; (ii) the Agent may, at any
time, take possession of, foreclose on and/or request a receiver of the
Collateral and keep it on any Obligor’s premises, at no cost to the Agent or
any Lender, or remove any part of it to such other place or places as the Agent
may desire, or the Obligors shall, upon the Agent’s demand, at the Obligors’
cost, assemble the Collateral and make it available to the Agent at a place
reasonably convenient to the Agent; (iii) the Agent may sell and deliver
any Collateral at public or private sales, for cash, upon credit, or otherwise,
at such prices and upon such terms as the Agent deems advisable, in its sole
discretion, and may, if the Agent deems it reasonable, postpone or adjourn any
sale of the Collateral by an announcement at the time and place of sale or of
such postponed or adjourned sale; (iv) the Agent may hold, lease, develop,
manage, operate, control and otherwise use the First Lien Properties upon such
terms and conditions as the Agent may deem reasonable under the circumstances
(making such repairs, alterations, additions and improvements and taking other
actions, from time to time, as the Agent deems reasonably necessary or
desirable), exercise all such rights and powers of each Obligor with respect to
the First Lien Properties, whether in the name of Obligor or otherwise,
including without limitation the right to make, cancel, enforce or modify
leases, obtain and evict tenants, and demand, sue for, collect and receive all
rents, in each case, in accordance with the standards applicable to the Agent
under the Loan Documents; (v) the Agent may employ consultants to inspect
the First Lien Properties and to assure compliance by each Obligor of the terms
and conditions of the Loan Documents and to take any other reasonable actions,
as the Agent deems reasonably necessary or desirable, in connection with the
First Lien Properties (including preparing for the disposition thereof), and
all actual, reasonable, out-of-pocket fees and expenses incurred in connection
therewith shall be borne by the Obligors and (vi) upon demand from the
Agent, the applicable Obligor shall direct the grantor or licensor of, or the
contracting party to, any property agreement with respect to any First Lien
Property to recognize and accept the Agent, for the benefit of and on behalf of
the Lenders, as the party to such agreement for any and all purposes as fully
as it would recognize and accept such Obligor and the performance of such
Obligor thereunder and, in such events, without further notice or demand and at
such Obligor’s sole cost and expense, the Agent, for the benefit of and on behalf
of the Lenders, may exercise all rights of such Obligor arising under such
agreements.  Without in any way requiring
notice to be given in the following manner, each Obligor agrees that any notice
by the Agent of sale, disposition, or other intended action hereunder or in
connection herewith, whether required by the UCC or otherwise, shall constitute
reasonable notice to such Obligor if such notice is mailed by registered or
certified mail, return receipt requested, postage prepaid, or is delivered personally
against receipt, at least ten (10) Business Days prior to such action to
the Obligors’ address specified in or pursuant to Section 15.7.  If any Collateral is sold on terms other than
payment in full at the time of sale, no credit shall be given against the
Obligations until the Agent or the Lenders receive payment, and if the buyer 

 

74

 

defaults in payment, the
Agent may resell the Collateral.  In the
event the Agent seeks to take possession of all or any portion of the
Collateral by judicial process, each Obligor irrevocably waives:  (A) the posting of any bond, surety, or
security with respect thereto which might otherwise be required; (B) any
demand for possession prior to the commencement of any suit or action to
recover the Collateral; and (C) any requirement that the Agent retain
possession and not dispose of any Collateral until after trial or final
judgment.  Each Obligor agrees that the
Agent has no obligation to preserve rights to the Collateral or marshal any
Collateral for the benefit of any Person. 
The Agent is hereby granted a license or other right to use, without
charge, each Obligor’s labels, patents, copyrights, name, trade secrets, trade
names, trademarks, and advertising matter, or any similar property, in
completing production of, advertising, or selling any Collateral, and each such
Obligor’s rights under all licenses and all franchise agreements shall inure to
the Agent’s benefit for such purpose. 
The proceeds of sale shall be applied first to all expenses of sale,
including reasonable attorneys’ fees, and then to the Obligations.  The Agent will return any excess to the
applicable Obligor and the Obligors shall remain liable for any deficiency.

 

(d)                                 The Obligors
acknowledge and agree that the Lenders would not provide the Term Loan if,
among other things, they were not assured that if an Event of Default
specifically occurs, the Agent, on behalf of the Lenders, may obtain all
amounts in the Cash Collateral Accounts (other than amounts held in the Main
Operating Account subject to the Liens in favor of the Adequate Protection
Parties (as defined in the Financing Order)) and apply them immediately to the
Obligations, and otherwise exercise the other rights and remedies available to
the Agent.

 

(e)                                  Notwithstanding
anything herein to the contrary, (i) neither the Agent nor any Lender
shall take any action under this Section 11.2 (or similar
provisions of any Loan Document) except after compliance with any applicable
notice requirements applicable thereto set forth in accordance with the
Financing Order, and (ii) following the occurrence and during the
continuance of an Event of Default, all amounts received by the Agent on
account of the Obligations, from the Obligors and/or all amounts with respect
to the proceeds of any Collateral (including, after the Agent has given the
General Partner notice of the exercise of control, all amounts in the Cash
Collateral Accounts, other than amounts held in the Main Operating Account
subject to the Liens in favor of the Adequate Protection Parties (as defined in
the Financing Order)) shall be (subject to the proviso below) promptly
disbursed by the Agent as follows, unless otherwise agreed by the Agent and the
Majority Lenders:  (A) first, to the
payment of expenses incurred by the Agent in the performance of its duties and
the enforcement of the rights and remedies of the Agent and the Lenders under
the Loan Documents, including, without limitation, all costs and expenses of
collection, reasonable attorneys’ fees, court costs and other amounts required
to be paid or reimbursed by the Obligors to the Agent or the Lenders as
provided by this Agreement or any of the other Loan Documents; (B) second,
to the Lenders, pro rata in accordance with their respective Pro Rata Shares,
until interest accrued on the Term Loan has been paid in full; (C) third,
to the Lenders, pro rata in accordance with their respective Pro Rata Shares,
until principal of the Term Loan then due and payable (if any) has been paid in
full; (D) fourth, to the Agent, any remaining amount owed to the Agent
pursuant to the terms of this Agreement or any other Loan Document;
(E) fifth, to each Lender, any remaining amount owed to such Lender
pursuant to the terms of this Agreement or any other Loan Document hereof
multiplied by a fraction, the 

 

75

 

numerator of which is all
remaining amounts owed to such Lender hereunder and thereunder and the
denominator of which is the aggregate of all remaining amounts due all Lenders
hereunder and thereunder, until all such remaining amounts have been paid in
full and (F) lastly, to the extent the non-contingent Obligations have
been paid in full, to the Borrowers; provided that during the existence
of an Event of Default (1)  notwithstanding the existence of such Event of
Default or an acceleration of the Obligations, funds in the Main Operating
Account that are not subject to the first priority Agent’s Lien shall not be
transferred out of the Main Operating Account other than for ordinary course
expenditures to protect and preserve the Collateral (including all documented
payroll expenses (including benefits), operating expenses of the Properties,
taxes, insurance premiums, ground rents with respect to the Properties, and
cash management, in each case, in the ordinary course of business, and the
adequate protection payments), (2) funds in any Cash Collateral Account
that are subject to the first priority Agent’s Lien (x) may, until
otherwise directed by Agent, be transferred out of the Cash Collateral Accounts
only for ordinary course expenditures to protect and preserve the Adequate
Protection Properties (as defined in the Financing Order) (including all
documented payroll expenses (including benefits), operating expenses of such
Properties, taxes, insurance premiums, ground rents with respect to such
Properties, and cash management, in each case, in the ordinary course of
business) and (y) at the Agent’s sole discretion and with the consent of
the Majority Lenders, any funds in the Cash Collateral Accounts that are
subject to the first priority Agent’s Lien may instead be applied at the
direction of the Agent and (3) all proceeds received by the Agent and the
Lenders in respect of sales of Collateral subject to a Pre-Petition Lien shall
first be paid to the holder of such Pre-Petition Lien to the extent of its
priority interest in such proceeds.  The
order of priority set forth in this Section 11.2(e) and the
related provisions of this Agreement are set forth solely to determine the
rights and priorities of the Agent and the Lenders as among themselves.  The order of priority set forth in this Section 11.2(e) may
at any time and from time to time be changed by the Agent and the Lenders
without necessity of notice to or consent of or approval by any Obligor or any
other Person.

 

(f)                                    An Event of
Default shall occur as set forth in this Agreement even if an act or
circumstance which gives rise, directly or indirectly, to such Event of Default
has been authorized by the Bankruptcy Court or another court or tribunal with
jurisdiction over the Case.  Neither the
Agent nor any Lender shall have any obligation whatsoever to object to any
relief requested by any Debtor from the Bankruptcy Court or another court or
tribunal with jurisdiction over the Case if and because such relief would or
may constitute, or would or may lead to, an Event of Default, or the Agent’s or
any Lender’s failure to object to such relief shall not limit the Events of
Default under this Agreement, constitute a waiver or release of rights and
remedies under this Agreement, estop or preclude the Agent or any Lender from
fully enforcing the same, or have any res judicata effect on whether an Event
of Default has occurred under this Agreement. 
Each Debtor shall be fully responsible for determining whether any
relief it seeks from the Bankruptcy Court or another court or tribunal with
jurisdiction over the Case would or may constitute, or would or may lead to, an
Event of Default under this Agreement, and authorization for such relief shall
not limit in any manner whatsoever such Debtor’s obligation to fully comply
with all of the terms and conditions of this Agreement.

 

(g)                                 Without
limiting the remedies of the Agent and the Lenders hereunder, each Obligor further
agrees that a breach of any of the covenants and agreements of the Obligors 

 

76

 

contained in paragraphs (4) of
Schedule 3.1-A will cause irreparable injury to the Agent and the
Lenders for which there is no adequate remedy at law and, as a consequence,
agrees that each such covenant and agreement contained in paragraphs (4) of
Schedule 3.1-A shall be specifically enforceable against such
Obligor, and the Agent and the Lenders shall be entitled to obtain injunctive
relief with respect thereto without any bond or other security being required,
and each Obligor hereby waives and agrees, to the fullest extent permitted by
law, not to assert as a defense against an action for specific performance of
such covenants that (i) such Obligor’s failure to perform such covenants
will not cause irreparable injury to the Agent and the Lenders or (ii) the
Agent or the Lenders have an adequate remedy at law in respect of such breach.

 

ARTICLE 12

 

GUARANTY

 

Section 12.1                                            Guaranty;
Limitation of Liability.

 

(a)                                  Each Guarantor,
jointly and severally, hereby absolutely, unconditionally and irrevocably
guarantees the punctual payment when due, whether at scheduled maturity or on
any date of a required prepayment or by acceleration, demand or otherwise, of
all Obligations of each other Obligor now or hereafter existing under or in
respect of the Loan Documents, whether direct or indirect, absolute or
contingent, and whether for principal, interest, premiums, fees, indemnities,
contract causes of action, costs, expenses or otherwise (such Obligations being
the “Guaranteed Obligations”), and agrees to pay any and all reasonable
out-of-pocket expenses (including, without limitation, reasonable out-of-pocket
fees and expenses of counsel but excluding allocated costs of in-house counsel)
incurred by the Agent or any Lender in enforcing any rights under this Guaranty
or any other Loan Document.  Without
limiting the generality of the foregoing, each Guarantor’s liability shall
extend to all amounts that constitute part of the Guaranteed Obligations and
would be owed by any other Obligor to the Agent or any Lender under or in
respect of the Loan Documents but for the fact that they are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving such other Obligor.

 

(b)                                 Each Guarantor
hereby unconditionally and irrevocably agrees that in the event any payment
shall be required to be made to the Agent or any Lender under this Guaranty,
such Guarantor will contribute, to the maximum extent permitted by law, such
amounts to each other Guarantor so as to maximize the aggregate amount paid to
the Agent and the Lenders under or in respect of the Loan Documents.

 

Section 12.2                                            Guaranty
Absolute.  Each
Guarantor guarantees that the Guaranteed Obligations will be paid strictly in
accordance with the terms of the Loan Documents, regardless of any law,
regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Agent or any Lender with respect
thereto.  The Obligations of each
Guarantor under or in respect of this Guaranty are independent of the
Guaranteed Obligations or any other Obligations of any other Obligor under or
in respect of the Loan Documents, and a separate action or actions may be
brought and prosecuted against each Guarantor to enforce this Guaranty,
irrespective of whether any action is brought against any Borrower or any other

 

77

 

Obligor or whether any
Borrower or any other Obligor is joined in any such action or actions.  The liability of each Guarantor under this
Guaranty shall be irrevocable, absolute and unconditional irrespective of, and
each Guarantor hereby irrevocably waives any defenses it may now have or
hereafter acquire in any way relating to, any or all of the following:

 

(a)                                  any lack of
validity or enforceability of any Loan Document or any agreement or instrument
relating thereto;

 

(b)                                 any change in
the time, manner or place of payment of, or in any other term of, all or any of
the Guaranteed Obligations or any other Obligations of any other Obligor under
or in respect of the Loan Documents, or any other amendment or waiver of or any
consent to departure from any Loan Document, including, without limitation, any
increase in the Guaranteed Obligations resulting from the extension of
additional credit to any Obligor or otherwise;

 

(c)                                  any taking,
exchange, release or non-perfection of any Collateral, or any taking, release or
amendment or waiver of, or consent to departure from, any other guaranty, for
all or any of the Guaranteed Obligations;

 

(d)                                 any manner of
application of Collateral, or proceeds thereof, to all or any of the Guaranteed
Obligations, or any manner of sale or other disposition of any Collateral for
all or any of the Guaranteed Obligations or any other Obligations of any
Obligor under the Loan Documents or any other assets of any Obligor;

 

(e)                                  any change,
restructuring or termination of the corporate structure or existence of any
Obligor;

 

(f)                                    any failure of
the Agent or any Lender to disclose to any Obligor any information relating to
the business, condition (financial or otherwise), operations, performance,
properties or prospects of any other Obligor now or hereafter known to such
Agent or such Lender, as the case may be (each Guarantor waiving any duty on
the part of the Agent and the Lenders to disclose such information);

 

(g)                                 the failure of
any other Person to execute or deliver this Guaranty or the release or
reduction of liability of any Guarantor or surety with respect to the
Guaranteed Obligations; or

 

(h)                                 any other
circumstance (including, without limitation, any statute of limitations) or any
existence of or reliance on any representation by the Agent or any Lender that
might otherwise constitute a defense available to, or a discharge of, any
Obligor or any other guarantor or surety, in its capacity as a guarantor or
surety.

 

This
Guaranty shall continue to be effective or be reinstated, as the case may be,
if at any time any payment of any of the Guaranteed Obligations is rescinded or
must otherwise be returned by the Agent or any Lender or any other Person upon
the insolvency, bankruptcy or reorganization of any Borrower or any other
Obligor or otherwise, all as though such payment had not been made.

