Document:

Exhibit 10.31

    Exhibit
      10.31

    
 

    Fourth
      Amendment to the 

    Weingarten
      Realty Investors

    Deferred
      Compensation Plan 

    

    R
      E C I T A L S:

    

    WEINGARTEN
      REALTY INVESTORS, a Texas real estate investment trust (the “Employer”) has
      previously established the Weingarten Realty Investors Deferred Compensation
      Plan (the “Deferred Compensation Plan”) under the terms of which select
      employees and/or management are entitled to defer a portion of their
      compensation and/or have discretionary contributions made on their behalf by
      the
      Employer.

    

    The
      Employer desires to amend the Plan to reflect certain requirements of Internal
      Revenue Code Section 409A; 

    

    NOW
      THEREFORE, the Board of Trust Managers desires to amend the Deferred
      Compensation Plan as follows, to be effective January 1, 2005.

    

    1. Section
      3.1(b) of the Plan is hereby amended in its entirety to be and read as
      follows:

    

    
      	 	
              (b)

            	
              Each
                Eligible Participant shall deliver a Deferral Election to the Employer
                before any Deferrals can become effective. Such Deferral Election
                shall be
                applicable only to Compensation, Option awards or Restricted Share
                awards
                for services rendered in the calendar year following the calendar
                year in
                which such Deferral Election is made; provided, however, that in
                the year
                in which an Employee is first eligible to participate, such Deferral
                Election shall be filed within thirty (30) days of the date on which
                the
                Employee is first eligible to participate, with respect to cash
                Compensation, Option awards or Restricted Share awards received for
                services rendered during the remainder of the calendar year.
                Notwithstanding the preceding provisions of this paragraph (b), with
                respect solely to deferrals made on or before December 31, 2005,
                that are
                attributable to services performed in 2005, a Deferral Election may
                be
                made on or before March 15, 2005, to be effective with respect to
                Compensation, Option awards, or Restricted Share awards payable after
                the
                date such Deferral Election becomes
                effective.

            

    

    

    2. Section
      6.1 of the Plan is hereby amended in its entirety to be and read as
      follows:

    

    6.1 Distribution
      Election.
      Distribution of the Participant’s Accounts shall be made in accordance with the
      Participant’s election with respect to the date on which distribution is to be
      made or commence and the form of payment. Such election shall be made by the
      Participant at the time the Participant makes his or her initial Deferral
      Election. Provided, however, the Administrator shall permit all Participants
      to
      make such distribution elections on or before December 31, 2005, and if a
      Participant files a modified distribution election on or before such date,
      such
      election shall be treated as if 

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    it
      had
      been made at the time of the Deferral Election related to the 2005 Plan Year;
      such an election will not be treated as a change in the form of a payment under
      Section 409A(a)(4) of the Code or an acceleration of a payment under Section
      409A(a)(3) of the Code. The commencement of distribution and form of payment
      elected by the Participant in his or her Deferral Election for the 2005 Plan
      Year will be effective as to all of the Participant's Deferrals related to
      the
      2005 Plan Year and subsequent Plan Years, provided, however, that if the
      Administrator separately accounts for Deferrals in each Plan Year, the
      Participant may make separate distribution elections with respect to each Plan
      Year's Deferral Election, in which case each separate distribution election
      shall be effective with respect to the Deferrals to which the election
      relates.

    

    IN
      WITNESS WHEREOF,
      Weingarten Realty Investors has caused this instrument to be executed this
      23rd
      day of December, 2005, to be effective January 1, 2005.

    

    WEINGARTEN
      REALTY INVESTORS

    

    By: /s/
      Stephen Richter    

    Name: Stephen
      Richter    

    Title: Executive
      VP, CFO   

     

     

     

     2EXHIBIT
      10.32

     

    TABLE
      OF CONTENTS

     

    

      
        	
                ARTICLE
                  I Definitions

              	
                1

              
	
                SECTION
                  1.01. Defined Terms

              	
                1

              
	
                SECTION
                  1.02. Classification of Loans and Borrowings

              	
                23

              
	
                SECTION
                  1.03. Terms Generally

              	
                23

              
	
                SECTION
                  1.04. Accounting Terms; GAAP

              	
                23

              
	 	 
	
                ARTICLE
                  II The Credits

              	
                24

              
	
                SECTION
                  2.01. Commitments

              	
                24

              
	
                SECTION
                  2.02. Loans and Borrowings

              	
                24

              
	
                SECTION
                  2.03. Requests for Revolving Borrowings

              	
                25

              
	
                SECTION
                  2.04. Competitive Bid Procedure

              	
                26

              
	
                SECTION
                  2.05. Letters of Credit

              	
                30

              
	
                SECTION
                  2.06. Funding of Borrowings

              	
                35

              
	
                SECTION
                  2.07. Interest Elections

              	
                35

              
	
                SECTION
                  2.08. Termination, Reduction and Increase of Commitments

              	
                37

              
	
                SECTION
                  2.09. Repayment of Loans; Evidence of Debt

              	
                38

              
	
                SECTION
                  2.10. Prepayment of Loans

              	
                38

              
	
                SECTION
                  2.11. Fees

              	
                39

              
	
                SECTION
                  2.12. Interest

              	
                41

              
	
                SECTION
                  2.13. Alternate Rate of Interest

              	
                42

              
	
                SECTION
                  2.14. Increased Costs

              	
                43

              
	
                SECTION
                  2.15. Break Funding Payments

              	
                44

              
	
                SECTION
                  2.16. Taxes

              	
                44

              
	
                SECTION
                  2.17. Payments Generally; Pro Rata Treatment; Sharing of
                  Set-offs

              	
                45

              
	
                SECTION
                  2.18. Mitigation Obligations; Replacement of Lenders

              	
                48

              
	
                SECTION
                  2.19. Extension

              	
                49

              
	 	 
	
                ARTICLE
                  III Representations and Warranties

              	
                50

              
	
                SECTION
                  3.01.

              	
                50

              
	
                SECTION
                  3.02.

              	
                50

              
	
                SECTION
                  3.03. Governmental Approvals; No Conflicts. 

              	
                50

              
	
                SECTION
                  3.04. Financial Condition; No Material Adverse Change. 

              	
                51

              
	
                SECTION
                  3.05. Properties. 

              	
                51

              
	
                SECTION
                  3.06. Intellectual Property. 

              	
                52

              
	
                SECTION
                  3.07. Litigation and Environmental Matters. 

              	
                53

              
	
                SECTION
                  3.08. Compliance with Laws and Agreements.

              	
                55

              
	
                SECTION
                  3.09. Investment and Holding Company Status. 

              	
                55

              
	
                SECTION
                  3.10. Taxes. 

              	
                55

              
	
                SECTION
                  3.11. ERISA.

              	
                55

              
	
                SECTION
                  3.12. Disclosure. 

              	
                56

              

      

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

      

      
        	
                SECTION
                  3.13. Insurance. 

              	
                56

              
	
                SECTION
                  3.14. Margin Regulations. 

              	
                56

              
	
                SECTION
                  3.15. Subsidiaries. 

              	
                56

              
	 	 
	
                ARTICLE
                  IV Conditions

              	
                57

              
	
                SECTION
                  4.01. Effective Date

              	
                57

              
	
                SECTION
                  4.02. Each Credit Event

              	
                58

              
	 	 
	
                ARTICLE
                  V Affirmative Covenants

              	
                58

              
	
                SECTION
                  5.01. Financial Statements; Ratings Change and Other Information.
                  

              	
                58

              
	
                SECTION
                  5.02. Financial Tests.

              	
                60

              
	
                SECTION
                  5.03. Notices of Material Events. 

              	
                60

              
	
                SECTION
                  5.04. Existence; Conduct of Business. 

              	
                61

              
	
                SECTION
                  5.05. Payment of Obligations. 

              	
                61

              
	
                SECTION
                  5.06. Maintenance of Properties; Insurance. 

              	
                61

              
	
                SECTION
                  5.07. Books and Records; Inspection Rights.

              	
                61

              
	
                SECTION
                  5.08. Compliance with Laws. 

              	
                61

              
	
                SECTION
                  5.09. Use of Proceeds and Letters of Credit. 

              	
                62

              
	
                SECTION
                  5.10. Fiscal Year.

              	
                62

              
	
                SECTION
                  5.11. Environmental Matters.

              	
                62

              
	
                SECTION
                  5.12. Guaranties. 

              	
                62

              
	
                SECTION
                  5.13. Further Assurances. 

              	
                63

              
	 	 
	
                ARTICLE
                  VI Negative Covenants

              	
                63

              
	
                SECTION
                  6.01. Liens. 

              	
                63

              
	
                SECTION
                  6.02. Fundamental Changes. 

              	
                63

              
	
                SECTION
                  6.03. Investments, Loans, Advances and Acquisitions. 

              	
                64

              
	
                SECTION
                  6.04. Hedging Agreements. 

              	
                65

              
	
                SECTION
                  6.05. Transactions with Affiliates. 

              	
                65

              
	
                SECTION
                  6.06. Restrictive Agreements. 

              	
                66

              
	 	 
	
                ARTICLE
                  VII Events of Default

              	
                66

              
	 	 
	
                ARTICLE
                  VIII The Administrative Agent

              	
                69

              
	 	 
	
                ARTICLE
                  IX Miscellaneous

              	
                71

              
	
                SECTION
                  9.01. 

              	
                72

              
	
                SECTION
                  9.02. Waivers; Amendments. 

              	
                72

              
	
                SECTION
                  9.03. Expenses; Indemnity; Damage Waiver. 

              	
                73

              
	
                SECTION
                  9.04. Successors and Assigns. 

              	
                74

              
	
                SECTION
                  9.05. Survival. 

              	
                77

              
	
                SECTION
                  9.06. Counterparts; Integration; Effectiveness. 

              	
                78

              

      

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      

      
        	
                SECTION
                  9.07. Severability. 

              	
                78

              
	
                SECTION
                  9.08. Right of Setoff. 

              	
                78

              
	
                SECTION
                  9.09. Governing Law; Jurisdiction; Consent to Service of Process.
                  (a)

              	
                79

              
	
                SECTION
                  9.10. WAIVER OF JURY TRIAL. 

              	
                79

              
	
                SECTION
                  9.11. Headings. 

              	
                80

              
	
                SECTION
                  9.12. Confidentiality. 

              	
                80

              
	
                SECTION
                  9.13. Interest Rate Limitation. 

              	
                80

              
	
                SECTION
                  9.14. Liability of Holders. 

              	
                81

              
	 	 
	
                SCHEDULES:

              	 
	 	 
	
                Schedule
                  2.01 -- Commitments

              	 
	
                Schedule
                  2.05(d) -- Existing Letters of Credit

              	 
	
                Schedule
                  3.05(f) -- Flood, Earthquake or Seismic Area

              	 
	
                Schedule
                  3.07 -- Disclosed Matters

              	 
	
                Schedule
                  3.15 -- Subsidiaries

              	 
	
                Schedule
                  6.01 -- Existing Liens

              	 
	
                Schedule
                  6.03 -- Certain Investments

              	 
	
                Schedule
                  6.06 -- Existing Restrictions

              	 
	 	 
	
                EXHIBITS:

              	 
	 	 
	
                Exhibit
                  A -- Form of Assignment and Assumption

              	 
	
                Exhibit
                  B -- Form of Compliance Certificate

              	 
	
                Exhibit
                  C -- Form of Guaranty

              	 
	
                Exhibit
                  D -- Note

              	 
	
                Exhibit
                  E -- Form of Borrowing Request/Interest Rate Election

              	 
	
                Exhibit
                  F -- Form of Competitive Bid Request

              	 

      

      

    

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

     

    
      

      

    

     

     

    AMENDED
      AND RESTATED

    CREDIT
      AGREEMENT

    

    dated
      as
      of

    

    February
      22, 2006

    

    among

    

    WEINGARTEN
      REALTY INVESTORS,

    

    The
      Lenders Party Hereto

    

    and

    

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Administrative Agent

    

    and

    

    BANK
      OF
      AMERICA, N.A. and WACHOVIA BANK, N.A.,

    as
      Syndication Agents

    

    and
      

    

    PNC
      BANK,
      NATIONAL ASSOCIATION and

    SUMITOMO
      MITSUI BANKING CORPORATION

    

    as
      Documentation Agents

    

    and

    

    MIZUHO
      CORPORATE BANK, LTD., SUNTRUST BANK, and

    THE
      BANK
      OF NOVA SCOTIA,

    

    as
      Managing Agents

    
      

      
        

        

      

    

    

    J.P.
      MORGAN SECURITIES INC.,

    as
      Sole
      Bookrunner

    

    J.P.
      MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC,

    as
      Co-Arrangers

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    AMENDED
      AND RESTATED CREDIT AGREEMENT (“Agreement”) dated as of 

    February
      22, 2006, among WEINGARTEN REALTY INVESTORS,

    a
      Texas
      real estate investment trust, the LENDERS party hereto, 

    JPMORGAN
      CHASE BANK, N.A., as Administrative Agent, 

    BANK
      OF
      AMERICA, N.A. and WACHOVIA BANK, N.A., 

    as
      Syndication Agents, and PNC BANK, NATIONAL ASSOCIATION

    and
      SUMITOMO MITSUI BANKING CORPORATION

    as
      Documentation Agents.

    

    WHEREAS,
      the Borrower, the Administrative Agent and certain of the Lenders entered into
      an Amended and Restated Credit Agreement dated as of November 14, 2003 (as
      amended to the date hereof, the “Original
      Credit Agreement”);
      and

     

    WHEREAS,
      the Borrower has requested that the Administrative Agent and the Lenders amend
      and restate the Original Credit Agreement and the Administrative Agent and
      the
      Lenders have agreed to do so pursuant to the terms of this Agreement;
      and

     

    WHEREAS,
      the Borrower desires to obtain Loans and obtain Letters of Credit (as such
      terms
      are hereinafter defined) from the Lenders; and

     

    WHEREAS,
      subject to and upon the terms and conditions set forth herein, the Lenders
      are
      willing to make Loans and provide for the issuance of Letters of Credit to
      the
      Borrower, as provided for herein;

     

    NOW,
      THEREFORE, in consideration of the promises and the covenants and agreements
      contained herein, the adequacy of which is hereby acknowledged, the parties
      hereto hereby agree that the aforementioned recitals are true and correct and
      hereby incorporated herein and that the parties hereto hereby agree as
      follows:

     

     

    ARTICLE
      I

     

    Definitions

     

     

    SECTION
      1.01.   Defined
      Terms. As used in this Agreement, the following terms have the meanings
      specified below:

     

    

    “ABR”,
      when
      used in reference to any Loan or Borrowing, refers to whether such Loan, or
      the
      Loans comprising such Borrowing, are bearing interest at a rate determined
      by
      reference to the Alternate Base Rate.

    

    “Adjusted
      LIBO Rate”
means,
      with respect to any Eurodollar Borrowing for any Interest Period, an interest
      rate per annum (rounded upwards, if necessary, to the next 1/100 of

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1%)
      equal to (a) the LIBO Rate for such Interest
      Period multiplied by (b) the Statutory Reserve Rate.

    “Adjusted
      Net Operating Income”
shall
      mean, for any income producing Real Property, the Net Operating Income less
      the
      Capital Expenditure Reserve for such property.

    

    “Administrative
      Agent”
means
      JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the
      Lenders hereunder. 

    

    “Administrative
      Questionnaire”
means
      an Administrative Questionnaire in a form supplied by the Administrative
      Agent.

    

    “Affiliate”
means,
      with respect to a specified Person, another Person that directly, or indirectly
      through one or more intermediaries, Controls or is Controlled by or is under
      common Control with the Person specified.

    

    “Affiliate
      Notes”
means
      loans, advances and extensions of credit permitted by Section
      6.03(d)(ii).

    

    “Alternate
      Base Rate”
means,
      for any day, a rate per annum equal to the greater of (a) the Prime Rate in
      effect on such day, and (b) the Federal Funds Effective Rate in effect on
      such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a
      change in the Prime Rate or the Federal Funds Effective Rate shall be effective
      from and including the effective date of such change in the Prime Rate or the
      Federal Funds Effective Rate, respectively. 

    

    “Applicable
      Percentage”
means,
      with respect to any Lender, the percentage of the total Commitments represented
      by such Lender's Commitment. If the Commitments have terminated or expired,
      the
      Applicable Percentages shall be determined based upon the Revolving Credit
      Exposure most recently in effect, giving effect to any assignments.

    

    “Applicable
      Rate”
means,
      for any day, with respect to any ABR Loan or Eurodollar Revolving Loan, or
      with
      respect to the facility fees payable hereunder, as the case may be, the
      applicable rate per annum set forth below under the caption “ABR Spread”,
“Eurodollar Spread” or “Facility Fee Rate”, as the case may be, based upon the
      ratings by Moody's and S&P, respectively, applicable on such date to the
      Index Debt:

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    
      	
               

              Index
                Debt Ratings:

            	
              ABR

              Spread

            	
              Eurodollar

              Spread

            	
              Facility
                Fee

              Rate

            
	
              Category
                1

              A/A2
                or better

            	
              0

            	
              0.350%

            	
              0.125%

            
	
              Category
                2

              A-/A3

            	
              0

            	
              0.375%

            	
              0.125%

            
	
              Category
                3

              BBB+Baa1

            	
              0

            	
              0.425%

            	
              0.150%

            
	
              Category
                4

              BBB/Baa2

            	
              0

            	
              0.600%

            	
              0.150%

            
	
              Category
                5

              BBB-/Baa3

            	
              0

            	
              0.800%

            	
              0.200%

            
	
              Category
                6

              Worse
                than BBB-/Baa3

            	
              0.250%

            	
              1.000%

            	
              0.250%

            

    

    

    For
      purposes of the foregoing, (i) if either Moody's or S&P shall not have in
      effect a rating for the Index Debt (other than by reason of the circumstances
      referred to in the last sentence of this definition), then such rating agency
      shall be deemed to have established a rating in Category 6; (ii) if the ratings
      established or deemed to have been established by Moody's and S&P for the
      Index Debt shall fall within different Categories, the Applicable Rate shall
      be
      based on the higher of the two ratings unless one of the two ratings is two
      or
      more Categories lower than the other, in which case the Applicable Rate shall
      be
      determined by reference to the Category next below that of the higher of the
      two
      ratings; and (iii) if the ratings established or deemed to have been established
      by Moody's and S&P for the Index Debt shall be changed (other than as a
      result of a change in the rating system of Moody's or S&P), such change
      shall be effective as of the date on which it is first announced by the
      applicable rating agency,
      irrespective
      of when notice of such change shall have been furnished by the Borrower to
      the
      Agent and the Lenders pursuant to Section
      5.01(e)
      hereof
      or otherwise. Each change in the Applicable Rate shall apply during the period
      commencing on the effective date of such change and ending on the date
      immediately preceding the effective date of the next such change. If the rating
      system of Moody's or S&P shall change, or if either such rating agency shall
      cease to be in the business of rating corporate debt obligations, the Borrower
      and the Lenders shall negotiate in good faith to amend this definition to
      reflect such changed rating system or the unavailability of ratings from such
      rating agency and, pending the effectiveness of any such amendment, the
      Applicable Rate shall be determined by reference to the rating most recently
      in
      effect prior to such change or cessation.

    

    “Approved
      Fund”
means
      any Person (other than a natural person) that is engaged in making, purchasing,
      holding or investing in bank loans and similar extensions of credit in the
      ordinary course of its business and that is administered or managed by (a)
      a
      Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an
      entity that administers or manages a Lender.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    “Assignment
      and Assumption”
means
      an assignment and assumption entered into by a Lender and an assignee (with
      the
      consent of any party whose consent is required by Section 9.04),
      and
      accepted by the Administrative Agent, in the form of Exhibit A
      or any
      other form approved by the Administrative Agent.

    

    “Availability
      Period”
means
      the period from and including the Effective Date to but excluding the Maturity
      Date.

    

    “Board”
means
      the Board of Governors of the Federal Reserve System of the United States of
      America.

    

    “Borrower”
means
      Weingarten Realty Investors, a Texas real estate investment trust.

    

    “Borrowing”
means
      (a) Revolving Loans of the same Type, made, converted or continued on the same
      date and, in the case of Eurodollar Loans, as to which a single Interest Period
      is in effect, (b) a Competitive Loan or group of Competitive Loans of the same
      Type made on the same date and as to which a single Interest Period is in
      effect, or (c) a Swingline Loan.

    

    “Borrowing
      Request”
means
      a
      request by the Borrower for a Revolving Borrowing in accordance with
Section
      2.03
      or
2.04.A.

    

    “Business
      Day”
means
      any day that is not a Saturday, Sunday or other day on which commercial banks
      in
      Houston, Texas or New York, New York are authorized or required by law to remain
      closed; provided
      that,
      when used in connection with a Eurodollar Loan, the term “Business
      Day”
shall
      also exclude any day on which banks are not open for dealings in dollar deposits
      in the London interbank market.

    

    “Capital
      Expenditure Reserve”
means,
      on an annual basis, an amount equal to (a) for use in calculating the Fixed
      Charge Coverage Ratio and the Adjusted Net Operating Income, the product of
      (i)
      the aggregate number of gross square feet of improvements contained in each
      Real
      Property parcel owned by Borrower or any Subsidiary measured as of the last
      day
      of each of the immediately preceding four (4) calendar quarters and averaged,
      multiplied by (ii) $0.15; and (b) for use in calculating Value, the product
      of
      (i) the aggregate number of gross square feet of improvements contained in
      the
      applicable Real Property owned by Borrower or any Subsidiary as of the last
      day
      of the immediately preceding calendar quarter, multiplied by (ii) $0.15. Capital
      Expenditure Reserve shall be calculated on a consolidated basis in accordance
      with GAAP, and including (without duplication) the Equity Percentage of Capital
      Expenditure Reserve for the Borrower’s Unconsolidated Affiliates.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    “Capital
      Lease Obligations”
of
      any
      Person means the obligations of such Person to pay rent or other amounts under
      any lease of (or other arrangement conveying the right to use) real or personal
      property, or a combination thereof, which obligations are required to be
      classified and accounted for as capital leases on a balance sheet of such Person
      under GAAP, and the amount of such obligations shall be the capitalized amount
      thereof determined in accordance with GAAP.

    

    “Change
      in Control”
means
      (a) the acquisition of ownership, directly or indirectly, beneficially or of
      record, by any Person or group (within the meaning of the Securities Exchange
      Act of 1934 and the rules of the Securities and Exchange Commission thereunder
      as in effect on the date hereof), of shares representing more than 33% of the
      aggregate ordinary voting power represented by the issued and outstanding
      capital stock of the Borrower; (b) occupation of a majority of the seats (other
      than vacant seats) on the board of directors of the Borrower by Persons who
      were
      neither (i) nominated by the board of directors of the Borrower nor (ii)
      appointed by directors so nominated; or (c) the acquisition of direct or
      indirect Control of the Borrower by any Person or group.

    

    “Change
      in Law”
means
      (a) the adoption of any law, rule or regulation after the date of this Agreement
      by any Governmental Authority, (b) any change in any law, rule or regulation
      or
      in the interpretation or application thereof by any Governmental Authority
      after
      the date of this Agreement or (c) compliance by any Lender or the Issuing Bank
      (or, for purposes of Section
      2.14(b),
      by any
      lending office of such Lender or by such Lender's or the Issuing Bank's holding
      company, if any) with any request, guideline or directive (whether or not having
      the force of law) of any Governmental Authority made or issued after the date
      of
      this Agreement.

    

    “Class”,
      when
      used in reference to any Loan or Borrowing, refers to whether such Loan, or
      the
      Loans comprising such Borrowing, are Revolving Loans, Competitive Loans or
      Swingline Loans.

    

    “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time.

    

    “Commitment”
means,
      with respect to each Lender, the commitment of such Lender to make Revolving
      Loans and to acquire participations in Letters of Credit and Swingline Loans
      hereunder, expressed as an amount representing the maximum aggregate amount
      of
      such Lender's Revolving Credit Exposure hereunder, as such commitment may be
      reduced or increased from time to time pursuant to assignments by or to such
      Lender pursuant to Section
      9.04.
      The
      initial amount of each Lender's Commitment is set forth on Schedule
      2.01,
      or in
      the Assignment and Assumption pursuant to which such Lender shall have assumed
      its 

     

    
      
        
        

      

      
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Commitment,
      as applicable. The initial aggregate
      amount of the Lenders’ Commitments is $400,000,000.00.

     

    “Competitive
      Bid”
means
      an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

    

    “Competitive
      Bid Rate”
means,
      with respect to any Competitive Bid, the Margin or the Fixed Rate, as
      applicable, offered by the Lender making such Competitive Bid.

    

    “Competitive
      Bid Request”
means
      a
      request by the Borrower for Competitive Bids in accordance with Section 2.04.

    

    “Competitive
      Loan”
means
      a
      Loan made pursuant to Section
      2.04.

    

    “Compliance
      Certificate”
has
      the
      meaning set forth in Section
      5.01(c)
      hereof
      and a form of which is attached hereto as Exhibit
      B.

    

    “Control”
means
      the possession, directly or indirectly, of the power to direct or cause the
      direction of the management or policies of a Person, whether through the ability
      to exercise voting power, by contract or otherwise, which includes the customary
      powers of a managing member of any limited liability company, any general
      partner of any limited partnership, or any board of directors of a corporation.
      “Controlling”
and
      “Controlled”
have
      meanings correlative thereto.

    

    “Credit
      Party”
means
      the Borrower and each Guarantor, if any.

    

    “Debt
      to Total Asset Value Ratio”
shall
      mean the ratio (expressed as a percentage) of the Borrower’s Indebtedness to
      Total Asset Value.

    

    “Default”
means
      any event or condition which constitutes an Event of Default or which upon
      notice, lapse of time or both would, unless cured or waived, become an Event
      of
      Default.

    

    “Development
      Property”
means
      the property described in clause
      (c)
      of the
      definition of Value.

    

    “Disclosed
      Matters”
means
      the actions, suits and proceedings and the environmental matters disclosed
      in
Schedule 3.07.

    

    “Dollars”
or
      “$”
refers
      to lawful money of the United States of America.

     

     

    
      
        
        

      

      
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    “EBITDA”
means
      an amount derived from (a) net income, plus (b) to the extent included in the
      determination of net income, depreciation, amortization, interest expense and
      income taxes, plus or minus (c) to the extent included in the determination
      of
      net income, any extraordinary losses or gains resulting from sales, write-downs,
      write-ups, write-offs or other valuation adjustments of assets or liabilities,
      in each case, as determined on a consolidated basis in accordance with GAAP,
      and
      including (without duplication) the Equity Percentage of EBITDA for the
      Borrower’s Unconsolidated Affiliates.

    

    “Effective
      Date”
means
      the date on which the conditions specified in Section 4.01
      are
      satisfied (or waived in accordance with Section 9.02).

    

    “Eligible
      Ground Lease”
shall
      mean a lease of Real Property in which the Borrower or a Subsidiary is ground
      lessee meeting the following requirements: (a) a remaining term (including
      renewal options exercisable at lessee’s sole option) of at least twenty-five
      (25) years, and (b) the Administrative Agent has determined that the ground
      lease is financeable in that it provides or allows (either in the ground lease
      or in a current valid estoppel letter executed by the landlord) for, without
      further consent from the landlord, (i) notice and right to cure to lessee’s
      lender, (ii) a pledge and mortgage of the leasehold interest, and (iii)
      recognition of a foreclosure of the leasehold interest including no prohibition
      on entering into a new lease with the lender. 

    

    “Environmental
      Laws”
means
      all applicable laws, rules, regulations, codes, ordinances, orders, decrees,
      judgments, injunctions, or binding agreements issued, promulgated or entered
      into by any Governmental Authority, relating in any way to the environment,
      preservation or reclamation of natural resources, the management, release or
      threatened release of any Hazardous Material or to health and safety matters
      and
      includes (without limitation) the Comprehensive Environmental Response,
      Compensation, and Liability Act (“CERCLA”),
      42
      U.S.C. §  9601 et seq.,
      the
      Hazardous Materials Transportation Act, 49 U.S.C. §  1801 et seq.,
      the
      Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §  136
et seq.,
      the
      Resource Conservation and Recovery Act (“RCRA”),
      42
      U.S.C. §  6901 et seq.,
      the
      Toxic Substances Control Act, 15 U.S.C. §  2601 et seq.,
      the
      Clean Air Act, 42 U.S.C. §7401 et seq.,
      the
      Clean Water Act, 33 U.S.C. §  1251 et seq.,
      the
      Occupational Safety and Health Act, 29 U.S.C. §  651 et seq.,
      (to
      the extent the same relates to any Hazardous Materials), and the Oil Pollution
      Act of 1990, 33 U.S.C. §  2701 et seq,
      as such
      laws have been amended or supplemented, and the regulations promulgated pursuant
      thereto, and all analogous state and local statutes.

    

    “Environmental
      Liability”
means
      any liability, contingent or otherwise (including any liability for damages,
      costs of environmental remediation, fines, penalties or indemnities), of the
      Borrower or any Subsidiary directly or indirectly resulting from or based upon
      (a) violation 

     

    
      
        
        

      

      
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of
      any Environmental Law, (b)  exposure to
      any Hazardous Materials in violation of any Environmental Law, (c) the
      Release or threatened Release of any Hazardous Materials into the environment
      in
      violation of any Environmental Law or (d) any contract, agreement or other
      consensual arrangement pursuant to which liability is assumed or imposed with
      respect to any of the foregoing.

     

    “Equity
      Percentage”
means
      the aggregate ownership percentage of Borrower and its Subsidiaries in each
      Unconsolidated Affiliate, which shall be calculated as follows: (a) for
      inclusion in Indebtedness, Borrower’s nominal capital ownership interest in the
      Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate’s
      organizational documents, and (b) for all other purposes, the greater of (i)
      Borrower’s nominal capital ownership interest in the Unconsolidated Affiliate as
      set forth in the Unconsolidated Affiliate’s organizational documents, and (ii)
      Borrower’s economic ownership interest in the Unconsolidated Affiliate,
      reflecting Borrower’s share of income and expenses of the Unconsolidated
      Affiliate.

    

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended from time to
      time.

    

    “ERISA
      Affiliate”
means
      any trade or business (whether or not incorporated) that, together with the
      Borrower, is treated as a single employer under Section 414(b) or (c) of
      the Code or, solely for purposes of Section 302 of ERISA and Section 412 of
      the
      Code, is treated as a single employer under Section 414 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 Plan (other than an event for
      which the 30-day notice period is waived); (b) the existence with respect
      to any 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 Plan; (d) the incurrence by the
      Borrower or any of its ERISA Affiliates of any liability under Title IV of
      ERISA with respect to the termination of any Plan; (e) the receipt by the
      Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any
      notice relating to an intention to terminate any Plan or Plans or to appoint
      a
      trustee to administer any Plan; (f) the incurrence by the Borrower or any of
      its
      ERISA Affiliates of any liability with respect to the withdrawal or partial
      withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the
      Borrower or any ERISA Affiliate of any notice, or the receipt by any
      Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
      concerning the imposition of Withdrawal Liability or a determination that a
      Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
      within the meaning of Title IV of ERISA.

     

     

    
      
        
        

      

      
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    “Eurodollar”,
      when
      used in reference to any Loan or Borrowing, refers to whether such Loan, or
      the
      Loans comprising such Borrowing, are bearing interest at a rate determined
      by
      reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan,
      the
      LIBO Rate).