 

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Section 12.3                                            Waivers and
Acknowledgments.

 

(a)                                  Each Guarantor
hereby unconditionally and irrevocably waives any right to revoke this Guaranty
and acknowledges that this Guaranty is continuing in nature and applies to all
Guaranteed Obligations, whether existing now or in the future.

 

(b)                                 Each Guarantor
hereby unconditionally and irrevocably waives (i) any defense arising by
reason of any claim or defense based upon an election of remedies by the Agent
or any Lender that in any manner impairs, reduces, releases or otherwise
adversely affects the subrogation, reimbursement, exoneration, contribution or
indemnification rights of such Guarantor or other rights of such Guarantor to
proceed against any of the other Obligors, any other guarantor or any other
Person or any Collateral and (ii) subject to the terms and provisions of
the Investment Agreement and Schedule 3.1-A, any defense based on any
right of set-off or counterclaim against or in respect of the Obligations of
such Guarantor hereunder.

 

(c)                                  Each Guarantor
acknowledges that the Agent may, to the extent permitted by applicable law,
without notice to or demand upon such Guarantor and without affecting the
liability of such Guarantor under this Guaranty, foreclose under any Loan
Document by nonjudicial sale, and each Guarantor hereby waives any defense to
the recovery by the Agent and the Lenders against such Guarantor of any
deficiency after such nonjudicial sale and any defense or benefits that may be
afforded by applicable law.

 

(d)                                 Each Guarantor
hereby unconditionally and irrevocably waives any duty on the part of the Agent
or any Lender to disclose to such Guarantor any matter, fact or thing relating
to the business, condition (financial or otherwise), operations, performance,
properties or prospects of any other Obligor or any of its Subsidiaries now or
hereafter known by the Agent or such Lender, as the case may be.

 

(e)                                  Each Guarantor
acknowledges that it will receive substantial direct and indirect benefits from
the financing arrangements contemplated by the Loan Documents and that the
waivers set forth in Section 12.2 and this Section 12.3
are knowingly made in contemplation of such benefits.

 

Section 12.4                                            Subrogation.  Each Guarantor hereby unconditionally and
irrevocably agrees not to exercise any rights that it may now have or hereafter
acquire against any Borrower or any other Obligor that arise from the
existence, payment, performance or enforcement of such Guarantor’s Obligations
under or in respect of this Guaranty or any other Loan Document, including,
without limitation, any right of subrogation, reimbursement, exoneration,
contribution or indemnification and any right to participate in any claim or
remedy of the Agent or any Lender against any Borrower or any other Obligor,
whether or not such claim, remedy or right arises in equity or under contract,
statute or common law, including, without limitation, the right to take or
receive from any Borrower or any other Obligor, directly or indirectly, in cash
or other property or by set-off or in any other manner, payment or security on
account of such claim, remedy or right, unless and until all of the Guaranteed
Obligations and all other amounts payable under this Guaranty shall have been
paid in full in cash and the Commitments shall have expired or been
terminated.  If any amount shall be paid
to any Guarantor in violation of the immediately preceding sentence at any time
prior to the latest of (a) the payment in full in cash of the 

 

79

 

Guaranteed Obligations and
all other amounts payable under this Guaranty and (b) the Maturity Date,
such amount shall be received and held in trust for the benefit of the Agent
and the Lenders, shall be segregated from other property and funds of such
Guarantor and shall forthwith be paid or delivered to the Agent in the same
form as so received (with any necessary endorsement or assignment) to be
credited and applied to the Guaranteed Obligations and all other amounts
payable under this Guaranty, whether matured or unmatured, in accordance with
the terms of the Loan Documents, or to be held as Collateral for any Guaranteed
Obligations or other amounts payable under this Guaranty thereafter
arising.  If (i) any Guarantor shall
make payment to the Agent of all or any part of the Guaranteed Obligations,
(ii) all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash and (iii) the Maturity
Date shall have occurred, the Agent and the Lenders will, at such Guarantor’s
request and expense, execute and deliver to such Guarantor appropriate
documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to such Guarantor of an interest in the
Guaranteed Obligations resulting from such payment made by such Guarantor
pursuant to this Guaranty.

 

Section 12.5                                            Guaranty
Supplements.  Upon the
execution and delivery by any Subsidiary of a guaranty supplement in
substantially the form of Exhibit H hereto (each, a “Guaranty
Supplement”), (a) such Subsidiary shall be referred to as an “Additional
Guarantor,” and shall become and be a Guarantor hereunder, and each
reference in this Guaranty or any other provision of this Agreement to a “Guarantor”
shall also mean and be a reference to such Additional Guarantor, and each
reference in any other Loan Document to a “Guarantor” shall also mean and be a
reference to such Additional Guarantor, and (b) each reference herein to
“this Guaranty,” “this Agreement,” “hereunder,” “hereof” or words of like
import referring to this Guaranty and/or this Agreement, as the case may be,
and each reference in any other Loan Document to the “Guaranty,” “thereunder,”
“thereof” or words of like import referring to this Guaranty, shall mean and be
a reference to this Guaranty and this Agreement as supplemented by such
Guaranty Supplement; provided that in no event shall a Foreign
Subsidiary be obligated to become a Guarantor.

 

Section 12.6                                            Continuing
Guaranty; Assignments.  This
Guaranty is a continuing guaranty and shall (a) remain in full force and
effect until the payment in full in cash of the Guaranteed Obligations and all
other amounts payable under this Guaranty, the termination or expiration of all
Commitments, or the termination of such Guaranty pursuant to Section 14.11,
(b) be binding upon each Guarantor, its successors and assigns and
(c) inure to the benefit of and be enforceable by the Agent and the
Lenders and their respective successors, transferees and assigns.  Without limiting the generality of clause (c) of
the immediately preceding sentence, any Lender may assign or otherwise transfer
all or any portion of its rights and obligations under this Agreement
(including, without limitation, all or any portion of its Commitments, any Term
Loan held by it and its rights and remedies with respect to Collateral and the
Obligations) to any Eligible Assignee, and such Eligible Assignee shall thereupon
become vested with all the benefits in respect thereof granted to such Lender
herein or otherwise, in each case as and to the extent provided in Section 13.3.  No Guarantor shall have the right to assign
its rights hereunder or any interest herein or delegate any of its duties,
liabilities or obligations hereunder or under any other Loan Document without
the prior written consent of the Majority Lenders.

 

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Section 12.7                                            Limitation on
Guaranty.Notwithstanding any provision of this Guaranty to
the contrary, it is intended that this Guaranty, and any Liens granted
hereunder by each Guarantor to secure the obligations and liabilities arising
pursuant to this Guaranty, not constitute a “Fraudulent Conveyance” (as defined
below).  Consequently, each Guarantor
agrees that if this Guaranty, or any Liens securing the obligations and
liabilities arising pursuant to this Guaranty, would, but for the application
of this sentence, constitute a Fraudulent Conveyance, this Guaranty and each
such Lien shall be valid and enforceable only to the maximum extent that would
not cause this Guaranty or such Lien to constitute a Fraudulent Conveyance, and
this Guaranty shall automatically be deemed to have been amended accordingly at
all relevant times.  For purposes hereof,
“Fraudulent Conveyance” means a fraudulent conveyance or fraudulent transfer
applicable under Section 548 of the Bankruptcy Code or any fraudulent
conveyance or fraudulent transfer under the provisions of any applicable
fraudulent conveyance or fraudulent transfer law or similar law of any state,
nation or other governmental unit, as in effect from time to time.

 

ARTICLE 13

 

AMENDMENTS;
WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

 

Section 13.1                                            No Waivers;
Cumulative Remedies.  No failure
by the Agent or any Lender to exercise any right, remedy, or option under this
Agreement, or in any other agreement between or among any Obligor and the Agent
and/or any Lender, or delay by the Agent or any Lender in exercising the same,
will operate as a waiver thereof.  No
waiver by the Agent or the Lenders on any occasion shall affect or diminish the
Agent’s and each Lender’s rights thereafter to require strict performance by
any Obligor of any provision of this Agreement. 
The Agent’s and each Lender’s rights will be cumulative and not
exclusive of any other right or remedy.

 

Section 13.2                                            Amendments and
Waivers.  No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent with respect
to any departure by any Obligor therefrom, shall be effective unless the same
shall be in writing and signed by the Majority Lenders (or by the Agent at the
written consent of the Majority Lenders) and the Obligors and then any such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided that no such waiver,
amendment, or consent shall, unless in writing and signed by all the affected
Lenders, do any of the following:

 

(a)                                  increase or extend
the Commitment of any Lender;

 

(b)                                 postpone or
delay any date fixed by this Agreement or any other Loan Document for any
payment of principal, interest or fees;

 

(c)                                  reduce the
principal of, or the rate of interest specified herein on, the Term Loan or
reduce any fees payable hereunder or under any other Loan Document;

 

(d)                                 amend this
Section;

 

(e)                                  release all or
substantially all of the Collateral or all or substantially all of the value of
the Guarantees under Article 12;

 

81

 

(f)                                    change the
definition of Majority Lenders; or

 

(g)                                 modify Schedule
3.1-A or Schedule 3.1-B.

 

provided that
(i) no amendment, waiver, or consent shall, unless in writing and signed
by the Agent, affect the rights or remedies or duties of the Agent under this
Agreement or any other Loan Document and (ii) notwithstanding anything to
the contrary set forth in this Section 13.2, the Financing Order
may be amended in accordance with the definition thereof.

 

Section 13.3                                            Assignments;
Participations.

 

(a)                                  Any Lender may,
with the written consent of the Agent (which consent shall not be unreasonably
withheld) assign and delegate to one or more Eligible Assignees (each an “Assignee”)
all, or any part of all, of the Term Loan, the Commitments, and the other
rights and obligations of such Lender hereunder; provided that the
Obligors and the Agent may continue to deal solely and directly with such
Lender in connection with the interest so assigned to an Assignee until
(x) written notice of such assignment, together with payment instructions,
addresses, and related information with respect to the Assignee, shall have
been given to the General Partner and the Agent by such Lender and the
Assignee; and (y) such Lender and its Assignee shall have delivered to the
Agent an Assignment and Acceptance in a form reasonably acceptable to the Agent
(“Assignment and Acceptance”) together with any Term Note or Term Notes
subject to such assignment and a recordation fee (payable by such Lender or
such Assignee) of $3,500.

 

(b)                                 From and after
the date that the Agent notifies the assignor Lender that it has received an
executed Assignment and Acceptance, (i) the Assignee thereunder shall be a
party hereto and, to the extent that rights and obligations have been assigned
to it pursuant to such Assignment and Acceptance, shall have the rights and
obligations of a Lender under the Loan Documents (including the obligations
pursuant to Schedule 3.1-A and Schedule 3.1-B), and
(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, relinquish its rights and be released from
its obligations under this Agreement (and in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto).

 

(c)                                  By executing
and delivering an Assignment and Acceptance, the assigning Lender thereunder
and the Assignee thereunder confirm to and agree with each other and the other
parties hereto as follows: 
(i) other than as provided in such Assignment and Acceptance, such
assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties, or representations
made in or in connection with this Agreement or the execution, legality,
validity, enforceability, genuineness, sufficiency, or value of this Agreement
or any other Loan Document furnished pursuant hereto or the attachment,
perfection, or priority of any Lien granted by any Obligor to the Agent or any
Lender in the Collateral; (ii) such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to the
financial condition of any Obligor or the performance or observance by any
Obligor of any of its obligations under this Agreement or

 

82

 

any other Loan Document
furnished pursuant hereto; (iii) such Assignee confirms that it has
received a copy of this Agreement, together with such other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance; (iv) such Assignee
will, independently and without reliance upon the Agent, such assigning Lender
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 decisions in
taking or not taking action under this Agreement; (v) such Assignee
appoints and authorizes the Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the Agent
by the terms hereof, together with such powers, including the discretionary
rights and incidental power, as are reasonably incidental thereto; and
(vi) such Assignee agrees that it will perform in accordance with their
terms all of the obligations which by the terms of this Agreement are required
to be performed by it as a Lender.

 

(d)                                 The Agent,
acting solely for this purpose as an agent of the Borrowers, shall maintain at
its address referred to in Section 15.7 a copy of each Assignment
and Acceptance delivered to it and a register (the “Register”) for the
recordation of the names and addresses of the Lenders and the Commitment of,
and principal amount of the Term Loan and any stated interest owing to, each
Lender from time to time.  The entries in
the Register shall be conclusive, in the absence of manifest error, and the
Borrowers, the Agent and the Lenders shall treat each Person whose name is
recorded in the Register as the owner of the Term Loan and any Term Notes
evidencing such Term Loan recorded therein for all purposes of this
Agreement.  Any assignment of any Term
Loan, whether or not evidenced by a Term Note, shall be effective only upon
appropriate entries with respect thereto being made in the Register.  Any assignment of all or part of a Term Loan
evidenced by a Term Note shall be registered on the Register only upon surrender
for registration of assignment of the Term Note evidencing such Term Loan,
accompanied by a duly executed Assignment and Acceptance; thereupon one or more
new Term Notes in the same aggregate principal amount shall be issued to the
assigning Lender and/or the designated Eligible Assignee (as applicable), and
the old Term Notes shall be returned by the Agent to the Borrowers marked
“canceled.”  The Register shall be
available for inspection by the Borrowers or any Lender (with respect to any
entry relating to such Lender’s Term Loan) at any reasonable time and from time
to time upon reasonable prior notice. 
The Register shall be treated, solely for purposes of Treasury
Regulation Section 5f.103-1(c) (which relates to whether an
obligation is in registered form for purposes of claiming exemption from U.S.
federal withholding tax under Section 871(h) or 881(c) of the
Code with respect to payments of “portfolio interest” received by a Non-U.S.
Lender), as being maintained by the Agent as agent for the Borrowers; provided
that the Agent shall have no duty or obligation whatsoever to or for the
benefit of the Borrowers in connection with such matter.

 

(e)                                  Immediately
upon satisfaction of the requirements of Section 13.3(a) and Section 13.3(d),
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 Commitments arising therefrom.  The Commitment allocated to each Assignee
shall reduce such Commitments of the assigning Lender pro tanto.

 

83

 

(f)                                    Any Lender may
sell to one or more commercial banks, financial institutions, or other Persons
(a “Participant”) participating interests in any Term Loan, the Commitment
of that Lender, and the other interests of that Lender (the “originating
Lender”) hereunder and under the other Loan Documents; provided that
(i)  the originating Lender’s obligations under this Agreement shall
remain unchanged (including the obligations pursuant to Schedule 3.1-A
and Schedule 3.1-B), (ii) the originating Lender shall remain
solely responsible for the performance of such obligations, (iii) the
Obligors and the 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,  (iv) no Lender shall transfer or grant
any participating interest under which the Participant has rights to approve
any amendment to, or any consent or waiver with respect to, this Agreement or
any other Loan Document and (v) all amounts payable by the Obligors
hereunder shall be determined as if such Lender had not sold such
participation; except that, if amounts outstanding under this Agreement 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 and subject to the same limitation as if the
amount of its participating interest were owing directly to it as a Lender
under this Agreement.