    

    “Event
      of Default”
has
      the
      meaning assigned to such term in Article VII.

    

    “Excluded
      Taxes”
means,
      with respect to the Administrative Agent, any Lender, the Issuing Bank or any
      other recipient of any payment to be made by or on account of any obligation
      of
      the Borrower hereunder, (a) income or franchise taxes imposed on (or measured
      by) its net income by the United States of America, or by the jurisdiction
      under
      the laws of which such recipient is organized or in which its principal office
      is located or, in the case of any Lender, in which its applicable lending office
      is located, (b) any branch profits taxes imposed by the United States of America
      or any similar tax imposed by any other jurisdiction in which the Borrower
      is
      located and (c) in the case of a Foreign Lender (other than an assignee pursuant
      to a request by the Borrower under Section
      2.18(b)),
      any
      withholding tax that is imposed on amounts payable to such Foreign Lender at
      the
      time such Foreign Lender becomes a party to this Agreement (or designates a
      new
      lending office) or is attributable to such Foreign Lender's failure to comply
      with Section
      2.16(e),
      except
      to the extent that such Foreign Lender (or its assignor, if any) was entitled,
      at the time of designation of a new lending office (or assignment), to receive
      additional amounts from the Borrower with respect to such withholding tax
      pursuant to Section
      2.16(a).

    

    “Extension
      Request”
has
      the
      meaning set forth in Section
      2.19.

    

    “Federal
      Funds Effective Rate”
means,
      for any day, the weighted average (rounded upwards, if necessary, to the next
      1/100 of 1%) of the rates on overnight Federal funds transactions with members
      of the Federal Reserve System arranged by Federal funds brokers, as published
      on
      the next succeeding Business Day by the Federal Reserve Bank of New York,
      or, if such rate is not so published for any day that is a Business Day, the
      average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
      quotations for such day for such transactions received by the Administrative
      Agent from three Federal funds brokers of recognized standing selected by it.
      

    

    “Financial
      Officer”
means
      the vice president of capital markets, the chief financial officer, chief
      accounting officer, treasurer or controller of the Borrower.

    

    “Fixed
      Charge Coverage Ratio”
shall
      mean the ratio of (a) the Borrower's EBITDA for the immediately preceding four
      (4) calendar quarters less the Capital Expenditure Reserve for such period;
      to
      (b) all of the principal due and payable and principal paid on the Borrower’s
      Indebtedness (excluding balloon payments of principal due at the stated maturity
      of 

     

    
      
        
        

      

      
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such
      Indebtedness, full loan prepayments prior to
      the stated maturity thereof, and any partial loan prepayments made with casualty
      or condemnation proceeds), plus all of the Borrower’s Interest Expense, plus the
      aggregate of all cash dividends payable on the Borrower’s or any of its
      Subsidiaries’ preferred stock, in each case for the period used to calculate
      EBITDA, all of the foregoing calculated without duplication.

     

    “Fixed
      Rate”
means,
      with respect to any Competitive Loan (other than a Eurodollar Competitive Loan),
      the fixed rate of interest per annum specified by the Lender making such
      Competitive Loan in its related Competitive Bid.

    

    “Fixed
      Rate Loan”
means
      a
      Competitive Loan bearing interest at a Fixed Rate.

    

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

    

    “GAAP”
means
      generally accepted accounting principles in the United States of America,
      subject to the provisions of Section
      1.04.

    

    “Governmental
      Authority”
means
      the government of the United States of America, any other nation or any
      political subdivision thereof, whether state or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government.

    

    “Guarantee”
of
      or
      by any Person (the “guarantor”)
      means
      any obligation, contingent or otherwise, of the guarantor guaranteeing or having
      the economic effect of guaranteeing any Indebtedness or other obligation of
      any
      other Person (the “primary
      obligor”)
      in any
      manner, whether directly or indirectly, and including any obligation of the
      guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
      funds for the purchase or payment of) such Indebtedness or other obligation
      or
      to purchase (or to advance or supply funds for the purchase of) any security
      for
      the payment thereof, (b) to purchase or lease property, securities or
      services for the purpose of assuring the owner of such Indebtedness or other
      obligation of the payment thereof, (c) to maintain working capital, equity
      capital or any other financial statement condition or liquidity of the primary
      obligor so as to enable the primary obligor to pay such Indebtedness or other
      obligation or (d) as an account party in respect of any letter of credit or
      letter of guaranty issued to support such Indebtedness or obligation;
provided,
      that
      the term Guarantee shall not include endorsements for collection or deposit
      in
      the ordinary course of business, and shall not include guaranties or contingent
      liabilities under operating leases 

     

    
      
        
        

      

      
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customarily
      undertaken or incurred by Borrower or
      any Subsidiary in the ordinary course of business as either landlord or
      tenant.

     

    “Guarantor”
      means Weingarten
      Nostat, Inc., a Texas corporation, Weingarten Realty Management Company, a
      Texas
      corporation, WRI/Post Oak, Inc., a Texas corporation, WRI/7080 Express Lane,
      Inc., a Texas corporation, Weingarten/Lufkin, Inc., a Texas corporation,
      WRI/Pembroke, Ltd., a Texas limited partnership, WRI/Louisiana Holdings, Inc.,
      a
      Delaware corporation, WRI/TEXLA, LLC, a Louisiana limited liability company,
      Parliament Square Center, Inc., a Texas corporation, WNI/Tennessee Holdings,
      Inc., a Delaware corporation, WNI/Tennessee, L.P., a Delaware limited
      partnership, and any other Person who from time to time has executed a Guaranty
      as required by the terms of this Agreement.

    

    “Guaranty”
means
      a
      guaranty in the form of Exhibit
      C
      attached
      hereto.

    

    “Hazardous
      Materials”
means
      all explosive or radioactive substances or wastes and all hazardous or toxic
      substances or wastes, including petroleum or petroleum distillates, asbestos
      or
      asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
      or medical wastes and all other substances or wastes of any nature regulated
      pursuant to any Environmental Law.

    

    “Hedging
      Agreement”
means
      any interest rate protection agreement, foreign currency exchange agreement,
      commodity price protection agreement or other interest or currency exchange
      rate
      or commodity price hedging arrangement.

    

    “Historical
      Value”
shall
      mean the purchase price of Real Property (including improvements) and ordinary
      related purchase transaction costs, plus the cost of subsequent capital
      improvements (including construction costs for property under construction
      or
      development) made by the Borrower, less any provision for losses, all determined
      in accordance with GAAP. If the Real Property is purchased as a part of a group
      of properties, the Historical Value shall be calculated based upon a reasonable
      allocation of the aggregate purchase price by the Borrower for all purposes,
      and
      consistent with GAAP.

    

    “Indebtedness”
of
      any
      Person means, without duplication, (a) all obligations of such Person for
      borrowed money or with respect to deposits or advances of any kind, (b) all
      obligations of such Person evidenced by bonds, debentures, notes or similar
      instruments, (c) all obligations of such Person upon which interest charges
      are customarily paid, (d) all obligations of such Person under conditional
      sale or other title retention agreements relating to property acquired by such
      Person, (e) all obligations of such Person in respect of the deferred
      purchase price of property or services (excluding current accounts payable
      incurred in the ordinary course of business), (f) all Indebtedness of
      others secured by (or for which the holder of such 

     

    
      
        
        

      

      
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Indebtedness
      has an existing right, contingent or
      otherwise, to be secured by) any Lien on property owned or acquired by such
      Person, whether or not the Indebtedness secured thereby has been assumed,
      (g) all Guarantees by such Person of Indebtedness of others, (h) all
      Capital Lease Obligations of such Person, (i) all obligations, contingent
      or otherwise, of such Person as an account party in respect of letters of credit
      and letters of guaranty, (j) all obligations, contingent or otherwise, of such
      Person in respect of bankers' acceptances, (k) all obligations contingent or
      otherwise, of such Person with respect to any Hedging Agreements (calculated
      on
      a mark-to-market basis as of the reporting date), however, in the case of more
      than one Hedging Agreement with the same counterparty, the obligation shall
      be
      netted, and (l) payments received in consideration of sale of an ownership
      interest in Borrower when the interest so sold is determined, and the date
      of
      delivery is, more than one (1) month after receipt of such payment and only
      to
      the extent that the obligation to deliver such interest is not payable solely
      in
      such interest of such Person. The Indebtedness of any Person shall include
      the
      Indebtedness of any other entity (including any partnership in which such Person
      is a general partner) to the extent such Person is liable therefor as a result
      of such Person's ownership interest in or other relationship with such entity,
      except to the extent the terms of such Indebtedness provide that such Person
      is
      not liable therefor. Indebtedness shall be calculated on a consolidated basis
      in
      accordance with GAAP, and including (without duplication) the Equity Percentage
      of Indebtedness for the Borrower’s Unconsolidated Affiliates.

     

    “Indemnified
      Taxes”
means
      Taxes other than Excluded Taxes.

    

    “Index
      Debt”
means
      senior, unsecured, long-term indebtedness for borrowed money of the Borrower
      that is not guaranteed by any other Person or subject to any other credit
      enhancement.

    

    “Industrial
      Property”
means
      Real Property that is used primarily for service center/light industrial/bulk
      warehouse (not heavy manufacturing) purposes.

    

    “Interest
      Election Request”
means
      a
      request by the Borrower to convert or continue a Revolving Borrowing in
      accordance with Section 2.07.

    

    “Interest
      Expense”
shall
      mean all of a Person's paid, accrued or capitalized interest expense on such
      Person's Indebtedness (whether direct, indirect or contingent, and including,
      without limitation, interest on all convertible debt), and including (without
      duplication) the Equity Percentage of Interest Expense for the Borrower’s
      Unconsolidated Affiliates.

    

    “Interest
      Payment Date”
means
      (a) with respect to any ABR Loan (other than a Swingline Loan) or
      Eurodollar Loan the first Business Day of each calendar quarter, (b) with

     

    
      
        
        

      

      
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respect
      to any Fixed Rate Loan, the last day of
      the Interest Period applicable to the Borrowing of which such Loan is a part
      and, in the case of a Fixed Rate Borrowing with an Interest Period of more
      than
      90 days' duration (unless otherwise specified in the applicable Competitive
      Bid
      Request), each day prior to the last day of such Interest Period that occurs
      at
      intervals of 90 days' duration after the first day of such Interest Period,
      and
      any other dates that are specified in the applicable Competitive Bid Request
      as
      Interest Payment Dates with respect to such Borrowing, and (c) with respect
      to
      any Swingline Loan, the day that such Loan is required to be
      repaid.

     

    “Interest
      Period”
means
      (a) with respect to any Eurodollar Borrowing, the period commencing on the
      date of such Borrowing and ending (i) on the numerically corresponding day
      in
      the calendar month that is one, two, three or six months thereafter, or
      (ii) seven or fourteen days thereafter for no more than three (3) Eurodollar
      Revolving Borrowings outstanding at one time, as the Borrower may elect, and
      (b)  with respect to any Fixed Rate Borrowing, the period (which shall not
      be less than fourteen days or more than six months) commencing on the date
      of
      such Borrowing and ending on the date specified in the applicable Competitive
      Bid Request; provided,
      that
      (i) if any Interest Period would end on a day other than a Business Day, such
      Interest Period shall be extended to the next succeeding Business Day unless,
      in
      the case of a Eurodollar Borrowing only, such next succeeding Business Day
      would
      fall in the next calendar month, in which case such Interest Period shall end
      on
      the next preceding Business Day and (ii) any Interest Period pertaining to
      a
      Eurodollar Borrowing that commences on the last Business Day of a calendar
      month
      (or on a day for which there is no numerically corresponding day in the last
      calendar month of such Interest Period) shall end on the last Business Day
      of
      the last calendar month of such Interest Period. For purposes hereof, the date
      of a Borrowing initially shall be the date on which such Borrowing is made
      and,
      in the case of a Revolving Borrowing, thereafter shall be the effective date
      of
      the most recent conversion or continuation of such Borrowing. 

    

    “Issuing
      Bank”
means
      JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit
      hereunder, and its successors in such capacity as provided in Section 2.05(i).
      The
      Issuing Bank may, in its discretion, arrange for one or more Letters of Credit
      to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing
      Bank” shall include any such Affiliate with respect to Letters of Credit issued
      by such Affiliate.

    

    “JPMC”
means
      JPMorgan Chase Bank, N.A., in its individual capacity.

    

    “LC
      Disbursement”
means
      a
      payment made by the Issuing Bank pursuant to a Letter of Credit.

    

    “LC
      Exposure”
means,
      at any time, the sum of (a) the aggregate undrawn amount of all outstanding
      Letters of Credit at such time plus (b) the aggregate amount of all LC

     

    
      
        
        

      

      
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    Disbursements
      that have not yet been reimbursed by or
      on behalf of the Borrower at such time. The LC Exposure of any Lender at any
      time shall be its Applicable Percentage of the total LC Exposure at such
      time.

     

    “Lenders”
means
      the Persons listed on Schedule 2.01
      and any
      other Person that shall have become a party hereto pursuant to an Assignment
      and
      Assumption, other than any such Person that ceases to be a party hereto pursuant
      to an Assignment and Assumption. Unless the context otherwise requires, the
      term
“Lenders” includes the Swingline Lender.

    

    “Letter
      of Credit”
means
      any letter of credit issued pursuant to this Agreement.

    

    “LIBO
      Rate”
means,
      with respect to any Eurodollar Borrowing for any Interest Period, the rate
      appearing on Page 3750 of the Dow Jones Market Service (or on any successor
      or
      substitute page of such Service, or any successor to or substitute for such
      Service, providing rate quotations comparable to those currently provided on
      such page of such Service, as determined by the Administrative Agent from time
      to time for purposes of providing quotations of interest rates applicable to
      dollar deposits in the London interbank market) at approximately 11:00 a.m.,
      London time, two Business Days prior to the commencement of such Interest
      Period, as the rate for dollar deposits with a maturity comparable to such
      Interest Period. In the event that such rate is not available at such time
      for
      any reason, then the “LIBO
      Rate”
with
      respect to such Eurodollar Borrowing for such Interest Period shall be the
      rate
      (rounded
      upwards, if necessary, to the next 1/100
      of
      1%) at
      which
      dollar deposits of $5,000,000 and for a maturity comparable to such Interest
      Period are offered by the principal London office of the Administrative Agent
      in
      immediately available funds in the London interbank market at approximately
      11:00 a.m., London time, two Business Days prior to the commencement of
      such Interest Period.

    

    “Lien”
means,
      with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
      hypothecation, encumbrance, charge or security interest in, on or of such asset,
      (b) the interest of a vendor or a lessor under any conditional sale
      agreement, capital lease or title retention agreement (or any financing lease
      having substantially the same economic effect as any of the foregoing) relating
      to such asset and (c) in the case of securities, any purchase option, call
      or similar right of a third party with respect to such securities.

    

    “Loan
      Documents”
means
      this Agreement, the Notes, any Guaranty and all other instruments, agreements
      and written obligations executed and delivered by any of the Credit Parties
      in
      connection with the transactions contemplated hereby.

    

    “Loans”
means
      the loans made by the Lenders to the Borrower pursuant to this Agreement.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
 

    “Margin”
means,
      with respect to any Competitive Loan bearing interest at a rate based on the
      LIBO Rate, the marginal rate of interest, if any, to be added to or subtracted
      from the LIBO Rate to determine the rate of interest applicable to such Loan,
      as
      specified by the Lender making such Loan in its related Competitive
      Bid.

    

    “Material
      Adverse Effect”
means
      a
      material adverse effect on (a) the business, assets, operations, or
      condition, financial or otherwise, of the Borrower and the Subsidiaries taken
      as
      a whole, (b) the ability of the Credit Parties (as a whole) to perform
      their obligations under the Loan Documents or (c) the rights of or benefits
      available to the Lenders under the Loan Documents.

    

    “Material
      Indebtedness”
means
      Indebtedness (other than the Loans, Letters of Credit and Non-recourse Debt),
      or
      obligations in respect of one or more Hedging Agreements, of any one or more
      of
      the Borrower and the other Credit Parties in an aggregate principal amount
      exceeding $25,000,000. 

    

    “Maturity
      Date”
means
      February 22, 2010, as the same may be extended in accordance with Section
      2.19.

    

    “Maximum
      Rate”
shall
      have the meaning set forth in Section
      9.13.

    

    “Minority
      Subsidiary”
means
      a
      Subsidiary whose accounts would be consolidated with those of its parent (as
      defined in the definition of Subsidiary) as provided in the definition of
      Subsidiary, but the parent (a) does not own the minimum amount set forth in
      clause (a) of the definition of Subsidiary, or (b) does not Control the
      Subsidiary as set forth in clause (b) of the definition of
      Subsidiary.

    

    “Moody's”
means
      Moody's Investors Service, Inc.

    

    “Mortgage
      Notes”
means
      mortgages and notes receivable permitted by Section 6.03(d)(i).

    

    “Multiemployer
      Plan”
means
      a
      multiemployer plan as defined in Section 4001(a)(3) of ERISA.

    

    “Net
      Operating Income”
shall
      mean, for any income producing operating Real Property, the difference between
      (a) any rentals (other than those paid or payable other than in cash), proceeds
      and other income received from such property, including all pass-through
      reimburseables (to the extent the expense being reimbursed is included as an
      expense in clause
      

     

    
      
        
        

      

      
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    (b)
      below) and percentage rent (but excluding security or other deposits, early
      lease termination or other penalties, or other income of a non-recurring nature)
      during the determination period, less (b) an amount equal to all costs
      and expenses (excluding interest expense and any expenditures that are
      capitalized in accordance with GAAP) incurred as a result of, or in connection
      with, or properly allocated to, the operation or leasing of such property during
      the determination period; provided, however, that the amount for the expenses
      for the management of a property included in clause (b) above shall be
      set at three percent (3%) of the amount provided in clause (a) above. Net
      Operating Income shall be calculated on a consolidated basis in accordance
      with
      GAAP, and including (without duplication) the Equity Percentage of Net Operating
      Income for the Borrower’s Unconsolidated Affiliates.

    

    “Net
      Worth”
means
      Total Asset Value less Indebtedness of the Borrower. 

    

    “Non-recourse
      Debt”
means
      any Indebtedness the payment of which the Borrower or any of its Subsidiaries
      is
      not obligated to make other than to the extent of any security therefor and
      customary carve-outs, including, without limitation, fraud, criminal activity,
      misapplication of funds, ad valorem taxes, and environmental
      matters.

    

    “Note”
means
      a
      promissory note in the form attached hereto as Exhibit
      D
      payable
      to a Lender evidencing certain of the obligations of the Borrower to such Lender
      and executed by Borrower, as the same may be amended, supplemented, modified
      or
      restated from time to time and shall include the Swingline Note; “Notes”
means,
      collectively, all of such Notes outstanding at any given time.

    

    “Occupancy
      Level”
means
      the occupancy level of a Real Property that is leased to bona fide tenants
      not
      Affiliates of any Credit Party or the subject property manager (or any of their
      respective Affiliates) paying rent under written leases, based on the square
      feet of occupancy at the time of determination.

    

    “Other
      Taxes”
means
      any and all present or future stamp or documentary taxes or any other excise
      or
      property taxes, charges or similar levies arising from any payment made
      hereunder or from the execution, delivery or enforcement of, or otherwise with
      respect to, this Agreement.

    

    “Participant”
has
      the
      meaning set forth in Section
      9.04.

    

    “PBGC”
means
      the Pension Benefit Guaranty Corporation referred to and defined in ERISA and
      any successor entity performing similar functions.

    

    “Permitted
      Encumbrances”
      means:

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
 

    (a) Liens
      imposed by law for taxes that are not yet due or are being contested in
      compliance with Section 5.05;

    

    (b) carriers',
      warehousemen's, mechanics', materialmen's, workers’, repairmen's and other like
      Liens imposed by law, arising in the ordinary course of business and securing
      obligations that are not overdue by more than 30 days or are being contested
      in
      compliance with Section
      5.05;

    

    (c) pledges
      and deposits made in the ordinary course of business in compliance with workers'
      compensation, unemployment insurance and other social security laws or
      regulations;

    

    (d) deposits
      to secure the performance of bids, trade contracts, purchase, construction
      or
      sales contracts and similar obligations, leases, statutory obligations, surety
      and appeal bonds, performance bonds and other obligations of a like nature,
      in
      each case in the ordinary course of business;

    

    (e) judgment
      liens in respect of judgments that do not constitute an Event of Default under
      clause
      (j) of
      Article
      VII;
      

    

    (f) easements,
      outstanding mineral and royalty interests, building setback lines, maintenance
      liens, use restrictions, rights-of-way and similar encumbrances on real property
      imposed by law or arising in the ordinary course of business that do not secure
      any monetary obligations and do not materially detract from the value of the
      affected property or interfere with the ordinary conduct of business of the
      Borrower or any Subsidiary;

    

    (g)
      uniform commercial code protective filings with respect to personal property
      leased to the Borrower or any Subsidiary; and

    

    (h)
      landlords’ liens for rent not yet due and payable;

    

    provided
      that the
      term “Permitted Encumbrances” shall not include any Lien securing Indebtedness
      consisting of borrowed money.

    

    “Permitted
      Investments”
      means:

    

    (a) direct
      obligations of, or obligations the principal of and interest on which are
      unconditionally guaranteed by, the United States of America (or by any agency
      thereof to 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
the
      extent such obligations are backed by the
      full faith and credit of the United States of America), in each case maturing
      within one year from the date of acquisition thereof;

     

    (b) investments
      in commercial paper maturing within 270 days from the date of acquisition
      thereof and having, at such date of acquisition, a credit rating from S&P or
      from Moody's of A2/P2 or better;

    

    (c) investments
      in certificates of deposit, banker's acceptances and time deposits maturing
      within 180 days from the date of acquisition thereof issued or guaranteed by
      or
      placed with, and money market deposit accounts issued or offered by, any
      domestic office of any commercial bank organized under the laws of the United
      States of America or any State thereof which has a combined capital and surplus
      and undivided profits of not less than $500,000,000; 

    

    (d) fully
      collateralized repurchase agreements with a term of not more than 30 days for
      securities described in clause (a) above and entered into with a financial
      institution satisfying the criteria described in clause (c)
      above;

    

    (e)
      investments in Subsidiaries and Unconsolidated Affiliates made in accordance
      with this Agreement; 

    

    (f) investments
      in obligations of the Federal National Mortgage Association and the Federal
      Home
      Loan Mortgage Corporation, with the highest credit rating obtainable from
      S&P or from Moody’s; and

    

    (g) investments
      in other real estate investment trusts.

    

    “Person”
means
      any natural person, corporation, limited liability company, trust, joint
      venture, association, company, partnership, Governmental Authority or other
      entity.

    

    “Plan”
means
      any employee pension benefit plan (other than a Multiemployer Plan) subject
      to
      the provisions of Title IV of ERISA or Section 412 of the Code or
      Section 302 of ERISA, and in respect of which the Borrower or any ERISA
      Affiliate is (or, if such plan were terminated, would under Section 4069 of
      ERISA be deemed to be) an “employer” as defined in Section 3(5) of
      ERISA.

    

    “Prime
      Rate”
means
      the rate of interest per annum publicly announced from time to time by JPMC
      as
      its prime rate in effect at its principal office in New York City; each change
      in the Prime Rate shall be effective from and including the date such change
      is
      publicly announced as being effective. 

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
 

    “Qualified
      Real Property”
means
      Real Property that (a) is not subject to a Lien in any manner, other than
      Permitted Encumbrances, and (b) is not subject to or affected by any limiting
      agreement described in Section 6.06(a).

    

    “Real
      Property”
means,
      collectively, all interest in any land and improvements located thereon
      (including Eligible Ground Leases and direct financing leases of land and
      improvements owned by a Person), together with all equipment, furniture,
      materials, supplies and personal property now or hereafter located at or used
      in
      connection with the land and all appurtenances, additions, improvements,
      renewals, substitutions and replacements thereof now or hereafter acquired
      by
      any Person.

    

    “Register”
has
      the
      meaning set forth in Section 9.04.

    

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

    

    “Release”
means
      any release, spill, emission, leaking, pumping, pouring, dumping, emptying,
      injection, deposit, disposal, discharge, dispersal, leaching or migration on
      or
      into the indoor or outdoor environment or into or out of any
      property.

    

    “Remedial
      Action”
means
      all actions, including without limitation any capital expenditures, required
      or
      necessary to (i) clean up, remove, treat or in any other way address any
      Hazardous Material; (ii) prevent the Release or threat of Release, or
      minimize the further Release, of any Hazardous Material so it does not migrate
      or endanger public health or the environment; (iii) perform pre-remedial studies
      and investigations or post-remedial monitoring and care; or (iv) bring
      facilities on any property owned or leased by the Borrower or any of its
      Subsidiaries into compliance with all Environmental Laws.

    

    “Required
      Lenders”
means,
      at any time, Lenders having Revolving Credit Exposures and unused Commitments
      representing at least 51% of the sum of the total Revolving Credit Exposures
      and
      unused Commitments at such time.

    

    “Retail
      Property”
means
      Real Property that is used primarily as a retail shopping center, which may
      include ancillary uses such as office, medical and restaurant uses.

    

    “Revolving
      Credit Exposure”
means,
      with respect to any Lender at any time, the sum of the outstanding principal
      amount of such Lender's Revolving Loans and its LC Exposure and its Swingline
      Exposure at such time.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
 

    “Revolving
      Loan”
means
      a
      Loan made pursuant to Section
      2.03.

    

    “S&P”
means
      Standard & Poor's Rating Group.

    

    “Secured
      Debt”
means
      the Indebtedness of the Borrower and any of its subsidiaries secured by a Lien,
      and (without duplication) any Indebtedness (secured and unsecured) of any
      Subsidiary of the Borrower that is not a Guarantor.

    

    “Secured
      Debt to Total Asset Value Ratio”
means
      the ratio (expressed as a percentage) of Secured Debt to Total Asset
      Value.

    

    “Stabilization
      Date”
shall
      mean, with respect to a property, the earlier of (a) eighteen (18) months after
      substantial completion of new construction or development, or (b) the first
      date
      the Occupancy Level is at least ninety percent (90%).

    

    “Statutory
      Reserve Rate”
means
      a
      fraction (expressed as a decimal), the numerator of which is the number one
      and
      the denominator of which is the number one minus the aggregate of the maximum
      reserve percentages (including any marginal, special, emergency or supplemental
      reserves) expressed as a decimal established by the Governmental Authority
      to
      which the Administrative Agent is subject, with respect to the Adjusted LIBO
      Rate, for Eurocurrency funding (currently referred to as “Eurocurrency
      Liabilities” in Regulation D of the Board). Such reserve percentages shall
      include those imposed pursuant to such Regulation D. Eurodollar Loans shall
      be deemed to constitute eurocurrency funding and to be subject to such reserve
      requirements without benefit of or credit for proration, exemptions or offsets
      that may be available from time to time to any Lender under such
      Regulation D or any comparable regulation. The Statutory Reserve Rate shall
      be adjusted automatically on and as of the effective date of any change in
      any
      reserve percentage.

    

    “Subsidiary”
means,
      with respect to any Person (the “parent”)
      at any
      date, any corporation, limited liability company, partnership, association
      or
      other entity the accounts of which would be consolidated with those of the
      parent in the parent's consolidated financial statements if such financial
      statements were prepared in accordance with GAAP as of such date (but excluding
      ownership interests accounted for under the equity method of accounting and
      included in clause (a) of the definition of Unconsolidated Affiliates), as
      well
      as any other corporation, limited liability company, partnership, association
      or
      other entity (a) of which securities or other ownership interests
      representing more than 50% of the equity or more than 50% of the ordinary voting
      power or, in the case of a partnership, more than 50% of the general partnership
      interests are, as of such date, owned, controlled or held, or (b) that is,
      as of such date, 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
otherwise
      Controlled, by the parent or one or
      more subsidiaries of the parent or by the parent and one or more subsidiaries
      of
      the parent. 

     

    “Swingline
      Exposure”
means,
      at any time, the aggregate principal amount of all Swingline Loans outstanding
      at such time. The Swingline Exposure of any Lender at any time shall be its
      Applicable Percentage of the total Swingline Exposure at such time.

    

    “Swingline
      Lender”
means
      JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans
      hereunder.

    

    “Swingline
      Loan”
means
      a
      Loan made pursuant to Section
      2.04.A.

    

    “Swingline
      Note”
means
      a
      promissory note in the form attached hereto as Exhibit
      D-1
      payable
      to the Swingline Lender evidencing the obligations of the Borrower to the
      Swingline Lender and executed by the Borrower, as the same may be amended,
      supplemented, modified or restated from time to time.

    

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

    

    “Total
      Asset Value”
means
      the sum of (without duplication) (a) the aggregate Value of all of Borrower’s
      Real Property (subject to the applicable maximum investment limitations in
      Section
      6.03(h)),
      plus
      (b) the amount of any cash and cash equivalents, excluding tenant security
      and
      other restricted deposits of the Borrower, plus (c) investments in
      Unconsolidated Affiliates that are engaged primarily in the business of
      investment in and operation of Retail Property or Industrial Property, valued
      at
      an amount equal to the Value of each Unconsolidated Affiliate’s Real Property
      multiplied by the Equity Percentage for that Unconsolidated Affiliate, plus
      (d)
      investments in Mortgage Notes and Affiliate Notes that are not then in default
      (calculated on the book value of the investment in accordance with GAAP)
      (subject to the maximum investment limitations in Section
      6.03(d)(ii)).
      Total
      Asset Value for items (a) through (d) above shall be calculated on a
      consolidated basis in accordance with GAAP.

    

    “Transactions”
means
      the execution, delivery and performance by the Credit Parties of the Loan
      Documents, the borrowing of Loans, the use of the proceeds thereof and the
      issuance of Letters of Credit hereunder.

    

    “Type”,
      when
      used in reference to any Loan or Borrowing, refers to whether the rate of
      interest on such Loan, or on the Loans comprising such Borrowing, is determined
      by 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

     

    reference
      to the Adjusted LIBO Rate, the Alternate
      Base Rate or, in the case of a Competitive Loan or Borrowing, the LIBO Rate
      or a
      Fixed Rate.

    
 

    “Unconsolidated
      Affiliate”
means,
      without duplication, (a) in respect of any Person, any other Person (other
      than
      a Person whose stock is traded on a national trading exchange) in whom such
      Person holds a voting equity or ownership interest and whose financial results
      would not be consolidated under GAAP with the financial results of such Person
      on the consolidated financial statements of such Person, and (b) a Minority
      Subsidiary.

    

    “Unencumbered
      Interest Coverage Ratio”
means
      the ratio of (a) the Adjusted Net Operating Income for Qualified Real Property
      for the immediately preceding four (4) calendar quarters, to (b) the Borrower’s
      Interest Expense on all of the Borrower’s Indebtedness other than Secured Debt
      for the period used to calculate Adjusted Net Operating Income.

    

    “Unseasoned
      Property”
means
      Real Property that is completed but has not reached the Stabilization
      Date.