 

(g)                                 In the event
that any Lender sells participations in a Term Loan, such Lender shall, acting
solely for this purpose as an agent of the Borrowers, maintain, or cause to be
maintained, a register, on which it enters the name of all Participants in the
Term Loan held by it and the principal amount (and stated interest thereon) of
the portion of the Term Loan that is the subject of the participation (the “Participant
Register”).  A Term Loan (and the
note, if any, evidencing the same) may be participated in whole or in part only
by registration of such participation on the Participant Register.  Any participation of such Term Loan (and the
note, if any, evidencing the same) may be effected only by the registration of
such participation on the Participant Register. 
The Participant Register shall be available for inspection by the
Borrowers and any Lender at any reasonable time and from time to time upon
reasonable prior notice.  The Participant
Register shall be treated, solely for purposes of Treasury Regulation
Section 5f.103-1(c) (which relates to whether an obligation is in
registered form for purposes of claiming exemption from U.S. federal
withholding tax under Section 871(h) or 881(c) of the Code with
respect to payments of “portfolio interest” received by a Non-U.S. Lender), as
being maintained by the applicable Lender as agent for the Borrowers; provided
that such Lender shall have no duty or obligation whatsoever to or for the
benefit of the Borrowers in connection with such matter.

 

(h)                                 Notwithstanding
any other provision in this Agreement, any Lender may at any time create a
security interest in, or pledge, all or any portion of its rights under and
interest in this Agreement in favor of any Federal Reserve Bank, in accordance
with Regulation A of the Federal Reserve Board or U.S. Treasury Regulation 31
CFR §203.14, or any Federal Home Loan Bank, and such Federal Reserve Bank
and/or Federal Home Loan Bank may enforce such pledge or security interest in
any manner permitted under applicable law.

 

84

 

ARTICLE 14

 

THE
AGENT

 

Section 14.1                                                        Appointment and
Authorization.  Each Lender
hereby designates and appoints the Agent as its agent and collateral agent
under this Agreement and the other Loan Documents and each Lender hereby
irrevocably authorizes the Agent to take such action on its behalf under the
provisions of this Agreement and each other Loan Document and to exercise such
powers and perform such duties as are expressly delegated to it by the terms of
this Agreement or any other Loan Document, together with such powers as are
reasonably incidental thereto.  The Agent
agrees to act as such on the express conditions contained in this Article 14.  The provisions of this Article 14
are solely for the benefit of the Agent and the Lenders and no Obligor shall
have rights as a third party beneficiary of any of the provisions contained
herein other than with respect to Section 14.9, Section 14.10
and Section 14.11. 
Notwithstanding any provision to the contrary contained elsewhere in
this Agreement or in any other Loan Document, the Agent shall not have any
duties or responsibilities, except those expressly set forth herein, nor shall
the Agent have or be deemed to have any fiduciary relationship with any Lender,
and no implied covenants, functions, responsibilities, duties, obligations, or
liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Agent. 
Without limiting the generality of the foregoing sentence, the use of
the term “agent” in this Agreement with reference to the Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law. 
Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between
independent contracting parties.  Except
as expressly otherwise provided in this Agreement, the Agent shall have and may
use its sole discretion with respect to exercising or refraining from
exercising any discretionary rights or taking or refraining from taking any
actions which the Agent is expressly entitled to take or assert under this
Agreement and the other Loan Documents, including the exercise of rights and
remedies pursuant to Section 11.2, and any action so taken or not
taken shall be deemed consented to by the Lenders

 

Section 14.2                                                        Delegation of
Duties.  The Agent may execute any of
its duties under this Agreement or any other Loan Document by or through
agents, sub-agents, employees, or attorneys-in-fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties.  The Agent shall not be responsible for the
negligence or misconduct of any agent, sub-agent, employee, or attorney-in-fact
that it selects as long as such selection was made without gross negligence or
willful misconduct.

 

Section 14.3                                                        Liability of
the Agent.  None of the
Agent-Related Persons shall (a) be liable for any action taken or omitted
to be taken by any of them under or in connection with this Agreement or any
other Loan Document or the transactions contemplated hereby (except for its own
gross negligence or willful misconduct as determined by a final judgment of a
court of competent jurisdiction), or (b) be responsible in any manner to
any of the Lenders for any recital, statement, representation, or warranty made
by any Obligor or any Affiliate of any Obligor, or any officer thereof,
contained in this Agreement or in any other Loan Document, or in any
certificate, report, statement, or other document referred to or provided for
in, or received by the Agent under or in connection with, this Agreement or any
other Loan Document, or the validity, effectiveness, genuineness,
enforceability, or sufficiency of this Agreement or any other Loan

 

85

 

Document, or for any failure
of any Obligor to perform its obligations hereunder or thereunder.  No Agent-Related Person shall 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, this
Agreement or any other Loan Document, or to inspect the properties, books, or
records of any Obligor or any Affiliate of any Obligor.

 

Without limiting the generality of the foregoing, no Agent-Related
Person: (i)  shall have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Agent is
required to exercise as directed in writing by the Majority Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents);
provided that such Agent-Related Person shall not be required to
take any action that, in its judgment or the judgment of its counsel, may
expose such Person to liability or that is contrary to any Loan Document or
applicable Requirements of Law; and (ii)  shall, except as expressly
set forth herein and in the other Loan Documents, have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating
to Borrowers or any of their Affiliates that is communicated to or obtained by
the person serving as Agent or any of its Affiliates in any capacity.

 

Section 14.4                                            Reliance by the
Agent.

 

(a)                                  The Agent shall
be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex, or telephone message, statement, or other document or
conversation 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 Obligors),
independent accountants, and other experts selected by the Agent.  The Agent shall be fully justified in failing
or refusing to take any action under this Agreement or any other Loan Document
unless it shall first receive such advice or concurrence of the Majority
Lenders as it deems appropriate and, if it so requests, it shall first be
indemnified to its satisfaction by the Lenders against any and all liability
and expense which may be incurred by it by reason of taking or continuing to
take any such action.  The Agent shall in
all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or
consent of the Majority Lenders (or all Lenders if so required by the terms of
this Agreement) and such request and any action taken or failure to act
pursuant thereto shall be binding upon all of the Lenders.

 

(b)                                 For purposes of
determining compliance with the conditions specified in Section 10.1,
each Lender that has executed this Agreement shall be deemed to have consented
to, approved, or accepted or to be satisfied with, each document or other
matter either sent by the Agent to such Lender for consent, approval,
acceptance, or satisfaction, or required thereunder to be consented to or
approved by or acceptable or satisfactory to such Lender.

 

Section 14.5                                            Notice of
Default.  The Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Event of
Default, unless the Agent shall have received written notice from a Lender or
an Obligor referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a “notice of default.”  The Agent will

 

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notify the Lenders of its
receipt of any such notice.  The Agent
shall take such action with respect to such Default or Event of Default as may
be requested by the Majority Lenders in accordance with Article 11;
provided that unless and until the Agent has received any such request,
the Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it
shall deem advisable.

 

Section 14.6                                            Credit Decision.  Each Lender acknowledges that none of the
Agent-Related Persons has made any representation or warranty to it, and that
no act by the Agent hereinafter taken, including any review of the affairs of
the Obligors and their Affiliates, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender.  Each Lender represents to the Agent that it
has, independently and without reliance upon any Agent-Related Person and based
on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations,
property, financial and other condition, and creditworthiness of the Obligors
and their Affiliates, and all applicable bank regulatory laws relating to the
transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to the Obligors. 
Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person 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 the other Loan Documents, and to make such investigations as
it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition, and creditworthiness of the
Obligors.  Except for notices, reports,
and other documents expressly herein required to be furnished to the Lenders by
the Agent, the Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, prospects,
operations, property, financial and other condition, or creditworthiness of the
Obligors which may come into the possession of any of the Agent-Related
Persons.

 

Section 14.7                                            Indemnification.  WHETHER OR NOT THE TRANSACTIONS CONTEMPLATED
HEREBY ARE CONSUMMATED, THE LENDERS SHALL INDEMNIFY UPON DEMAND THE
AGENT-RELATED PERSONS (TO THE EXTENT NOT REIMBURSED BY OR ON BEHALF OF THE
OBLIGORS AND WITHOUT LIMITING THE OBLIGATION OF THE OBLIGORS TO DO SO), PRO
RATA, FROM AND AGAINST ANY AND ALL INDEMNIFIED LIABILITIES AS SUCH TERM IS
DEFINED IN SECTION 15.10; PROVIDED THAT NO LENDER SHALL BE
LIABLE FOR THE PAYMENT TO THE AGENT-RELATED PERSONS OF ANY PORTION OF SUCH
INDEMNIFIED LIABILITIES RESULTING SOLELY FROM SUCH PERSON’S GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT AS DETERMINED BY A FINAL JUDGMENT OF A COURT OF COMPETENT
JURISDICTION.  WITHOUT LIMITATION OF THE
FOREGOING, EACH LENDER SHALL REIMBURSE THE AGENT UPON DEMAND FOR ITS RATABLE
SHARE OF ANY COSTS OR OUT-OF-POCKET EXPENSES (INCLUDING COSTS AND EXPENSES SET
FORTH IN SECTION 15.6) INCURRED BY THE AGENT IN CONNECTION WITH THE
PREPARATION, EXECUTION, DELIVERY, ADMINISTRATION, MODIFICATION, AMENDMENT, OR
ENFORCEMENT (WHETHER THROUGH NEGOTIATIONS, LEGAL PROCEEDINGS, OR OTHERWISE) OF,
OR LEGAL ADVICE IN RESPECT OF RIGHTS OR RESPONSIBILITIES UNDER, THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT, OR ANY DOCUMENT CONTEMPLATED BY OR 

 

87

 

REFERRED TO HEREIN, TO THE
EXTENT THAT THE AGENT IS NOT REIMBURSED FOR SUCH EXPENSES BY OR ON BEHALF OF
THE OBLIGORS.  THE UNDERTAKING IN THIS
SECTION SHALL SURVIVE THE PAYMENT OF ALL OBLIGATIONS HEREUNDER AND THE
RESIGNATION OR REPLACEMENT OF THE AGENT.

 

Section 14.8                                            The Agent in
Individual Capacity.  The Agent
and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire equity interests in and generally engage in
any kind of banking, trust, financial advisory, underwriting, or other business
with the Obligors and their Affiliates as though it were not the Agent
hereunder and without notice to or consent of the Lenders.  The Lenders acknowledge that, pursuant to
such activities, the Agent or its Affiliates may receive information regarding
the Obligors or their Affiliates (including information that may be subject to
confidentiality obligations in favor of the Obligors or such Affiliates) and
acknowledge that the Agent shall be under no obligation to provide such
information to them.  With respect to its
Term Loan, the Agent as a Lender shall have the same rights and powers under
this Agreement as any other Lender and may exercise the same as though it were
not the Agent, and the terms “Lender” and “Lenders” include the Agent in its individual
capacity as a Lender hereunder.

 

Section 14.9                                            Successor Agent.  The Agent may resign as the Agent upon 30
days notice to the Lenders and the Borrowers, such resignation to be effective,
subject to the next succeeding paragraph of this Section 14.9, upon
the acceptance of a successor agent to its appointment as Agent.  If the Agent resigns under this Agreement,
the Majority Lenders shall, with the consent of the General Partner if the Term
Loan has not been accelerated (which consent may be withheld in it’s sole and
absolute discretion), appoint from among the Lenders a successor agent for the
Lenders.  Upon the acceptance of its
appointment as successor agent hereunder, such successor agent shall succeed to
all the rights, powers, and duties of the retiring Agent and the term “Agent”
shall mean such successor agent and the retiring Agent’s appointment, powers,
and duties as the Agent shall be terminated. 
After any retiring Agent’s resignation hereunder as Agent, the
provisions of this Section 14.9 shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was the Agent under
this Agreement.

 

If
no such successor Agent shall have been so appointed by the Majority Lenders
and shall have accepted such appointment within 30 days after the retiring
Agent gives notice of its resignation, then the retiring Agent may on behalf of
the Lenders, appoint a successor Agent meeting the qualifications set forth
above provided that if the Agent shall notify Borrower and the Lenders that no
qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (1) the
retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any Collateral
held by the Agent on behalf of the Lenders under any of the Loan Documents, the
retiring Agent shall continue to hold such Collateral as nominee until such
time as a successor Agent is appointed) and (2) all payments,
communications and determinations provided to be made by, to or through an
Agent shall instead be made by or to each Lender directly, until such time as
the Majority Lenders appoint a successor Agent as provided for above in this Section 14.9.

 

After
the retiring Agent’s resignation hereunder and under the other Loan Documents,
the provisions of this Article 14 and Section 15.10
shall continue in effect for the benefit of such

 

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retiring
Agent and its sub-agents in respect of any actions taken or omitted to be taken
by any of them while the retiring Agent was acting as Agent.

 

Section 14.10                                      Withholding Tax.

 

(a)                                  Each of the
Lenders and the Agent shall provide in favor of the Obligors and the Agent the
following forms:

 

(i)                                     Each Non-U.S.
Lender shall deliver to the Borrowers and the Agent either (i) two copies
of either U.S. Internal Revenue Service Form W-8BEN (claiming exemption
from, or a reduction of, U.S. withholding tax under an income tax treaty),
Form W-8ECI (claiming exemption from U.S. withholding tax because the
income is effectively connected with a U.S. trade or business) or
Form W-8IMY including any required statements and Forms W-8BEN and W-8ECI,
or any subsequent versions thereof or successors thereto, as applicable, or
(ii) in the case of a Non-U.S. Lender entitled to an exemption from U.S.
federal withholding tax under Section 871(h) or 881(c) of the
Code with respect to payments of “portfolio interest,” two copies of
Form W-8BEN (certifying that such Non-U.S. Lender is a beneficial owner of
the Term Loan), Form W-8IMY including any required statements and Forms
W-8BEN and W-8ECI or any subsequent versions thereof or successors thereto, and
a certificate satisfactory to the Agent and the General Partner that such
Non-U.S. Lender Party is not (1) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder”
of the General Partner within the meaning of Section 881(c)(3)(B) of
the Code or (3) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code. 
Each Form W-8BEN, Form W-8IMY or Form W-8ECI delivered
under this Section 14.10(a) shall be properly completed and
duly executed by such Non-U.S. Lender claiming complete exemption from, or a
reduced rate of, U.S. federal withholding tax on all payments by the Borrowers
under this Agreement and the other Loan Documents.  Such forms shall be delivered by each
Non-U.S. Lender prior to the date of the first payment by the Borrower hereunder
made to such Non-U.S. Lender and on or before the date, if any, that such
Non-U.S. Lender designates a New Lending Office.  In addition, each Non-U.S. Lender shall
deliver such forms promptly upon the obsolescence or invalidity of any form
previously delivered by such Non-U.S. Lender or as reasonably requested from
time to time by the General Partner or the Agent.  Each Non-U.S. Lender shall promptly notify
the General Partner and the Agent at any time it determines that it is no
longer in a position to provide any previously delivered form, statement, or
certificate to the Borrowers or the Agent (or any other form, statement, or
form of certification adopted by the IRS for such purpose).  Notwithstanding any other provision of this
paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant
to this paragraph that such Non-U.S. Lender is not legally able to deliver.

 

(ii)                                  Each U.S.
Lender shall deliver to the Borrowers and the Agent two copies of U.S. Internal
Revenue Service Form W-9, or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such U.S. Lender certifying
that such U.S. Lender is entitled to an exemption from United States backup
withholding tax on all payments by the Borrowers under this Agreement and the
other Loan Documents.  Such forms shall
be delivered by each U.S. Lender on or before the date it becomes a party to
this Agreement.  In addition, each U.S.
Lender shall deliver

 

89

 

such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such U.S. Lender
or as reasonably requested from time to time by the General Partner or the
Agent.  Each U.S. Lender shall promptly
notify the General Partner and the Agent at any time it determines that it is
no longer in a position to provide any previously delivered form, statement, or
certificate to the General Partner or the Agent (or any other form, statement,
or form of certification adopted by the U.S. taxing authorities for such
purpose).  Solely for purposes of this Section 14.10(a)(ii),
a U.S. Lender shall not include a Lender (or Assignee) that is treated as an
exempt recipient based on the indicators described in Treasury Regulation
Section 1.6049-4(c)(1)(ii).

 

(iii)                               A Lender that
is entitled to an exemption from or reduction of non-U.S. withholding tax under
the law of the jurisdiction in which the Borrowers is located, or any treaty to
which such jurisdiction is a party, with respect to payments under this
Agreement shall deliver to the Borrowers (with a copy to the Agent), at the
time or times prescribed by applicable law or reasonably requested by the
Borrowers, such properly completed and executed documentation prescribed by
applicable law as will permit such payments to be made without withholding or
at a reduced rate, provided that such Lender is legally entitled to
complete, execute and deliver such documentation and in such Lender’s
reasonable judgment such completion, execution or submission would not
materially prejudice the legal position of such Lender.

 

(b)                                 If the IRS or
any other Governmental Authority of the United States or other jurisdiction
asserts a claim that the Agent or the Borrowers did not properly withhold tax
from amounts paid to or for the account of any Lender (because the appropriate
form was not delivered, was not properly executed, or because such Lender
failed to notify the Agent or the Borrowers of a change in circumstances which
rendered the exemption from, or reduction of, withholding tax ineffective, or
for any other reason) such Lender shall indemnify the Agent and the Borrowers
fully for all amounts paid, directly or indirectly, by the Agent or the
Borrowers as Taxes or otherwise, including penalties and interest, and including
any Taxes imposed by any jurisdiction on the amounts payable to the Agent under
this Section 14.10(b), together with all costs and expenses
(including attorney and accountant costs related thereto).  The obligation of the Lenders under this Section 14.10(b) shall
survive the payment of the Obligations and the resignation or replacement of
the Agent and termination of this Agreement.

 

Section 14.11                                      Collateral
Matters; Guaranty Releases.

 

(a)                                  The Lenders
hereby irrevocably authorize the Agent, without the further consent of the
Lenders, to release any Agent’s Lien upon any Collateral (i) upon the
termination of the Commitments and payment and satisfaction in full of all Term
Loan and all other Obligations (other than indemnities to which a claim has not
been made and obligations pursuant to Schedule 3.1-A and Schedule
3.1-B or pursuant to the provisions of the last sentence of Section 15.5);
(ii) constituting property being sold or disposed of in accordance with
this Agreement and with the approval of the Bankruptcy Court (to the extent
required); (iii) constituting property leased to an Obligor under a lease
which has expired or been terminated; (iv) as required pursuant to any
order of the Bankruptcy Court or as provided in Section 6.1(a) or
(v) 

 

90

 

owned by a Guarantor upon
the termination and release of the Guaranty of such Guarantor pursuant to Section 14.11(b) below.  Except as provided above, the Agent will not
release any of the Agent’s Liens without the prior written authorization of the
Majority Lenders.  Upon request by the
Agent or the General Partner at any time, the Majority Lenders will confirm in
writing the Agent’s authority to release any Agent’s Liens upon particular
types or items of Collateral pursuant to this Section 14.11.  The Lenders hereby irrevocably authorize the
Agent, at the request of the General Partner, to subordinate any Agent’s Lien
to the holder of any Lien described in clauses (b), (d), (f),
(j) (if and to the extent applicable), (m), (o), (p),
(s), (t), and (v) of the definition of Permitted
Liens; in each case to the extent the underlying transaction is not prohibited
hereby.

 

(b)                                 The Lenders
hereby irrevocably authorize the Agent, without the further consent of the
Lenders, to terminate and release the Guaranty of any Guarantor in the event of
(i) a merger or consolidation of a non-Guarantor Subsidiary into or with
such Guarantor (so long as the only material asset owned by such Guarantor is
the Capital Stock of such non-Guarantor Subsidiary merging into or with such
Guarantor), to the extent necessary to comply with the mortgage or mezzanine
financing documents of such merged or consolidated non-Guarantor Subsidiary or
(ii) a sale of other disposition of a Guarantor pursuant to a transaction
permitted by Section 9.8.

 

(c)                                  Upon receipt by
the Agent of any authorization required pursuant to Section 14.11(a) to
release any Agent’s Liens upon particular types or items of Collateral, and
upon at least two Business Days prior written request (or such shorter time
period as the Agent may agree) by the General Partner, the Agent shall (and is
hereby irrevocably authorized by the Lenders to) execute such documents as may
be necessary to evidence the release of the Agent’s Liens upon such Collateral;
provided that (i) the Agent shall not be required to execute any
such document on terms which, in the Agent’s good-faith opinion, would expose
the Agent to liability or create any material obligation or entail any material
adverse consequence other than the release of such Liens without recourse or
warranty, and (ii) such release shall not in any manner discharge, affect,
or impair the Obligations or any Liens (other than those expressly being
released) upon (or obligations of the Obligors in respect of) all interests
retained by any Obligor, including the proceeds of any sale, all of which shall
continue to constitute part of the Collateral.

 

(d)                                 The Agent shall
have no obligation whatsoever to any of the Lenders to assure that the Collateral
exists or is owned by any Obligor or is cared for, protected, or insured or has
been encumbered, or that the Agent’s Liens have been properly or sufficiently
or lawfully created, perfected, protected, or enforced or are entitled to any
particular priority, or to exercise at all or in any particular manner or under
any duty of care, disclosure, or fidelity, or to continue exercising, any of
the rights, authorities, and powers granted or available to the Agent pursuant
to any of the Loan Documents, it being understood and agreed that in respect of
the Collateral, or any act, omission, or event related thereto, the Agent may
act in any manner it may deem appropriate, in its sole discretion given the
Agent’s own interest in the Collateral in its capacity as one of the Lenders
and that the Agent shall have no other duty or liability whatsoever to any
Lender as to any of the foregoing.

 

91

 

Section 14.12             Restrictions on Actions by the
Lenders; Sharing of Payments.

 

(a)           Each Lender hereby waives any and all
rights to set-off against the Obligations, any amounts owing by such Lender to
any Obligor or any accounts unrelated to the Term Loan of any Obligor now or
hereafter maintained with such Lender. 
Each of the Lenders further agrees that it shall not take or cause to be
taken any action to enforce its rights under this Agreement or against any
Obligor, including the commencement of any legal or equitable proceedings, to
foreclose any Lien on, or otherwise enforce any security interest in, any of
the Collateral.

 

(b)           If at any time or times any Lender
shall receive (i) by payment, foreclosure, set-off or otherwise, any
proceeds of Collateral or any payments with respect to the Obligations owing to
such Lender arising under, or relating to, this Agreement or the other Loan
Documents, except for any such proceeds or payments received by such Lender
from the Agent pursuant to the terms of this Agreement, or (ii) payments
from the Agent in excess of such Lender’s ratable portion of all such
distributions by the Agent, such Lender shall promptly (A) turn the same
over to the Agent, in kind, and with such endorsements as may be required to negotiate
the same to the Agent, or in same day funds, as applicable, for the account of
all of the Lenders and for application to the Obligations in accordance with
the applicable provisions of this Agreement, or (B) purchase, without
recourse or warranty, an undivided interest and participation in the
Obligations owed to the other Lenders so that such excess payment received
shall be applied ratably as among the Lenders in accordance with their Pro Rata
Shares; provided that if all or part of such excess payment received by
the purchasing party is thereafter recovered from it, those purchases of
participations shall be rescinded in whole or in part, as applicable, and the
applicable portion of the purchase price paid therefor shall be returned to
such purchasing party, but without interest except to the extent that such
purchasing party is required to pay interest in connection with the recovery of
the excess payment.

 

Section 14.13             Agency for Perfection.  Each Lender hereby appoints each other Lender
as agent for the purpose of perfecting the Lenders’ security interest in assets
which, in accordance with Article 9 of the UCC can be perfected by
possession.  Should any Lender (other
than the Agent) obtain possession of any such Collateral, such Lender shall
notify the Agent thereof, and, promptly upon the Agent’s request therefor shall
deliver such Collateral to the Agent or otherwise deal with such Collateral in
accordance with the Agent’s instructions.

 

Section 14.14             Payments by the Agent to the
Lenders.  All payments to be made by
the Agent to the Lenders shall be made by bank wire transfer or internal
transfer of immediately available funds to each Lender pursuant to wire
transfer instructions delivered in writing to the Agent on or prior to the
Closing Date (or if such Lender is an Assignee, on the applicable Assignment
and Acceptance), or pursuant to such other wire transfer instructions as each
party may designate for itself by written notice to the Agent.  Concurrently with each such payment, the
Agent shall identify whether such payment (or any portion thereof) represents
principal, premium, or interest on the Term Loan or otherwise.

 

Section 14.15             Concerning the Collateral and
the Related Loan Documents.  Each
Lender authorizes and directs the Agent to enter into this Agreement and the
other Loan Documents relating to the Collateral, for the benefit of the Agent
and the Lenders.  Each Lender agrees that
any action taken by the Agent or the Majority Lenders, as applicable, in accordance
with the terms of this Agreement or the other Loan Documents relating to the
Collateral, and the

 

92

 

exercise by the Agent or the
Majority Lenders, as applicable, of their respective powers set forth therein
or herein, together with such other powers that are reasonably incidental
thereto, shall be binding upon all of the Lenders.

 

Section 14.16             Relation Among the Lenders.  The Lenders are not partners or co-venturers,
and no Lender shall be liable for the acts or omissions of, or (except as
otherwise set forth herein in case of the Agent) authorized to act for, any
other Lender.

 

ARTICLE 15

 

MISCELLANEOUS

 

Section 15.1               Cumulative Remedies.  The enumeration herein of the Agent’s and
each Lender’s rights and remedies is not intended to be exclusive, and such
rights and remedies are in addition to and not by way of limitation of any
other rights or remedies that the Agent and the Lenders may have under the UCC
or other applicable law.  The Agent (at
the direction of the Majority Lenders when the same is required pursuant to the
terms hereof) and the Majority Lenders shall have the right, in their sole
discretion, to determine which rights and remedies within their authorities are
to be exercised and in which order.  The
exercise of one right or remedy shall not preclude the exercise of any others,
all of which shall be cumulative.  The
Agent may, and shall with the consent or at the direction of the Majority
Lenders, without limitation, proceed directly against any Person liable
therefor to collect the Obligations without any prior recourse to the
Collateral.  No failure to exercise and
no delay in exercising, on the part of the Agent or any Lender, any right,
remedy, power, or privilege hereunder, shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power, or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power, or privilege.

 

Section 15.2               Severability.  The illegality or unenforceability of any
provision of this Agreement or any instrument or agreement required hereunder
shall not in any way affect or impair the legality or enforceability of the
remaining provisions of this Agreement or any instrument or agreement required
hereunder.

 

Section 15.3               Governing Law; Choice of
Forum; Service of Process; Jury Trial Waiver.

 

(a)           EXCEPT TO THE EXTENT GOVERNED BY THE
BANKRUPTCY CODE, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE
INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICT OF LAWS
PROVISIONS; PROVIDED THAT PERFECTION ISSUES WITH RESPECT TO
ARTICLE 9 OF THE UCC MAY GIVE EFFECT TO APPLICABLE CHOICE OR CONFLICT
OF LAW RULES SET FORTH IN ARTICLE 9 OF THE UCC) OF THE STATE OF NEW YORK; PROVIDED,
FURTHER, THAT THE AGENT AND THE LENDERS SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

 

93

 

(b)           IN THE EVENT THE BANKRUPTCY COURT
DOES NOT HAVE OR REFUSES TO EXERCISE JURISDICTION WITH RESPECT THERETO, 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 OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH OF THE AGENT, EACH LENDER, AND EACH OBLIGOR,
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON EXCLUSIVE
JURISDICTION OF THOSE COURTS.  EACH OF
THE AGENT, EACH LENDER, AND EACH OBLIGOR 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.

 

(c)           EACH PARTY HERETO HEREBY WAIVES
PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (RETURN RECEIPT
REQUESTED) DIRECTED TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 15.7
AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED THREE (3) DAYS AFTER
THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE UNITED STATES MAILS.  NOTHING CONTAINED HEREIN SHALL AFFECT THE
RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED
BY LAW.

 

Section 15.4               Waiver of Jury Trial.  EACH OF THE AGENT, EACH LENDER, AND EACH
OBLIGOR WAIVES ITS 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 AGENT-RELATED PERSON, PARTICIPANT, OR
ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR
OTHERWISE.  EACH OF THE AGENT, EACH
LENDER, AND EACH OBLIGOR AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL WITHOUT A JURY. 
WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR
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.