    

    “Value”
means
      the sum of the following:

    

    (a)
      for
      Real Property that has reached the Stabilization Date and that Borrower or
      Subsidiary of Borrower has owned for all of the immediately preceding eighteen
      (18) calendar months, the result of dividing (i) the aggregate Net Operating
      Income of the subject property based on the immediately preceding six (6)
      calendar months and multiplied by two (2), less the Capital Expenditure Reserve
      for such property, by (ii) eight and one-fourth percent (8.25%);
      plus

    

    (b)
      for
      Real Property that is completed but has not reached the Stabilization Date
      or
      that has not been owned by Borrower or a Subsidiary of Borrower for all of
      the
      immediately preceding eighteen (18) calendar months, the Historical Value of
      the
      subject property; plus

    

    (c)
      for
      Real Property that is under construction or development, the Historical Value
      of
      the subject property; plus

    

    (d)
      for
      Real Property that is undeveloped land, the Historical Value of the subject
      property calculated in accordance with GAAP.

    

    “Withdrawal
      Liability”
means
      liability to a Multiemployer Plan as a result of a complete or partial
      withdrawal from such Multiemployer Plan, as such terms are defined in
      Part I of Subtitle E of Title IV of ERISA.

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    SECTION
      1.02.   Classification
      of Loans and Borrowings.
      For
      purposes of this Agreement, Loans may be classified and referred to by Class
      (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class
      and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be
      classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type
      (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar
      Revolving Borrowing”).

     

     

    SECTION
      1.03.   Terms
      Generally. The definitions of terms herein shall apply equally to the
      singular and plural forms of the terms defined. Whenever the context may
      require, any pronoun shall include the corresponding masculine, feminine and
      neuter forms. The words “include”, “includes” and “including” shall be deemed to
      be followed by the phrase “without limitation”. The word “will” shall be
      construed to have the same meaning and effect as the word “shall”. Unless the
      context requires otherwise (a) any definition of or reference to any agreement,
      instrument or other document herein shall be construed as referring to such
      agreement, instrument or other document as from time to time amended,
      supplemented or otherwise modified (subject to any restrictions on such
      amendments, supplements or modifications set forth herein), (b) any reference
      herein to any Person shall be construed to include such Person's successors
      and
      assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar
      import, shall be construed to refer to this Agreement in its entirety and not
      to
      any particular provision hereof, (d) all references herein to Articles,
      Sections, Exhibits and Schedules shall be construed to refer to Articles and
      Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
      “asset” and “property” shall be construed to have the same meaning and effect
      and to refer to any and all tangible and intangible assets and properties,
      including cash, securities, accounts and contract rights. 

     

     

    SECTION
      1.04.   Accounting
      Terms; GAAP. Except as otherwise expressly provided herein, all terms of an
      accounting or financial nature shall be construed in accordance with GAAP,
      as in
      effect from time to time; provided that, if the Borrower notifies the
      Administrative Agent that the Borrower requests an amendment to any provision
      hereof to eliminate the effect of any change occurring after the date hereof
      in
      GAAP or in the application thereof on the operation of such provision (or if
      the
      Administrative Agent notifies the Borrower that the Required Lenders request
      an
      amendment to any provision hereof for such purpose), regardless of whether
      any
      such notice is given before or after such change in GAAP or in the application
      thereof, then such provision shall be interpreted on the basis of GAAP as in
      effect and applied immediately before such change shall have become effective
      until such notice shall have been withdrawn or such provision amended in
      accordance herewith. Without limiting the generality of the foregoing,
      Administrative Agent and Lenders recognize that the Borrower changed its method
      of accounting from the pro rata method of accounting to the full consolidation
      method of accounting for financial accounting purposes, in accordance with
      GAAP.
      Notwithstanding such change, the Borrower shall continue to calculate compliance
      with the financial covenants in this Agreement based on GAAP prior to the
      change, and shall prepare footnotes to each Compliance 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

     

    Certificate
      required to be delivered under this
      Agreement that indicate which method was used for a particular covenant
      calculation.

     

    ARTICLE
      II

     

    The
      Credits

     

     

    SECTION
      2.01.   Commitments. 

     

    

    Subject
      to the terms and conditions set forth herein, each Lender agrees to make
      Revolving Loans to the Borrower from time to time during the Availability Period
      in an aggregate principal amount that will not result in (i) such Lender's
      Revolving Credit Exposure exceeding such Lender's Commitment or (ii) the
      sum of the total Revolving Credit Exposures plus the aggregate principal amount
      of outstanding Competitive Loans exceeding the total Commitments. Within the
      foregoing limits and subject to the terms and conditions set forth herein,
      the
      Borrower may borrow, prepay and reborrow Revolving Loans. Pursuant to Chapter
      346 (“Chapter 346”) of the Texas Credit Code, Borrower, Administrative Agent and
      Lenders expressly agree that Chapter 346 shall not apply to the Notes or to
      any
      Loan evidenced by the Notes and that neither the Notes nor any such Loan shall
      be governed by or subject to the provisions of Chapter 346 in any manner
      whatsoever.

     

    SECTION
      2.02.   Loans
      and Borrowings.
      (a)  Each Revolving Loan shall be made as part of a Borrowing
      consisting of Revolving Loans made by the Lenders ratably in accordance with
      their respective Commitments. Each Competitive Loan shall be made in accordance
      with the procedures set forth in Section 2.04. The failure of any Lender
      to make any Loan required to be made by it shall not relieve any other Lender
      of
      its obligations hereunder; provided that the Commitments and Competitive Bids
      of
      the Lenders are several and no Lender shall be responsible for any other
      Lender's failure to make Loans as required.

     

    

    (b) Subject
      to Section 2.13,
      (i)
      each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar
      Loans as the Borrower may request in accordance herewith, and (ii) each
      Competitive Borrowing shall be comprised entirely of Eurodollar Loans or Fixed
      Rate Loans as the Borrower may request in accordance herewith. Each Swingline
      Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar
      Loan by causing any domestic or foreign branch or Affiliate of such Lender
      to
      make such Loan; provided
      that any
      exercise of such option shall not affect the obligation of the Borrower to
      repay
      such Loan in accordance with the terms of this Agreement. 

    

    (c) At
      the
      commencement of each Interest Period for any Eurodollar Revolving Borrowing,
      such Borrowing shall be in an aggregate amount that is an integral multiple
      of

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    $1,000,000
      and not less than $5,000,000. At the time
      that each ABR Revolving Borrowing is made, such Borrowing shall be in an
      aggregate amount that is an integral multiple of $1,000,000 and not less than
      $5,000,000, provided
      that an
      ABR Revolving Borrowing may be in an aggregate amount that is equal to the
      entire unused balance of the total Commitments or that is required to finance
      the reimbursement of an LC Disbursement as contemplated by Section
      2.05(e).
      Each
      Competitive Borrowing shall be in an aggregate amount that is an integral
      multiple of $1,000,000 and not less than $5,000,000. Each Swingline Loan shall
      be in an amount that is an integral multiple of $1,000,000 and not less than
      $5,000,000. Borrowings of more than one Type and Class may be outstanding at
      the
      same time; provided
      that
      there shall not at any time be more than a total of eight Eurodollar Borrowings
      (both Revolving and Competitive) outstanding. 

    
 

    (d) Notwithstanding
      any other provision of this Agreement, the Borrower shall not be entitled to
      request, or to elect to convert or continue, any Borrowing if the Interest
      Period requested with respect thereto would end after the Maturity
      Date.

     

    SECTION
      2.03.   Requests
      for Revolving Borrowings.
      To
      request a Revolving Borrowing, the Borrower shall notify the Administrative
      Agent of such request by telephone (a) in the case of a Eurodollar Borrowing,
      not later than 11:00 a.m., Houston, Texas time, three Business Days before
      the
      date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not
      later than 11:00 a.m., Houston, Texas time, one Business Day before the date
      of
      the proposed Borrowing; provided that any such notice of an ABR Revolving
      Borrowing to finance the reimbursement of an LC Disbursement as contemplated
      by
Section 2.05(e) may be given not later than 10:00 a.m., Houston,
      Texas time, on the date of the proposed Borrowing. Each such telephonic
      Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
      delivery or telecopy to the Administrative Agent of a written Borrowing Request
      in the form of Exhibit E attached hereto and hereby made a part hereof
      and signed by the Borrower. Each such telephonic and written Borrowing Request
      shall specify the following information in compliance with
Section 2.02: 

     

     

    
      
        	(i) 
                   	
                the
                  aggregate amount of the requested
                  Borrowing;

              

      

       

    

    
       

      
        	(ii)
                   	
                the
                  date of such Borrowing, which shall be a Business
                  Day;

              

      

       

    

     

    
      	(iii)  	
              whether
                such Borrowing is to be an ABR Borrowing or a Eurodollar
                Borrowing;

            

    

     

     

    
      	(iv)  	
              in
                the case of a Eurodollar Borrowing, the Interest Period to be applicable
                thereto, which shall be a period contemplated by the definition of
                the
                term “Interest Period”; and

            

    

     

     

    
      
        
        

      

      
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      	(v)  	
              the
                location and number of the Borrower's account to which funds are
                to be
                disbursed, which shall comply with the requirements of Section
                2.06.

            

    

     

    

    If
      no
      election as to the Type of Revolving Borrowing is specified in the Borrowing
      Request, then the requested Revolving Borrowing shall be an ABR Borrowing.
      If no
      Interest Period is specified with respect to any requested Eurodollar Revolving
      Borrowing, then the Borrower shall be deemed to have selected an Interest Period
      of one month's duration, in the case of a Eurodollar Borrowing. Promptly
      following receipt of a Borrowing Request in accordance with this Section, the
      Administrative Agent shall advise each Lender of the details thereof and of
      the
      amount of such Lender's Loan to be made as part of the requested
      Borrowing.

     

    SECTION
      2.04.   Competitive
      Bid Procedure.
      (a)
      Wherever and for so long as the Borrower’s Index Debt rating is in Category 5
      (as referenced in the definition of Applicable Rate) or better, and subject
      to
      the terms and conditions set forth herein, from time to time during the
      Availability Period the Borrower may request Competitive Bids and may (but
      shall
      not have any obligation to) accept Competitive Bids and borrow Competitive
      Loans
      up to an aggregate principal amount outstanding at any one time equal to 50%
      of
      the aggregate Commitments; provided that the sum of the total Revolving Credit
      Exposures plus the aggregate principal amount of outstanding Competitive Loans
      at any time shall not exceed the total Commitments. To request Competitive
      Bids,
      the Borrower shall notify the Administrative Agent of such request by telephone,
      in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Houston,
      Texas
      time, four Business Days before the date of the proposed Borrowing and, in
      the
      case of a Fixed Rate Borrowing, not later than 10:00 a.m., Houston, Texas time,
      one Business Day before the date of the proposed Borrowing; provided that the
      Borrower may submit up to (but not more than) three Competitive Bid Requests
      on
      the same day, but a Competitive Bid Request shall not be made within five
      Business Days after the date of any previous Competitive Bid Request, unless
      any
      and all such previous Competitive Bid Requests shall have been withdrawn by
      the
      Borrower or all Competitive Bids received in response thereto rejected. Each
      such telephonic Competitive Bid Request shall be confirmed promptly by hand
      delivery or telecopy to the Administrative Agent of a written Competitive Bid
      Request in the form of Exhibit F attached hereto and signed by the
      Borrower. Each such telephonic and written Competitive Bid Request shall specify
      the following information in compliance with Section 2.02:

     

    
      
         

        
          	(i) 
                     	
                  the
                    aggregate amount of the requested
                    Borrowing;

                

        

      

       

       

      
        	(ii)
                   	
                the
                  date of such Borrowing, which shall be a Business Day;
                  
                    
                       

                    

                  

                

              

      

    

     

     

    
      	(iii)  	
              whether
                such Borrowing is to be a Eurodollar Borrowing or a Fixed Rate
                Borrowing;

            

    

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

     

    
      	(iv)  	
              the
                Interest Period to be applicable to such Borrowing, which shall be
                a
                period contemplated by the definition of the term “Interest Period”;
                and

            

    

     

     

    
      	(v)  	
              the
                location and number of the Borrower's account to which funds are
                to be
                disbursed, which shall comply with the requirements of Section
                2.06.

            

    

     

    

    Promptly
      following receipt of a Competitive Bid Request in accordance with this Section,
      the Administrative Agent shall notify the Lenders of the details thereof by
      telecopy, inviting the Lenders to submit Competitive Bids. 

    

    (b) Each
      Lender may (but shall not have any obligation to) make one or more Competitive
      Bids to the Borrower in response to a Competitive Bid Request. Each Competi-tive
      Bid by a Lender must be in a form approved by the Administrative Agent and
      must
      be received by the Administrative Agent by telecopy, in the case of a Eurodollar
      Competitive Borrowing, not later than 10:00 a.m., Houston, Texas time,
      three Business Days before the proposed date of such Competitive Borrowing,
      and
      in the case of a Fixed Rate Borrow-ing, not later than 10:00 a.m., Houston,
      Texas time, on the proposed date of such Competitive Borrowing. Competitive
      Bids
      that do not conform substantially to the form approved by the Administrative
      Agent may be rejected by the Administrative Agent, and the Administrative Agent
      shall notify the applicable Lender as promptly as practicable. Each Competitive
      Bid shall specify (i) the principal amount (which shall be a minimum of
      $5,000,000 and an integral multiple of $1,000,000 and which may equal the entire
      principal amount of the Competitive Borrowing requested by the Borrower) of
      the
      Competitive Loan or Loans that the Lender is willing to make, (ii) the
      Competitive Bid Rate or Rates at which the Lender is prepared to make such
      Loan
      or Loans (expressed as a percentage rate per annum in the form of a decimal
      to
      no more than four decimal places) and (iii) the Interest Period applicable
      to each such Loan and the last day thereof. 

    

    (c) The
      Administrative Agent shall promptly notify the Borrower by telecopy of the
      Competitive Bid Rate and the principal amount specified in each Competitive
      Bid
      and the identity of the Lender that shall have made such Competitive
      Bid.

    

    (d) Subject
      only to the provisions of this paragraph, the Borrower may accept or reject
      any
      Competitive Bid. The Borrower shall notify the Administrative Agent by
      telephone, confirmed by telecopy in a form approved by the Administrative Agent,
      whether and to what extent it has decided to accept or reject each Competitive
      Bid, in the case of a Eurodollar Competitive Borrowing, not later than
      10:30 a.m., Houston, Texas time, three Business Days before the date of the
      proposed Competitive Borrowing, and in the case of a Fixed Rate Borrowing,
      not
      later than 10:30 a.m., Houston, Texas time, on the proposed date of the
      Competitive Borrowing; provided
      that
      (i) the failure of the Borrower to give such notice shall be deemed to be a
      rejection of each Competitive Bid, (ii) the Borrower shall not accept a
      Competitive Bid 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    
 

    made
      at a particular Competitive Bid Rate if the
      Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate,
      (iii) the aggregate amount of the Competitive Bids accepted by the Borrower
      shall not exceed the aggregate amount of the requested Competitive Borrowing
      specified in the related Competitive Bid Request, (iv) to the extent
      necessary to comply with clause (iii) above, the Borrower may accept Competitive
      Bids at the same Competitive Bid Rate in part, which acceptance, in the case
      of
      multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata
      in accordance with the amount of each such Competitive Bid, and (v) except
      pursuant to clause (iv) above, no Competitive Bid shall be accepted for a
      Competitive Loan unless such Competitive Loan is in a minimum principal amount
      of $5,000,000 and an integral multiple of $1,000,000; provided
      further
      that if
      a Competitive Loan must be in an amount less than $5,000,000 because of the
      provisions of clause (iv) above, such Competitive Loan may be for a minimum
      of
      $1,000,000 or any integral multiple thereof, and in calculating the pro rata
      allocation of acceptances of portions of multiple Competitive Bids at a
      particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be
      rounded to integral multiples of $1,000,000 in a manner determined by the
      Borrower. A notice given by the Borrower pursuant to this paragraph shall be
      irrevocable.

     

    (e) The
      Administrative Agent shall promptly notify each bidding Lender by telecopy
      whether or not its Competitive Bid has been accepted (and, if so, the amount
      and
      Competitive Bid Rate so accepted), and each successful bidder will thereupon
      become bound, subject to the terms and conditions hereof, to make the
      Competitive Loan in respect of which its Competitive Bid has been
      accepted.

    

    (f) If
      the
      Administrative Agent shall elect to submit a Competitive Bid in its capacity
      as
      a Lender, it shall submit such Competitive Bid directly to the Borrower at
      least
      one quarter of an hour earlier than the time by which the other Lenders are
      required to submit their Competitive Bids to the Administrative Agent pursuant
      to paragraph
      (b)
      of this
      Section.

    

    SECTION
      2.04.A. Swingline
      Loans.
      (a)
      Subject to the terms and conditions set forth herein, the Swingline Lender
      agrees to make Swingline Loans to the Borrower from time to time during the
      Availability Period, in an aggregate principal amount at any time outstanding
      that will not result, after giving effect to the requested Swingline Loan,
      in
      (i) the aggregate principal amount of outstanding Swingline Loans exceeding
      $50,000,000 or (ii) the sum of the total Revolving Credit Exposures plus the
      aggregate principal amount of outstanding Competitive Loans exceeding the total
      Commitments; provided that the Swingline Lender shall not be required to make
      a
      Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing
      limits and subject to the terms and conditions set forth herein, the Borrower
      may borrow, prepay and reborrow Swingline Loans.

    

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

     

    (b)  To
      request a Swingline Loan, the Borrower shall notify the Administrative Agent
      of
      such request by telephone, not later than 11:00 a.m., Houston, Texas time,
      on
      the day of a proposed Swingline Loan. Each such notice shall be irrevocable
      and
      shall specify the requested date (which shall be a Business Day) and amount
      of
      the requested Swingline Loan. Each such telephonic Borrowing Request shall
      be
      confirmed promptly by hand delivery or telecopy to the Administrative Agent
      of a
      written Borrowing Request signed by the Borrower. The Administrative Agent
      will
      promptly advise the Swingline Lender of any such Borrowing Request received
      from
      the Borrower. The Administrative Agent will promptly notify each Lender of
      the
      funding of a Swingline Loan, and the amount.

     

    

    (c) The
      Swingline Lender shall, by written notice given to the Administrative Agent
      not
      later than 10:00 a.m., Houston, Texas time, on the third (3rd)
      Business Day after the Swingline Loan has been funded require the Lenders to
      acquire participations on such Business Day in all or a portion of the Swingline
      Loans outstanding. Such notice shall specify the aggregate amount of Swingline
      Loans in which Lenders will participate. Promptly upon receipt of such notice,
      the Administrative Agent will give notice thereof to each Lender, specifying
      in
      such notice such Lender's Applicable Percentage of such Swingline Loan or Loans.
      Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice
      as provided above, to pay to the Administrative Agent, for the account of the
      Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan
      or
      Loans. Each Lender acknowledges and agrees that its obligation to acquire
      participations in Swingline Loans pursuant to this paragraph is absolute and
      unconditional and shall not be affected by any circumstance whatsoever,
      including the occurrence and continuance of a Default or reduction or
      termination of the Commitments, and that each such payment shall be made without
      any offset, abatement, withholding or reduction whatsoever. Each Lender shall
      comply with its obligation under this paragraph by wire transfer of immediately
      available funds, in the same manner as provided in Section
      2.06
      with
      respect to Loans made by such Lender (and Section
      2.06
      shall
      apply, mutatis mutandis,
      to the
      payment obligations of the Lenders), and the Administrative Agent shall promptly
      pay to the Swingline Lender the amounts so received by it from the Lenders.
      The
      Administrative Agent shall notify the Borrower of any participations in any
      Swingline Loan acquired pursuant to this paragraph, and thereafter payments
      in
      respect of such Swingline Loan shall be made to the Administrative Agent and
      not
      to the Swingline Lender. Any amounts received by the Swingline Lender from
      the
      Borrower (or other party on behalf of the Borrower) in respect of a Swingline
      Loan after receipt by the Swingline Lender of the proceeds of a sale of
      participations therein shall be promptly remitted to the Administrative Agent;
      any such amounts received by the Administrative Agent shall be promptly remitted
      by the Administrative Agent to the Lenders that shall have made their payments
      pursuant to this paragraph and to the Swingline Lender, as their interests
      may
      appear; provided that any such payment so remitted shall be repaid to the
      Swingline Lender or to the Administrative Agent, as applicable, if and to the
      extent such payment is required to be 

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

     

    refunded
      to the Borrower for any reason. The purchase
      of participations in a Swingline Loan pursuant to this paragraph shall not
      relieve the Borrower of any default in the payment thereof. 

     

    SECTION
      2.05.   Letters
      of Credit.
      (a) General. Subject to the terms and conditions set forth herein, the
      Borrower may request the issuance of Letters of Credit for its own account
      (or
      for the account of any Subsidiary, and in such event the Borrower shall be
      obligated under this Agreement and under such Letter of Credit as if the
      Borrower were the named account party and such Letter of Credit shall create
      LC
      Exposure), in a form reasonably acceptable to the Administrative Agent and
      the
      Issuing Bank, at any time and from time to time during the Availability Period.
      In the event of any inconsistency between the terms and conditions of this
      Agreement and the terms and conditions of any form of letter of credit
      application or other agreement submitted by the Borrower to, or entered into
      by
      the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms
      and conditions of this Agreement shall control.

     

    

    (b) Notice
      of Issuance, Amendment, Renewal, Extension; Certain Conditions.
      To
      request the issuance of a Letter of Credit (or the amendment, renewal or
      extension of an outstanding Letter of Credit), the Borrower shall hand deliver
      or telecopy (or transmit by electronic communication, if arrangements for doing
      so have been approved by the Issuing Bank) to the Issuing Bank and the
      Administrative Agent (reasonably in advance of the requested date of issuance,
      amendment, renewal or extension) a notice requesting the issuance of a Letter
      of
      Credit, or identifying the Letter of Credit to be amended, renewed or extended,
      and specifying the date of issuance, amendment, renewal or extension (which
      shall be a Business Day), the date on which such Letter of Credit is to expire
      (which shall comply with paragraph (c) of this Section), the amount of such
      Letter of Credit, the name and address of the beneficiary thereof and such
      other
      information as shall be necessary to prepare, amend, renew or extend such Letter
      of Credit. If requested by the Issuing Bank, the Borrower also shall submit
      a
      letter of credit application on the Issuing Bank's standard form in connection
      with any request for a Letter of Credit. A Letter of Credit shall be issued,
      amended, renewed or extended only if (and upon issuance, amendment, renewal
      or
      extension of each Letter of Credit the Borrower shall be deemed to represent
      and
      warrant that), after giving effect to such issuance, amendment, renewal or
      extension (i) the LC Exposure shall not exceed $60,000,000, (ii) the
      sum of the total Revolving Credit Exposures plus the aggregate principal amount
      of outstanding Competitive Loans shall not exceed the total Commitments, (iii)
      no more than twenty (20) Letters of Credit shall be outstanding, and (iv) the
      face amount of the subject Letter of Credit shall not be less than $50,000.
      Promptly upon the issuance, increase or extension of a Letter of Credit, the
      Administrative Agent shall advise each Lender of the details
      thereof.

    

    (c) Expiration
      Date.
      Each
      Letter of Credit shall expire not later than the close of business on the date
      that is ten (10) days prior to the Maturity Date (including the extension period
      provided in Section
      2.19
      so long
      as the Borrower remains qualified to exercise the 

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

     

    extension).
      At least ten (10) days prior to the
      Maturity Date (as same be extended pursuant to Section
      2.19),
      any
      Letter of Credit that will expire after the Maturity Date must be secured by
      cash collateral as provided in Section
      2.05(j).

    
 

    (d) Participations.
      By the
      issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing
      the amount thereof) and without any further action on the part of the Issuing
      Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each
      Lender hereby acquires from the Issuing Bank, a participation in such Letter
      of
      Credit equal to such Lender's Applicable Percentage of the aggregate amount
      available to be drawn under such Letter of Credit. In consideration and in
      furtherance of the foregoing, each Lender hereby absolutely and unconditionally
      agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
      such Lender's Applicable Percentage of each LC Disbursement made by the Issuing
      Bank and not reimbursed by the Borrower on the date due as provided in paragraph
      (e) of this Section, or of any reimbursement payment required to be refunded
      to
      the Borrower for any reason. Each Lender acknowledges and agrees that its
      obligation to acquire participations pursuant to this paragraph in respect
      of
      Letters of Credit is absolute and unconditional and shall not be affected by
      any
      circumstance whatsoever, including any amendment, renewal or extension of any
      Letter of Credit or the occurrence and continuance of a Default or reduction
      or
      termination of the Commitments, and that each such payment shall be made without
      any offset, abatement, withholding or reduction whatsoever. Letters of credit
      referred to on Schedule
      2.05(d)
      have
      previously been issued by JPMC under a previous loan agreement by and between
      JPMC and other banks, as lenders, and Borrower. Without the necessity for any
      reissuance, such letters of credit shall be deemed issued under this Agreement
      as “Letters of Credit” by JPMC as of the Effective Date hereof, and, with
      respect to such letters of credit, JPMC shall have all the rights and
      obligations of the Issuing Bank under this Agreement.

    

    (e) Reimbursement.
      If the
      Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit,
      the Borrower shall reimburse such LC Disbursement by paying to the
      Administrative Agent an amount equal to such LC Disbursement not later than
      12:00 noon, Houston, Texas time, on the Business Day that such LC Disbursement
      is made, if the Borrower shall have received notice of such LC Disbursement
      prior to 10:00 a.m., Houston, Texas time, on such date, or, if such notice
      has
      not been received by the Borrower prior to such time on such date, then not
      later than 12:00 noon, Houston, Texas time, on (i) the Business Day that the
      Borrower receives such notice, if such notice is received prior to 10:00 a.m.,
      Houston, Texas time, on the day of receipt, or (ii) the Business Day immediately
      following the day that the Borrower receives such notice, if such notice is
      not
      received prior to such time on the day of receipt; provided
      that the
      Borrower may, subject to the conditions to borrowing set forth herein, request
      in accordance with Section
      2.03
      or
2.04.A.
      that
      such payment be financed with an ABR Revolving Borrowing or Swingline Loan
      in an
      equivalent amount and, to the extent so financed, the Borrower's obligation
      to
      make such payment shall be discharged and replaced by the 

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    
 

    resulting
      ABR Revolving Borrowing or Swingline Loan.
      If the Borrower fails to make such payment when due, the Administrative Agent
      shall promptly notify each Lender of the applicable LC Disbursement, the payment
      then due from the Borrower in respect thereof and such Lender's Applicable
      Percentage thereof. Promptly following receipt of such notice, each Lender
      shall
      pay to the Administrative Agent its Applicable Percentage of the payment then
      due from the Borrower, in the same manner as provided in Section 2.06
      with
      respect to Loans made by such Lender (and Section 2.06
      shall
      apply, mutatis mutandis,
      to the
      payment obligations of the Lenders), and the Administrative Agent shall promptly
      pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly
      following receipt by the Administrative Agent of any payment from the Borrower
      pursuant to this paragraph, the Administrative Agent shall distribute such
      payment to the Issuing Bank or, to the extent that Lenders have made payments
      pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders
      and the Issuing Bank as their interests may appear. Any payment made by a Lender
      pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement
      (other than the funding of ABR Revolving Loans or a Swingline Loan as
      contemplated above) shall not constitute a Loan and shall not relieve the
      Borrower of its obligation to reimburse such LC
      Disbursement.

     

    (f) Obligations
      Absolute.
      The
      Borrower's obligation to reimburse LC Disbursements as provided in
      paragraph (e) of this Section shall be absolute, unconditional and
      irrevocable, and shall be performed strictly in accordance with the terms of
      this Agreement under any and all circumstances whatsoever and irrespective
      of
      (i) any lack of validity or enforceability of any Letter of Credit or this
      Agreement, or any term or provision therein, (ii) any draft or other document
      presented under a Letter of Credit proving to be forged, fraudulent or invalid
      in any respect or any statement therein being untrue or inaccurate in any
      respect, (iii) payment by the Issuing Bank under a Letter of Credit against
      presentation of a draft or other document that does not comply with the terms
      of
      such Letter of Credit, or (iv) any other event or circumstance whatsoever,
      whether or not similar to any of the foregoing, that might, but for the
      provisions of this Section, constitute a legal or equitable discharge of, or
      provide a right of setoff against, the Borrower's obligations hereunder. Neither
      the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
      Related Parties, shall have any liability or responsibility by reason of or
      in
      connection with the issuance or transfer of any Letter of Credit or any payment
      or failure to make any payment thereunder (irrespective of any of the
      circumstances referred to in the preceding sentence), or any error, omission,
      interruption, loss or delay in transmission or delivery of any draft, notice
      or
      other communication under or relating to any Letter of Credit (including any
      document required to make a drawing thereunder), any error in interpretation
      of
      technical terms or any consequence arising from causes beyond the control of
      the
      Issuing Bank; provided
      that the
      foregoing shall not be construed to excuse the Issuing Bank from liability
      to
      the Borrower to the extent of any direct damages (as opposed to consequential
      damages, claims in respect of which are hereby waived by the Borrower to the
      extent permitted by applicable law) suffered by the Borrower that are caused
      by
      the Issuing Bank's failure to exercise care when 

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    
 

    determining
      whether drafts and other documents
      presented under a Letter of Credit comply with the terms thereof. The parties
      hereto expressly agree that, in the absence of gross negligence or willful
      misconduct on the part of the Issuing Bank, the Issuing Bank shall be deemed
      to
      have exercised care in each such determination. In furtherance of the foregoing
      and without limiting the generality thereof, the parties agree that, with
      respect to documents presented which appear on their face to be in substantial
      compliance with the terms of a Letter of Credit, the Issuing Bank may, in its
      sole discretion, either accept and make payment upon such documents without
      responsibility for further investigation, regardless of any information to
      the
      contrary, or refuse to accept and make payment upon such documents if such
      documents are not in strict compliance with the terms of such Letter of Credit.
      

     

    (g) Disbursement
      Procedures.
      The
      Issuing Bank shall, promptly following its receipt thereof, examine all
      documents purporting to represent a demand for payment under a Letter of Credit.
      The Issuing Bank shall promptly notify the Administrative Agent and the Borrower
      by telephone (confirmed by telecopy) of such demand for payment and whether
      the
      Issuing Bank has made or will make an LC Disbursement thereunder; provided
      that any
      failure to give or delay in giving such notice shall not relieve the Borrower
      of
      its obligation to reimburse the Issuing Bank and the Lenders with respect to
      any
      such LC Disbursement. 

    

    (h) Interim
      Interest.
      If the
      Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall
      reimburse such LC Disbursement in full on the date such LC Disbursement is
      made,
      the unpaid amount thereof shall bear interest, for each day from and including
      the date such LC Disbursement is made to but excluding the date that the
      Borrower reimburses such LC Disbursement, at the rate per annum then applicable
      to ABR Revolving Loans; provided
      that, if
      the Borrower fails to reimburse such LC Disbursement when due pursuant to
paragraph (e)
      of this
      Section, then Section
      2.12(e)
      shall
      apply. Interest accrued pursuant to this paragraph shall be for the account
      of
      the Issuing Bank, except that interest accrued on and after the date of payment
      by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing
      Bank shall be for the account of such Lender to the extent of such
      payment.

    

    (i) Replacement
      of the Issuing Bank.
      The
      Issuing Bank may be replaced at any time by written agreement among the
      Borrower, the Administrative Agent, the replaced Issuing Bank and the successor
      Issuing Bank. If the credit rating of the Issuing Bank has been downgraded
      so
      that the Issuing Bank no longer satisfies the requirements of the beneficiary
      of
      a Letter of Credit, then the Borrower has the right to replace the Issuing
      Bank
      as the issuer of that Letter of Credit with a successor Issuing Bank (with
      the
      consent of the successor Issuing Bank) which must be a Lender. The
      Administrative Agent shall notify the Lenders of any such replacement of the
      Issuing Bank. At the time any such replacement shall become effective, the
      Borrower shall pay all unpaid fees accrued for the account of the replaced
      Issuing Bank pursuant to Section
      2.11(b).
      

     

    
      
        
        

      

      
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    From
      and after the effective date of any such
      replacement, (i) the successor Issuing Bank shall have all the rights and
      obligations of the Issuing Bank under this Agreement with respect to Letters
      of
      Credit to be issued thereafter and (ii) references herein to the term “Issuing
      Bank” shall be deemed to refer to such successor or to any previous Issuing
      Bank, or to such successor and all previous Issuing Banks, as the context shall
      require. After the replacement of an Issuing Bank hereunder, the replaced
      Issuing Bank shall remain a party hereto and shall continue to have all the
      rights and obligations of an Issuing Bank under this Agreement with respect
      to
      Letters of Credit issued by it prior to such replacement, but shall not be
      required to issue additional Letters of Credit.

     

    (j) Cash
      Collateralization.
      If (i)
      any Event of Default shall occur and be continuing, on the Business Day that
      the
      Borrower receives notice from the Administrative Agent demanding the deposit
      of
      cash collateral pursuant to this paragraph, or (ii) any Letter of Credit will
      expire after the Maturity Date as allowed by Section
      2.05(c),
      then at
      least ten (10) days before the Maturity Date, the Borrower shall deposit in
      an
      account with the Administrative Agent, in the name of the Administrative Agent
      and for the benefit of the Lenders, an amount in cash equal to the LC Exposure
      as of such date plus any accrued and unpaid interest thereon; provided
      that the
      obligation to deposit such cash collateral shall become effective immediately,
      and such deposit shall become immediately due and payable, without demand or
      other notice of any kind, upon the occurrence of any Event of Default with
      respect to the Borrower described in clause (g)
      or
(h)
      of
Article VII.
      Such
      deposit shall be held by the Administrative Agent as collateral for the payment
      and performance of the obligations of the Borrower under this Agreement. The
      Administrative Agent shall have exclusive dominion and control, including the
      exclusive right of withdrawal, over such account. Other than any interest earned
      on the investment of such deposits, which investments shall be made at the
      option and sole discretion of the Administrative Agent and at the Borrower's
      risk and expense, such deposits shall not bear interest. Interest or profits,
      if
      any, on such investments shall accumulate in such account. Moneys in such
      account shall be applied by the Administrative Agent to reimburse the Issuing
      Bank for LC Disbursements for which it has not been reimbursed and, to the
      extent not so applied, shall be held for the satisfaction of the reimbursement
      obligations of the Borrower for the LC Exposure at such time or, if the maturity
      of the Loans has been accelerated (but subject to the consent of Lenders with
      LC
      Exposure representing greater than 51% of the total LC Exposure), be applied
      to
      satisfy other obligations of the Borrower under this Agreement. If the Borrower
      is required to provide an amount of cash collateral hereunder as a result of
      the
      occurrence of an Event of Default or because the Letter of Credit will expire
      after the Maturity Date, such amount (to the extent not applied as aforesaid)
      shall be returned to the Borrower within three Business Days after all Events
      of
      Default have been cured or waived, or after the Maturity Date has been extended,
      respectively.

     

     

    
      
        
        

      

      
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    SECTION
      2.06.   Funding
      of Borrowings.
      (a) Each
      Lender shall make each Loan to be made by it hereunder on the proposed date
      thereof by wire transfer of immediately available funds by 12:00 noon, Houston,
      Texas time, to the account of the Administrative Agent most recently designated
      by it for such purpose by notice to the Lenders; provided that Swingline Loans
      shall be made as provided in Section 2.04.A. The Administrative Agent
      will make such Loans available to the Borrower by promptly crediting the amounts
      so received, in like funds, to an account of the Borrower maintained with the
      Administrative Agent in Houston, Texas and designated by the Borrower in the
      applicable Borrowing Request or Competitive Bid Request; provided that ABR
      Revolving Loans made to finance the reimbursement of an LC Disbursement as
      provided in Section 2.05(e) shall be remitted by the Administrative Agent
      to the Issuing Bank.

     

    

    (b) Unless
      the Administrative Agent shall have received notice from a Lender prior to
      the
      proposed date of any Borrowing that such Lender will not make available to
      the
      Administrative Agent such Lender's share of such Borrowing, the Administrative
      Agent may assume that such Lender has made such share available on such date
      in
      accordance with paragraph (a) of this Section and may, in reliance upon such
      assumption, make available to the Borrower a corresponding amount. In such
      event, if a Lender has not in fact made its share of the applicable Borrowing
      available to the Administrative Agent, then the applicable Lender and the
      Borrower severally agree to pay to the Administrative Agent forthwith on demand
      such corresponding amount with interest thereon, for each day from and including
      the date such amount is made available to the Borrower to but excluding the
      date
      of payment to the Administrative Agent, at (i) in the case of such Lender,
      the
      greater of the Federal Funds Effective Rate and a rate determined by the
      Administrative Agent in accordance with banking industry rules on interbank
      compensation or (ii) in the case of the Borrower, the interest rate applicable
      to the corresponding Loan made to the Borrower. If such Lender pays such amount
      to the Administrative Agent, then such amount shall constitute such Lender's
      Loan included in such Borrowing.

     

    SECTION
      2.07.   Interest
      Elections.
      (a) Each
      Revolving Borrowing initially shall be of the Type specified in the applicable
      Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall
      have an initial Interest Period as specified in such Borrowing Request.
      Thereafter, the Borrower may elect to convert such Borrowing to a different
      Type
      or to continue such Borrowing and, in the case of a Eurodollar Revolving
      Borrowing, may elect Interest Periods therefor, all as provided in this Section.
      The Borrower may elect different options with respect to different portions
      of
      the affected Borrowing, in which case each such portion shall be allocated
      ratably among the Lenders holding the Loans comprising such Borrowing, and
      the
      Loans comprising each such portion shall be considered a separate Borrowing.
      This Section shall not apply to Competitive Borrowings or Swingline Borrowings,
      which may not be converted or continued.

     

     

    
      
        
        

      

      
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    (b) To
      make
      an election pursuant to this Section, the Borrower shall notify the
      Administrative Agent of such election by telephone by the time that a Borrowing
      Request would be required under Section
      2.03
      if the
      Borrower were requesting a Revolving Borrowing of the Type resulting from such
      election to be made on the effective date of such election. Each such telephonic
      Interest Election Request shall be irrevocable and shall be confirmed promptly
      by hand delivery or telecopy to the Administrative Agent of a written Interest
      Election Request in the form of a Borrowing Request (with proper election made
      for an interest rate election only) and signed by the Borrower.

    

    (c) Each
      telephonic and written Interest Election Request shall specify the following
      information in compliance with Section 2.02:

     

    (i)  the
      Borrowing to which such Interest Election Request applies and, if different
      options are being elected with respect to different portions thereof, the
      portions thereof to be allocated to each resulting Borrowing (in which case
      the
      information to be specified pursuant to clauses (iii) and (iv) below shall
      be
      specified for each resulting Borrowing);

     

     

    (ii)  the
      effective date of the election made pursuant to such Interest Election Request,
      which shall be a Business Day;

     

     

    (iii)  whether
      the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;
      and

     

     

    (iv)  if
      the
      resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
      applicable thereto after giving effect to such election, which shall be a period
      contemplated by the definition of the term “Interest Period”.

     

    

    If
      any
      such Interest Election Request requests a Eurodollar Borrowing but does not
      specify an Interest Period, then the Borrower shall be deemed to have selected
      an Interest Period of seven days’ duration.

    

    (d) Promptly
      following receipt of an Interest Election Request, the Administrative Agent
      shall advise each Lender of the details thereof and of such Lender's portion
      of
      each resulting Borrowing.

    

    (e) If
      the
      Borrower fails to deliver a timely Interest Election Request with respect to
      a
      Eurodollar Revolving Borrowing prior to the end of the Interest Period
      applicable thereto, then, unless such Borrowing is repaid as provided herein,
      at
      the end of such Interest Period such Borrowing shall be converted to a
      Eurodollar Revolving Borrowing with an Interest Period of seven days’ duration.
      Notwithstanding any contrary provision hereof, if an Event of Default has
      occurred and is continuing and the Administrative Agent, at the request of
      the
      Required Lenders, 

     

    
      
        
        

      

      
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    so
      notifies the Borrower, then, so long as an Event
      of Default is continuing (i) no outstanding Revolving Borrowing may be converted
      to or continued as a Eurodollar Borrowing and (ii) unless repaid, each
      Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the
      end
      of the Interest Period applicable thereto.

     

    SECTION
      2.08.   Termination,
      Reduction and Increase of Commitments. 

     

     

    (a)  Unless
      previously terminated by the Administrative Agent in accordance with this
      Agreement, the Commitments shall terminate on the Maturity Date.

     

     

    (b)  The
      Borrower may only reduce the Commitments without the prior written consent
      of
      the Administrative Agent and all of the Lenders in the following circumstances:
      the Borrower may from time to time prior to February 22, 2010 reduce the
      Commitments, provided that each reduction in the Commitments shall be in an
      amount that is an integral multiple of $5,000,000 and the total Commitments
      may
      not be reduced to less than $200,000,000. The Borrower shall not reduce the
      Commitments if, after giving effect to any concurrent prepayment of the Loans
      in
      accordance with Section
      2.10,
      the sum
      of the total Revolving Credit Exposures plus the aggregate principal amount
      of
      outstanding Competitive Loans would exceed the total Commitments as
      reduced. 

     

     

    (c)  The
      Borrower shall notify the Administrative Agent of any election to reduce the
      Commitments under Section
      2.08(b)
      at least
      five (5) Business Days prior to the effective date of such reduction, specifying
      such election and the effective date thereof. Promptly following receipt of
      any
      notice, the Administrative Agent shall advise the Lenders of the contents
      thereof. Each notice delivered by the Borrower pursuant to this Section shall
      be
      irrevocable. Any reduction of the Commitments shall be permanent. Each reduction
      in the Commitments shall be made ratably among the Lenders in accordance with
      their respective Commitments.

     

     

    (d)  So
      long
      as the Borrower is not then in Default and so long as the Borrower has not
      reduced the Commitment pursuant to Section
      2.08(b),
      the
      Borrower may on two (2) occasions prior to February 22, 2009, request that
      the
      aggregate Commitments be increased, so long as the aggregate Commitments do
      not
      exceed Six Hundred Million Dollars ($600,000,000.00) (the “Maximum
      Commitment”).
      If
      the Borrower requests that the aggregate Commitments be increased, the
      Administrative Agent shall use commercially reasonable efforts to obtain
      increased or additional commitments up to the Maximum Commitment, and to do
      so
      the Administrative Agent may, after first offering the Lenders the opportunity
      to participate in the increased Commitments, obtain additional lenders of its
      choice (and approved by Borrower, such approval not to be unreasonably withheld
      or delayed), and without the necessity of approval from any of the Lenders.
      The
      Borrower and each Guarantor shall execute an amendment to this Agreement,
      additional Notes and other documents as the Administrative Agent may reasonably
      

     

     

    
      
        
        

      

      
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    require
      to evidence the increase of the Commitments,
      and the admission of additional Persons as Lenders, if necessary.

     

    SECTION
      2.09.   Repayment of
      Loans; Evidence of Debt.
      (a) The Borrower hereby unconditionally promises to pay (i) to the
      Administrative Agent for the account of each Lender the then unpaid principal
      amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative
      Agent for the account of each Lender the then unpaid principal amount of each
      Competitive Loan on the last day of the Interest Period applicable to such
      Loan,
      and (iii) to the Swingline Lender the then unpaid principal amount of each
      Swingline Loan on the earlier of the Maturity Date and the date that is two
      (2)
      Business Days after such Swingline Loan is made. The Loans shall be evidenced
      by
      the Notes. The Revolving Loans shall be evidenced by Revolving Notes executed
      by
      the Borrower, one to each Lender for such Lender’s Commitment. The Swingline
      Loans shall be evidenced by the Swingline Note. The Competitive Loans shall
      be
      evidenced by Competitive Notes executed by the Borrower to each Lender, with
      each such Competitive Note being in the original principal sum of
      $200,000,000.00, which is the maximum principal amount of Competitive Loans
      that
      can be outstanding at any one time in the aggregate under this Agreement.
      Borrower’s liability to each Lender under its Competitive Note shall not exceed
      the principal amount advanced by such Lender as a Competitive Loan.

     

    

    (b) Each
      Lender shall maintain in accordance with its usual practice an account or
      accounts evidencing the indebtedness of the Borrower to such Lender resulting
      from each Loan made by such Lender, including the amounts of principal and
      interest payable and paid to such Lender from time to time
      hereunder.

    

    (c) The
      Administrative Agent shall maintain accounts in which it shall record
      (i) the amount of each Loan made hereunder, the Class and Type thereof and
      the Interest Period applicable thereto, (ii) the amount of any principal or
      interest due and payable or to become due and payable from the Borrower to
      each
      Lender hereunder and (iii) the amount of any sum received by the
      Administrative Agent hereunder for the account of the Lenders and each Lender's
      share thereof. All payments received on the Notes shall be applied first to
      pay
      the Swingline Loans.

    

    (d) The
      entries made in the accounts maintained pursuant to paragraph (b)
      or (c)
      of this
      Section shall be prima facie
      evidence
      of the existence and amounts of the obligations recorded therein; provided
      that the
      failure of any Lender or the Administrative Agent to maintain such accounts
      or
      any error therein shall not in any manner affect the obligation of the Borrower
      to repay the Loans in accordance with the terms of this Agreement.

     

    SECTION
      2.10.   Prepayment
      of Loans.
      (a)  The Borrower shall have the right at any time and from time to
      time to prepay, without penalty, any Borrowing in whole or in part, subject
      

     

    
      
        
        

      

      
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    to
      prior notice in accordance with paragraph (b) of
      this Section, and subject to Section 2.15, if applicable; provided that the
      Borrower shall not have the right to prepay any Competitive Loan without the
      prior consent of the Lender thereof.

    
 

    (b) The
      Borrower shall notify the Administrative Agent (and, in the case of prepayment
      of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy)
      of any prepayment hereunder (i) in the case of prepayment of a Eurodollar
      Revolving Borrowing, not later than 1:00 p.m., Houston, Texas time, three
      Business Days before the date of prepayment, (ii) in the case of prepayment
      of
      an ABR Revolving Borrowing, not later than 1:00 p.m., Houston, Texas time,
      one
      Business Day before the date of prepayment, or (iii) in the case of prepayment
      of a Swingline Loan, not later than 11:00 a.m., Houston, Texas time, on the
      date
      of prepayment. Each such notice shall be irrevocable and shall specify the
      prepayment date and the principal amount of each Borrowing or portion thereof
      to
      be prepaid. Promptly following receipt of any such notice relating to a
      Revolving Borrowing, the Administrative Agent shall advise the Lenders of the
      contents thereof. Each partial prepayment of any Revolving Borrowing shall
      be in
      an amount that would be permitted in the case of an advance of a Revolving
      Borrowing of the same Type as provided in Section
      2.02.
      Each
      prepayment of a Revolving Borrowing shall be applied ratably to the Loans
      included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
      interest to the extent required by Section
      2.12.

    

    (c) In
      connection with the prepayment of any Loan prior to the expiration of the
      Interest Period applicable thereto, the Borrower shall also pay any applicable
      expenses pursuant to Section
      2.15.

    

    (d) Amounts
      to be applied to the prepayment of Loans pursuant to any of the preceding
      subsections of this Section shall be applied, first, to reduce outstanding
      ABR
      Loans and next, to the extent of any remaining balance, to reduce outstanding
      Eurodollar Loans. Each such prepayment shall be applied to prepay ratably the
      Loans of the Lender.

     

    SECTION
      2.11.   Fees.
      (a)  The Borrower agrees to pay to the Administrative Agent for the
      account of each Lender a facility fee, which shall accrue at the Applicable
      Rate
      on the daily amount of the Commitment of such Lender (whether used or unused)
      during the period from and including the date of this Agreement to but excluding
      the date on which such Commitment terminates; provided that, if such Lender
      continues to have any Revolving Credit Exposure after its Commitment terminates,
      then such facility fee shall continue to accrue on the daily amount of such
      Lender's Revolving Credit Exposure from and including the date on which its
      Commitment terminates to but excluding the date on which such Lender ceases
      to
      have any Revolving Credit Exposure. Accrued facility fees shall be payable
      in
      arrears on the last day of March, June, September and December of each year
      and
      on the date on which the Commitments terminate, commencing on the first such
      date to occur after the date hereof; provided that any facility fees

     

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    
 

    accruing
      after the date on which the Commitments
      terminate shall be payable on demand. All facility fees shall be computed on
      the
      basis of a year of 360 days and shall be payable for the actual number of days
      elapsed (including the first day but excluding the last day).

     

    (b) The
      Borrower agrees to pay (i) to the Administrative Agent for the account of each
      Lender a participation fee with respect to its participations in Letters of
      Credit, which shall accrue at the same Applicable Rate used to determine the
      interest rate applicable to Eurodollar Revolving Loans on the average daily
      amount of such Lender's LC Exposure (excluding any portion thereof attributable
      to unreimbursed LC Disbursements) during the period from and including the
      date
      of this Agreement to but excluding the later of the date on which such Lender's
      Commitment terminates and the date on which such Lender ceases to have any
      LC
      Exposure, and (ii) to the Issuing Bank a fronting fee, in the amount of 0.10%
      of
      the face amount of each Letter of Credit, as well as the Issuing Bank's standard
      administrative fees with respect to the issuance, amendment, renewal or
      extension of any Letter of Credit or processing of drawings thereunder.
      Participation fees accrued through and including the last day of March, June,
      September and December of each year shall be payable on the third Business
      Day
      following such last day, commencing on the first such date to occur after the
      date of this Agreement; provided
      that all
      such fees shall be payable on the date on which the Commitments terminate and
      any such fees accruing after the date on which the Commitments terminate shall
      be payable on demand. Fronting fees shall be payable in full in advance on
      the
      date of the issuance, or renewal or extension of each Letter of Credit, and
      are
      not refundable. JPMC shall not charge a fronting fee for Letters of Credit
      issued under this Agreement to replace or extend the letters of credit listed
      on
Schedule
      2.05(d).
      Any
      other fees payable to the Issuing Bank pursuant to this paragraph shall be
      payable within 10 days after demand. All participation fees and fronting fees
      shall be computed on the basis of a year of 360 days and shall be payable for
      the actual number of days elapsed (including the first day but excluding the
      last day).

    

    (c) The
      Borrower agrees to pay to the Administrative Agent, for its own account, fees
      payable in the amounts and at the times separately agreed upon between the
      Borrower and the Administrative Agent.

    

    (d) All
      fees
      payable hereunder shall be paid on the dates due, in immediately available
      funds, to the Administrative Agent (or to the Issuing Bank, in the case of
      fees
      payable to it) for distribution, in the case of facility fees and participation
      fees, to the Lenders. Fees paid shall not be refundable under any
      circumstances.

    

    (e) In
      the
      event that the Maturity Date is extended in accordance with the terms of
Section
      2.19,
      the
      Borrower agrees to pay to the Administrative Agent for the account of each
      Lender an extension fee equal to 0.10% of the aggregate Revolving Credit
      Exposure on the first effective day of the extension.

     

     

    
      
        
        

      

      
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    SECTION
      2.12.   Interest.
      (a) The
      Loans comprising each ABR Borrowing (including each Swingline Loan) shall
      bear interest at the lesser of (x) the Alternate Base Rate plus the Applicable
      Rate, or (y) the Maximum Rate.

     

    

    (b) The
      Loans
      comprising each Eurodollar Borrowing shall bear interest (i) in the case of
      a
      Eurodollar Revolving Loan, at the lesser of (x) the Adjusted LIBO Rate for
      the
      Interest Period in effect for such Borrowing plus the Applicable Rate, or (y)
      the Maximum Rate, or (ii) in the case of a Eurodollar Competitive Loan, at
      the
      lesser of (x) the LIBO Rate for the Interest Period in effect for such Borrowing
      plus (or minus, as applicable) the Margin applicable to such Loan, or (y) the
      Maximum Rate.

    

    (c) Each
      Fixed Rate Loan shall bear interest at the lesser of (i) the Fixed Rate
      applicable to such Loan or (ii) the Maximum Rate.

    

    (d) Notwithstanding
      the foregoing, if any principal of or interest on any Loan or any fee or other
      amount payable by the Borrower hereunder is not paid when due, whether at stated
      maturity, upon acceleration or otherwise, such overdue amount shall bear
      interest, after as well as before judgment, at a rate per annum equal to (i)
      in
      the case of overdue principal of any Loan, the lesser of (x) 2% plus the rate
      otherwise applicable to such Loan as provided in paragraphs (a),
      (b)
      and
      (c)
      of this
      Section, or (y) the Maximum Rate, or (ii) in the case of any other amount,
      the
      lesser of (x) 2% plus the rate applicable to ABR Loans as provided in
paragraph
      (a)
      of this
      Section, or (y) the Maximum Rate.

    

    (e) Accrued
      interest on each Loan shall be payable in arrears on each Interest Payment
      Date
      for such Loan and, in the case of Revolving Loans, upon termination of the
      Commitments; provided
      that (i)
      interest accrued pursuant to paragraph
      (d)
      of this
      Section shall be payable on demand, (ii) in the event of any repayment or
      prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior
      to the end of the Availability Period), accrued interest on the principal amount
      repaid or prepaid shall be payable on the date of such repayment or prepayment
      and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior
      to the end of the current Interest Period therefor, accrued interest on such
      Loan shall be payable on the effective date of such conversion.

    

    (f) All
      interest hereunder shall be computed on the basis of a year of 360 days, except
      that interest computed by reference to the Alternate Base Rate shall be computed
      on the basis of a year of 365 days (or 366 days in a leap year), and in each
      case shall be payable for the actual number of days elapsed (including the
      first
      day but excluding the last day). The applicable Alternate Base Rate, Adjusted
      LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and
      such
      determination shall be conclusive absent manifest error.

     

     

    
      
        
        

      

      
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    SECTION
      2.13.   Alternate
      Rate of Interest.
      If prior
      to the commencement of any Interest Period for a Eurodollar
      Borrowing:

     

     

    (a)  the
      Administrative Agent determines (which determination shall be conclusive absent
      manifest error) that adequate and reasonable means do not exist for ascertaining
      the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
      Period; or

     

     

    (b)  the
      Administrative Agent is advised by the Required Lenders (or, in the case of
      a
      Eurodollar Competitive Loan, the Lender that is required to make such Loan)
      that
      (i) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
      Period will not adequately and fairly reflect the cost to such Lenders (or
      Lender) of making or maintaining their Loans (or its Loan) included in such
      Borrowing for such Interest Period and (ii) such fact is generally applicable
      to
      its loans of this type to similar borrowers, as evidenced by a certification
      from such Lenders;

     

    

    then
      the
      Administrative Agent shall give notice thereof to the Borrower and the Lenders
      by telephone or telecopy as promptly as practicable thereafter and, until the
      Administrative Agent notifies the Borrower and the Lenders that the
      circumstances giving rise to such notice no longer exist, (i) any Interest
      Election Request that requests the conversion of any Revolving Borrowing to,
      or
      continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
      ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving
      Borrowing, such Borrowing shall be made as an ABR Borrowing and (iii) any
      request by the Borrower for a Eurodollar Competitive Borrowing shall be
      ineffective; provided
      that (A)
      if the circumstances giving rise to such notice do not affect all the Lenders,
      then requests by the Borrower for Eurodollar Competitive Borrowings may be
      made
      to Lenders that are not affected thereby and (B) if the circumstances giving
      rise to such notice affect only one Type of Borrowings, then the other Type
      of
      Borrowings shall be permitted.

     

    SECTION
      2.14.   Increased
      Costs.
      (a)  If any Change in Law shall:

     

     

    (i)  impose,
      modify or deem applicable any reserve, special deposit or similar requirement
      against assets of, deposits with or for the account of, or credit extended
      by,
      any Lender (except any such reserve requirement reflected in the Adjusted LIBO
      Rate) or the Issuing Bank; or

     

     

    (ii)  impose
      on
      any Lender or the Issuing Bank or the London interbank market any other
      condition (other than one relating to Excluded Taxes) affecting this Agreement
      or Eurodollar Loans or Fixed Rate Loans made by such Lender or any Letter of
      Credit or participation therein;

     

     

     

    
      
        
        

      

      
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    and
      the
      result of any of the foregoing shall be to increase the cost to such Lender
      of
      making or maintaining any Eurodollar Loan or Fixed Rate Loan (or of maintaining
      its obligation to make any such Loan) or to increase the cost to such Lender
      or
      the Issuing Bank of participating in, issuing or maintaining any Letter of
      Credit or to reduce the amount of any sum received or receivable by such Lender
      or the Issuing Bank hereunder (whether of principal, interest or otherwise),
      then the Borrower will pay to such Lender or the Issuing Bank, as the case
      may
      be, such additional amount or amounts as will compensate such Lender or the
      Issuing Bank, as the case may be, for such additional costs incurred or
      reduction suffered.

     

     

    (b)  If
      any
      Lender or the Issuing Bank determines that any Change in Law regarding capital
      requirements has or would have the effect of reducing the rate of return on
      such
      Lender's or the Issuing Bank's capital or on the capital of such Lender's or
      the
      Issuing Bank's holding company, if any, as a consequence of this Agreement
      or
      the Loans made by, or participations in Letters of Credit held by, such Lender,
      or the Letters of Credit issued by the Issuing Bank, to a level below that
      which
      such Lender or the Issuing Bank or such Lender's or the Issuing Bank's holding
      company could have achieved but for such Change in Law (taking into
      consideration such Lender's or the Issuing Bank's policies and the policies
      of
      such Lender's or the Issuing Bank's holding company with respect to capital
      adequacy), then from time to time the Borrower will pay to such Lender or the
      Issuing Bank, as the case may be, such additional amount or amounts as will
      compensate such Lender or the Issuing Bank or such Lender's or the Issuing
      Bank's holding company for any such reduction suffered.

     

     

    (c)  A
      certificate of a Lender or the Issuing Bank setting forth the amount or amounts
      necessary to compensate such Lender or the Issuing Bank or its holding company,
      as the case may be, as specified in paragraph (a)
      or
(b)
      of this
      Section shall be delivered to the Borrower and shall be conclusive absent
      manifest error. The Borrower shall pay such Lender or the Issuing Bank, as
      the
      case may be, the amount shown as due on any such certificate within 10 days
      after receipt thereof. 

     

     

    (d)  Failure
      or delay on the part of any Lender or the Issuing Bank to demand compensation
      pursuant to this Section shall not constitute a waiver of such Lender's or
      the
      Issuing Bank's right to demand such compensation; provided
      that the
      Borrower shall not be required to compensate a Lender or the Issuing Bank
      pursuant to this Section for any increased costs or reductions incurred more
      than 60 days prior to the date that such Lender or the Issuing Bank, as the
      case
      may be, notifies the Borrower of the Change in Law giving rise to such increased
      costs or reductions and of such Lender's or the Issuing Bank's intention to
      claim compensation therefor; provided further
      that, if
      the Change in Law giving rise to such increased costs or reductions is
      retroactive, then the 60-day period referred to above shall be extended to
      include the period of retroactive effect thereof.

     

     

    
      
        
        

      

      
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    (e)  Notwithstanding
      the foregoing provisions of this Section, a Lender shall not be entitled to
      compensation pursuant to this Section in respect of any Competitive Loan if
      the
      Change in Law that would otherwise entitle it to such compensation shall have
      been publicly announced prior to submission of the Competitive Bid pursuant
      to
      which such Loan was made.

     

     

    SECTION
      2.15.   Break
      Funding Payments.
      In the
      event of (a) the payment of any principal of any Eurodollar Loan or Fixed Rate
      Loan other than on the last day of an Interest Period applicable thereto
      (including as a result of an Event of Default), (b) the conversion of any
      Eurodollar Loan other than on the last day of the Interest Period applicable
      thereto, (c) the failure to borrow, convert, continue or prepay any Revolving
      Loan on the date specified in any notice delivered pursuant hereto (regardless
      of whether such notice may be revoked under Section 2.10(b)), (d) the
      failure to borrow any Competitive Loan after accepting the Competitive Bid
      to
      make such Loan, or (e) the assignment of any Eurodollar Loan or Fixed Rate
      Loan other than on the last day of the Interest Period applicable thereto as
      a
      result of a request by the Borrower pursuant to Section 2.18, then, in any
      such event, the Borrower shall compensate each Lender for the loss, cost and
      expense attributable to such event. In the case of a Eurodollar Loan, such
      loss,
      cost or expense to any Lender shall be deemed to include an amount determined
      by
      such Lender to be the excess, if any, of (i) the amount of interest which would
      have accrued on the principal amount of such Loan had such event not occurred,
      at the Adjusted LIBO Rate that would have been applicable to such Loan, for
      the
      period from the date of such event to the last day of the then current Interest
      Period therefor (or, in the case of a failure to borrow, convert or continue,
      for the period that would have been the Interest Period for such Loan), over
      (ii) the amount of interest which would accrue on such principal amount for
      such
      period at the interest rate which such Lender would bid were it to bid, at
      the
      commencement of such period, for dollar deposits of a comparable amount and
      period from other banks in the eurodollar market. A certificate of any Lender
      setting forth any amount or amounts that such Lender is entitled to receive
      pursuant to this Section shall be delivered to the Borrower and shall be
      conclusive absent manifest error. The Borrower shall pay such Lender the amount
      shown as due on any such certificate within 10 days after receipt
      thereof.

     

     

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

     

     

    
      
        
        

      

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

    

    (c) The
      Borrower shall indemnify the Administrative Agent, each Lender and the Issuing
      Bank, within 10 days after written demand therefor, for the full amount of
      any
      Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender
      or the Issuing Bank, as the case may be, on or with respect to any payment
      by or
      on account of any obligation of the Borrower hereunder (including Indemnified
      Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
      under this Section) and any penalties, interest and reasonable expenses arising
      therefrom or with respect thereto, whether or not such Indemnified Taxes or
      Other Taxes were correctly or legally imposed or asserted by the relevant
      Governmental Authority. A certificate as to the amount of such payment or
      liability delivered to the Borrower by a Lender or the Issuing Bank, or by
      the
      Administrative Agent on its own behalf or on behalf of a Lender or the Issuing
      Bank, shall be conclusive absent manifest error. 

    

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

    

    (e) Any
      Foreign Lender that is entitled to an exemption from or reduction of withholding
      tax under the law of the jurisdiction in which the Borrower is located, or
      any
      treaty to which such jurisdiction is a party, with respect to payments under
      this Agreement shall deliver to the Borrower (with a copy to the Administrative
      Agent), at the time or times prescribed by applicable law, such properly
      completed and executed documentation prescribed by applicable law or reasonably
      requested by the Borrower as will permit such payments to be made without
      withholding or at a reduced rate.