 

Section 15.5               Survival.  All of the representations and warranties of
the Obligors contained in this Agreement and the other Loan Documents shall
survive the execution, delivery, 

 

94

 

and acceptance thereof by
the parties, notwithstanding any investigation by the Agent or the Lenders or
their respective agents, and shall terminate upon the repayment in full of the
Obligations (other than indemnities to which a claim has not been made and
obligations pursuant to Schedule 3.1-A and Schedule 3.1-B).  Solely to the extent related to the
obligations of the parties under Schedule 3.1-A and Schedule
3.1-B, the only terms of this Agreement that will remain in full force and
effect and will survive the termination of the Commitments and the payment and
satisfaction in full of all Term Loans and all other Obligations (other than
indemnities to which a claim has not been made) are as follows:  Schedule 3.1-A and Schedule
3.1-B, Section 3.6, clauses (c)(i), (c)(iii) and
(h) (solely as it relates to the provisions of this Agreement set
forth in this sentence being in full force and effect in accordance with their
terms) of Section 11.1, Section 13.1, the last sentence
of Section 13.2 and Sections 15.2, 15.3, 15.4,
15.6, 15.7, 15.9, 15.10, 15.12, 15.13,
15.14, 15.17, and 15.18.

 

Section 15.6               Fees and Expenses.

 

(a)           Each Obligor agrees to pay to the
Agent and each Lender, on demand, all reasonable and documented out-of-pocket
costs and expenses that the Agent or any Lender pays or incurs in connection
with the negotiation, preparation, consummation, administration, and
termination of this Agreement or any of the other Loan Documents as
follows:  (i) all reasonable and
documented fees, expenses, and disbursements of (A) Willkie
Farr & Gallagher LLP and (B) any other law firm or counsel, if
any, engaged by the Agent, the Lenders or the Brookfield Consortium Members (as
defined in the Investment Agreement) and their Affiliates (collectively, the
counsel referred to in this clause (B) being referred to as “Other
Counsel”) in connection with the negotiation, preparation and execution of
the Loan Documents, including any such fees, expenses and disbursements of such
Other Counsel in connection with the Case, such fees, expenses and
disbursements of such Other Counsel not in excess of $500,000 in the aggregate;
(ii) costs and expenses (including attorneys’ and paralegals’ fees and
disbursements for one counsel to the Agent and Lenders, taken as a whole, but
excluding allocated costs of in-house counsel) for any amendment, supplement,
waiver, consent, or subsequent closing in connection with the Loan Documents
and the transactions contemplated thereby; (iii) taxes, fees and other
charges for filing financing statements (to the extent permitted by this
Agreement) and continuations, and other actions to perfect, protect, and
continue the Agent’s Liens (including costs and expenses paid or incurred by
the Agent in connection with the consummation of this Agreement);
(iv) actual, out-of-pocket sums paid or incurred during the existence of
an Event of Default to pay any amount or take any action required of any
Obligor under the Loan Documents that such Obligor fails to pay or take (but
only to the extent that the Agent is otherwise permitted to take such action
under any Loan Document or the Financing Order); (v) costs and expenses of
any reasonably necessary actions taken during the existence of an Event of
Default aimed at preserving and protecting the Collateral; and (vi) costs
and expenses (including the cost of appraisals, inspections and verifications
of the Collateral and disbursements for one counsel to the Agent and Lenders,
taken as a whole, and, in the case of a conflict of interest, one additional
counsel to the affected Lenders, taken as a whole, and, to the extent
reasonably necessary, one counsel in each relevant material jurisdiction (not
to exceed one per state), but in each case excluding allocated costs of in
house counsel) of the Agent and the Lenders paid or incurred to (and/or in
attempting to) obtain payment of the Obligations, enforce the Agent’s Liens,
sell or otherwise realize upon the Collateral, and otherwise enforce the
provisions of the Loan Documents, or to defend any claims made or threatened
against the 

 

95

 

Agent or any Lender arising
out of the transactions contemplated hereby (including preparation for and
consultations concerning any such matters). 
All of the foregoing costs and expenses shall be part of the
Obligations, shall bear interest until paid at the Default Rate and shall be
payable on demand.  No Obligor shall be
responsible for the fees of any financial, restructuring or similar advisor
pursuant to the Loan Documents unless agreed in writing by the Borrowers.

 

(b)               [Intentionally Omitted.]

 

Section 15.7                   Notices.  Except as otherwise provided herein, all
notices, demands, and requests that any party is required or elects to give to
any other shall be in writing, or by a telecommunications device capable of
creating a written record, and any such notice shall become effective
(a) upon personal delivery thereof, including, but not limited to,
delivery by overnight mail and courier service, (b) five (5) days
after it shall have been mailed by United States mail, first class, certified
or registered, with postage prepaid, or (c) in the case of notice by such
a telecommunications device, when properly transmitted (with written
confirmation of delivery), in each case addressed to the party to be notified
as follows:

 

if
to the Agent or to any Initial Lender:

 

Barclays
Bank PLC

745 7th Avenue

New York, New York 10019

Telecopy: (646) 758-4617 

Attention: Craig J. Malloy

 

with
a copy to (which shall not constitute notice):

 

Latham &
Watkins LLP

885
Third Avenue

New
York, New York 10022-4834

Telecopy:
(212) 751-4864

Attention:  Jane Summers, Esq.

 

if
to any Lender (which shall not constitute notice):

 

Willkie
Farr & Gallagher LLP

787
Seventh Avenue

New
York, New York 10019-6099

Telecopy:
(212) 728-8111

Attention:  Michael Zinder, Esq.

 

if
to any Obligor:

 

General
Growth Properties, Inc.

110 North Wacker Drive

Chicago, Illinois 60068

 

96

 

Telecopy
No.:  312-960-5485

Attn:  General Counsel

 

with
a copy to (which shall not constitute notice):

 

Weil,
Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas 75201-6950

Telecopy:  214-746-7777

Attention:  Angela L. Fontana, Esq.

 

or
to such other address as each party may designate for itself by like notice,
subject to the provisions of Section 15.15.

 

Section 15.8                   Waiver of Notices.  Unless otherwise expressly provided herein,
each Obligor waives presentment, protest and notice of demand or dishonor and
protest as to any instrument, notice of intent to accelerate the Obligations,
and notice of acceleration of the Obligations, as well as any and all other
notices to which it might otherwise be entitled.  No notice to or demand on any Obligor which
the Agent or any Lender may elect to give shall entitle any Obligor to any or
further notice or demand in the same, similar, or other circumstances.

 

Section 15.9                   Binding Effect.  The provisions of this Agreement shall be
binding upon and inure to the benefit of the respective representatives,
successors, and assigns of the parties hereto; provided that no interest
herein may be assigned by any Obligor without prior written consent of the
Agent and each Lender, except, if applicable, as contemplated by Section 3.1-A
in connection with a debt conversion.

 

Section 15.10                 Indemnity of the Agent and
the Lenders by the Obligors.

 

(a)               THE OBLIGORS AGREE TO DEFEND, INDEMNIFY,
AND HOLD THE AGENT-RELATED PERSONS, AND EACH LENDER AND EACH OF ITS 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
OUT-OF-POCKET ATTORNEY COSTS FOR ALL INDEMNIFIED PERSONS, TAKEN AS A WHOLE BUT
EXCLUDING ALLOCATED COSTS OF IN-HOUSE COUNSEL) OF ANY KIND OR NATURE WHATSOEVER
WHICH MAY AT ANY TIME (INCLUDING AT ANY TIME FOLLOWING REPAYMENT OF THE
TERM LOAN AND THE TERMINATION, RESIGNATION OR REPLACEMENT OF THE 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
LOAN DOCUMENT, 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

 

97

 

PROCEEDING) RELATED TO OR
ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, OR THE TERM LOAN OR THE
USE OF THE PROCEEDS THEREOF AND INCLUDING ANY OF THE FOREGOING ARISING FROM THE
ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE OF THE INDEMNIFIED PERSON, WHETHER OR
NOT ANY INDEMNIFIED PERSON IS A PARTY THERETO (ALL THE FOREGOING, COLLECTIVELY,
THE “INDEMNIFIED LIABILITIES”); PROVIDED THAT THE OBLIGORS SHALL
HAVE NO OBLIGATION HEREUNDER TO ANY INDEMNIFIED PERSON WITH RESPECT TO
(I) INDEMNIFIED LIABILITIES RESULTING SOLELY FROM THE GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PERSON OR (II) LIABILITIES,
OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS,
CHARGES, EXPENSES, AND DISBURSEMENTS OF ANY KIND OR NATURE WHATSOEVER WHICH MAY AT
ANY TIME BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY SUCH PERSON
AFTER THE DATE OF PAYMENT IN FULL OF THE NON-CONTINGENT OBLIGATIONS.  THE AGREEMENTS IN THIS SECTION SHALL
SURVIVE PAYMENT OF ALL OTHER OBLIGATIONS.

 

(b)           THE OBLIGORS AGREE TO INDEMNIFY,
DEFEND, AND HOLD HARMLESS THE AGENT AND THE LENDERS FROM ANY LOSS OR LIABILITY
DIRECTLY OR INDIRECTLY ARISING OUT OF THE USE, GENERATION, MANUFACTURE,
PRODUCTION, STORAGE, RELEASE, THREATENED RELEASE, DISCHARGE, DISPOSAL, OR
PRESENCE OF A CONTAMINANT OR ARISING OUT OF A VIOLATION OF OR LIABILITY UNDER
ENVIRONMENTAL LAWS, IN EACH CASE RELATING TO ANY OBLIGOR’S OPERATIONS,
BUSINESS, OR PROPERTY.  THIS INDEMNITY
WILL APPLY WHETHER THE CONTAMINANT IS ON, UNDER, OR ABOUT ANY OBLIGOR’S
PROPERTY OR OPERATIONS OR PROPERTY LEASED TO ANY OBLIGOR.  THIS INDEMNITY INCLUDES, BUT IS NOT LIMITED
TO, REASONABLE, OUT-OF-POCKET ATTORNEYS’ FEES (EXCLUDING THE ALLOCATED COST OF
IN-HOUSE COUNSEL).  THIS INDEMNITY
EXTENDS TO THE AGENT AND THE LENDERS, THEIR PARENTS, AFFILIATES, SUBSIDIARIES,
AND ALL OF THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS, ATTORNEYS,
AND ASSIGNS.  THIS INDEMNITY WILL SURVIVE
REPAYMENT OF ALL OTHER OBLIGATIONS.

 

Section 15.11             Limitation of Liability.  No claim may be made by any Obligor, any
Lender, or other Person against the Agent, any Lender, or the Affiliates,
directors, officers, officers, employees, or agents of the Agent or any Lender
for any special, indirect, consequential, or punitive damages in respect of any
claim for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by this Agreement or any other Loan
Document, or any act, omission, or event occurring in connection therewith, and
each of the Obligors and the Lenders hereby waives, releases, and agrees not to
sue upon any claim for such damages, whether or not accrued and whether or not
known or suspected to exist in its favor.

 

Section 15.12             Final Agreement.  This Agreement and the other Loan Documents
are intended by the Obligors, the Agent, and the Lenders to be the final,
complete, and exclusive expression of the agreement between them.  This Agreement supersedes any and all prior
oral or

 

98

 

written agreements relating
to the subject matter hereof.  Except as
otherwise expressly provided herein, no modification, rescission, waiver,
release, or amendment of any provision of this Agreement and any Schedules or
Exhibits hereto that are amended or supplemented pursuant to the terms hereof
or any other Loan Document shall be made, except by a written agreement signed
by the Obligors and a duly authorized officer of each of the Agent and the
requisite Lenders.  THIS WRITTEN
AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Section 15.13             Counterparts.  This Agreement and the other Loan Documents
may be executed in any number of counterparts, and by the Agent, each Lender,
and the Obligors in separate counterparts, each of which shall be an original,
but all of which shall together constitute one and the same agreement.  Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all
signature pages are physically attached to the same document.

 

Section 15.14             Captions.  The captions contained in this Agreement are
for convenience of reference only, are without substantive meaning and should
not be construed to modify, enlarge, or restrict any provision.

 

Section 15.15             Agency of the General Partner
for the Other Obligors.  Each of the
Obligors (other than the General Partner) irrevocably appoints the General
Partner as its representative for all purposes relevant to this Agreement, including
the giving and receipt of notices and execution and delivery of all documents,
instruments, and certificates contemplated herein and all modifications
hereto.  Any acknowledgment, consent,
direction, certification, or other action which might otherwise be valid or
effective only if given or taken by all or any of the Obligors or acting
singly, shall be valid and effective if given or taken only by the General
Partner whether or not any of the other Obligors joins therein, and the Agent
and the Lenders shall have no duty or obligation to make further inquiry with
respect to the authority of the General Partner under this Section 15.15;
provided that nothing in this Section 15.15 shall limit the
effectiveness of, or the right of the Agent and the Lenders to rely upon, any
notice, document, instrument, certificate, acknowledgment, consent, direction,
certification or other action delivered by any Obligor pursuant to this
Agreement.

 

Section 15.16             Patriot Act.  Each Lender and the Agent (for itself and not
on behalf of any Lender) hereby notifies each Obligor that, pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record
information that identifies such Obligor, which information includes the name
and address of such Obligor and other information that will allow such Lender
or the Agent, as applicable, to identify such Obligor in accordance with the
Patriot Act.

 

Section 15.17             Absence of Fiduciary
Relationship; Affiliates; Etc.  The
Obligors acknowledge that the Agent, the Lenders and their respective
Affiliates may have economic interests that conflict with those of the Obligors
and their Affiliates.  The Obligors agree
that each of the Agent, the Lenders and their respective Affiliates will act in
their respective

 

99

 

capacities under the Loan
Documents as independent contractors and that nothing in the Loan Documents
will be deemed to create an advisory, fiduciary or agency relationship or
fiduciary or other implied duty between the Agent, the Lenders and their
respective Affiliates, on the one hand, and any Obligor, its owners or its
Affiliates, on the other hand.  The
Obligors acknowledge and agree that (a) the transactions contemplated by
the Loan Documents are arm’s-length commercial transactions between the Agent,
the Lenders and their respective Affiliates, on the one hand, and the Obligors,
on the other, (b) in connection with such transactions each of the Agent,
the Lenders and their respective Affiliates is acting solely as a principal and
not the agent or fiduciary of any Obligor, its management, stockholders,
creditors, affiliates or any other Person, (c) none of the Agent, the
Lenders or any of their respective Affiliates has assumed an advisory or a
fiduciary responsibility in favor of any Obligor or any of its Affiliates with
respect to the transactions contemplated hereby or any other obligation to any
Obligor or any of Affiliates of any Obligor, except the obligations expressly
set forth in this Agreement, and (d) each Obligor has consulted its own
legal and financial advisors to the extent it deemed appropriate.  Each Obligor further acknowledges and agrees
that it is responsible for making its own independent judgment with respect to
such transactions and the process leading thereto.  Each Obligor agrees that it will not claim
that any of the Agent, the Lenders or their respective Affiliates has rendered
advisory services of any nature or respect, or owes a fiduciary or similar
duty, to any Obligor or any Affiliates of an Obligor in connection with such
transactions.  In addition, each of the
Agent, the Lenders and their respective Affiliates may employ the services of
its Affiliates in providing certain services hereunder and, subject to the
agreement of such Affiliate to be bound by Section 6.5, may
exchange with such Affiliates information concerning the Obligors, the
Affiliates of the Obligors and other Persons that may be the subject of this
arrangement, and such Affiliates shall be entitled to the benefits afforded to
the Agent, the Lenders and their respective Affiliates hereunder.  In addition, the Obligors acknowledge that
none of the Agent, the Initial Lenders or their respective Affiliates provides
accounting, tax or legal advice.