     

    SECTION
      2.17.   Payments
      Generally; Pro Rata Treatment; Sharing of Set-offs. 

     

     

    (a)   
      The
      Borrower shall make each payment required to be made by it hereunder (whether
      of
      principal, interest, fees or reimbursement of LC Disbursements, or of amounts
      payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to 12:00 noon,
      Houston, Texas time, on the date when due, in immediately available funds,
      without set-off or counterclaim. Any amounts received after such time on any
      date may, in the discretion of the Administrative Agent, be deemed to have
      been
      received on the next succeeding Business Day for purposes of calculating
      interest thereon. All such payments shall be made to the Administrative Agent
      at
      its offices at 712 Main Street, Houston, Texas, except payments to be made
      directly to the Issuing Bank or Swingline Lender as expressly provided herein
      and except that payments pursuant to 

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

     

    Sections
      2.14, 2.15, 2.16 and 9.03 shall be made
      directly to the Persons entitled thereto. If the Administrative Agent receives
      a
      payment for the account of a Lender prior to 12:00 noon, Houston, Texas time,
      such payment must be delivered to the Lender on the same day and if it is not
      so
      delivered due to the fault of the Administrative Agent, the Administrative
      Agent
      shall pay to the Lender entitled to the payment interest thereon for each day
      after payment should have been received by the Lender pursuant hereto until
      the
      Lender receives payment, at the greater of the Federal Funds Effective Rate
      and
      a rate determined by the Administrative Agent in accordance with banking
      industry rules on interbank compensation. If any payment hereunder shall be
      due
      on a day that is not a Business Day, the date for payment shall be extended
      to
      the next succeeding Business Day, and, in the case of any payment accruing
      interest, interest thereon shall be payable for the period of such extension.
      All payments hereunder shall be made in Dollars.

     

    (b)  If
      at any
      time insufficient funds are received by and available to the Administrative
      Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,
      interest and fees then due hereunder, such funds shall be applied (i) first,
      towards payment of interest and fees then due hereunder, ratably among the
      parties entitled thereto in accordance with the amounts of interest and fees
      then due to such parties, and (ii) second, towards payment of principal and
      unreimbursed LC Disbursements then due hereunder, ratably among the parties
      entitled thereto in accordance with the amounts of principal and unreimbursed
      LC
      Disbursements then due to such parties.

     

     

    (c)  If
      any
      Lender shall, by exercising any right of set-off or counterclaim or otherwise,
      obtain payment in respect of any principal of or interest on any of its
      Revolving Loans or participations in LC Disbursements or Swingline Loans
      resulting in such Lender receiving payment of a greater proportion of the
      aggregate amount of its Revolving Loans and participations in LC Disbursements
      and Swingline Loans and accrued interest thereon than the proportion received
      by
      any other Lender, then the Lender receiving such greater proportion shall
      purchase (for cash at face value) participations in the Revolving Loans and
      participations in LC Disbursements and Swingline Loans of other Lenders to
      the
      extent necessary so that the benefit of all such payments shall be shared by
      the
      Lenders ratably in accordance with the aggregate amount of principal of and
      accrued interest on their respective Revolving Loans and participations in
      LC
      Disbursements and Swingline Loans; provided
      that (i)
      if any such participations are purchased and all or any portion of the payment
      giving rise thereto is recovered, such participations shall be rescinded and
      the
      purchase price restored to the extent of such recovery, without interest, and
      (ii) the provisions of this paragraph shall not be construed to apply to any
      payment made by the Borrower pursuant to and in accordance with the express
      terms of this Agreement or any payment obtained by a Lender as consideration
      for
      the assignment of or sale of a participation in any of its Loans or
      participations in LC Disbursements to any assignee or participant, other than
      to
      the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions
      of this paragraph shall apply). The Borrower consents to the 

     

    
      
        
        

      

      
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    foregoing
      and agrees, to the extent it may
      effectively do so under applicable law, that any Lender acquiring a
      participation pursuant to the foregoing arrangements may exercise against the
      Borrower rights of set-off and counterclaim with respect to such participation
      as fully as if such Lender were a direct creditor of the Borrower in the amount
      of such participation.

     

    (d)  Unless
      the Administrative Agent shall have received notice from the Borrower prior
      to
      the date on which any payment is due to the Administrative Agent for the account
      of the Lenders or the Issuing Bank hereunder that the Borrower will not make
      such payment, the Administrative Agent may assume that the Borrower has made
      such payment on such date in accordance herewith and may, in reliance upon
      such
      assumption, distribute to the Lenders or the Issuing Bank, as the case may
      be,
      the amount due. In such event, if the Borrower has not in fact made such
      payment, then each of the Lenders or the Issuing Bank, as the case may be,
      severally agrees to repay to the Administrative Agent forthwith on demand the
      amount so distributed to such Lender or Issuing Bank with interest thereon,
      for
      each day from and including the date such amount is distributed to it to but
      excluding the date of payment to the Administrative Agent, at the greater of
      the
      Federal Funds Effective Rate and a rate determined by the Administrative Agent
      in accordance with banking industry rules on interbank
      compensation.

     

     

    (e)  If
      any
      Lender shall fail to make any payment required to be made by it pursuant to
      Section
      2.04.A,
      2.05(d)
      or
(e),
      2.06(b)
      or
2.17(d),
      then
      the Administrative Agent may, in its discretion (notwithstanding any contrary
      provision hereof), apply any amounts thereafter received by the Administrative
      Agent for the account of such Lender to satisfy such Lender's obligations under
      such Sections until all such unsatisfied obligations are fully
      paid.

     

     

    (f)  If
      the
      Administrative Agent or a Lender determines, in its sole discretion, that it
      has
      received a refund of any Indemnified Taxes or Other Taxes as to which it has
      been indemnified by the Borrower or with respect to which the Borrower has
      paid
      additional amounts pursuant to this Section 2.17, it shall pay over such refund
      to the Borrower (but only to the extent of indemnity payments made, or
      additional amounts paid, by the Borrower under this Section 2.17 with respect
      to
      the Indemnified Taxes or Other Taxes giving rise to such refund), net of all
      out-of-pocket expenses of the Administrative Agent or such Lender and without
      interest (other than any interest paid by the relevant Governmental Authority
      with respect to such refund); provided, that the Borrower, upon the request
      of
      the Administrative Agent or such Lender, agrees to repay the amount paid over
      to
      the Borrower and without interest on such sums (plus any penalties, interest
      or
      other charges imposed by the relevant Governmental Authority) to the
      Administrative Agent or such Lender in the event the Administrative Agent or
      such Lender is required to repay such refund to such Governmental Authority.
      This Section shall not be construed to require the Administrative Agent or
      any
      Lender to make available its tax returns (or any other information relating
      to
      its taxes which it deems confidential) to the Borrower or any other
      Person.

     

     

     

    
      
        
        

      

      
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    SECTION
      2.18.   Mitigation
      Obligations; Replacement of Lenders.

     

    

    (a) Each
      Lender and the Issuing Bank will notify the Borrower of any event occurring
      after the date of this Agreement which will entitle such Person to compensation
      pursuant to Sections 2.14
      and
2.16
      as
      promptly as practicable after it obtains knowledge thereof and determines to
      request such compensation, provided that such Person shall not be liable for
      the
      failure to provide such notice. If any Lender or the Issuing Bank requests
      compensation under Section 2.14,
      or
      if the Borrower is required to pay any additional amount to any such Person
      or any Governmental Authority for the account of any Lender pursuant to
Section 2.16,
      then
      such Lender or the Issuing bank shall use reasonable efforts to avoid or
      minimize the amounts payable, including, without limitation, the designation
      of
      a different lending office for funding or booking its Loans and Letters of
      Credit hereunder or the assignment of its rights and obligations hereunder
      to
      another of its offices, branches or affiliates, if, in the judgment of such
      Lender or the Issuing Bank, such designation or assignment (i) would eliminate
      or reduce amounts payable pursuant to Section
      2.14 or 2.16,
      as the
      case may be, in the future and (ii) would not subject such Lender or the Issuing
      Bank to any unreimbursed cost or expense and would not otherwise be
      disadvantageous to such Lender or the Issuing Bank. The Borrower hereby agrees
      to pay all reasonable and documented costs and expenses incurred by any Lender
      or the Issuing Bank in connection with any such designation or
      assignment.

    

    (b) If
      any
      Lender requests compensation under Section 2.14,
      or if
      the Borrower is required to pay any additional amount to any Lender or any
      Governmental Authority for the account of any Lender pursuant to Section 2.16,
      or if
      any Lender defaults in its obligation to fund Loans hereunder, then the Borrower
      may, at its sole expense and effort, upon notice to such Lender and the
      Administrative Agent, require such Lender to assign and delegate, without
      recourse (in accordance with and subject to the restrictions contained in
Section 9.04),
      all
      its interests, rights and obligations under this Agreement to an assignee that
      shall assume such obligations (which assignee may be another Lender, if a Lender
      accepts such assignment); provided
      that (i)
      the Borrower shall have received the prior written consent of the Administrative
      Agent (and, if a Commitment is being assigned, the Issuing Bank), which consent
      shall not unreasonably be withheld, (ii) such Lender shall have received payment
      of an amount equal to the outstanding principal of its Loans and participations
      in LC Disbursements and Swingline Loans, accrued interest thereon, accrued
      fees
      and all other amounts payable to it hereunder, from the assignee (to the extent
      of such outstanding principal and accrued interest and fees) or the Borrower
      (in
      the case of all other amounts), and (iii) in the case of any such assignment
      resulting from a claim for compensation under Section
      2.14
      or
      payments required to be made pursuant to Section
      2.16,
      such
      assignment will result in a reduction in such compensation or payments. A Lender
      shall not be required to make any such assignment and delegation if, prior
      thereto, as a result of a waiver by such Lender or otherwise, the circumstances
      entitling the Borrower to require such assignment and delegation cease to apply.
      

     

     

     

    
      
        
        

      

      
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    SECTION
      2.19.   Extension.

     

     

    (a)  Subject
      to the provisions of this Section, the Borrower may extend the Maturity Date
      of
      the Revolving Loans one (1) time for one (1) year by giving written request
      therefor (the “Extension
      Request”)
      to the
      Administrative Agent of the Borrower’s desire to extend such term, at least
      ninety (90) days prior to the Maturity Date. 

     

     

    (b)  If
      the
      Maturity Date is extended, all of the other terms and conditions of this
      Agreement and the other Loan Documents (including interest payment dates) shall
      remain in full force and effect and unmodified, except as expressly provided
      for
      herein. The extension of the Maturity Date is subject to the satisfaction of
      each of the following additional conditions:

     

     

    (i)  The
      representations and warranties of each Credit Party set forth in this Agreement
      or any other Loan Document to which such Credit Party is a signatory shall
      be
      true and correct in all material respects on the date that the Extension Request
      is given to the Administrative Agent and on the first day of the extension
      (except to the extent such representations and warranties relate to a specified
      date);

     

     

    (ii)  no
      Default or Event of Default has occurred and is continuing on the date on which
      the Borrower gives the Administrative Agent the Extension Request or on the
      first day of the extension;

     

     

    (iii)  the
      Borrower shall be in compliance with all of the financial covenants set forth
      in
Article
      VI
      hereof
      both on the date on which the Extension Request is given to the Administrative
      Agent and on the first day of the extension;

     

     

    (iv)  the
      Borrower shall have paid to the Administrative Agent all amounts then due and
      payable to any of the Lenders, the Issuing Bank and the Administrative Agent
      under the Loan Documents, including the extension fee described in Section
      2.11(e)
      hereof;

     

     

    (v)  the
      Borrower shall pay for any and all reasonable out-of-pocket costs and expenses,
      including, reasonable attorneys’ fees and disbursements, incurred by the
      Administrative Agent in connection with or arising out of the extension of
      the
      Maturity Date;

     

     

    (vi)  no
      change
      in the business, assets, management, operations or financial condition of any
      Credit Party shall have occurred since the most recent funding of any Loan,
      which change, in the judgment of the Administrative Agent, will have or is
      reasonably likely to have a Material Adverse Effect; 

     

     

    (vii)  the
      Borrower shall execute and deliver to Administrative Agent such other documents,
      financial statements, instruments, certificates, opinions of counsel, reports,
      or 

     

     

    
      
        
        

      

      
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    amendments
      to the Loan Documents as the
      Administrative Agent shall reasonably request regarding the Credit Parties
      as
      shall be necessary to effect such extension; and

     

    (viii)  a
      written
      agreement evidencing the extension is signed by the Administrative Agent, the
      Lenders, the Credit Parties and any other Person to be charged with compliance
      therewith, which agreement such parties agree to execute if the extension
      conditions set forth above have been satisfied.

     

     

    ARTICLE
      III

     

     

    Representations
      and Warranties

     

    

    The
      Borrower represents and warrants to the Lenders, the Administrative Agent and
      the Issuing Bank that: 

     

    SECTION
      3.01.   Organization;
      Powers.
      Each
      Credit Party is duly organized, validly existing and in good standing under
      the
      laws of the jurisdiction of its organization, has all requisite power and
      authority to carry on its business as now conducted and, except where the
      failure to do so, individually or in the aggregate, could not reasonably be
      expected to result in a Material Adverse Effect, is qualified to do business
      in,
      and is in good standing in, every jurisdiction where such qualification is
      required. 

     

     

    SECTION
      3.02.   Authorization;
      Enforceability. The Transactions are within the trust, corporate,
      partnership or limited liability company powers (as applicable) of the
      respective Credit Parties and have been duly authorized by all necessary
      corporate, partnership or limited liability company action. This Agreement
      and
      the Loan Documents have been duly executed and delivered by each Credit Party
      which is a party thereto and constitute the legal, valid and binding obligation
      of each such Person, enforceable in accordance with its terms, subject to
      applicable bankruptcy, insolvency, reorganization, moratorium or other laws
      affecting creditors' rights generally and subject to general principles of
      equity, regardless of whether considered in a proceeding in equity or at
      law.

     

     

    SECTION
      3.03.   Governmental
      Approvals; No Conflicts. The Transactions (a) do not require any consent or
      approval of, registration or filing with, or any other action by, any
      Governmental Authority, except such as have been obtained or made and are in
      full force and effect, (b) will not violate any applicable law or regulation
      or
      the charter, by-laws or other organizational documents of any Credit Party
      or
      any of the Borrower’s Subsidiaries or any order of any Governmental Authority,
      (c) will not violate or result in a default under any indenture, agreement
      or
      other instrument binding upon any Credit Party or any of the Borrower’s
      Subsidiaries or its assets, or give rise to a right thereunder to require any
      payment to be made by 

     

    
      
        
        

      

      
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    any
      Credit Party or any of the Borrower’s
      Subsidiaries, and (d) will not result in the creation or imposition of any
      Lien
      on any asset of any Credit Party or any of the Borrower’s
      Subsidiaries.

     

    SECTION
      3.04.   Financial
      Condition; No Material Adverse Change. (a) The Borrower has heretofore
      furnished to the Lenders financial statements (i) as of and for the fiscal
      year
      ended December 31, 2004, reported on by Deloitte & Touche LLP, independent
      public accountants, and (ii) as of and for the fiscal quarter and the portion
      of
      the fiscal year ended September 30, 2005, certified by its chief financial
      officer. Such financial statements present fairly, in all material respects,
      the
      financial position and results of operations and cash flows of the Borrower
      and
      its consolidated Subsidiaries as of such dates and for such periods in
      accordance with GAAP, subject to year-end audit adjustments and the absence
      of
      footnotes in the case of the statements referred to in clause (ii)
      above.

     

    

    (b) Since
      September 30, 2005, there has been no material adverse change in the business,
      assets, operations, prospects or condition, financial or otherwise, of the
      Borrower and its Subsidiaries, taken as a whole.

     

    SECTION
      3.05.   Properties.
      (a)
      Subject to Liens permitted by Section 6.01, each of the Borrower and its
      Subsidiaries has title to, or valid leasehold interests in, all its real and
      personal property material to its business, except for minor defects in title
      that do not interfere with its ability to conduct its business as currently
      conducted or to utilize such properties for their intended purposes. 

     

    

    (b) Each
      of
      the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
      tradenames, copyrights, patents and other intellectual property material to
      the
      Borrower’s business, and the use thereof by the Borrower and its Subsidiaries
      does not infringe upon the rights of any other Person, except for any such
      infringements that, individually or in the aggregate, could not reasonably
      be
      expected to result in a Material Adverse Effect.

    

    (c) All
      components of all improvements included within the Real Property owned or
      leased, as lessee, by any Credit Party, including, without limitation, the
      roofs
      and structural elements thereof and the heating, ventilation, air conditioning,
      plumbing, electrical, mechanical, sewer, waste water, storm water, paving and
      parking equipment, systems and facilities included therein, are in good working
      order and repair, subject to such exceptions which are not reasonably likely
      to
      have, in the aggregate, a Material Adverse Effect. All water, gas, electrical,
      steam, compressed air, telecommunication, sanitary and storm sewage lines and
      systems and other similar systems serving the Real Property owned or leased
      by
      any Credit Party are installed and operating and are sufficient to enable the
      Real Property to continue to be used and operated in the manner currently being
      used and operated, and no Credit Party has any knowledge of any factor or
      condition that reasonably could be expected to result in the termination or
      material 

     

     

    
      
        
        

      

      
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    impairment
      of the furnishing thereof, subject to such
      exceptions which are not likely to have, in the aggregate, a Material Adverse
      Effect. No improvement or portion thereof is dependent for its access, operation
      or utility on any land, building or other improvement not included in the Real
      Property owned or leased by the Borrower or its Subsidiaries, other than for
      access provided pursuant to a recorded easement or other right of way
      establishing the right of such access subject to such exceptions which are
      not
      likely to have, in the aggregate, a Material Adverse Effect.

     

    (d) All
      franchises, licenses, authorizations, rights of use, governmental approvals
      and
      permits (including all certificates of occupancy and building permits) required
      to have been issued by Governmental Authority to enable all Real Property owned
      or leased by Borrower or any of its Subsidiaries to be operated as then being
      operated have been lawfully issued and are in full force and effect, other
      than
      those which the failure to obtain in the aggregate could not be reasonably
      expected to have a Material Adverse Effect. No Credit Party is in violation
      of
      the terms or conditions of any such franchises, licenses, authorizations, rights
      of use, governmental approvals and permits, which violation would reasonably
      be
      expected to have a Material Adverse Effect.

    

    (e) None
      of
      the Credit Parties has received any notice or has any knowledge, of any pending,
      threatened or contemplated condemnation proceeding affecting any Real Property
      owned or leased by Borrower or any of its Subsidiaries or any part thereof,
      or
      any proposed termination or impairment of any parking at any such owned or
      leased Real Property or of any sale or other disposition of any Real Property
      owned or leased by Borrower or any of its Subsidiaries or any part thereof
      in
      lieu of condemnation, which in the aggregate, are reasonably likely to have
      a
      Material Adverse Effect.

    

    (f) Except
      for events or conditions not reasonably likely to have, in the aggregate, a
      Material Adverse Effect, (i) no portion of any Real Property owned or leased
      by
      Borrower or any of its Subsidiaries has suffered any material damage by fire
      or
      other casualty loss which has not heretofore been completely repaired and
      restored to its condition prior to such casualty, and (ii) no portion of any
      Real Property owned or leased by Borrower or any of its Subsidiaries is located
      in a special flood hazard area as designated by any federal Government
      Authorities or any area identified by the insurance industry or other experts
      acceptable to the Administrative Agent as an area that is a high probable
      earthquake or seismic area, except as set forth on Schedule
      3.05(f).

     

    SECTION
      3.06.   Intellectual
      Property.
      To the
      knowledge of each Credit Party, such Credit Party owns, or is licensed to use,
      all trademarks, trade names, copyrights, patents and other intellectual property
      material to its business, and the use thereof by such Credit Party does not
      infringe upon the rights of any other Person, except for any such infringements
      that, 

     

     

    
      
        
        

      

      
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    individually
      or in the aggregate, could not
      reasonably be expected to result in a Material Adverse Effect. To the knowledge
      of each Credit Party, there are no material slogans or other advertising
      devices, projects, processes, methods, substances, parts or components, or
      other
      material now employed, or now contemplated to be employed, by any Credit Party
      with respect to the operation of any Real Property, and no claim or litigation
      regarding any slogan or advertising device, project, process, method, substance,
      part or component or other material employed, or now contemplated to be employed
      by any Credit Party, is pending or threatened, the outcome of which could
      reasonably be expected to have a Material Adverse Effect.

     

    SECTION
      3.07.   Litigation
      and Environmental Matters. (a) There are no actions, suits or
      proceedings by or before any arbitrator or Governmental Authority pending
      against or, to the knowledge of the Borrower, threatened against or affecting
      any Credit Party or any of the Borrower’s Subsidiaries (i) as to which
      there is a reasonable possibility of an adverse determination and that, if
      adversely determined, could reasonably be expected, individually or in the
      aggregate, to result in a Material Adverse Effect (other than the Disclosed
      Matters) or (ii) that involve this Agreement or the
      Transactions.

     

    

    (b) Except
      for the Disclosed Matters and except with respect to any other matters that,
      individually or in the aggregate, could not reasonably be expected to result
      in
      a Material Adverse Effect :

    

    
      	 	
              (i)

            	
              to
                the knowledge of the Credit Parties, all Real Property leased or
                owned by
                Borrower or any of its Subsidiaries is free from contamination by
                any
                Hazardous Material, except to the extent such contamination could
                not
                reasonably be expected to cause a Material Adverse
                Effect;

            

    

    

    
      	 	
              (ii)

            	
              to
                the knowledge of the Credit Parties, the operations of Borrower and
                its
                Subsidiaries, and the operations at the Real Property leased or owned
                by
                Borrower or any of its Subsidiaries are in compliance with all applicable
                Environmental Laws, except to the extent such noncompliance could
                not
                reasonably be expected to cause a Material Adverse
                Effect;

            

    

    

    
      	 	
              (iii)

            	
              neither
                the Borrower nor any of its Subsidiaries have known liabilities with
                respect to Hazardous Materials and, to the knowledge of each Credit
                Party,
                no facts or circumstances exist which could reasonably be expected
                to give
                rise to liabilities with respect to Hazardous Materials, in either
                case,
                except to the extent such liabilities could not reasonably be expected
                to
                have a Material Adverse Effect;

            

    

     

     

    
      
        
        

      

      
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              (iv)

            	
              neither
                the Real Property currently leased or owned by Borrower nor any of
                its
                Subsidiaries, nor, to the knowledge of any Credit Party, (x) any
                predecessor of any Credit Party, nor (y) any of Credit Parties’ Real
                Property owned or leased in the past, nor (z) any owner of Real Property
                leased or operated by Borrower or any of its Subsidiaries, are subject
                to
                any outstanding written order or contract, with any Governmental
                Authority
                or other Person, or to any federal, state, local, foreign or territorial
                investigation of which a Credit Party has been given notice respecting
                (A)
                Environmental Laws, (B) Remedial Action, or (C) the Release or threatened
                Release of any Hazardous Material, in each case, except to the extent
                such
                written order, contract or investigation could not reasonably be
                expected
                to have a Material Adverse Effect;

            

    

    

    
      	 	
              (v)

            	
              none
                of the Credit Parties are subject to any pending legal proceeding
                alleging
                the violation of any Environmental Law nor, to the knowledge of each
                Credit Party, are any such proceedings threatened, in either case,
                except
                to the extent any such proceedings could not reasonably be expected
                to
                have a Material Adverse Effect;

            

    

    

    
      	 	
              (vi)

            	
              neither
                the Borrower nor any of its Subsidiaries nor, to the knowledge of
                each
                Credit Party, any predecessor of any Credit Party, nor to the knowledge
                of
                each Credit Party, any owner of Real Property leased by Borrower
                or any of
                its Subsidiaries, have filed any notice under federal, state or local,
                territorial or foreign law indicating past or present treatment,
                storage,
                or disposal of or reporting a Release of Hazardous Material into
                the
                environment, in each case, except to the extent such Release of Hazardous
                Material could not reasonably be expected to have a Material Adverse
                Effect;

            

    

    

    
      	 	
              (vii)

            	
              none
                of the operations of the Borrower or any of its Subsidiaries or,
                to the
                knowledge of each Credit Party, of any owner of premises currently
                leased
                by Borrower or any of its Subsidiaries or of any tenant of premises
                currently leased from Borrower or any of its Subsidiaries, involve
                or
                previously involved the generation, transportation, treatment, storage
                or
                disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3
                (in
                effect as of the date of this Agreement) or any state, local, territorial
                or foreign equivalent, in violation of Environmental Laws, except
                to the
                extent the same could not readily be expected to have a Material
                Adverse
                Effect; and

            

    

     

     

    
      
        
        

      

      
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              (viii)

            	
              to
                the knowledge of the Credit Parties, there is not now, nor has there
                been
                in the past (except, in all cases, to the extent the existence thereof
                could not reasonably be expected to have a Material Adverse Effect),
                on,
                in or under any Real Property leased or owned by Borrower or any
                of its
                Subsidiaries, or any of their predecessors (A) any underground storage
                tanks or surface tanks, dikes or impoundments (other than for surface
                water); (B) any friable asbestos-containing materials; (C) any
                polychlorinated biphenyls; or (D) any radioactive substances other
                than
                naturally occurring radioactive
                material.

            

    

    

    (c) Since
      the
      date of this Agreement, there has been no change in the status of the Disclosed
      Matters that, individually or in the aggregate, has resulted in, or materially
      increased the likelihood of, a Material Adverse Effect.

     

    SECTION
      3.08.   Compliance
      with Laws and Agreements.
      Each of
      the Credit Parties is in compliance with all laws, regulations and orders of
      any
      Governmental Authority applicable to it or its property and all indentures,
      agreements and other instruments binding upon it or its property, except where
      the failure to do so, individually or in the aggregate, could not reasonably
      be
      expected to result in a Material Adverse Effect. No Default has occurred and
      is
      continuing.

     

     

    SECTION
      3.09.   Investment
      and Holding Company Status. Neither any of the Credit Parties nor any of the
      Borrower’s Subsidiaries is (a) an “investment company” as defined in, or
      subject to regulation under, the Investment Company Act of 1940 or (b) a
“holding company” as defined in, or subject to regulation under, the Public
      Utility Holding Company Act of 1935.

     

     

    SECTION
      3.10.   Taxes.
      Each Credit Party and each of the Borrower’s Subsidiaries that Borrower Controls
      has timely filed or caused to be filed all Tax returns and reports required
      to
      have been filed and has paid or caused to be paid all Taxes required to have
      been paid by it, except (a) Taxes that are being contested in good faith by
      appropriate proceedings and for which such Person has set aside on its books
      adequate reserves or (b) to the extent that the failure to do so could not
      reasonably be expected to result in a Material Adverse Effect.

     

     

    SECTION
      3.11.   ERISA.
      No ERISA Event has occurred or is reasonably expected to occur that, when taken
      together with all other such ERISA Events for which liability is reasonably
      expected to occur, could reasonably be expected to result in a Material Adverse
      Effect. The present value of all accumulated benefit obligations under each
      Plan
      (based on the assumptions used for purposes of Statement of Financial Accounting
      Standards No. 87) did not, as of the date of the most recent financial
      statements reflecting such amounts, exceed by more than $10,000,000 the fair
      market value of the assets of such Plan, and the present value of all
      accumulated benefit obligations of all underfunded Plans (based on the
      assumptions used for purposes of Statement of Financial Accounting Standards
      No. 87) did not, as of the date of the 

     

    
      
        
        

      

      
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    most
      recent financial statements reflecting such
      amounts, exceed by more than $10,000,000 the fair market value of the assets
      of
      all such underfunded Plans.

     

    SECTION
      3.12.   Disclosure.
      The Borrower has disclosed or made available to the Lenders all agreements,
      instruments and corporate or other restrictions to which it, any other Credit
      Party, or any of its Subsidiaries is subject, and all other matters known to
      it,
      that, in the aggregate, could reasonably be expected to result in a Material
      Adverse Effect. Neither the Confidential Information Memorandum dated January,
      2006 prepared by the Administrative Agent in conjunction with the Borrower,
      nor
      any of the other reports, financial statements, certificates or other
      information furnished by or on behalf of the Borrower to the Administrative
      Agent or any Lender in connection with the negotiation of this Agreement or
      delivered hereunder (as modified or supplemented by other information so
      furnished) contains any material misstatement of fact or omits to state any
      material fact necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided that, with
      respect to projected financial information, the Borrower represents only that
      such information was prepared in good faith based upon assumptions believed
      to
      be reasonable at the time.

     

     

    SECTION
      3.13.   Insurance.
      Borrower has provided to Administrative Agent an insurance schedule which
      accurately sets forth, in all material respects, as of the Effective Date all
      insurance policies and programs currently in effect with respect to the assets
      and business of Borrower and its Subsidiaries, specifying for each such policy
      and program, (i) the amount thereof, (ii) the risks insured against thereby,
      (iii) the name of the insurer and each insured party thereunder, (iv) the policy
      or other identification number thereof and (v) the expiration date thereof.
      Such
      insurance policies and programs (or such other similar policies as are permitted
      pursuant to Section 5.06) are currently in full force and effect, and,
      together with payment by the insured of scheduled deductible payments, are
      in
      amounts sufficient to cover the replacement value of the respective assets
      of
      the Borrower and its Subsidiaries.

     

     

    SECTION
      3.14.   Margin
      Regulations. The Borrower is not engaged in the business of extending credit
      for the purpose of purchasing or carrying margin stock (within the meaning
      of
      Regulation U issued by the Board), and no proceeds of any Loan or Letter of
      Credit will be used to purchase or carry any margin stock.

     

     

    SECTION
      3.15.   Subsidiaries.
      As of the Effective Date, the Borrower has only the Subsidiaries listed on
      Schedule 3.15 attached hereto. Each of the Borrower’s Subsidiaries that
      is a corporation other than Weingarten Investments Inc. and WNI/Tennessee
      Holdings, Inc. is a “qualified REIT subsidiary” under Section 856 of the
      Code.

     

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

     

    Conditions

     

     

    SECTION
      4.01.   Effective
      Date.
      The
      obligations of the Lenders to make Loans and of the Issuing Bank to issue
      Letters of Credit hereunder shall not become effective until the date on which
      each of the following conditions is satisfied (or waived in accordance with
      Section 9.02):

     

     

    (a)  The
      Administrative Agent (or its counsel) shall have received from each Credit
      Party
      either (i) a counterpart of this Agreement and all other Loan Documents to
      which it is party signed on behalf of such party or (ii) written evidence
      satisfactory to the Administrative Agent (which may include telecopy
      transmission of a signed signature page of each such Loan Document other than
      the Notes) that such party has signed a counterpart of the Loan Documents,
      together with copies of all Loan Documents.

     

     

    (b)  The
      Administrative Agent shall have received a favorable written opinion (addressed
      to the Administrative Agent and the Lenders and dated the Effective Date) of
      Winstead Sechrest & Minick, P.C., counsel for the Borrower, covering such
      matters relating to the Credit Parties, the Loan Documents or the Transactions
      as the Required Lenders shall reasonably request. The Borrower hereby requests
      such counsel to deliver such opinion.

     

     

    (c)  The
      Administrative Agent shall have received such documents and certificates as
      the
      Administrative Agent or its counsel may reasonably request relating to the
      organization, existence and good standing of the Credit Parties, the
      authorization of the Transactions and any other legal matters relating to the
      Credit Parties, this Agreement or the Transactions, all in form and substance
      satisfactory to the Administrative Agent and its counsel.

     

     

    (d)  The
      Administrative Agent shall have received a Compliance Certificate, dated the
      date of this Agreement (but calculated as of, and for the period ending,
      September 30, 2005) and signed by a Financial Officer of the Borrower, in form
      and substance satisfactory to the Administrative Agent.

     

     

    (e)  The
      Administrative Agent shall have received all fees and other amounts due and
      payable on or prior to the Effective Date, including, to the extent invoiced,
      reimbursement or payment of all out-of-pocket expenses required to be reimbursed
      or paid by the Borrower hereunder.

     

    

    The
      Administrative Agent shall notify the Borrower and the Lenders of the Effective
      Date, and such notice shall be conclusive and binding. 

     

     

    
      
        
        

      

      
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    SECTION
      4.02.   Each
      Credit Event.
      The
      obligation of each Lender to make a Loan on the occasion of any Borrowing,
      and
      of the Issuing Bank to issue, amend, renew or extend any Letter of Credit,
      is
      subject to the satisfaction of the following conditions:

     

     

    (a)  The
      representations and warranties of each Credit Party set forth in this Agreement
      or in any other Loan Document shall be true and correct on and as of the date
      of
      such Borrowing or the date of issuance, amendment, renewal or extension of
      such
      Letter of Credit, as applicable.

     

     

    (b)  At
      the
      time of and immediately after giving effect to such Borrowing or the issuance,
      amendment, renewal or extension of such Letter of Credit, as applicable, no
      Default shall have occurred and be continuing.

     

     

    (c)  With
      respect to (i) any requested Borrowings, the Borrower shall have complied with
      Section
      2.03
      or
Section
      2.04,
      as
      applicable, and (ii) the request for the issuance, amendment, renewal or
      extension of any Letters of Credit, the Borrower shall have complied with
Section
      2.05(b).

     

    

    Each
      Borrowing and each issuance, amendment, renewal or extension of a Letter of
      Credit shall be deemed to constitute a representation and warranty by the
      Borrower on the date thereof as to the matters specified in this
      Section.

     

    ARTICLE
      V

     

     

    Affirmative
      Covenants

     

    

    Until
      the
      Commitments have expired or been terminated and the principal of and interest
      on
      each Loan and all fees payable hereunder shall have been paid in full and all
      Letters of Credit shall have expired or terminated and all LC Disbursements
      shall have been reimbursed, the Borrower covenants and agrees with the Lenders
      that:

     

    SECTION
      5.01.   Financial
      Statements; Ratings Change and Other Information.
      The
      Borrower will furnish to the Administrative Agent and each Lender:

     

     

    (a)  within
      90 days after the end of each fiscal year of the Borrower, its audited
      consolidated balance sheet and related statements of operations, stockholders'
      equity and cash flows as of the end of and for such year, setting forth in
      each
      case in comparative form the figures for the previous fiscal year, all reported
      on by Deloitte & Touche LLP or other independent public accountants of
      recognized national standing (without a “going concern” or like qualification or
      exception and without any qualification or exception as to the scope of such
      audit) to the effect that such consolidated financial statements present fairly
      in all material 

     

    
      
        
        

      

      
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    respects
      the financial condition and results of
      operations of the Borrower and its consolidated Subsidiaries on a consolidated
      basis in accordance with GAAP consistently applied;

     

    (b)  within
      45 days after the end of each of the first three fiscal quarters of each
      fiscal year of the Borrower, its consolidated balance sheet and related
      statements of operations, stockholders' equity and cash flows as of the end
      of
      and for such fiscal quarter and the then elapsed portion of the fiscal year,
      setting forth in each case in comparative form the figures for the corresponding
      period or periods of (or, in the case of the balance sheet, as of the end of)
      the previous fiscal year, all certified by one of its Financial Officers as
      presenting fairly in all material respects the financial condition and results
      of operations of the Borrower and its consolidated Subsidiaries on a
      consolidated basis in accordance with GAAP consistently applied, subject to
      normal year-end audit adjustments and the absence of footnotes;

     

     

    (c)  concurrently
      with any delivery of financial statements under clause (a) or
      (b) above, a certificate of a Financial Officer of the Borrower (the
“Compliance
      Certificate”)
      in the
      form of Exhibit
      B
      attached
      hereto;

     

     

    (d)  promptly
      after the same become publicly available for Forms 10-K and 10-Q described
      below, and upon written request for items other than Forms 10-K and 10-Q
      described below, copies of all periodic and other reports, proxy statements
      and
      other materials filed by the Borrower or any Subsidiary with the Securities
      and
      Exchange Commission (including registration statements and reports on Form
      10-K,
      10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding
      to any or all of the functions of said Commission, or with any national
      securities exchange, or distributed by the Borrower to its shareholders
      generally, as the case may be;

     

     

    (e)  promptly
      after Moody’s or S&P shall have announced a change in the rating established
      or deemed to have been established for the Index Debt, written notice of such
      rating change; 

     

     

    (f)  concurrently
      with any delivery of financial statements under clause
      (a)
      above
      (or earlier if prepared and completed earlier by the Borrower) a current capital
      plan of the Borrower and its Subsidiaries (based on the Borrower’s good faith
      estimates and projections) for the next four (4) calendar quarters including
      projected sources and uses of funds (including dividend and debt payments);
      and

     

     

    (g)  promptly
      following any request therefor, such other information regarding the operations,
      business affairs and financial condition of any Credit Party or any Subsidi-ary
      of the Borrower, or compliance with the terms of the Loan Documents, as the
      Administrative Agent or any Lender may reasonably request.

     

     

    
      
        
        

      

      
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    SECTION
      5.02.   Financial
      Tests.
      The
      Borrower shall have and maintain, on a consolidated basis in accordance with
      GAAP: 

     

     

    (a)  a
      Secured
      Debt to Total Asset Value Ratio no greater than thirty percent (30%) at all
      times; 

     

     

    (b)  a
      Fixed
      Charge Coverage Ratio of not less than 1.75:1.00 at all times; 

     

     

    (c)  a
      Net
      Worth of at least Two Billion Dollars ($2,000,000,000), plus fifty percent
      (50%)
      of the net proceeds (gross proceeds less reasonable and customary costs of
      sale
      and issuance paid to Persons not Affiliates of any Credit Party) received by
      the
      Borrower at any time from the issuance of capital stock of the Borrower after
      the date of this Agreement, at all times; 

     

     

    (d)  an
      Unencumbered Interest Coverage Ratio of not less than 2.00:1.00 at all times;
      and 

     

     

    (e)  a
      Debt to
      Total Asset Value Ratio no greater than sixty percent (60%) at all
      times.

     

     

    SECTION
      5.03.   Notices
      of Material Events.
      The
      Borrower will furnish to the Administrative Agent and each Lender written notice
      of the following promptly after it becomes aware of same:

     

     

    (a)  the
      occurrence of any Default;

     

     

    (b)  the
      filing or commencement of any action, suit or proceeding by or before any
      arbitrator or Governmental Authority against or affecting any Credit Party
      or
      any Affiliate thereof that, if adversely determined, could reasonably be
      expected to result in a Material Adverse Effect; 

     

     

    (c)  the
      occurrence of any ERISA Event that, alone or together with any other ERISA
      Events that have occurred, could reasonably be expected to result in liability
      of the Borrower and its Subsidiaries in an aggregate amount exceeding
      $10,000,000; and

     

     

    (d)  any
      other
      development that results in, or could reasonably be expected to result in,
      a
      Material Adverse Effect.

     

    

    Each
      notice delivered under this Section shall be accompanied by a statement of
      a
      Financial Officer or other executive officer of the Borrower setting forth
      the
      details of the event or development requiring such notice and any action taken
      or proposed to be taken with respect thereto.

     

     

    
      
        
        

      

      
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    SECTION
      5.04.   Existence;
      Conduct of Business.
      The
      Borrower will, and will cause each of its Subsidiaries that it Controls to,
      do
      or cause to be done all things necessary to preserve, renew and keep in full
      force and effect its legal existence and the rights, licenses, permits,
      privileges and franchises material to the conduct of its business; provided
      that
      the foregoing shall not prohibit any merger, consolidation, liquidation or
      dissolution permitted under Section 6.02. The Borrower will maintain at
      least one class of common shares of the Borrower having trading privileges
      on
      the New York Stock Exchange.

     

     

    SECTION
      5.05.   Payment
      of Obligations. The Borrower will, and will cause each of its Subsidiaries
      that it Controls to, pay its obligations, including Tax liabilities, that,
      if
      not paid, could result in a Material Adverse Effect before the same shall become
      delinquent or in default, except where (a) the validity or amount thereof is
      being contested in good faith by appropriate proceedings, (b) the Borrower
      or
      such Subsidiary has set aside on its books adequate reserves with respect
      thereto in accordance with GAAP and (c) the failure to make payment pending
      such
      contest could not reasonably be expected to result in a Material Adverse
      Effect.

     

     

    SECTION
      5.06.   Maintenance
      of Properties; Insurance. The Borrower will, and will cause each of its
      Subsidiaries that it Controls to, (a) keep and maintain all property
      material to the conduct of its business in good working order and condition,
      ordinary wear and tear excepted, and (b) maintain, with financially sound
      and reputable insurance companies, insurance in such amounts and against such
      risks as are set forth in the schedule provided pursuant to Section 3.13, or
      as
      are customarily maintained by companies engaged in the same or similar
      businesses operating in the same or similar locations.

     

     

    SECTION
      5.07.   Books
      and Records; Inspection Rights. 

     

     

    (a)  The
      Borrower will, and will cause each of its Subsidiaries that it Controls to,
      keep
      proper books of record and account in which full, true and correct entries
      are
      made of all dealings and transactions in relation to its business and
      activities. 

     

     

    (b)  The
      Borrower will, and will cause each of its Subsidiaries that it Controls to,
      permit any representatives designated by the Administrative Agent or any Lender,
      upon reasonable prior notice and subject to rights of tenants, to visit and
      inspect its properties, to examine and make extracts from its books and records,
      and to discuss its affairs, finances and condition with its officers and
      independent accountants, all at such reasonable times and as often as reasonably
      requested.

     

     

    SECTION
      5.08.   Compliance
      with Laws.
      The
      Borrower will, and will cause each of its Subsidiaries that it Controls to,
      comply with all laws, rules, regulations and orders of any Governmental
      Authority (a) applicable to it or its property, except where the failure to
      do
      so, individually or in the aggregate, could not reasonably be expected to result
      in a Material Adverse 

     

     

    
      
        
        

      

      
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    Effect,
      and (b) required to maintain, and will at all
      times qualify as and maintain, its status as a real estate investment trust
      under Section 856(c)(1) of the Code.

     

     

    SECTION
      5.09.   Use
      of
      Proceeds and Letters of Credit. The proceeds of the Loans will be used for
      general corporate purposes including acquisition, development and enhancement
      of
      Real Property. No part of the proceeds of any Loan will be used, whether
      directly or indirectly, for financing, funding or completing the hostile
      acquisition of publicly traded Persons or for any purpose that entails a
      violation of any of the Regulations of the Board, including Regulations G,
      U and X. 

     

     

    SECTION
      5.10.   Fiscal
      Year. Borrower shall maintain as its fiscal year the twelve (12)-month
      period ending on December 31 of each year.

     

     

    SECTION
      5.11.   Environmental
      Matters. 

     

     

    (a)  Borrower
      shall comply and shall cause each of its Subsidiaries that it Controls and
      each
      Real Property owned or leased by such parties to comply in all material respects
      with all applicable Environmental Laws currently or hereafter in effect, except
      to the extent noncompliance could not reasonably be expected to have a Material
      Adverse Effect.

     

     

    (b)  If
      the
      Administrative Agent or the Required Lenders at any time have a reasonable
      basis
      to believe that there may be a material violation of any Environmental Law
      related to any Real Property owned or leased by Borrower or any of its
      Subsidiaries that it Controls, or Real Property adjacent to such Real Property,
      which could reasonably be expected to have a Material Adverse Effect , then
      Borrower agrees, upon request from the Administrative Agent, to provide the
      Administrative Agent, at the Borrower’s expense, with such reports,
      certificates, engineering studies or other written material or data as the
      Administrative Agent or the Required Lenders may reasonably require so as to
      reasonably satisfy the Administrative Agent and the Required Lenders that any
      Credit Party or Real Property owned or leased by them is in material compliance
      with all applicable Environmental Laws. 

     

     

    (c)  Borrower
      shall, and shall cause each of its Subsidiaries that it Controls to, take such
      Remedial Action or other action as required by Environmental Law or any
      Governmental Authority

     

     

    SECTION
      5.12.   Guaranties.
      Each
      wholly owned Subsidiary of Borrower now or hereafter in existence that (a)
      is
      not a special purpose entity, or formed solely to own an interest in a special
      purpose entity, formed to own a single asset or group of assets in a bankruptcy
      remote manner, and (b) owns material unencumbered assets (as determined by
      the
      Administrative Agent), must execute and deliver to the Administrative Agent
      a
      Guaranty (within 

     

    
      
        
        

      

      
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    forty-five
      (45) days after the calendar quarter when
      the Subsidiary was formed or otherwise acquired for Subsidiaries formed or
      otherwise acquired after the Effective Date). 

     

    SECTION
      5.13.   Further
      Assurances. At any time upon the request of the Administrative Agent,
      Borrower will, promptly and at its expense, execute, acknowledge and deliver
      such further documents and perform such other acts and things as the
      Administrative Agent may reasonably request to evidence the Loans made hereunder
      and interest thereon in accordance with the terms of this
      Agreement.

     

     

    ARTICLE
      VI

     

     

    Negative
      Covenants

     

    

    Until
      the
      Commitments have expired or terminated and the principal of and interest on
      each
      Loan and all fees payable hereunder have been paid in full and all Letters
      of
      Credit have expired or terminated and all LC Disbursements shall have been
      reimbursed, the Borrower covenants and agrees with the Lenders
      that:

     

    SECTION
      6.01.   Liens.
      The
      Borrower will not create, incur, assume or permit to exist any Lien on any
      property or asset now owned or hereafter acquired by it, or assign or sell
      any
      income or revenues (including accounts receivable) or rights in respect of
      any
      thereof, except:

     

     

    (a)  Permitted
      Encumbrances; 

     

     

    (b)  any
      Lien
      on any property or asset of the Borrower or any Subsidiary existing on the
      date
      hereof and set forth in Schedule 6.01;
      provided
      that (i)
      such Lien shall not apply to any other property or asset of the Borrower or
      any
      Subsidiary and (ii) such Lien shall secure only those obligations (whether
      present or future) set forth in the governing loan documents, as of the date
      hereof and extensions, renewals and replacements thereof that do not increase
      the outstanding principal amount thereof; and

     

     

    (c)  any
      Lien
      securing Indebtedness not prohibited by this Agreement.

     

     

    SECTION
      6.02.   Fundamental
      Changes.
      (a) The Borrower will not, and will not permit any Subsidiary to, merge
      into or consolidate with any other Person, or permit any other Person to merge
      into or consolidate with it, or sell, transfer, lease or otherwise dispose
      of
      (in one transaction or in a series of transactions) all or substantially all
      of
      the assets of the Borrower and its Subsidiaries when taken as a whole, or all
      or
      substantially all of the stock of its Subsidiaries when taken as a whole (in
      each case, whether now owned or here-after acquired), or liquidate or dissolve,
      except that, if at the time thereof and immediately after giving effect thereto
      no Default shall have occurred and be continuing (i) any Person may merge
      into, or consolidate with, the 

     

     

    
      
        
        

      

      
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    Borrower
      in a transaction in which the Borrower is
      the surviving corporation, (ii) any Person not a Credit Party may merge
      into, or consolidate with, any Subsidiary in a transaction in which the
      surviving entity is a Subsidiary, (iii) any Subsidiary not a Credit Party may
      sell, transfer, lease or otherwise dispose of its assets to the Borrower or
      to
      another Subsidiary, (iv) any Subsidiary not a Credit Party may liquidate or
      dissolve if the Borrower determines in good faith that such liquidation or
      dissolution is in the best interests of the Borrower and is not materially
      disadvantageous to the Lenders, (v) any Subsidiary which is a Credit Party
      may
      merge into (or consolidate with) or liquidate or dissolve into, any other
      Subsidiary which is a Credit Party, and (vi) any Subsidiary which is a Credit
      Party may sell, transfer, lease or otherwise dispose of its assets to Borrower
      or to any other Subsidiary which is a Credit Party; provided that any such
      merger involving a Person that is not a wholly owned Subsidiary immediately
      prior to such merger shall not be permitted unless also permitted by
Section 6.03.

    
 

    (b) The
      Borrower will not, and will not permit any of its Subsidiaries to, engage to
      any
      material extent in any business other than businesses of the type conducted
      by
      the Borrower and its Subsidiaries on the date of execution of this Agreement
      and
      businesses reasonably related thereto.

     

    SECTION
      6.03.   Investments,
      Loans, Advances and Acquisitions.
      The
      Borrower will not, and will not permit any of its Subsidiaries to, purchase,
      hold or acquire (including pursuant to any merger with any Person that was
      not a
      wholly owned Subsidiary prior to such merger) any capital stock, evidences
      of
      indebtedness or other securities (including any option, warrant or other right
      to acquire any of the foregoing) of, make or permit to exist any loans or
      advances to, or make or permit to exist any investment or any other interest
      in,
      any other Person, or purchase or otherwise acquire (in one transaction or a
      series of transactions) any assets of any other Person constituting a business
      unit, not including receivables, deposits or prepaid items, except:

     

     

    (a)  Permitted
      Investments;

     

     

    (b)  investments
      in the capital stock of new or existing Subsidiaries and intercompany loans
      between or among the Borrower and/or its Subsidiaries;

     

     

    (c)  investments
      in Unconsolidated Affiliates (valued at an amount equal to the Value of each
      Unconsolidated Affiliate’s Real Property multiplied by the Equity Percentage for
      that Unconsolidated Affiliate), and in other real estate investment trusts
      (at
      market value); provided,
      however
      that the
      investments listed on Schedule
      6.03
      attached
      hereto shall not be included for the purposes of the thirty-five percent (35%)
      limitation set out at the end of this Section
      6.03;

     

     

    (d)  loans,
      advances, and extensions of credit to (i) Persons secured by valid and
      enforceable first priority liens on real estate, and to (ii) Affiliates of
      the
      Borrower (other than Subsidiaries) and third party non-Affiliates so long as
      the
      aggregate amount of such investments 

     

    
      
        
        

      

      
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    (exclusive
      of Mortgage Notes and the intercompany
      loans described in clause
      (b)
      above)
      does not exceed two percent (2%) of Total Asset Value after giving effect to
      such investments;

     

    (e)  undeveloped
      land; 

     

     

    (f)  Retail
      Property;

     

     

    (g)  Real
      Property that is being constructed or developed to be Retail Property or
      Industrial Property, but is not yet completed (including such assets that such
      Person has contracted to purchase for development with no option to terminate
      the purchase agreement); 

     

     

    (h)  Real
      Property not constituting Retail Property or undeveloped land so long as the
      aggregate amount of such investments does not exceed twenty-five percent (25%)
      of Total Asset Value after giving effect to such investments; 

     

     

    (i)  capital
      stock, obligations or securities received in settlement of debts (created in
      the
      ordinary course of business) owing to the Borrower or any Subsidiary;
      and

     

     

    (j)  mergers,
      consolidations and other transactions permitted under Section
      6.02,
      so long
      as same do not cause the Borrower to be in violation of any provision of this
      Section
      6.03.

     

    

    In
      addition to the foregoing,
      the
      aggregate amount or Value (in the case of (e) and (g)) of the investments
      described in clauses
      (c), (d), (e),
      (g)
      and
(i)
      above
      shall not exceed thirty-five percent (35%) of Total Asset Value after giving
      effect to such investments. The loans and investments described above may be
      purchased or acquired, directly or indirectly, through partnerships, joint
      ventures, or otherwise. The calculations in this Section will be made without
      duplication if a loan or investment is within more than one category described
      in this Section.

     

    SECTION
      6.04.   Hedging
      Agreements.
      The
      Borrower will not, and will not permit any of its Subsidiaries to, enter into
      any Hedging Agreement, other than Hedging Agreements entered into in the
      ordinary course of business to hedge or mitigate risks to which the Borrower
      or
      any Subsidiary is exposed in the conduct of its business or the management
      of
      its liabilities.

     

     

    SECTION
      6.05.   Transactions
      with Affiliates. The Borrower will not, and will not permit any of its
      Subsidiaries to, sell, lease or otherwise transfer any property or assets to,
      or
      purchase, lease or otherwise acquire any property or assets from, or otherwise
      engage in any other transactions with, any of its Affiliates, except (a) in
      the
      ordinary course of business at prices and on terms and conditions not less
      favorable to the Borrower or such Subsidiary than could be obtained on an
      arm's-length basis from unrelated third parties, and (b) transactions between
      or
      among the Borrower and its wholly owned Subsidiaries not involving any other
      Affiliate.

     

     

    
      
        
        

      

      
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    SECTION
      6.06.   Restrictive
      Agreements. The Borrower will not, and will not permit any Guarantor to,
      directly or indirectly, enter into, incur or permit to exist any agreement
      or
      other arrangement (including the organizational documents of such Person) that
      prohibits or restricts (a) the ability of the Borrower or any Guarantor to
      create, incur or permit to exist any Lien upon, or sell, transfer or otherwise
      convey all or any part of, any of its property or assets, or (b) the ability
      of
      any Guarantor to pay dividends or other distributions with respect to any shares
      of its capital stock or to make or repay loans or advances to the Borrower
      or
      any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other
      Subsidiary; provided that (i) the foregoing shall not apply to restrictions
      and
      conditions imposed by law or by this Agreement, (ii) the foregoing shall not
      apply to restrictions and conditions existing on the date hereof, which are
      to
      the best of Borrower’s knowledge, identified on Schedule 6.06 (but shall
      apply to any extension or renewal of, or any amendment or modification expanding
      the scope of, any such restriction or condition), (iii) the foregoing shall
      not
      apply to customary restrictions and conditions contained in agreements relating
      to the sale or other disposition of a Subsidiary pending such sale, provided
      such restrictions and conditions apply only to the Subsidiary that is to be
      sold
      and such sale is permitted hereunder, (iv) clause (a) of the foregoing
      shall not apply to restrictions or conditions imposed by any agreement relating
      to secured Indebtedness permitted by this Agreement if such restrictions or
      conditions apply only to the property or assets securing such Indebtedness,
      (v)
clause (a) of the foregoing shall not apply to customary provisions in
      leases restricting the assignment thereof, and (vi) clause (a) of the
      foregoing shall not apply to customary provisions in joint venture and
      partnership agreements, or other organizational documents, with Persons other
      than Borrower or its Affiliates restricting Liens on property owned thereby
      or
      on venture or partnership interests.

     

     

    ARTICLE
      VII

     

     

    Events
      of Default

     

    

    If
      any of
      the following events (“Events
      of Default”)
      shall
      occur:

     

    (a)  the
      Borrower shall fail to pay any principal of any Loan or any reimbursement
      obligation in respect of any LC Disbursement when and as the same shall become
      due and payable, whether at the due date thereof or at a date fixed for
      prepayment thereof or otherwise; 

     

     

    (b)  any
      Credit Party shall fail to pay any interest on any Loan or any fee or any other
      amount (other than an amount referred to in clause
      (a) of
      this Article) payable under any Loan Documents, when and as the same shall
      become due and payable, and such failure shall continue unremedied for a period
      of over three Business Days;

     

     

    (c)  any
      representation or warranty made or deemed made by or on behalf of any Credit
      Party in or in connection with any Loan Document or any amendment or
      modification 

     

    
      
        
        

      

      
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    thereof
      or waiver thereunder, or in any report,
      certificate, financial statement or other document furnished pursuant to or
      in
      connection with this Agreement or any amendment or modification hereof or waiver
      hereunder, shall prove to have been incorrect in any material respect when
      made
      or deemed made;

     

    (d)  the
      Borrower shall fail to observe or perform any covenant, condition or agreement
      contained in Article
      V or VI
      other
      than Sections 5.05,
      5.06,
      5.07(a),
      5.08,
      and
5.11;

     

     

    (e)  any
      Credit Party shall fail to observe or perform any covenant, condition or
      agreement contained in any Loan Document (other than those specified in
clause
      (a), (b)
      or
(d)
      of this
      Article), and such failure shall continue unremedied for a period of over 30
      days after notice thereof from the Administrative Agent to the Borrower (which
      notice will be given at the request of any Lender);

     

     

    (f)  the
      principal of any Material Indebtedness is not paid when due, or the interest
      on
      any Material Indebtedness is not paid when due and, in either case, any grace
      period has expired, or any event or condition occurs that results in any
      Material Indebtedness becoming due prior to its scheduled maturity or that
      enables or permits (with or without the giving of notice, the lapse of time
      or
      both) the holder or holders of any Material Indebtedness or any trustee or
      agent
      on its or their behalf to cause any Material Indebtedness to become due, or
      to
      require the prepayment, repurchase, redemption or defeasance thereof, prior
      to
      its scheduled maturity; provided
      that
      this clause (f)
      shall
      not apply to secured Indebtedness that becomes due as a result of the voluntary
      sale or transfer of the property or assets securing such
      Indebtedness;

     

     

    (g)  an
      involuntary proceeding shall be commenced or an involuntary petition shall
      be
      filed seeking (i) liquidation, reorganization or other relief in respect of
      any Credit Party or any other Subsidiary, other than a Minority Subsidiary,
      of
      the Borrower or its debts, or of a substantial part of its assets, under any
      Federal, state or foreign bankruptcy, insolvency, receivership or similar law
      now or hereafter in effect or (ii) the appointment of a receiver, trustee,
      custodian, sequestrator, conservator or similar official for any Credit Party
      or
      any other Subsidiary, other than a Minority Subsidiary, of the Borrower or
      for a
      substantial part of its assets, and, in any such case, such proceeding or
      petition shall continue undismissed for 60 days or an order or decree
      approving or ordering any of the foregoing shall be entered;

     

     

    (h)  any
      Credit Party or any other Subsidiary, other than a Minority Subsidiary, of
      the
      Borrower shall (i) voluntarily commence any proceeding or file any petition
      seeking liquidation, reorganization or other relief under any Federal, state
      or
      foreign bankruptcy, insolvency, receivership or similar law now or hereafter
      in
      effect, (ii) consent to the institution of, or fail to contest in a timely
      and appropriate manner, any proceeding or petition described in clause (h)
      of
      this Article, (iii) apply for or consent to the appointment of a receiver,
      trustee, custodian, sequestrator, conservator or similar official for such
      Person or for a substantial part of its assets, 

     

     

    
      
        
        

      

      
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    (iv) file
      an answer admitting the material
      allegations of a petition filed against it in any such proceeding, (v) make
      a general assignment for the benefit of creditors or (vi) take any action
      for the purpose of effecting any of the foregoing;

     

    (i)  any
      Credit Party shall become unable, admit in writing its inability or fail
      generally to pay its debts as they become due;

     

     

    (j)  one
      or
      more judgments for the payment of money in an aggregate amount in excess of
      $10,000,000 shall be rendered against any Credit Party, any other Subsidiary,
      other than a Minority Subsidiary, of the Borrower or any combination thereof
      and
      the same shall remain undischarged for a period of 30 consecutive days
      during which execution shall not be effectively stayed, or any action shall
      be
      legally taken by a judgment creditor to attach or levy upon any assets of such
      Person to enforce any such judgment;

     

     

    (k)  an
      ERISA
      Event shall have occurred that, in the opinion of the Required Lenders, when
      taken together with all other ERISA Events that have occurred, could reasonably
      be expected to result in liability of the Borrower and its Subsidiaries in
      an
      aggregate amount exceeding (i) $5,000,000 in any year or (ii) $10,000,000 for
      all periods; or

     

     

    (l)  a
      Change
      in Control shall occur;

     

    

    then,
      and
      in every such event (other than an event described in clause
      (g)
      or
(h)
      of this
      Article), and at any time thereafter during the continuance of such event,
      the
      Administrative Agent may, and at the request of the Required Lenders shall,
      by
      notice to the Borrower, take some or all of the following actions, at the same
      or different times:  (i) terminate the Commitments, and thereupon
      the Commitments shall terminate immediately, (ii) declare the Loans then
      outstanding to be due and payable in whole (or in part, in which case any
      principal not so declared to be due and payable may thereafter be declared
      to be
      due and payable), and thereupon the principal of the Loans so declared to be
      due
      and payable, together with accrued interest thereon and all fees and other
      obligations of the Borrower accrued hereunder, shall become due and payable
      immediately, without presentment, demand, protest or other notice of any kind,
      all of which are hereby waived by the Borrower, and (iii) exercise any other
      rights or remedies provided under this Agreement (including Section
      2.05(j))
      or any
      other Loan Document, or any other right or remedy available by law or equity;
      and in case of any event described in clause
      (g)
      or
(h)
      of this
      Article, the Commitments shall automatically terminate and the principal of
      the
      Loans then outstanding, together with accrued interest thereon and all fees
      and
      other obligations of the Borrower accrued hereunder, shall automatically become
      due and payable, without presentment, demand, protest or other notice of any
      kind, all of which are hereby waived by the Borrower.

     

     

    
      
        
        

      

      
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    ARTICLE
      VIII

     

     

    The
      Administrative Agent

     

    

    Each
      of
      the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative
      Agent as its agent and authorizes the Administrative Agent to take such actions
      on its behalf and to exercise such powers as are delegated to the Administrative
      Agent by the terms hereof, together with such actions and powers as are
      reasonably incidental thereto.

    

    The
      bank
      serving as the Administrative Agent hereunder shall have the same rights and
      powers in its capacity as a Lender as any other Lender and may exercise the
      same
      as though it were not the Administrative Agent, and such bank and its Affiliates
      may accept deposits from, lend money to and generally engage in any kind of
      business with the Borrower or any Subsidiary or other Affiliate thereof as
      if it
      were not the Administrative Agent hereunder.

    

    The
      Administrative Agent shall not have any duties or obligations except those
      expressly set forth herein. Without limiting the generality of the foregoing,
      (a) the Administrative Agent shall not be subject to any fiduciary or other
      implied duties, regardless of whether a Default has occurred and is continuing,
      (b) the Administrative Agent shall not have any duty to take any
      discretionary action or exercise any discretionary powers, except discretionary
      rights and powers expressly contemplated hereby that the Administrative Agent
      is
      required to exercise in writing by the Required Lenders (or such other number
      or
      percentage of the Lenders as shall be necessary under the circumstances as
      provided in Section
      9.02),
      and
      (c) except as expressly set forth herein, the Administrative Agent shall not
      have any duty to disclose, and shall not be liable for the failure to disclose,
      any information relating to any Credit Party that is communicated to or obtained
      by the bank serving as Administrative Agent or any of its Affiliates in any
      capacity. The Administrative Agent shall not be liable for any action taken
      or
      not taken by it with the consent or at the request of the Required Lenders
      (or
      such other number or percentage of the Lenders as shall be necessary under
      the
      circumstances as provided in Section 9.02)
      or in
      the absence of its own gross negligence or willful misconduct. The
      Administrative Agent shall be deemed not to have knowledge of any Default (other
      than the non-payment of principal of or interest on Loans) unless and until
      written notice thereof is given to the Administrative Agent by the Borrower
      or a
      Lender, and the Administrative Agent shall not be responsible for or have any
      duty to ascertain or inquire into (i) any statement, warranty or
      representation made in or in connection with this Agreement, (ii) the
      contents of any certificate, report or other document delivered hereunder or
      in
      connection herewith, (iii) the performance or observance of any of the
      covenants, agreements or other terms or conditions set forth herein,
      (iv) the validity, enforceability, effectiveness or genuineness of this
      Agreement or any other agreement, instrument or document, or (v) the
      satisfaction of any condition set forth in Article IV
      or

     

    
      
        
        

      

      
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    elsewhere
      herein, other than to confirm receipt of
      items expressly required to be delivered to the Administrative Agent.