 

Section 15.18             Incorporation of Financing Order
by Reference.  Each of the Obligors,
the Agent, and the Lenders agrees that any reference contained herein to the
Financing Order shall include all terms, conditions, and provisions of such
Financing Order and that the Financing Order is incorporated herein for all
purposes.  To the extent there is any
inconsistency between the terms of this Agreement and the terms of the
Financing Order, the terms of the Financing Order shall govern.

 

Section 15.19             Right to Publicize and Advertise.  Subject to Section 6.5(b) hereof,
the Agent and each Lender may, without consent of any Obligor, publicly
disclose and/or advertise its lending relationship with the Obligors, the
identity of the Obligors, the Commitments, and such other information as is
publicly disclosed by any Obligor through any filing with the Bankruptcy Court
or the Securities and Exchange Commission.

 

Section 15.20             Consent of the Agent and Lenders.  Except as otherwise provided herein, whenever
the consent of the Agent or any Lender is required by this Agreement, such
consent may be granted or withheld in the sole discretion of the Agent or such
Lender.

 

100

 

Section 15.21             Sole Arranger.  Notwithstanding anything herein to the
contrary, the Sole Arranger listed on the cover page hereof shall not have
any powers, duties or responsibilities under this Agreement or any of the other
Loan Documents.

 

Section 15.22             Schedules.  Schedules 8.20, 8.20-1, 8.21
and 9.8 are not attached hereto but have been delivered to the Agent who
will retain copies thereof and make them available to any Lender that has
elected to be given access to Private Side Communications (or the designee of
any Lender that has agreed to be subject to the confidentiality provisions of Section 6.5(b))
upon request.

 

Section 15.23             Certain Provisions Regarding the
Investment Agreement.Section 15.24           Notwithstanding
anything to the contrary in this Agreement, in the event any payment, repayment
or prepayment of the Term Loan is made (in whole or in part) in cash in
accordance with the terms of this Agreement prior to the termination of the
Investment Agreement in accordance with its terms, then the cash proceeds
payable to the Agent for the benefit of the Lenders shall be deposited directly
by the Borrowers into the escrow accounts contemplated by the Escrow Agreements
(as such term is defined in the Investment Agreement) (the proportions of such
deposits to be made in each escrow account to be as directed by REP Investments
LLC, which proportions shall aggregate 100% of such payment, repayment or
prepayment) unless prior thereto Brookfield Asset Management Inc. shall have
elected to and delivered to the Borrowers an amendment to the Brookfield Equity
Commitment Letter (as such term is defined in the Investment Agreement) to
increase the GGP Share Purchase Commitment (as such term is defined in the
Brookfield Equity Commitment Letter) by an amount equal to the amount of such
payment, repayment or prepayment, such amendment to be without any additional
conditions, restrictions or limitations of any kind or nature.  Notwithstanding anything to the contrary in
this Agreement, any other Loan Document or the Investment Agreement, the
Borrowers shall have the right to seek specific performance of this Section 15.23
and such right shall be in addition to the rights of the General Partner set
forth in this Agreement, any other Loan Document or the Investment Agreement
and at law or in equity.

 

101

 

IN
WITNESS WHEREOF, the parties have entered into this Agreement on the date first
above written.

 

	
   

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  BARCLAYS
  BANK PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig J. Malloy

  
	
   

  	
  Name:

  	
  Craig
  J. Malloy

  
	
   

  	
  Title:

  	
  Director

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  INITIAL
  LENDER:

  
	
   

  	
   

  
	
  Commitment:
  $400,000,000

  	
  BARCLAYS
  BANK PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig J. Malloy

  
	
   

  	
  Name:

  	
  Craig
  J. Malloy

  
	
   

  	
  Title:

  	
  Director

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  GENERAL
  GROWTH PROPERTIES, INC.,

  
	
   

  	
  as
  Borrower and a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  LIMITED PARTNERSHIP,

  
	
   

  	
  as
  Borrower and a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By: General Growth
  Properties, Inc., its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  10
  CCC BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  10000
  COVINGTON CROSS, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  10190
  COVINGTON CROSS, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1201-1281
  TOWN CENTER DRIVE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  1251
  CENTER CROSSING, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Howard
  Hughes Properties, Limited Partnership, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The
  Howard Hughes Company, LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1450
  CENTER CROSSING DRIVE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1451
  CENTER CROSSING DRIVE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1551
  HILLSHIRE DRIVE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  1635
  VILLAGE CENTRE CIRCLE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1645
  VILLAGE CENTER CIRCLE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  20
  CCC BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  30
  CCC BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  9950-9980
  COVINGTON CROSS, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  APACHE
  MALL, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARIZONA
  CENTER PARKING, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BENSON
  PARK BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BOISE
  TOWN SQUARE ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CALEDONIAN
  HOLDING COMPANY, INC., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  CENTURY
  PLAZA L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Century
  Plaza, Inc., a member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CENTURY
  PLAZA, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHULA
  VISTA CENTER, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COLLIN
  CREEK ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COTTONWOOD
  MALL, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  EDEN
  PRAIRIE ANCHOR BUILDING L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ELK
  GROVE TOWN CENTER L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
								

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  ELK
  GROVE TOWN CENTER, L.P., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Elk
  Grove Town Center, L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FALLEN
  TIMBERS SHOPS II, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FASHION PLACE ANCHOR ACQUISITION, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FIFTY
  COLUMBIA CORPORATE CENTER, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  FORTY
  COLUMBIA CORPORATE CENTER, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GENERAL
  GROWTH MANAGEMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  ACQUISITION, L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  AMERICAN HOLDINGS INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  AMERICAN PROPERTIES INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  GGP
  HOLDING II, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  HOLDING SERVICES, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  HOLDING, INC., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  IVANHOE II, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  IVANHOE IV SERVICES, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  GGP
  NATICK RESIDENCE LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP
  SAVANNAH L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Holding II, Inc., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP/HOMART
  SERVICES, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP/HOMART, INC., a debtor in
  possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  GGP-GLENBROOK HOLDING L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:
  GGPLP L.L.C., its sole member

  
	
   

  	
   

  
	
   

  	
  By: GGP Limited Partnership, its managing member

  
	
   

  	
   

  
	
   

  	
  By: General Growth Properties, Inc., its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GGP-GRANDVILLE
  LAND L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  General
  Growth Properties, Inc., a member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GGP-LA
  PLACE, INC., a debtor in possession

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GGPLP
  L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
										

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  GGP-MAINE
  MALL LAND L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP-MINT
  HILL L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GGP-NORTH
  POINT LAND L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP/Homart, Inc.,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
							

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  GGP-REDLANDS
  MALL L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GGP-REDLANDS
  MALL, L.P., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP-Redlands
  Mall L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGPLP
  L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GGP-SOUTH
  SHORE PARTNERS, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  GGP-TUCSON
  LAND L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Limited Partnership, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  GRANDVILLE
  MALL, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GREENGATE
  MALL, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GREENWOOD
  MALL LAND, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  HHP
  GOVERNMENT SERVICES, LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Summerlin
  Corporation, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOWARD
  HUGHES CANYON POINTE Q4, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOWARD
  HUGHES PROPERTIES, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KAPIOLANI
  CONDOMINIUM DEVELOPMENT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  General
  Growth Management, Inc., its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  KAPIOLANI
  RETAIL, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LA
  PLACE SHOPPING, L.P., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP-La
  Place, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  LAKESIDE
  MALL HOLDING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LOCKPORT
  L.L.C., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  General
  Growth Partners, Inc., a member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  MAJESTIC
  PARTNERS-PROVO, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Price
  Development Company, Limited

  Partnership, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Acquisition, L.L.C., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MALL
  OF LOUISIANA LAND HOLDING, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MALL
  OF LOUISIANA LAND, LP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Mall
  of Louisiana Land Holding, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MALL
  ST. MATTHEWS COMPANY, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
						

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  MSAB
  HOLDINGS L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  General
  Growth Properties, Inc., a member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NATICK
  RETAIL, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW
  ORLEANS RIVERWALK ASSOCIATES, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  New
  Orleans Riverwalk Limited Partnership, a general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Rouse-New
  Orleans, LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David
  R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse-New
  Orleans, LLC, a general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
							

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  NEW
  ORLEANS RIVERWALK LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse-New
  Orleans, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized

  
	
   

  	
   

  	
   

  	
  Representative

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEWGATE
  MALL LAND ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEWPARK
  ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTH
  STAR ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature page to DIP
Credit Agreement]

 

 

	
   

  	
  NSMJV,
  LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ONE
  WILLOW COMPANY, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARK
  SQUARE LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Sixty
  Columbia Corporate Center, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARKE
  WEST, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Limited Partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  PARKSIDE
  LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Fifty
  Columbia Corporate Center, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARKVIEW
  OFFICE BUILDING LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Forty
  Columbia Corporate Center, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PECANLAND
  ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  PINES
  MALL PARTNERS, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GGPLP
  L.L.C., a partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Limited Partnership, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized Representative

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  General
  Growth Properties, Inc., a partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRICE
  DEVELOPMENT COMPANY, LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Acquisition, L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRICE
  DEVELOPMENT TRS, INC., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  PRICE
  FINANCING PARTNERSHIP, L.P., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Price
  GP L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GGP
  Acquisition, LLC, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRICE
  GP L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Acquisition, LLC, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REDLANDS
  LAND ACQUISITION COMPANY L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REDLANDS
  LAND ACQUISITION COMPANY L.P., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Redlands
  Land Acquisition Company L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  REDLANDS
  LAND HOLDING L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RIO
  WEST L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RIVER
  FALLS MALL, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE
  F.S., LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE
  LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  ROUSE
  OFFICE MANAGEMENT OF ARIZONA, LLC, a debtor in
  possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-ARIZONA
  CENTER, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-ARIZONA
  RETAIL CENTER LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse-Arizona
  Center, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-FAIRWOOD
  DEVELOPMENT CORPORATION, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-NEW
  ORLEANS, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  ROUSE-OAKWOOD
  SHOPPING CENTER, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-PHOENIX
  CINEMA, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-PHOENIX
  CORPORATE CENTER LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse
  Office Management of Arizona, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-PHOENIX
  DEVELOPMENT COMPANY, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  ROUSE-PHOENIX
  MASTER LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:
  Rouse-Phoenix Development Company, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROUSE-PHOENIX
  THEATRE LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse-Phoenix
  Cinema, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RUNNING
  BROOK BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAINT
  LOUIS GALLERIA ANCHOR ACQUISITION, LLC, a debtor in possession

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature page to DIP Credit Agreement]

 

 

	
   

  	
  SAINT
  LOUIS LAND L.L.C., a debtor in possession

  
	
   

  	
   

  
	
   

  	
  By:
  Victoria Ward, Limited, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SEAPORT
  MARKETPLACE THEATRE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SEAPORT
  MARKETPLACE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIXTY
  COLUMBIA CORPORATE CENTER, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOUTH
  SHORE PARTNERS, L.P., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP-South
  Shore Partners, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  SOUTH
  STREET SEAPORT LIMITED PARTNERSHIP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Seaport
  Marketplace, LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ST.
  CLOUD LAND L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GGP
  Limited Partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  General
  Growth Properties, Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David R. Charles,

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized
  Representative

  

 

 

	
   

  	
  SUMMERLIN
  CENTRE, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUMMERLIN
  CORPORATION, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  THE
  HOWARD HUGHES COMPANY, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  HUGHES CORPORATION, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  ROUSE COMPANY BT, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  ROUSE COMPANY LP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Rouse
  LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
   

  	
  David
  R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  ROUSE COMPANY OF FLORIDA, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  THE
  ROUSE COMPANY OF LOUISIANA, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  ROUSE COMPANY OF OHIO, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

 

	
   

  	
  THE
  ROUSE COMPANY OPERATING PARTNERSHIP LP, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The
  Rouse Company LP, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Rouse
  LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  David R. Charles

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Representative

  

 

 

	
   

  	
  THE
  VILLAGE OF CROSS KEYS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TOWN
  CENTER EAST BUSINESS TRUST, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  TRC
  CO-ISSUER, INC., a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TUCSON
  ANCHOR ACQUISITION, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TWO
  ARIZONA CENTER, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TWO
  WILLOW COMPANY, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VICTORIA
  WARD SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature
page to DIP Credit Agreement]

 

 

	
   

  	
  VICTORIA
  WARD, LIMITED, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VISALIA
  MALL L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VISTA
  COMMONS, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VW
  CONDOMINIUM DEVELOPMENT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WEST
  KENDALL HOLDINGS, LLC, a debtor in possession

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]

 

 

	
   

  	
  WILLOWBROOK
  MALL HOLDING COMPANY, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David R. Charles

  
	
   

  	
   

  	
  David R. Charles, Authorized Representative

  

 

[Signature page to
DIP Credit Agreement]exh10-1pnmr.htm

 

 

Exhibit 10.1

 

 

PUBLIC SERVICE COMPANY OF NEW MEXICO

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

Trustee

 

 

 

 

 

 

EIGHTH SUPPLEMENTAL INDENTURE

 

Dated as of June 1, 2010

 

 

To

 

 

INDENTURE

 

Dated as of March 11, 1998

 

 

 

Providing for

 

six series of Farmington Senior Unsecured Notes

 

(2010 Pollution Control Series A-F Senior Unsecured Notes)

 

 

 

 

 

 

 

  

  

  

EIGHTH SUPPLEMENTAL INDENTURE, dated as of June 1, 2010, between PUBLIC SERVICE COMPANY OF NEW MEXICO, a corporation duly organized and existing under the laws of the State of New Mexico (the “Company”), having its principal office at Alvarado Square, Albuquerque, New Mexico 87158, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank)))), a national banking association, as Trustee (the “Trustee”) under the Indenture dated as of March 11, 1998 between the Company and the Trustee (the “Indenture”).

RECITALS OF THE COMPANY

 

The Company has executed and delivered the Indenture to The Chase Manhattan Bank, as Trustee, to provide for the issuance from time to time of its senior notes (the “Notes”), said Notes to be issued in one or more series as in the Indenture provided.