    
 

    The
      Administrative Agent shall be entitled to rely upon, and shall not incur any
      liability for relying upon, any notice, request, certificate, consent,
      statement, instrument, document or other writing believed by it to be genuine
      and to have been signed or sent by the proper Person. The Administrative Agent
      also may rely upon any statement made to it orally or by telephone and believed
      by it to be made by the proper Person, and shall not incur any liability for
      relying thereon. The Administrative Agent may consult with legal counsel (who
      may be counsel for the Borrower), independent accountants and other experts
      selected by it, and shall not be liable for any action taken or not taken by
      it
      in accordance with the advice of any such counsel, accountants or experts
      reasonably selected.

    

    The
      Administrative Agent may perform any and all its duties and exercise its rights
      and powers by or through any one or more sub-agents appointed by the
      Administrative Agent. The Administrative Agent and any such sub-agent may
      perform any and all its duties and exercise its rights and powers through their
      respective Related Parties. The exculpatory provisions of the preceding
      paragraphs shall apply to any such sub-agent and to the Related Parties of
      the
      Administrative Agent and any such sub-agent, and shall apply to their respective
      activities in connection with the syndication of the credit facilities provided
      for herein as well as activities as Administrative Agent.

    

    Subject
      to the appointment and acceptance of a successor Administrative Agent as
      provided in this paragraph, the Administrative Agent may resign at any time
      by
      notifying the Lenders, the Issuing Bank and the Borrower. The Required Lenders
      (without consideration of Administrative Agent’s ownership interest in the
      Loans) may remove Administrative Agent immediately at any time it is determined
      that Administrative Agent has committed gross negligence or willful misconduct
      in the exercise of its duties hereunder. Upon any such resignation or removal,
      the Required Lenders shall have the right, with the approval of Borrower
      (provided no Default has occurred and is continuing), which approval shall
      not
      be unreasonably withheld, to appoint a successor. If no successor shall have
      been so appointed by the Required Lenders and shall have accepted such
      appointment within 30 days after the retiring Administrative Agent gives
      notice of its resignation, then the retiring Administrative Agent may, on behalf
      of the Lenders and the Issuing Bank, appoint a successor Administrative Agent.
      Upon the acceptance of its appointment as Administrative Agent hereunder by
      a
      successor, such successor shall succeed to and become vested with all the
      rights, powers, privileges and duties of the retiring or removed Administrative
      Agent, and the retiring or removed Administrative Agent shall be discharged
      from
      its duties and obligations hereunder. The fees payable by the Borrower to a
      successor Administrative Agent shall be the same as those payable to its
      predecessor unless otherwise agreed between the Borrower and such successor.
      After the Administrative Agent's 

     

    
      
        
        

      

      
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    resignation
      or removal hereunder, the provisions of
      this Article and Section 9.03
      shall
      continue in effect for the benefit of such retiring or removed Administrative
      Agent, its sub-agents and their respective Related Parties in respect of any
      actions taken or omitted to be taken by any of them while it was acting as
      Administrative Agent.

     

    Each
      Lender acknowledges that it has, independently and without reliance upon the
      Administrative Agent or any other Lender and based on such documents and
      information as it has deemed appropriate, made its own credit analysis and
      decision to enter into this Agreement. Each Lender also acknowledges that it
      will, independently and without reliance upon the Administrative Agent or any
      other Lender and based on such documents and information as it shall from time
      to time deem appropriate, continue to make its own decisions in taking or not
      taking action under or based upon this Agreement, any related agreement or
      any
      document furnished hereunder or thereunder.

     

    ARTICLE
      IX

     

     

    Miscellaneous

     

     

    SECTION
      9.01.   Notices.
      Except
      in the case of notices and other communications expressly permitted to be given
      by telephone, all notices and other communications provided for herein shall
      be
      in writing and shall be delivered by hand or overnight courier service, mailed
      by certified or registered mail or sent by telecopy, as follows:

     

     

    (a)  if
      to the
      Borrower, to it at 2600 Citadel Plaza Drive, P. O. Box 924111, Houston, Texas
      77292, Attention: Steve Richter (Telecopy No. 713/866-6072); with a copy to
      Weingarten Realty Investors, 2600 Citadel Plaza Drive, P. O. Box 924111,
      Houston, Texas 77292, Attention: Linda Kubena (Telecopy No. 713/880-6107);
      with
      a copy to Winstead, Sechrest & Minick, P.C., 910 Travis Street, Suite 2400,
      Houston, Texas 77002, Attention: Melvin A. Dow (Telecopy No.
      713/650-2400);

     

     

    (b)  if
      to the
      Administrative Agent, to JPMorgan Chase Bank, N.A., 707 Travis Street,
      6th
      Floor
      North, Houston, Texas 77002, Attention: Manager, Real Estate Group (Telephone
      No. 713/216-3497 (Todd Fuller) and Telecopy No. (713) 216-6190, with a copy
      to
      JPMorgan Chase Bank, N.A., 1111 Fannin, 10th
      Floor,
      Houston, Texas 77002, Attention: Agency Services (Reginald Nichols) (Telephone
      No. 713/216-2336 and Telecopy No. 713/750-2228); 

     

     

    (c)  if
      to the
      Issuing Bank, to it at JPMorgan Chase Bank, N.A., 707 Travis Street,
      6th
      Floor
      North, Houston, Texas 77002, Attention: Manager, Real Estate Group (Telephone
      No. 713/216-3497 (Todd Fuller) and Telecopy No. 713/216-6190; and 

     

     

     

    
      
        
        

      

      
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    (d)  if
      to any
      other Lender, to it at its address (or telecopy number) set forth on the
      signature pages of this Agreement, or as provided to Borrower in writing by
      the
      Administrative Agent or the Lender.

     

    

    Any
      party
      hereto may change its address or telecopy number for notices and other
      communications hereunder by notice to the other parties hereto. All notices
      and
      other communications given to any party hereto in accordance with the provisions
      of this Agreement shall be deemed to have been given (i)
      if
      given by telecopy, when such telecopy is transmitted to the telecopy number
      specified in this Section and the appropriate confirmation is received (or
      if
      such day is not a Business Day, on the next Business Day); (ii) if given by
      mail
      (return receipt requested), on the earlier of receipt or three (3) Business
      Days
      after such communication is deposited in the mail with first class postage
      prepaid, addressed as aforesaid; or (iii) if given by any other means, when
      delivered at the address specified in this Section; provided
      that
      notices to the Administrative Agent under Article
      II
      shall
      not be effective until received.

     

    SECTION
      9.02.   Waivers;
      Amendments.
      (a)  No failure or delay by the Administrative Agent, the Issuing Bank
      or any Lender in exercising any right or power hereunder or under any other
      Loan
      Document shall operate as a waiver thereof, nor shall any single or partial
      exercise of any such right or power, or any abandonment or discontinuance of
      steps to enforce such a right or power, preclude any other or further exercise
      thereof or the exercise of any other right or power. The rights and remedies
      of
      the Administrative Agent, the Issuing Bank and the Lenders hereunder and under
      any other Loan Document are cumulative and are not exclusive of any rights
      or
      remedies that they would otherwise have. No waiver of any provision of this
      Agreement or consent to any departure by the Borrower therefrom shall in any
      event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall
      be effective only in the specific instance and for the purpose for which given.
      Without limiting the generality of the foregoing, the making of a Loan or
      issuance of a Letter of Credit shall not be construed as a waiver of any
      Default, regardless of whether the Administrative Agent, any Lender or the
      Issuing Bank may have had notice or knowledge of such Default at the
      time.

     

    

    (b) Neither
      this Agreement nor any provision hereof may be waived, amended or modified
      except pursuant to an agreement or agreements in writing entered into by the
      Borrower and the Required Lenders or by the Borrower and the Administrative
      Agent with the consent of the Required Lenders; provided
      that no
      such agreement shall (i) increase the aggregate Commitments without the written
      consent of each Lender, except pursuant to Section
      2.08,
      (ii)
      reduce the principal amount of any Loan or LC Disbursement or reduce the rate
      of
      interest thereon, or reduce any fees payable hereunder, without the written
      consent of each Lender affected thereby, (iii) postpone or extend the scheduled
      date of payment of the principal amount of any Loan or LC Disbursement, or
      any
      interest thereon, or any fees payable hereunder, or 

     

    
      
        
        

      

      
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    reduce
      the amount of, waive or excuse any such
      payment, or postpone or extend the scheduled date of expiration of any
      Commitment, without the written consent of each Lender affected thereby, (iv)
      change Section
      2.17(b)
      or
(c)
      in a
      manner that would alter the pro rata sharing of payments required thereby,
      without the written consent of each Lender, (v) change any of the provisions
      of
      this Section or the definition of “Required Lenders” or any other provision
      hereof specifying the number or percentage of Lenders required to waive, amend
      or modify any rights hereunder or make any determination or grant any consent
      hereunder, without the written consent of each Lender, or (vi) except for a
      release by the Administrative Agent of a Guarantor whose Guaranty is no longer
      required pursuant to Section
      5.12,
      release
      any Credit Party from its obligations under the Loan Documents, without the
      written consent of each Lender; provided
      further
      that no
      such agreement shall amend, modify or otherwise affect the rights or duties
      of
      the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder
      without the prior written consent of the Administrative Agent, the Issuing
      Bank
      or the Swingline Lender, as the case may be.

     

    SECTION
      9.03.   Expenses;
      Indemnity; Damage Waiver.
      (a)  The Borrower shall pay (i) all reasonable out-of-pocket expenses
      incurred by the Administrative Agent and its Affiliates, including the
      reasonable fees, charges and disbursements of counsel for the Administrative
      Agent, in connection with the syndication of the credit facilities provided
      for
      herein, the preparation and administration of this Agreement or any amendments,
      modifications or waivers of the provisions hereof (whether or not the
      transactions contemplated hereby or thereby shall be consummated); provided,
      however, that unless requested by the Borrower, the Borrower shall not be
      required to pay the expenses associated with assignments or participations
      from
      Lenders after the Effective Date in accordance with Section 9.04, (ii)
      all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection
      with the issuance, amendment, renewal or extension of any Letter of Credit
      or
      any demand for payment thereunder and (iii) all out-of-pocket expenses incurred
      by the Administrative Agent, the Issuing Bank or any Lender, including the
      fees,
      charges and disbursements of any counsel for the Administrative Agent, the
      Issuing Bank or any Lender, in connection with the enforcement or protection
      of
      its rights in connection with this Agreement, including its rights under this
      Section, or in connection with the Loans made or Letters of Credit issued
      hereunder, including all such out-of-pocket expenses incurred during any
      workout, restructuring or negotiations in respect of such Loans or Letters
      of
      Credit. 

     

    

    (b) The
      Borrower shall indemnify the Administrative Agent, the Issuing Bank and each
      Lender, and each Related Party of any of the foregoing Persons (each such Person
      being called an “Indemnitee”)
      against, and hold each Indemnitee harmless from, any and all losses, claims,
      damages, liabilities and related expenses, including the fees, charges and
      disbursements of any counsel for any Indemnitee, incurred by or asserted against
      any Indemnitee arising out of, in connection with, or as a result of
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    agreement
      or instrument contemplated hereby, the
      performance by the parties hereto of their respective obligations hereunder
      or
      the consummation of the Transactions or any other transactions contemplated
      hereby, (ii) any Loan or Letter of Credit or the use of the proceeds
      therefrom (including any refusal by the Issuing Bank to honor a demand for
      payment under a Letter of Credit if the documents presented in connection with
      such demand do not strictly comply with the terms of such Letter of Credit),
      (iii) any actual or alleged presence or release of Hazardous Materials on
      or from any property owned or operated by the Borrower or any of its
      Subsidiaries, or any Environmental Liability related in any way to the Borrower
      or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
      investigation or proceeding relating to any of the foregoing, whether based
      on
      contract, tort or any other theory and regardless of whether any Indemnitee
      is a
      party thereto; provided
      that
      such indemnity shall not, as to any Indemnitee, be available to the extent
      that
      such losses, claims, damages, liabilities or related expenses resulted from
      the
      gross negligence or willful misconduct of such Indemnitee. THE
      FOREGOING INDEMNITY INDEMNIFIES EACH INDEMNITEE FROM ITS OWN
      NEGLIGENCE.

     

    (c) To
      the
      extent that the Borrower fails to pay any amount required to be paid by it
      to
      the Administrative Agent, the Issuing Bank or the Swingline Lender under
paragraph
      (a)
      or
(b)
      of this
      Section, each Lender severally agrees to pay to the Administrative Agent, the
      Issuing Bank or the Swingline Lender, as the case may be, such Lender's
      Applicable Percentage (determined as of the time that the applicable
      unreimbursed expense or indemnity payment is sought) of such unpaid amount;
      provided
      that the
      unreimbursed expense or indemnified loss, claim, damage, liability or related
      expense, as the case may be, was incurred by or asserted against the
      Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity
      as such.

    

    (d) To
      the
      extent permitted by applicable law, the Borrower shall not assert, and hereby
      waives, any claim against any Indemnitee, on any theory of liability, for
      special, indirect, consequential or punitive damages (as opposed to direct
      or
      actual damages) arising out of, in connection with, or as a result of, this
      Agreement or any agreement or instrument contemplated hereby, the Transactions,
      any Loan or Letter of Credit or the use of the proceeds thereof.

    

    (e) All
      amounts due under this Section shall be payable not later than ten days after
      written demand therefor.

     

    SECTION
      9.04.   Successors
      and Assigns.
      (a) The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns permitted hereby
      (including any Affiliate of the Issuing Bank that issues any Letter of Credit),
      except that (i) the Borrower may not assign or otherwise transfer any of its
      rights or obligations hereunder without the prior written consent of each Lender
      (and any attempted 

     

    
      
        
        

      

      
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    assignment
      or transfer by the Borrower without such
      consent shall be null and void), and (ii) a Lender may not assign or otherwise
      transfer its rights or obligations hereunder except in accordance with this
      Section. Nothing in this Agreement, expressed or implied, shall be construed
      to
      confer upon any Person (other than the parties hereto, their respective
      successors and assigns permitted hereby (including any Affiliate of the Issuing
      Bank that issues any Letter of Credit) and, to the extent expressly contemplated
      hereby, the Related Parties of each of the Administrative Agent, the Issuing
      Bank and the Lenders) any legal or equitable right, remedy or claim under or
      by
      reason of this Agreement.

    

    (b) (i)
      Subject to the conditions set forth in paragraph
      (b)(ii)
      below,
      any Lender may assign to one or more assignees all or a portion of its rights
      and obligations under this Agreement (including all or a portion of its
      Commitment and the Loans at the time owing to it) with the prior written consent
      (such consent not to be unreasonably withheld) of:

    

    (A)
      the
      Borrower, provided
      that no
      consent of the Borrower shall be required for an assignment to a Lender, an
      Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred
      and is continuing, any other assignee; and

    

    (B) the
      Administrative Agent, provided
      that no
      consent of the Administrative Agent shall be required for an assignment to
      a
      Lender, an Affiliate of a Lender or an Approved Fund.

    

    (ii)
      Assignments shall be subject to the following additional conditions:

    

    (A)
      except in the case of an assignment to a Lender, an Affiliate of a Lender,
      or an
      Approved Fund, or an assignment of the entire remaining amount of the assigning
      Lender’s Commitment or Loans, the amount of the Commitment or Loans of the
      assigning Lender subject to each such assignment (determined as of the date
      the
      Assignment and Assumption with respect to such assignment is delivered to the
      Administrative Agent) shall not be less than $5,000,000 unless each of the
      Borrower and the Administrative Agent otherwise consent, provided
      that no
      such consent of the Borrower shall be required if an Event of Default has
      occurred and is continuing;

    

    (B)
      each
      partial assignment shall be made as an assignment of a proportionate part of
      all
      the assigning Lender's rights and obligations under this Agreement, provided
      that
      this clause shall not apply to rights
      and obligations in respect of outstanding Competitive Loans; 

    

    (C)
      the
      parties to each assignment shall execute and deliver to the Administrative
      Agent
      an Assignment and Assumption, together with a processing and 

     

    
      
        
        

      

      
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    recordation
      fee of $3,500; and

     

    (D) the
      assignee, if it shall not be a Lender, shall deliver to the Administrative
      Agent
      an Administrative Questionnaire.

    

    (iii) 
      Subject
      to acceptance and recording thereof pursuant to paragraph (b)(iv)
      of this
      Section, from and after the effective date specified in each Assignment and
      Assumption the assignee thereunder shall be a party hereto and, to the extent
      of
      the interest assigned by such Assignment and Assumption, have the rights and
      obligations of a Lender under this Agreement, and the assigning Lender
      thereunder shall, to the extent of the interest assigned by such Assignment
      and
      Assumption, be released from its obligations under this Agreement (and, in
      the
      case of an Assignment and Assumption covering all of the assigning Lender's
      rights and obligations under this Agreement, such Lender shall cease to be
      a
      party hereto but shall continue to be entitled to the benefits of Sections 
      2.14, 2.15, 2.16
      and
9.03).
      Any
      assignment or transfer by a Lender of rights or obligations under this Agreement
      that does not comply with this Section
      9.04
      shall be
      treated for purposes of this Agreement as a sale by such Lender of a
      participation in such rights and obligations in accordance with paragraph
      (c)
      of this
      Section.

    

    (iv) The
      Administrative Agent, acting for this purpose as an agent of the Borrower,
      shall
      maintain at one of its offices in Houston, Texas a copy of each Assignment
      and
      Assumption delivered to it and a register for the recordation of the names
      and
      addresses of the Lenders, and the Commitment of, and principal amount of the
      Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
      from time to time (the “Register”).
      The
      entries in the Register shall be conclusive, and the Borrower, the
      Administrative Agent, the Issuing Bank and the Lenders may treat each Person
      whose name is recorded in the Register pursuant to the terms hereof as a Lender
      hereunder for all purposes of this Agreement, notwithstanding notice to the
      contrary. The Register shall be available for inspection by the Borrower, the
      Issuing Bank and any Lender, at any reasonable time and from time to time upon
      reasonable prior notice.

    

    (v) Upon
      its
      receipt of a duly completed Assignment and Assumption executed by an assigning
      Lender and an assignee, the assignee's completed Administrative Questionnaire
      (unless the assignee shall already be a Lender hereunder), the processing and
      recordation fee referred to in paragraph (b)
      of this
      Section and any written consent to such assignment required by paragraph
      (b)
      of this
      Section, the Administrative Agent shall accept such Assignment and Assumption
      and record the information contained therein in the Register. No assignment
      shall be effective for purposes of this Agreement unless it has been recorded
      in
      the Register as provided in this paragraph.

     

     

    
      
        
        

      

      
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    (c) (i)
      Any
      Lender may, without the consent of the Borrower, the Administrative Agent,
      the
      Issuing Bank or the Swingline Lender, sell participations to one or more banks
      or other entities (a “Participant”)
      in all
      or a portion of such Lender's rights and obligations under this Agreement
      (including all or a portion of its Commitment and the Loans owing to it);
provided
      that
      (A) such Lender's obligations under this Agreement shall remain unchanged,
      (B) such Lender shall remain solely responsible to the other parties hereto
      for the performance of such obligations and (C) the Borrower, the
      Administrative Agent, the Issuing Bank and the other Lenders shall continue
      to
      deal solely and directly with such Lender in connection with such Lender's
      rights and obligations under this Agreement. Any agreement or instrument
      pursuant to which a Lender sells such a participation shall provide that such
      Lender shall retain the sole right to enforce this Agreement and to approve
      any
      amendment, modification or waiver of any provision of this Agreement;
provided
      that
      such agreement or instrument may provide that such Lender will not, without
      the
      consent of the Participant, agree to any amendment, modification or waiver
      described in the first proviso to Section
      9.02(b)
      that
      affects such Participant. Subject to paragraph
      (c)(ii)
      of this
      Section, the Borrower agrees that each Participant shall be entitled to the
      benefits of Sections
      2.14,
      2.15
      and
2.16
      to the
      same extent as if it were a Lender and had acquired its interest by assignment
      pursuant to paragraph
      (b)
      of this
      Section. To the extent permitted by law, each Participant also shall be entitled
      to the benefits of Section 9.08
      as
      though it were a Lender, provided such Participant agrees to be subject to
      Section
      2.17(c)
      as
      though it were a Lender.

    

    (ii) A
      Participant shall not be entitled to receive any greater payment under
Section
      2.14
      or
2.16
      than the
      applicable Lender would have been entitled to receive with respect to the
      participation sold to such Participant, unless the sale of the participation
      to
      such Participant is made with the Borrower's prior written consent. A
      Participant that would be a Foreign Lender if it were a Lender shall not be
      entitled to the benefits of Section 2.16
      unless
      the Borrower is notified of the participation sold to such Participant and
      such
      Participant agrees, for the benefit of the Borrower, to comply with Section
      2.16(e)
      as
      though it were a Lender. 

    

    (d) Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement to secure obligations of such Lender,
      including any pledge or assignment to secure obligations to a Federal Reserve
      Bank, and this Section shall not apply to any such pledge or assignment of
      a
      security interest; provided
      that no
      such pledge or assignment of a security interest shall release a Lender from
      any
      of its obligations hereunder or substitute any such pledgee or assignee for
      such
      Lender as a party hereto.

     

    SECTION
      9.05.   Survival.
      All
      covenants, agreements, representations and warranties made by the Borrower
      herein and in the certificates or other instruments delivered in connection
      with
      or pursuant to this Agreement shall be considered to have been relied upon
      by
      the other parties hereto and shall survive the execution and delivery of this
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    any
      Loans and issuance of any Letters of Credit,
      regardless of any investigation made by any such other party or on its behalf
      and notwithstanding that the Administrative Agent, the Issuing Bank or any
      Lender may have had notice or knowledge of any Default or incorrect
      representation or warranty at the time any credit is extended hereunder, and
      shall continue in full force and effect as long as the principal of or any
      accrued interest on any Loan or any fee or any other amount payable under this
      Agreement is outstanding and unpaid or any Letter of Credit is outstanding
      and
      so long as the Commitments have not expired or terminated. The provisions of
      Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall
      survive and remain in full force and effect regardless of the consummation
      of
      the transactions contemplated hereby, the repayment of the Loans, the expiration
      or termination of the Letters of Credit and the Commitments or the termination
      of this Agreement or any provision hereof. 

     

    SECTION
      9.06.   Counterparts;
      Integration; Effectiveness. This Agreement may be executed in counterparts
      (and by different parties hereto on different counterparts), each of which
      shall
      constitute an original, but all of which when taken together shall constitute
      a
      single contract. This Agreement and any separate letter agreements with respect
      to fees payable to the Administrative Agent constitute the entire contract
      among
      the parties relating to the subject matter hereof and supersede any and all
      previous agreements and understandings, oral or written, relating to the subject
      matter hereof. Except as provided in Section 4.01, this Agreement shall
      become effective when it shall have been executed by the Administrative Agent
      and when the Administrative Agent shall have received counterparts hereof which,
      when taken together, bear the signatures of each of the other parties hereto,
      and thereafter shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns. Delivery of an executed
      counterpart of a signature page of this Agreement by telecopy shall be effective
      as delivery of a manually executed counterpart of this Agreement.

     

     

    SECTION
      9.07.   Severability.
      Any provision of this Agreement held to be invalid, illegal or unenforceable
      in
      any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
      of
      such invalidity, illegality or unenforceability without affecting the validity,
      legality and enforceability of the remaining provisions hereof; and the
      invalidity of a particular provision in a particular jurisdiction shall not
      invalidate such provision in any other jurisdiction. 

     

     

    SECTION
      9.08.   Right
      of Setoff. If an Event of Default shall have occurred and be continuing,
      each Lender and each of its Affiliates is hereby authorized at any time and
      from
      time to time, to the fullest extent permitted by law, to set off and apply
      any
      and all deposits (general or special, time or demand, provisional or final)
      at
      any time held and other obligations at any time owing by such Lender or
      Affiliate to or for the credit or the account of the Borrower against any of
      and
      all the obligations of the Borrower now or hereafter existing under this
      Agreement held by such Lender, irrespective of whether or not such Lender shall
      have made any demand under this Agreement and although such obligations may
      be
      unmatured. Each Lender agrees promptly to notify the Borrower after any such
      setoff and application made by such Lender, 

     

     

    
      
        
        

      

      
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    provided
      that the failure to give such notice shall
      not affect the validity of such setoff and application. The rights of each
      Lender under this Section are in addition to other rights and remedies
      (including other rights of setoff) which such Lender may have.

     

    SECTION
      9.09.   Governing
      Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall
      be construed in accordance with and governed by the law of the State of
      Texas.

     

    

    (b) The
      Borrower hereby irrevocably and unconditionally submits, for itself and its
      property, to the nonexclusive jurisdiction of the district courts of Harris
      County, Texas and of the United States District Court of the Southern District
      of Texas (Houston Division), and any appellate court from any thereof, in any
      action or proceeding arising out of or relating to this Agreement, or for
      recognition or enforcement of any judgment, and each of the parties hereto
      hereby irrevocably and unconditionally agrees that all claims in respect of
      any
      such action or proceeding may be heard and determined in such State or, to
      the
      extent permitted by law, in such Federal court. Each of the parties hereto
      agrees that a final judgment in any such action or proceeding shall be
      conclusive and may be enforced in other jurisdictions by suit on the judgment
      or
      in any other manner provided by law. Nothing in this Agreement shall affect
      any
      right that the Administrative Agent, the Issuing Bank or any Lender may
      otherwise have to bring any action or proceeding relating to this Agreement
      against the Borrower or its properties in the courts of any
      jurisdiction.

    

    (c) The
      Borrower hereby irrevocably and unconditionally waives, to the fullest extent
      it
      may legally and effectively do so, any objection which it may now or hereafter
      have to the laying of venue of any suit, action or proceeding arising out of
      or
      relating to this Agreement in any court referred to in paragraph (b) of this
      Section. Each of the parties hereto hereby irrevocably waives, to the fullest
      extent permitted by law, the defense of an inconvenient forum to the maintenance
      of such action or proceeding in any such court.

    

    (d) Each
      party to this Agreement irrevocably consents to service of process in the manner
      provided for notices in Section 9.01.
      Nothing
      in this Agreement will affect the right of any party to this Agreement to serve
      process in any other manner permitted by law.

     

    SECTION
      9.10.   WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
      INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
      EACH
      PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
      OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
      WOULD

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

     

     

    NOT,
      IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
      FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
      HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
      MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    SECTION
      9.11.   Headings.
      Article and Section headings and the Table of Contents used herein are for
      convenience of reference only, are not part of this Agreement and shall not
      affect the construction of, or be taken into consideration in interpreting,
      this
      Agreement.

     

     

    SECTION
      9.12.   Confidentiality.
      Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to
      maintain the confidentiality of the Information (as defined below), except
      that
      Information may be disclosed (a) to its and its Affiliates' directors,
      officers, employees and agents, including accountants, legal counsel and other
      advisors (it being understood that the Persons to whom such disclosure is made
      will be informed of the confidential nature of such Information and instructed
      to keep such Information confidential), (b) to the extent requested by any
      regulatory authority, (c) to the extent required by applicable laws or
      regulations or by any subpoena or similar legal process, (d) to any other party
      to this Agreement, (e) in connection with the exercise of any remedies hereunder
      or any suit, action or proceeding relating to this Agreement or the enforcement
      of rights hereunder, (f) subject to an agreement containing provisions
      substantially the same as those of this Section, to (i) any assignee of or
      Participant in, or any prospective assignee of or Participant in, any of its
      rights or obligations under this Agreement or (ii) any actual or prospective
      counterparty (or its advisors) to any swap or derivative transaction relating
      to
      the Borrower and it obligations, (g) with the consent of the Borrower or
      (h) to the extent such Information (i) becomes publicly available
      other than as a result of a breach of this Section or (ii) becomes
      available to the Administrative Agent, the Issuing Bank or any Lender on a
      nonconfidential basis from a source other than the Borrower. For the purposes
      of
      this Section, “Information” means all information received from any Credit Party
      relating to the Credit Party or its business, other than any such information
      that is available to the Administrative Agent, the Issuing Bank or any Lender
      on
      a nonconfidential basis prior to disclosure by any Credit Party; provided that,
      in the case of information received from any Credit Party after the date hereof,
      such information is clearly identified at the time of delivery as confidential.
      Any Person required to maintain the confidentiality of Information as provided
      in this Section shall be considered to have complied with its obligation to
      do
      so if such Person has exercised the same degree of care to maintain the
      confidentiality of such Information as such Person would accord to its own
      confidential information.

     

     

    SECTION
      9.13.   Interest
      Rate Limitation. Notwithstanding anything herein to the contrary, if at any
      time the interest applicable to any Loan, together with all fees, charges and
      other amounts which are treated as interest on such Loan under applicable law
      (collectively, the “Charges”), shall exceed the maximum which may be contracted
      for, charged, taken, received or reserved by the Lender holding such Loan in
      accordance with applicable law (the “Maximum 

     

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

     

     

    Rate”),
      the rate of interest payable in
      respect of such 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 paid in respect of such Loan but
      were
      not payable as result of the operation of this Section shall be cumulated and
      the interest and Charges payable to such Lender in respect of other Loans or
      periods shall be increased (but not above the Maximum Rate therefor) until
      such
      cumulated amount, together with interest thereon at the Federal Funds Effective
      Rate to the date of repayment, shall have been received by such Lender. If,
      for
      any reason whatsoever, the Charges paid or received on the Loans produces a
      rate
      which exceeds the Maximum Rate, the Lenders shall credit against the principal
      of the Loans (or, if such indebtedness shall have been paid in full, shall
      refund to the payor of such Charges) such portion of said Charges as shall
      be
      necessary to cause the interest paid on the Loans to produce a rate equal to
      the
      Maximum Rate. All sums paid or agreed to be paid to the holders of the Loans
      for
      the use, forbearance or detention of the Loans shall, to the extent permitted
      by
      applicable law, be amortized, prorated, allocated and spread in equal parts
      throughout the full term of this Agreement, so that the interest rate is uniform
      throughout the full term of this Agreement. The provisions of this Section
      shall
      control all agreements, whether now or hereafter existing and whether written
      or
      oral, between the parties hereto. On each day, if any, that Texas law
      establishes the Maximum Rate, the Maximum Rate shall be the “weekly ceiling” (as
      defined in Chapter 303 of the Texas Finance Code (the “Texas Finance
      Code”) as amended) for that day. The Administrative Agent may from time to
      time, as to current and future balances, implement any other ceiling under
      the
      Texas Finance Code by notice to the Borrower, if and to the extent permitted
      by
      the Texas Finance Code. Without notice to the Borrower or any other person
      or
      entity, the Maximum Rate shall automatically fluctuate upward and downward
      as
      and in the amount by which such maximum nonusurious rate of interest permitted
      by applicable law fluctuates.