 

    The Company has executed and delivered to the Trustee a First Supplemental Indenture, dated as of March 11, 1998, between the Company and the Trustee to establish the forms and terms of seven series of Notes, a Second Supplemental Indenture, dated as of March 11, 1998, between the Company and the Trustee to establish the forms and terms of three series of Notes, a Third Supplemental Indenture, dated as of October 1, 1999, between the Company and the Trustee to establish the form and terms of one series of Notes, a Fourth Supplemental Indenture, dated as of May 1, 2003, between the Company and the Trustee to establish the form and terms of one series of Notes, a Fifth Supplemental Indenture, dated as of May 1, 2003, between the Company and the Trustee to establish the form and terms of one series of Notes, a Sixth Supplemental Indenture, dated as of May 1, 2003, between the Company and the Trustee to establish the form and terms of one series of Notes, and a Seventh Supplemental Indenture, dated as of June 1, 2007, between the Company and the Trustee to establish the form and terms of one series of Notes and to amend the Indenture (the Indenture, as supplemented and amended by said First Supplemental Indenture, said Second Supplemental Indenture, said Third Supplemental Indenture, said Fourth Supplemental Indenture, said Fifth Supplemental Indenture, said Sixth Supplemental Indenture and said Seventh Supplemental Indenture, collectively, the “Indenture, as heretofore supplemented”).

 

    On October 1, 2006, The Bank of New York Mellon Trust Company, N.A. (under its then name, The Bank of New York Trust Company, N.A.) succeeded to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank)) as Trustee.

 

        Pursuant to the terms of the Indenture, the Company desires to provide for the establishment of six new series of Notes to be respectively known as set forth under the column entitled “Series of Farmington Notes” in Exhibit A hereto (collectively, the “Farmington Notes”), the forms and substance of the Farmington Notes and the terms, provisions, and conditions thereof to be set forth as provided in the Indenture, as heretofore supplemented, and this Eighth Supplemental Indenture.

 

        The Company and the City of Farmington, in the County of San Juan, an incorporated municipality, a body politic and corporate, existing under the constitution and laws of the State 

 

  

  

  

of New Mexico (together with its successors and assigns, the “City”), are concurrently herewith entering into certain Amended and Restated Installment Sale Agreements, each dated as of June 1, 2010, as set forth under the column entitled “Sale Agreement” in Exhibit A hereto, relating to certain facilities located at the San Juan Generating Station, between the City, as vendor, and the Company, as vendee (the “Sale Agreements”), whereby the City has agreed to cooperate with the Company and will issue and deliver six new series of its pollution control revenue refunding bonds under the Pollution Control Revenue Bond Act, §§ 3-59-1 to 3-59-14 NMSA 1978, as amended.

 

    Pursuant to certain Ordinances, as respectively supplemented by certain Resolutions, as set forth under the column entitled “Ordinances” in Exhibit A hereto (as so supplemented, the “Ordinances”), the City has (1) authorized and provided for the issuance of six new series of its Pollution Control Revenue Refunding Bonds (Public Service Company of New Mexico San Juan Project), as set forth under the column entitled “Pollution Control Revenue Refunding Bonds” in Exhibit A hereto (the “Refunding Bonds”) and (2) appointed Wells Fargo Bank, National Association, as trustee under the Ordinances (together with any successor trustee under the Ordinances, the “Refunding Bond Trustee”).

 

    Under each of the Sale Agreements, the Company is obligated to make certain payments to the City, which the City has pledged and assigned to the Refunding Bond Trustee by the terms of the Ordinances, to provide for the payment of the principal, the purchase price due upon the mandatory tender for purchase, if any, of and premium, if any, and interest due on, each of the corresponding series of Refunding Bonds.

 

    The Company, by each of the six Guaranty Agreements, dated as of June 1, 2010, related respectively to each of the six series of Refunding Bonds (the “Guarantees” and individually, a “Guaranty”), by and between the Company and the related Refunding Bond Trustee, guarantees payment of the principal, the purchase price due upon the mandatory tender of the Refunding Bonds, if any, of and premium, if any, and interest on the Refunding Bonds (the “Guaranteed Amounts”) and agrees to issue its Farmington Notes, to be delivered to the related Refunding Bond Trustee, as security for the performance of the Company’s obligation under the Guarantees to pay the Guaranteed Amounts.

 

    Each of the six new series of the Farmington Notes will relate to one of the six series of Refunding Bonds and will be issued (x) in an aggregate principal amount equal to the aggregate principal amount of the Refunding Bonds of such series, maturing on June 1, 2040 (the stated maturity date for all six series of Refunding Bonds), (y) bearing interest (but only from the Initial Interest Accrual Date, if any, determined in accordance with Section 1.03 below) at the same interest rate from time to time borne by the Refunding Bonds of such series and (z) be subject to redemption prior to maturity at the time, in the amount, and at the same redemption premium, if any, applicable to the Refunding Bonds of such series.

 

    Section 9.01 of the Indenture provides that, without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture as in said Section 9.01 provided, and the Company desires to amend the Indenture, as heretofore supplemented, as hereinafter provided, and has requested that the Trustee join in the execution and delivery hereof.

  

2

  

All things necessary to make this Eighth Supplemental Indenture a valid agreement of the Company, and to make the Farmington Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done.

NOW, THEREFORE, THIS EIGHTH SUPPLEMENTAL INDENTURE WITNESSETH:

For and in consideration of the premises and the acceptance of the Farmington Notes by the related Refunding Bond Trustee as collateral security for the related series of Refunding Bonds, and for the purpose of setting forth, as provided in the Indenture, the forms and substance of the Farmington Notes and the terms, provisions, and conditions thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Farmington Notes, as follows:

ARTICLE ONE

GENERAL TERMS AND CONDITIONS

OF THE FARMINGTON NOTES

SECTION 1.01.  There shall be and are hereby authorized six series of Farmington Notes designated as follows:

1.            “2010 Pollution Control Series A Senior Unsecured Notes”, limited in aggregate principal amount to $40,045,000;

2.            “2010 Pollution Control Series B Senior Unsecured Notes”, limited in aggregate principal amount to $37,000,000;

3.            “2010 Pollution Control Series C Senior Unsecured Notes”, limited in aggregate principal amount to $65,000,000;

4.            “2010 Pollution Control Series D Senior Unsecured Notes”, limited in aggregate principal amount to $130,000,000;

5.            “2010 Pollution Control Series E Senior Unsecured Notes”, limited in aggregate principal amount to $60,000,000; and

    6.            “2010 Pollution Control Series F Senior Unsecured Notes”, limited in aggregate principal amount to $11,500,000.

 

 The aggregate principal amount of each series of Farmington Notes to be authenticated and delivered shall be the aggregate principal amount set forth under the column entitled “Principal Amount” in Exhibit A hereto.  Subject to the provisions of Section 1.03 below, the Farmington Notes shall bear no interest until an Initial Interest Accrual Date, if any, has been determined in accordance with Section 1.03 below.  Subject to the provisions of Section 1.04 below, the Farmington Notes shall mature and the principal thereof shall be due and payable together with all accrued and unpaid interest thereon on their respective Stated Maturities set forth under the column entitled “Due Date” in Exhibit A hereto, and shall be issued in the form of registered Notes without coupons, in denominations of $1,000 and any integral multiple thereof.  Each of the Farmington Notes shall be dated as of the date of its authentication.

  

3

  

    SECTION 1.02.  The Farmington Notes shall be issued to and registered in the name of the Refunding Bond Trustee under the applicable Ordinance and shall be non-transferable, except as may be required to effect transfer to any successor trustee to the Refunding Bond Trustee under such Ordinance.  Principal of, and premium, if any, and interest on the Farmington Notes will be payable, and registration of transfer and exchanges of the Farmington Notes may be effected, and notices and demands to or upon the Company in respect of the Farmington Notes and the Indenture, as heretofore supplemented, and as may hereafter be supplemented from time to time, may be served at the office or agency of the Company maintained for that purpose which shall be the Corporate Trust Office of the Trustee.  The Farmington Notes shall be deemed fully paid, and the obligation of the Company thereunder shall be terminated, to the extent and in the manner provided in Section 1.05 hereof.

 

    SECTION 1.03.  Each of the six series of Farmington Notes shall be issued to the related Refunding Bond Trustee to secure the obligations of the Company under the related Guaranty to pay the respective Guaranteed Amounts.  In the event of failure by the Company to make any payment of any Guaranteed Amounts when and as required to be made by the Company under any of the Guarantees, the related series of Farmington Notes shall bear interest at the rate or rates of interest from time to time borne by the corresponding series of Refunding Bonds for the corresponding Rate Period (as defined in the applicable Ordinance for such series of Refunding Bonds) from the last day to which interest on the applicable series of Refunding Bonds has been paid in full prior to the failure of the Company to pay such Guaranteed Amounts or, if interest on the Refunding Bonds has never been paid in full, from the date of the original issuance of the Refunding Bonds (such date being herein defined as the “Initial Interest Accrual Date”), and interest at such rate or rates shall be payable on each date on which such interest on the applicable series of Refunding Bonds shall from time to time be due and payable (each an “Interest Payment Date”), commencing on the first Interest Payment Date applicable to such series following the Initial Interest Accrual Date, until the principal of the Farmington Notes shall be paid or made available for payment.

 

    The Trustee may conclusively presume that no payments with respect to interest on the Farmington Notes are due unless and until the Trustee shall have received a written certificate from the Refunding Bond Trustee, signed by an authorized officer of the Refunding Bond Trustee, certifying that the Company has failed to make a payment of any Guaranteed Amount when and as required to be made by it under the Guaranty and specifying such Guaranteed Amount, the Initial Interest Accrual Date, the Interest Payment Date(s) and such other terms as shall be applicable to the payment of interest on the Farmington Notes.  The Trustee may conclusively rely and shall be fully protected in acting upon any such certificate and shall have no duty with respect to the terms specified in any such certificate other than to make them available for inspection by the Company.

 

    SECTION 1.04.  The Farmington Notes shall be redeemed, in whole or in part, at the principal amount thereof plus any premium, as hereinafter provided, and any accrued and unpaid interest from the Initial Interest Accrual Date to their redemption date, if the Refunding Bond Trustee notifies the Trustee in writing that Refunding Bonds are subject to redemption as provided in Section 3.02 of the applicable Ordinance.  Any such notice must be received by the Trustee no later than five days (unless a shorter period of time is acceptable to the Trustee) prior to any redemption date fixed for the Refunding Bonds to be redeemed and shall specify the 

 

  

4

  

principal amount of such Refunding Bonds anticipated as of the date of such notice to be redeemed, the date fixed for their redemption, the redemption premium, if any, and the amount of accrued and unpaid interest anticipated to be paid thereon.  In the event such notice is given to the Trustee as provided above, the redemption date of the Farmington Notes shall be the date on which the Refunding Bonds are fixed for redemption, and on such date the said Farmington Notes shall become due and payable in the same principal amount as the Refunding Bonds in fact redeemed pursuant to Section 3.01 of the Ordinances.  The redemption price payable in respect of the Farmington Notes shall include a premium in the event (and only in the event) that any redemption premium is payable in respect of the corresponding series of Refunding Bonds in fact redeemed pursuant to Section 3.01 of the applicable Ordinance, and, in such event, the amount of such premium in respect of the redemption price of the Farmington Notes shall be an amount equal to the redemption premium so payable in respect of such Refunding Bonds.  The Company shall deposit in trust with the Trustee on the redemption date an amount of money sufficient to pay the principal amount, plus any premium and accrued and unpaid interest, if any, to the date fixed for redemption on the Farmington Notes to be redeemed (the “Redemption Price”).  Upon presentation to the Trustee of any of the Farmington Notes by the Refunding Bond Trustee for payment of the Redemption Price, such Farmington Notes so presented shall be redeemed and paid in full.  However, if, in lieu of presenting the Farmington Notes due for redemption, the Refunding Bond Trustee shall deliver such Farmington Notes to the Trustee for cancellation, then, and in that event, subject to Section 1.05 hereof, such of the Farmington Notes so presented for cancellation shall be deemed fully paid, and if any monies shall have been deposited with the Trustee for such redemption, then such moneys shall be paid over to the Company, and the Farmington Notes so presented for cancellation shall be canceled in accordance with Section 1.05 hereof.

 

    SECTION 1.05. Upon surrender by the Refunding Bond Trustee or the Company to the Trustee hereunder of any of the Farmington Notes for cancellation, such Notes shall be canceled by the Trustee and delivered to the Company and shall be deemed fully paid and the obligations of the Company thereunder terminated.

 

    SECTION 1.06.  The Farmington Notes shall be defeasible pursuant to Section 13.02 and Section 13.03 of the Indenture.

   

    SECTION 1.07.  Regulatory Statement.  Pursuant to the terms of an order issued by the New Mexico Public Regulation Commission after the execution and delivery of the Indenture, the Company is required to include the following covenants in any debt instrument:

 

    The Company and its corporate parent, PNM Resources, Inc. ("Parent"), are being operated as separate corporate and legal entities.  In agreeing to make loans to Parent, Parent's lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of the loan will be made solely from the assets of Parent and not from any assets of the Company; and the Parent's lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Company.

 

  

5

  

ARTICLE TWO

FORM OF THE FARMINGTON NOTES

 

    SECTION 2.01.  The Farmington Notes and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially in the following form:

Pursuant to Section 1.02 of the Eighth Supplemental Indenture, dated as of June 1, 2010, supplemental to the Indenture, dated as of March 11, 1998, between Public Service Company of New Mexico and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank)))), as Trustee, as supplemented, this Note is nontransferable, except as may be required to effect transfer to any successor trustee to the Refunding Bond Trustee (as defined herein).

PUBLIC SERVICE COMPANY OF NEW MEXICO

 

2010 Pollution Control Series * Senior Unsecured Note

 

No.                                                                   $____________

 

Due: _____*_____

 

PUBLIC SERVICE COMPANY OF NEW MEXICO, a corporation organized and existing under the laws of the State of New Mexico (herein called the “Company” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Wells Fargo Bank, National Association, as trustee under the Ordinance (defined below), on       *            (unless this Note shall have been called for previous redemption and provision made for the payment of the redemption price thereof), the principal sum of         *         Dollars ($__________) and to pay interest thereon from the Initial Interest Accrual Date (defined below) until the principal hereof is paid or made available for payment, [at the rate of   *   % per annum][at the rate or rates of interest from time to time borne by the Refunding Bonds (defined below) for the corresponding Rate Period (as defined in the Ordinance defined below payable on each date on which such interest on the Refunding Bonds (defined below) shall from time to time be due and payable (each such date being herein called an “Interest Payment Date”), commencing on the first Interest Payment Date following the Initial Interest Accrual Date.

Payment of the principal of, and premium, if any, and any such interest on this Note will be made at the office or agency of the Company maintained for that purpose in The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

*Insert as appropriate for each series of Farmington Notes, the designation, principal amount, Interest Rate, Stated Maturities of Principal, and other particulars specified in Exhibit A hereto with respect to such series.

  

6

  

This Note is one of a duly authorized issue of senior notes of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of March 11, 1998 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A. (formerly JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank)))), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered, to all of which the Holder, by accepting this Note, assents.  This Note is one of the series designated on the face hereof, limited in aggregate principal amount to $      *          .

The Indenture permits, with certain exceptions as therein provided, the Company  and the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes of all series then Outstanding under the Indenture, considered as one class; provided,  however, that if there shall be Notes of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly affect the rights of the Holders of Notes of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Notes of all series so directly affected, considered as one class, shall be required.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each, or all series, as the case may be, then Outstanding under the Indenture, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and permitting the Holders of specified percentages in principal amount of the Notes of each series Outstanding under the Indenture, on behalf of the Holders of all Notes of such series, to waive certain past defaults under the Indenture and their consequences, provided, however, that if any such past default affects more than one series of Notes, the Holders of a majority in aggregate principal amount of the Outstanding Notes of all such series, considered as one class, shall have the right to waive such past default, and not the Holders of the Notes of any one such series.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes of this series, the Holders of not less than a majority in aggregate principal amount of the Notes of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing, considered as one class, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes of all series at the time Outstanding in respect of which an 

 

  

7

  

Event of Default shall have occurred and be continuing, considered as one class, a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or interest hereon on or after the respective due dates expressed herein.

 

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

    The Notes of this series have been issued to Wells Fargo Bank, National Association, as trustee (herein called the “Refunding Bond Trustee”), under [Ordinance No. 2007-1194*, adopted by the City of Farmington, New Mexico (herein called the “City”) on December 11, 2007, as supplemented and amended by Ordinance No. 2010-1227, adopted by the City on April 13, 2010,] [Ordinance No, 2010-1227*, adopted by the City of Farmington, New Mexico (herein called the “City”) on April 13, 2010,] as supplemented by Resolution No. 2010-1355, adopted by the City on May 25, 2010 (as so [supplemented and amended] [supplemented], the “Ordinance”), to secure the guarantee by the Company under a Guaranty Agreement dated as of June 1, 2010 between the Company and the Refunding Bond Trustee (herein called the “Guaranty”), of payment of the principal, the purchase price due upon the mandatory tender for purchase, if any, of and premium, if any, and interest due (herein called the “Guaranteed Amounts”) on the Pollution Control Revenue Refunding Bonds, 2010 Series   *   (Public Service Company of New Mexico San Juan Project), issued by the City under the Ordinance (herein called the “Refunding Bonds”).

 

    In the event of failure by the Company to make any payment of any Guaranteed Amount when and as required to be made by it under the Guaranty, this Note shall bear interest from the last date to which interest on such Refunding Bonds has been paid in full prior to the failure of the Company to pay such Guaranteed Amount or, if such interest on the Refunding Bonds has never been paid in full, from the date of the original issuance of the Refunding Bonds (such date being herein called the “Initial Interest Accrual Date”), [at the rate of   *  % per annum][at the rate or rates from time to time borne by the Refunding Bonds], payable on the Interest Payment Dates in each year, commencing on the first Interest Payment Date following the Initial Interest Accrual Date.

 

    The Trustee may conclusively presume that no payments with respect to interest on the Notes of this series are due unless and until the Trustee shall have received a written certificate from the Refunding Bond Trustee or successor trustee under the Ordinance, signed by an authorized officer of the Refunding Bond Trustee or such successor trustee, certifying that the Company has failed to make a payment of any Guaranteed Amount when and as required to be made by it under the Guaranty and specifying such Guaranteed Amount, the Initial Interest Accrual Date, the Interest Payment Date(s) and such other matters, if any, as shall be pertinent to the payment of interest on the Notes of this series.  The Trustee may conclusively rely and shall be fully protected in acting upon any such certificate and shall have no duty with respect to the matters specified in any such certificate other than to make it available for inspection by the Company.

 

  

8

  

    Upon the surrender for cancellation, at any time or from time to time, of Notes of this series by the Refunding Bond Trustee or any successor trustee under the Ordinance, or by the Company to the Trustee, the Notes so surrendered shall be deemed fully paid and the obligations of the Company thereunder shall be terminated, and such Notes shall be canceled by the Trustee and delivered to the Company.

 

    This Note is nontransferable except to effect transfer to any successor trustee to the Refunding Bond Trustee, any such transfer to be made as provided in the Indenture and subject to certain limitations therein set forth, by the registration of transfer of this Note in the Note Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Note Registrar, duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the successor Refunding Bond Trustee.

 

    If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

    No recourse shall be had for the payment of the principal of or premium, if any, or interest, if any, on any Notes, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under the Indenture, against any incorporator, stockholder, employee, officer or director, as such, past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all Notes are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred by, any incorporator, stockholder, employee, officer or director, past, present or future, of the Company or of any predecessor or successor corporation, because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in the Indenture or in any of the Notes or to be implied herefrom or therefrom, and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Notes.

 

    The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

    No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

  

9

  

    Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

    The Notes of this series shall be redeemable as provided in the Eighth Supplemental Indenture, dated as of June 1, 2010, supplemental to the Indenture.

 

    All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    Unless the certificate of authentication hereon has been executed by the Trustee referred to below by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

PUBLIC SERVICE COMPANY OF NEW MEXICO

By: ____________________________________                                                               

[Title]

Attest:

_______________________

[Assistant] Secretary

CERTIFICATION OF AUTHENTICATION

 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

Dated:

THE BANK OF NEW YORK MELLON TRUST 

COMPANY, N.A., as Trustee

By:    _________________________________       

Authorized Signatory

  

10

  

ARTICLE THREE

ORIGINAL ISSUE OF FARMINGTON NOTES

 

    SECTION 3.01.  Farmington Notes of the six series set forth in the column titled “Series of Farmington Notes” in the respective aggregate principal amounts thereof set forth under the column entitled “Principal Amount” in Exhibit A hereto may, upon execution of this Eighth Supplemental Indenture, or from time to time thereafter, be executed on behalf of the Company by any officer or employee authorized to do so by a Board Resolution under its corporate seal affixed thereto or reproduced thereon attested by its Secretary or by one of its Assistant Secretaries and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Farmington Notes in accordance with a Company Order delivered to the Trustee by the Company, all pursuant to and in accordance with Section 3.03 of the Indenture, as heretofore amended.

ARTICLE FOUR

PAYING AGENT AND REGISTRAR

 

    SECTION 4.01.  The Bank of New York Mellon Trust Company, N.A. will be the Paying Agent and Note Registrar for the Farmington Notes.

ARTICLE FIVE

SUNDRY PROVISIONS

 

    SECTION 5.01.  The Company hereby covenants that so long as any of the Farmington Notes shall remain outstanding, the Company shall deliver to the Trustee as soon as available copies (certified by an officer or employee of the Company to be true) of the Ordinances, the Sale Agreements, the Guarantees and copies of any supplements, amendments or replacements thereto, together with such other documents and instruments as the Trustee may reasonably request from time to time in connection with the transactions contemplated hereby.  The Trustee shall have no duty to examine or take any other action with respect to any such documents or instruments so received by it other than to retain in its files any of same which it so receives and to make same available for inspection during normal business hours by any owner of the Farmington Notes.

 

    SECTION 5.02.  Except as otherwise expressly provided in this Eighth Supplemental Indenture or in the form of the Farmington Notes or otherwise clearly required by the context hereof or thereof, all terms used herein or in said form of the Farmington Notes that are defined in the Indenture shall have the several meanings respectively assigned to them thereby.

 

    SECTION 5.03.  The Indenture, as heretofore supplemented and as supplemented by this Eighth Supplemental Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.

  

11

  

SECTION 5.04.  The Trustee hereby accepts the trusts herein declared, provided, created, supplemented, or amended and agrees to perform the same upon the terms and conditions herein and in the Indenture set forth and upon the following terms and conditions:

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Eighth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article VI of the Indenture shall apply to and form part of this Eighth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations, and insertions, if any, as may be appropriate to make the same conform to the provisions of this Eighth Supplemental Indenture.

To the extent permitted by Section 6.01 of the Indenture, and without limitation of Section 6.03 of the Indenture, the Trustee may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document (including, without limitation, the Ordinances, the Sale Agreements, the Guarantees, and any notice, certificate, or other document provided for in the Ordinances, the Sale Agreements or the Guarantees) believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties.

SECTION 5.05.  This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  

12

  

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

PUBLIC SERVICE COMPANY OF NEW MEXICO

By:          /s/ Terry R. Horn                                                                                                         

Terry R. Horn

 Vice President and Treasurer

THE BANK OF NEW YORK MELLON 

TRUST COMPANY, N.A., as Trustee

By:          /s/ Raymond Torres                                                                             

Raymond Torres

Senior Associate

 

  

13

  

EXHIBIT A - DESCRIPTION OF SIX NEW SERIES OF FARMINGTON NOTES

SAN JUAN PROJECT

 

Capitalized terms used and not otherwise defined in this Exhibit A shall have the meaning given them in the Eighth Supplemental Indenture, of which this Exhibit A forms a part.

	  	
 

Pollution Control

Revenue Refunding Bonds

	
 

Series of

Farmington Notes

	
 

Principal Amount

	
 

Due Date

(Stated Maturity of Principal)

	
Mandatory Tender Date

	
 

 

Ordinances

(adopted by the City)

	
Sale Agreement

(each dated as of June 1, 2010 between the City, as vendor, and 

the Company, as vendee)

 

 

	
1.

	
$40,045,000 City of Farmington, New Mexico, 5.20% Pollution Control Revenue Refunding Bonds, 2010 Series A (Public Service Company of New Mexico San Juan Project).  (Non-AMT)

Term Rate: 5.20%

 

	
 

2010 Pollution 

Control Series A 

Senior Unsecured 

Notes

 

 

	
$40,035,000

	
    June 1, 2040

 

	
June 1, 2020

	
Ordinance No. 2007-1194, adopted on December 11, 

2007, as supplemented 

and amended by 

Ordinance No. 2010-1227, adopted on April 13, 2010, 

and Resolution No. 2010-1355, adopted on May 25, 

2010

 

 

	
1996 Amended and Restated

Installment Sale Agreement

(amending and restating the Installment Sale Agreement

dated as of December 1, 1996 and 

the 1996 First Amendatory 

Installment Sale Agreement

executed and effective as of 

March 11, 1998)

 

	
2.

	
$37,000,000 City of Farmington, New Mexico,4.75 % Pollution Control Revenue Refunding Bonds, 2010 Series B (Public Service Company of New Mexico San Juan Project). (Non-AMT)

Term Rate: 4.75%

 

	
2010 Pollution 

Control Series B 

Senior Unsecured 

Notes

 

	
$37,000,000

	
    June 1, 2040

 

 

 

	
June 1, 2017

	
Ordinance No. 2007-1194, adopted on December 11, 

2007, as supplemented 

and amended by 

Ordinance No. 2010-1227, adopted on April 13, 2010, 

and Resolution No. 2010-

1355, adopted on May 25, 

2010

 

	
1996 Amended and Restated

Installment Sale Agreement

(amending and restating the Installment Sale Agreement

dated as of December 1, 1996 and 

the 1996 First Amendatory 

Installment Sale Agreement

executed and effective as of 

March 11, 1998)

 

	
3.

	
$65,000,000 City of Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, 2010 Series C (Public Service Company of New Mexico San Juan Project).  (Non-AMT)

Term Rate: 5.90%

	
2010 Pollution 

Control Series C 

Senior Unsecured 

Notes

 

 

	
$65,000,000

	
    June 1, 2040

 

	
--

	
Ordinance No. 2007-1194, adopted on December 11, 

2007, as supplemented 

and amended by 

Ordinance No. 2010-1227, adopted on April 13, 2010, 

and Resolution No. 2010-1355, adopted on May 25, 

2010

 

	
1996 Amended and Restated

Installment Sale Agreement

(amending and restating the Installment Sale Agreement

dated as of December 1, 1996 and 

the 1996 First Amendatory 

Installment Sale Agreement

executed and effective as of 

March 11, 1998)

 

A-4

  

  

  

	  	
 

Pollution Control

Revenue Refunding 

Bonds

	
 

Series of

Farmington Notes

	
 

Principal Amount

	
 

Due Date

(Stated Maturity of Principal)

	
Mandatory Tender Date

	
 

 

Ordinances

(adopted by the City)

	
Sale Agreement

(each dated as of June 1, 2010 

between the City, as vendor, and the Company, as vendee)

 

 

	
4.

	
$130,000,000 City of Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, 2010 Series D (Public Service Company of New Mexico San Juan Project).   (Non-AMT)

Term Rate: 5.90%

	
2010 Pollution 

Control Series D 

Senior Unsecured 

Notes

 

 

	
$130,000,000

	
    June 1, 2040

 

 

 

 

	
--

	
Ordinance No. 2007-1194, adopted on December 11, 2007, as supplemented and amended by Ordinance No. 2010-1227, adopted on April 13, 2010, and Resolution No. 2010-1355, adopted on May 25, 2010

 

	
Further Amended and Restated 1979 Installment Sale Agreement 

(amending and restating the Amended and Restated Installment Sale Agreement dated as of February 1, 

1997 and the1979 First Amendatory Installment Sale Agreement executed and effective as of March 11, 1998 amending the original Installment 

Sale Agreement dated September 1, 1979)

 

	
5.

	
$60,000,000 City of Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, 2010 Series E (Public Service Company of New Mexico San Juan Project).  (Non-AMT)

Term Rate: 5.90%

	
2010 Pollution 

Control Series E 

Senior Unsecured 

Notes

 

 

	
$60,000,000

	
    June 1, 2040

 

 

	
--

	
Ordinance No. 2007-1194, adopted on December 11, 2007, as supplemented and amended by Ordinance No. 2010-1227, adopted on April 13, 2010, and Resolution No. 2010-1355, adopted on May 25, 2010

 

	
Further Amended and Restated 1978 Installment Sale Agreement 

(amending and restating the Amended and Restated Installment Sale Agreement dated as of February 1, 

1997 and the 1978 First Amendatory Installment Sale Agreement executed and effective as of March 11, 1998 which amended and restated the Installment Sale Agreement dated March 1, 1978)

 

	
6.

	
$11,500,000 City of Farmington, New Mexico, 6.25% Pollution Control Revenue Refunding Bonds, 2010 Series F (Public Service Company of New Mexico San Juan Project).  (AMT)

Term Rate: 6.25%

 

	
2010 Pollution 

Control Series F 

Senior Unsecured 

Notes

 

 

 

	
$11,500,000

	
    June 1, 2040

 

 

 

	
--

	
Ordinance No. 2010-1228, adopted on April 13, 2010, as supplemented by Resolution No.

 2010-1355, adopted on May 25, 2010

 

	
Amended And Restated 1999 Installment Sale Agreement 

(amending and restating the 

Installment Sale Agreement dated as 

of October 1, 1999)

A-2

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