     

    SECTION
      9.14.   Liability
      of Holders. With respect to the incurrence of certain liabilities hereunder
      and the making of certain agreements by the Borrower as herein stated, such
      incurrence of liabilities and such agreements shall be binding upon the Borrower
      only as a trust formed under the Texas Real Estate Investment Trust Act pursuant
      to that certain Restated Declaration of Trust dated March 23, 1988 (as amended
      from time to time), and only upon the assets of such Borrower. No Trust Manager
      or officer or holder of any beneficial interest in the Borrower shall have
      any
      personal liability for the payment of any indebtedness or other liabilities
      incurred by the Borrower hereunder or for the performance of any agreements
      made
      by the Borrower hereunder, nor for any other act, omission or obligation
      incurred by the Borrower or the Trust Managers except, in the case of a Trust
      Manager, any liability arising from his own willful misfeasance or malfeasance
      or gross negligence.

     

    

    
      
        
          
          

        

        
          81

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized officers as of the day and year first
      above written.

    

    

    WEINGARTEN
      REALTY INVESTORS

    

    

    
      
        	
                By:

              	
                /s/
                  Stephen C. Richter

              
	
                Name:

              	
                Stephen
                  C. Richter

              
	
                Title:

              	
                Executive
                  VP/CFO

              

      
  

    

    

    JPMORGAN
      CHASE BANK, N.A., individually and as Administrative Agent,

    

    

    
      
        	
                By:

              	
                /s/
                  Todd M. Fuller

              
	
                Name:

              	
                Todd
                  M. Fuller

              
	
                Title:

              	
                First
                  Vice President

              

      

    

    

    
      
        
          
          

        

        
          82

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    BANK
      OF
      AMERICA, N.A.

    

    

    
      
        	
                By:

              	
                /s/
                  Steven P. Renwick

              
	
                Name:

              	
                Steven
                  P. Renwick

              
	
                Title:

              	
                Senior
                  Vice President

              

      
 

    

    

    Address:

     

    901
      Main
      Street , 64th
      Floor

    Dallas,
      Texas 75202

    Attention:
      Mr. Steven Renwick

    Telephone
      No.: (214) 209-1867 

    Telecopy
      No.: (214) 209-0085 

    

    
      
        
          
          

        

        
          83

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    COMMERZBANK
      AG, NEW YORK AND

    GRAND
      CAYMAN BRANCHES

    

    

    
      

      
        	
                By:

              	
                /s/
                  Ralph C. Marra, Jr.

              
	
                Name:

              	
                Ralph
                  C. Marra, Jr.

              
	
                Title:

              	
                Vice
                  President

              

      

      

      

      
        	
                By:

              	
                /s/
                  Kerstin Micke

              
	
                Name:

              	
                Kerstin
                  Micke

              
	
                Title:

              	
                Assistant
                  Vice President

              

      

      

    Address:

     

    2
      World
      Financial Center

    New
      York,
      New York 10281-1050

    Attention:
      David Goldman 

    Telephone
      No.: (212) 266-7457

    Telecopy
      No.: (212) 266-7565

    

    
      
        
          
          

        

        
          84

          
            

          

        

        
          
          

        

      

    

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    PNC
      BANK,
      NATIONAL ASSOCIATION

    

    

    
      
        	
                By:

              	
                /s/
                  James A. Colella

              
	
                Name:

              	
                James
                  A. Colella

              
	
                Title:

              	
                Senior
                  Vice President

              

      

    

    Address:

     

    One
      PNC
      Plaza

    Mail
      Stop: P1-POPP-19-2

    Pittsburgh,
      Pennsylvania 15222

    Attention:
      James Colella

    Telephone
      No.: (412) 762-2260

    Telecopy
      No.: (412) 762-6500

    

    
      
        
          
          

        

        
          85

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    COMPASS
      BANK

    

    

    
      
        	
                By:

              	
                /s/
                  Eric E. Ensmann

              
	
                Name:

              	
                Eric
                  E. Ensmann

              
	
                Title:

              	
                Senior
                  Vice President

              

      

    

    Address:

     

    24
      Greenway Plaza, Suite 1402

    Houston,
      Texas 77046

    Attention:
      Eric Ensmann

    Telephone
      No.: (713) 499-8638

    Telecopy
      No.: (713) 968-8211

    

    

    
      
        
          
          

        

        
          86

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    SUMITOMO
      MITSUI BANKING 

    CORPORATION

    

    

    
      
        	
                By:

              	
                /s/
                  William M. Ginn

              
	
                Name:

              	
                William
                  M. Ginn

              
	
                Title:

              	
                General
                  Manager

              

      

    

    Address:

     

    277
      Park
      Avenue, 6th
      Floor

    New
      York,
      New York 10172

    Attention:
      Charles Sullivan

    Telephone
      No.: (212) 224-4178

    Telecopy
      No.: (212) 224-4887

    

    
      
        
          
          

        

        
          87

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    WACHOVIA
      BANK, N.A.

    

    

    
      
        	
                By:

              	
                /s/
                  Cynthia A. Bean

              
	
                Name:

              	
                Cynthia
                  A. Bean

              
	
                Title:

              	
                Vice
                  President

              

      

    

     

    Address:

     

    301
      South
      College Street, NC-0172

    Charlotte,
      North Carolina 28288-0172

    Attention:
      Cindy Bean

    

    Telephone
      No.: (704) 383-7534

    Telecopy
      No.: (704) 383-6205

    

    

    

    
      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    SUNTRUST
      BANK 

    

    

    
      
        	
                By:

              	
                /s/
                  Nancy B. Richards

              
	
                Name:

              	
                Nancy
                  B. Richards

              
	
                Title:

              	
                Senior
                  Vice President

              

      

    

     

    Address:

     

    8245
      Boone Boulevard, Suite 820

    Vienna,
      Virginia 22182

    Attention:
      Nancy Richards

    

    Telephone
      No.: (703) 902-9039

    Telecopy
      No.: 
      (703)
      902-9245

    

    
      
        
          
          

        

        
          89

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    SCOTIABANC,
      INC. 

    

    

    
      
        	
                By:

              	
                /s/
                  William E. Zarrett

              
	
                Name:

              	
                William
                  E. Zarrett

              
	
                Title:

              	
                Managing
                  Director

              

      

    

     

    Address:

    600
      Peachtree Street, N.E., Suite 2700

    Atlanta,
      Georgia 30308

    Attention:
      Bill Zarrett

    

    Telephone
      No.: (404) 877-1504

    Telecopy
      No.: (404) 888-8998

    

    
      
        
          
          

        

        
          90

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    THE
      BANK
      OF NOVA SCOTIA, Acting

    through
      its San Francisco Agency

    

    

    
      
        	
                By:

              	
                /s/
                  Ajit Goswami

              
	
                Name:

              	
                Ajit
                  Goswami

              
	
                Title:

              	
                Director

              

      

    

     

    Address:

    500
      California Street, Suite 2100

    San
      Francisco, California 94105

    Attention:
      Ajit Goswami

    

    Telephone
      No.: (415) 616-4107

    Telecopy
      No.: (415) 397-0791

    

    
      
        
          
          

        

        
          91

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    BANK
      OF
      CHINA, NEW YORK BRANCH

    

    

    
      
        	
                By:

              	
                /s/
                  William Warren Smith

              
	
                Name:

              	
                William
                  Warren Smith

              
	
                Title:

              	
                Chief
                  Lending Officer

              

      

    

     

    Address:

    410
      Madison Avenue

    New
      York,
      New York 10017

    Attention:
      William Warren Smith

    

    Telephone
      No.: (212) 935-3101

    Telecopy
      No.: (212) 688-0919

    

    
      
        
          
          

        

        
          92

          
            

          

        

        
          
          

        

      

    

    

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    U.
      S.
      BANK NATIONAL ASSOCIATION

    

    
      
        	
                By:

              	
                /s/
                  Christopher Rogers

              
	
                Name:

              	
                Christopher
                  Rogers

              
	
                Title:

              	
                VP

              

      

    

    Address:

     

    14241
      Dallas Parkway, Suite 490

    Dallas,
      Texas 75254

    Attention:
      Chris Rogers

    Telephone
      No.: (972) 458-4516

    Telecopy
      No.: (972) 386-8370

    

    
      
        
          
          

        

        
          93

          
            

          

        

        
          
          

        

      

    

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    MIZUHO
      CORPORATE BANK, LTD.

    

    

    
      
        	
                By:

              	
                /s/
                  Makoto Murata

              
	
                Name:

              	
                Makoto
                  Murata

              
	
                Title:

              	
                Deputy
                  General Manager

              

      

    

     

    Address:

    1251
      Avenue of the Americas

    New
      York,
      New York 10020

    Attention:
      John Davies

    

    Telephone
      No.: (212) 282-3327

    Telecopy
      No.: (212) 282-4408

    

    
      
        
          
          

        

        
          94

          
            

          

        

        
          
          

        

      

    

    

    Signature
      page to Credit Agreement with Weingarten Realty Investors

    

    THE
      NORTHERN TRUST COMPANY 

    

    

    
      
        	
                By:

              	
                /s/
                  Anne Hafer

              
	
                Name:

              	
                Anne
                  Hafer

              
	
                Title:

              	
                SVP

              

      

    

     

    Address:

    50
      South
      LaSalle Street

    Chicago,
      Illinois 60675

    Attention:
      Anne M. Hafer 

    

    Telephone
      No.: (312) 444-3218

    Telecopy
      No.: (312) 444-7028

    

    

    
      
        
          
          

        

        
          95

          
            

          

        

        
          
          

        

      

    

    
 

    

      SCHEDULE
        2.01

      

      REVOLVING
        LOAN COMMITMENT

      
        	
                LENDER

              	
                (Percentage)

              
	 	 
	
                JPMorgan
                  Chase Bank, N.A.

              	
                $40,000,000

              
	 	
                (10.000%)

              
	 	 
	
                Bank
                  of America, N.A.

              	
                $40,000,000

              
	 	
                (10.000%)

              
	 	 
	
                Commerzbank
                  AG, New York

              	
                $25,000,000

              
	
                and
                  Grand Cayman Branches

              	
                (6.250%)

              
	 	 
	
                PNC
                  Bank, National Association

              	
                $40,000,000

              
	 	
                (10.000%)

              
	 	 
	
                Compass
                  Bank

              	
                $22,500,000

              
	 	
                (5.625%)

              
	 	 
	
                Sumitomo
                  Mitsui Banking Corporation

              	
                $40,000,000

              
	 	
                (10.000%)

              
	 	 
	
                Wachovia
                  Bank, N.A.

              	
                $40,000,000

              
	 	
                (10.000%)

              
	 	 
	
                SunTrust
                  Bank

              	
                $30,000,000

              
	 	
                (7.5000%)

              
	 	 
	
                ScotiaBanc,
                  Inc.

              	
                $10,000,000

              
	 	
                (2.500%)

              
	 	 
	
                The
                  Bank of Nova Scotia

              	
                $20,000,000

              
	 	
                (5.000%)

              
	 	 
	
                Bank
                  of China, New York Branch

              	
                $20,000,000

              
	 	
                (5.000%)

              
	 	 
	
                U.
                  S. Bank National Association

              	
                $20,000,000

              
	 	
                (5.000%)

              
	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          2

          

          

        

      

      

      
        	
                Mizuho
                  Corporate Bank, Ltd.

              	
                $30,000,000

              
	 	
                (7.500%)

              
	 	 
	
                The
                  Northern Trust Company

              	
                $22,500,000

              
	 	
                (5.625%)

              

      

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      2.05(d)

    

    LETTERS
      OF CREDIT

    

    

    

    

    

    
      	
              Letter
                of Credit Number

            	
              Letter
                of Credit Amount

            
	
              I-451606

            	
              $2,184,911.00

            
	
              I-454505

            	
              $3,863,934.25

            
	
              I-454507

            	
              $2,058,695.89

            
	
              I-461289

            	
              $6,821,882.19

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              SCHEDULE
                3.05(f)

            
	 	
              Properties
                located in potential earthquake or seismic areas

            
	 	 	 	 	 	 
	 	
               

            	
               

            	
               

            	
               

            	
               

            
	 	
              Location

            	
              Property
                Name

            	
              City

            	
              State

            	
              Zip

            
	 	 	 	 	 	 
	 	
              250

            	
              Buena
                Vista Marketplace

            	
              Duarte

            	
              CA

            	
              91010

            
	 	
              251

            	
              Centerwood
                Plaza

            	
              Bell
                flower

            	
              CA

            	
              90706

            
	 	
              252

            	
              Menifee
                Town Center

            	
              Menifee

            	
              CA

            	
              92584

            
	 	
              253

            	
              Ralph's
                Center

            	
              Redondo
                Beach

            	
              CA

            	
              90278

            
	 	
              254

            	
              San
                Marcos Plaza

            	
              San
                Marcos

            	
              CA

            	
              92069

            
	 	
              255

            	
              Westminster
                Center

            	
              Westminster

            	
              CA

            	
              92683

            
	 	
              256

            	
              Marketplace

            	
              Castro
                Valley

            	
              CA

            	
              94552

            
	 	
              257

            	
              Arcade
                Square

            	
              Sacramento

            	
              CA

            	
              95821

            
	 	
              258

            	
              Creekside
                Shopping Center

            	
              Vacaville

            	
              CA

            	
              95687

            
	 	
              259

            	
              Discovery
                Plaza

            	
              Sacramento

            	
              CA

            	
              95833

            
	 	
              260

            	
              Gateway
                Plaza

            	
              Fremont

            	
              CA

            	
              94538

            
	 	
              261

            	
              Hallmark
                Town Center

            	
              Madera

            	
              CA

            	
              93637

            
	 	
              262

            	
              Prospector's
                Plaza

            	
              Placerville

            	
              CA

            	
              95667

            
	 	
              263

            	
              Shasta
                Crossroads

            	
              Redding

            	
              CA

            	
              96003

            
	 	
              264

            	
              Silver
                Creek Plaza

            	
              San
                Jose

            	
              CA

            	
              95121

            
	 	
              265

            	
              Southampton
                Shopping Center

            	
              Benicia

            	
              CA

            	
              94510

            
	 	
              266

            	
              Stony
                Point Plaza

            	
              Santa
                Rosa

            	
              CA

            	
              95407

            
	 	
              267

            	
              Summer
                Hills Plaza

            	
              Citrus
                Heights

            	
              CA

            	
              95621

            
	 	
              268

            	
              Sunset
                Center

            	
              Suisun
                City

            	
              CA

            	
              94585

            
	 	
              286

            	
              Chino
                Hills Marketplace

            	
              Chino
                Hills

            	
              CA

            	
              91709

            
	 	
              307

            	
              Greenhouse
                Marketplace

            	
              San
                Leandro

            	
              CA

            	
              94575

            
	 	
              326

            	
              Rancho
                San Marcos Village

            	
              San
                Marcos

            	
              CA

            	
              92069

            
	 	
              335

            	
              El
                Camino Shopping Center

            	
              Encinitas

            	
              CA

            	
              92024

            
	 	
              359

            	
              Marshall's
                Plaza

            	
              Modesto

            	
              CA

            	
              95350

            
	 	
              368

            	
              Aurora
                City Place

            	
              Aurora

            	
              CA

            	
              80012

            
	 	
              498

            	
              Siempre
                Viva Business Park

            	
              San
                Diego

            	
              CA

            	
              92154

            
	 	
               

            	
               

            	
               

            	
               

            	
               

            
	 	 	 	 	 	 
	 	
              The
                above list contains all known properties located in potential earthquake
                of seismic areas.

            
	 	
              The
                Borrower carries insurance coverage for these properties in amounts
                sufficient to cover it for potential
                losses.

            

    

    

    

    
      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              SCHEDULE
                3.05(f)

            
	 	
              Properties
                located in a special flood hazard area

            
	 	 	 	 	 	 	 
	 	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	 	
              Location

            	
              Property
                Name

            	
              City

            	
              County

            	
              State

            	
              Zip

            
	 	 	 	 	 	 	 
	 	
              17

            	
              Stella
                Link Shopping Center

            	
              Houston

            	
              Harris

            	
              TX

            	
              77025

            
	 	
              73

            	
              Food
                King Place

            	
              Galveston

            	
              Galveston

            	
              TX

            	
              77550

            
	 	
              99

            	
              Braeswood
                Square Shopping Ctr.

            	
              Houston

            	
              Harris

            	
              TX

            	
              77096

            
	 	
              107

            	
              Markham
                Square Shopping Center

            	
              Little
                Rock

            	
              Pulaski

            	
              AR

            	
              72205

            
	 	
              122

            	
              Galveston
                Place

            	
              Galveston

            	
              Galveston

            	
              TX

            	
              77551

            
	 	
              180

            	
              Valle
                Del Sol Shopping Center

            	
              Albuquerque

            	
              Bernalis

            	
              NM

            	
              87105

            
	 	
              187

            	
              Dickinson
                Shopping Center

            	
              Dickinson

            	
              Galveston

            	
              TX

            	
              77539

            
	 	
              284

            	
              Tropicana
                Beltway Center

            	
              Las
                Vegas

            	
              Clark

            	
              NV

            	
              89148

            
	 	
              295

            	
              Tamiami
                Trail Shops

            	
              Miami

            	
              Dade

            	
              FL

            	
              33184

            
	 	
              304

            	
              Publix
                @ Laguna Isles

            	
              Pembroke
                Pines

            	
              Broward

            	
              FL

            	
              33332

            
	 	
              316

            	
              Mineral
                Springs Village

            	
              Durham

            	
              Durham

            	
              NC

            	
              27703

            
	 	
              334

            	
              North
                Creek Plaza

            	
              Laredo

            	
              Webb

            	
              TX

            	
              78045

            
	 	
              347

            	
              Flamingo
                Pines

            	
              Pembroke
                Pines

            	
              Broward

            	
              FL

            	
              33027

            
	 	
              364

            	
              Crossing
                At Stonegate

            	
              Parker

            	
              Douglas

            	
              CO

            	
              80134

            
	 	
              414

            	
              Sherman
                Plaza Business Park I and II

            	
              Richardson

            	
              Dallas

            	
              TX

            	
              75081

            
	 	
              435

            	
              Manana
                Office Service Center

            	
              Dallas

            	
              Dallas

            	
              TX

            	
              75220

            
	 	
              444

            	
              Kempwood
                Industrial

            	
              Houston

            	
              Harris

            	
              TX

            	
              77055

            
	 	
              445

            	
              Northway
                Park II

            	
              Houston

            	
              Harris

            	
              TX

            	
              77028

            
	 	
              453

            	
              1625
                Diplomat Drive

            	
              Carrolton

            	 	
              TX

            	
              75006

            
	 	
              481

            	
              Kempwood
                Industrial

            	
              Houston

            	
              Harris

            	
              TX

            	
              77055

            
	 	
              490

            	
              Citadel
                Building

            	
              Houston

            	
              Harris

            	
              TX

            	
              77008

            
	 	
              494

            	
              Jester
                Plaza 

            	
              Houston

            	
              Harris

            	
              TX

            	
              77018

            
	 	
              497

            	
              Stonecrest
                Business Center

            	
              Houston

            	
              Harris

            	
              TX

            	
              77099

            
	 	
              662

            	
              Orleans
                Station

            	
              New
                Orleans

            	
              New
                Orleans Parish

            	
              LA

            	
              70124

            
	 	
              703

            	
              Broadway
                Shopping Center

            	
              Galveston

            	
              Galveston

            	
              TX

            	
              77551

            
	 	
              Reg
                Ofc

            	
              Ft.
                Lauderdale, FL

            	
              Ft.
                Lauderdale

            	
              Broward

            	
              FL

            	
              33309

            
	 	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	 	 	 	 	 	 	 
	 	
              The
                above list contains all known properties located in a special flood
                hazard
                area.

            	 	 
	 	
              The
                Borrower carries insurance coverage for these properties in amounts
                sufficient to cover it for potential
                losses

            

    

    

    

    

    
      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    

    

    

    

    SCHEDULE
      3.07

    Disclosed
      Matters

    

    

    NONE

    

    
      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

    

    

    PRELIMINARY
      SCHEDULE 3.15

    

    LIST
      OF SUBSIDIARIES

    

    
      	
              Best
                in the West Holdings, LLC

            	
              016

            	
              100%
                sub of WRI

            
	
              Brookwood
                Square Holdings, LLC

            	
              199

            	
              100%
                sub of WRI

            
	
              Chino
                Hills Holdings, LLC

            	
              158

            	
              100%
                sub of WRI

            
	
              El
                Camino Holdings LLC

            	
              197

            	
              100%
                sub of WRI 

            
	
              Falls
                Pointe Holdings, LLC

            	
              160

            	
              100%
                sub of WRI

            
	
              Flamingo
                Pines Holdings, LLC

            	
              169

            	
              100%
                sub of WRI

            
	
              High
                House Holdings, LLC

            	
              282

            	
              74%
                owned joint venture

            
	
              Hollywood
                Hills Holdings, LLC

            	
              165

            	
              100%
                sub of WRI

            
	
              Jacinto
                City, Ltd.

            	
              269

            	
              50%
                owned joint venture

            
	
              Jackson
                West Holdings, LLC

            	
              106

            	
              100%
                sub of WRI 

            
	
              Las
                Tiendas Holdings, LLC

            	
              101

            	
              100%
                sub of WRI

            
	
              Main/O.S.T.,
                Ltd.

            	
              236

            	
              70%
                owned joint venture

            
	
              Markham
                West Shopping Center, L.P.

            	
              237

            	
              99%
                owned joint venture

            
	
              Nanocorp,
                Inc.

            	
              116

            	
              100%
                sub of WRI

            
	
              NOBSIL,
                L.L.C.

            	
              296

            	
              75%
                owned joint venture

            
	
              Northcross
                Holdings, LLC

            	
              103

            	
              100%
                sub of WRI

            
	
              Northwest
                Hollister Venture *

            	
              240

            	
              75%
                owned joint venture

            
	
              Parliament
                Square Center, Inc.

            	
              019

            	
              100%
                sub of WRI

            
	
              Phelan
                Boulevard Venture *

            	
              239

            	
              67%
                owned joint venture

            
	
              Pinecrest
                Plaza Holdings, LLC

            	
              011

            	
              100%
                sub of WRI

            
	
              Rancho
                San Marcos Holdings, LLC

            	
              162

            	
              100%
                sub of WRI

            
	
              Rosenberg,
                Ltd.

            	
              276

            	
              50%
                owned joint venture

            
	
              Roswell
                Corners Holdings LLC

            	
              108

            	
              100%
                sub of WRI

            
	
              Sheldon
                Center, Ltd.

            	
              266

            	
              50%
                owned joint venture

            
	
              Siempre
                Viva 7 and 8 Holdings, LLC

            	
              182

            	
              100%
                sub of WRI

            
	
              SPM/WRI
                College Station, L.P.

            	
              212

            	
              100%
                owned joint venture

            
	
              SPM/WRI
                Rockwall, L.P.

            	
              214

            	
              100%
                owned joint venture

            
	
              Steele
                Creek Holdings, LLC

            	
              217

            	
              99%
                owned joint venture

            
	
              Sugarloaf
                Holdings, LLC

            	
              195

            	
              100%
                sub of WRI

            
	
              S/W
                Albuquerque, L.P.

            	
              211

            	
              100%
                owned joint venture

            
	
              Weingarten
                Aurora Inc.

            	
              177

            	
              100%
                sub of WRI

            
	
              Weingarten
                Golden State, Inc.

            	
              156

            	
              100%
                sub of WRI

            
	
              Weingarten
                GS Delaware, Inc.

            	
              155

            	
              100%
                sub of WRI

            
	
              Weingarten
                GS, Inc.

            	
              154

            	
              100%
                sub of WRI

            
	
              Weingarten
                Hughes Waterford Venture

            	
              287

            	
              75%
                owned joint venture

            
	
              Weingarten
                Lowry Inc.

            	
              178

            	
              100%
                sub of WRI

            
	
              Weingarten
                Nostat, Inc.

            	
              120

            	
              100%
                sub of WRI

            
	
              Weingarten
                Realty Management Company

            	
              002

            	
              100%
                sub of WRI

            
	
              Weingarten
                Thorncreek Inc.

            	
              179

            	
              100%
                sub of WRI

            

    

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Weingarten/Bridges
                at Smoky Hill

            	
              761

            	
              50%
                owned joint venture

            
	
              Weingarten/Bridges
                at Smoky Hill II LLC

            	
              180

            	
              100%
                sub of WRI

            
	
              Weingarten/Bridges
                at Smoky Hill III LLC

            	
              776

            	
              50%
                owned joint venture

            
	
              Weingarten/Investments,
                Inc.

            	
              750

            	
              100%
                owned joint venture

            
	
              Weingarten/Lufkin,
                Inc.

            	
              129

            	
              100%
                sub of WRI

            
	
              Weingarten/Miller/Aurora
                II LLC

            	
              773

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller
                Aurora Joint Venture

            	
              768

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller
                Elizabeth Joint Venture

            	
              762

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller/Lowry
                II LLC

            	
              774

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller/Lowry
                Joint Venture

            	
              766

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller/Feist
                Joint Venture

            	
              764

            	
              38%
                owned joint venture

            
	
              Weingarten/Miller/Feist
                II Joint Venture

            	
              767

            	
              38%
                owned joint venture

            
	
              Weingarten/Miller/Englewood

            	
              763

            	
              100%
                owned joint venture

            
	
              Weingarten/Miller/Thorncreek
                Joint Venture

            	
              765

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller/Thorncreek
                II LLC

            	
              775

            	
              50%
                owned joint venture

            
	
              Weingarten/Miller/Westminster
                Joint Venture

            	
              793

            	
              50%
                owned joint venture

            
	
              Weingarten/Monvis
                LLC

            	
              286

            	
              70%
                owned joint venture 

            
	
              WRI
                Best in the West, LLC

            	
              017

            	
              100%
                sub of WRI

            
	
              WRI
                Brookwood Square, LLC

            	
              190

            	
              100%
                sub of WRI 

            
	
              WRI
                Cottonwood Holdings, LLC

            	
              112

            	
              100%
                sub of WRI

            
	
              WRI
                Cottonwood, LLC

            	
              113

            	
              100%
                sub of WRI

            
	
              WRI
                El Camino, LP

            	
              198

            	
              100%
                owned joint venture

            
	
              WRI
                Fiesta Trails Holdings, LLC

            	
              184

            	
              100%
                sub of WRI

            
	
              WRI
                Fiesta Trails, LP

            	
              185

            	
              100%
                owned joint venture

            
	
              WRI
                Flamingo Pines, LLC

            	
              170

            	
              100%
                sub of WRI

            
	
              WRI
                Golden State, L.L.C.

            	
              710

            	
              100%
                sub of WRI

            
	
              WRI
                Greenhouse LP

            	
              295

            	
              99%
                owned joint venture

            
	
              WRI
                GS Partnership, L.P.

            	
              203

            	
              100%
                owned joint venture

            
	
              WRI
                Jackson West, LP

            	
              107

            	
              100%
                owned joint venture

            
	
              WRI
                Johnston Road Plaza, LLC

            	
              216

            	
              99%
                owned joint venture

            
	
              WRI
                Kennesaw, LLC

            	
              119

            	
              100%
                sub of WRI

            
	
              WRI
                Laguna Isles, LLC

            	
              189

            	
              100%
                sub of WRI

            
	
              WRI
                Las Tiendas, LP

            	
              102

            	
              100%
                owned joint venture

            
	
              WRI
                Marshalls Plaza, LP

            	
              018

            	
              100%
                owned joint venture

            
	
              WRI
                Northcross, LP

            	
              104

            	
              100%
                owned joint venture

            
	
              WRI
                Northtown I, LP

            	
              110

            	
              100%
                owned joint venture

            
	
              WRI
                Northtown II, LP

            	
              111

            	
              100%
                owned joint venture

            
	
              WRI
                Overton Holdings, LLC

            	
              187

            	
              100%
                sub of WRI

            
	
              WRI
                Overton Plaza, LP

            	
              188

            	
              100%
                owned joint venture

            
	
              WRI
                Pinecrest Plaza, LLC

            	
              012

            	
              100%
                owned joint venture

            
	
              WRI
                Ravenstone, LLC

            	
              126

            	
              100%
                sub of WRI

            
	
              WRI
                River Marketplace, LLC

            	
              014

            	
              100%
                sub of WRI

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              WRI
                Roswell Corners, LLC

            	
              109

            	
              100%
                sub of WRI

            
	
              WRI
                Sandy Plains, LLC

            	
              186

            	
              100%
                sub of WRI

            
	
              WRI
                Siempre Viva 345, LLC

            	
              181

            	
              100%
                sub of WRI

            
	
              WRI
                Siempre Viva 7 and 8, LLC

            	
              183

            	
              100%
                sub of WRI

            
	
              WRI
                Steele Creek, LLC

            	
              218

            	
              99%
                owned joint venture

            
	
              WRI
                Strom, L.P.

            	
              215

            	
              99%
                owned joint venture

            
	
              WRI
                Sugarloaf, LLC

            	
              196

            	
              100%
                sub of WRI

            
	
              WRI
                Thompson Bridge, LLC

            	
              015

            	
              100%
                sub of WRI

            
	
              WRI
                Trautman, L.P.

            	
              297

            	
              99%
                owned joint venture

            
	
              WRI
                Unitah Gardens, LLC

            	
              021

            	
              100%
                sub of WRI

            
	
              WRI
                Unitah Holdings, LLC

            	
              020

            	
              100%
                sub of WRI

            
	
              WRI
                University Palms, LLC

            	
              168

            	
              100%
                sub of WRI

            
	
              WRI
                University Place, LLC

            	
              013

            	
              100%
                sub of WRI

            
	
              WRI
                Westgate Industrial Holdings, LLC

            	
              191

            	
              100%
                owned joint venture

            
	
              WRI
                Westgate Industrial LP

            	
              192

            	
              100%
                owned joint venture 

            
	
              WRI
                West Jordan LLC

            	
              291

            	
              99%
                owned joint venture

            
	
              WRI/7080
                Express Lane, Inc.

            	
              149

            	
              100%
                sub of WRI

            
	
              WRI/Atlanta
                Park, L. P.

            	
              284

            	
              99%
                owned joint venture 

            
	
              WRI/Atlanta
                Park-3658, L. P.

            	
              285

            	
              100%
                owned joint venture

            
	
              WRI/Chino
                Hills, LLC

            	
              159

            	
              100%
                sub of WRI

            
	
              WRI/Crosby
                Venture*

            	
              246

            	
              61%
                owned joint venture

            
	
              WRI/Dickinson
                Venture*

            	
              247

            	
              72%
                owned joint venture

            
	
              WRI/Falls
                Pointe, LLC

            	
              161

            	
              100%
                sub of WRI

            
	
              WRI/High
                House LLC

            	
              281

            	
              74%
                owned joint venture

            
	
              WRI/Hollywood
                Hills, LLC

            	
              166

            	
              100%
                sub of WRI

            
	
              WRI/Lone
                Star, Inc.

            	
              172

            	
              100%
                sub of WRI

            
	
              WRI/Louisiana
                Holdings, Inc.

            	
              175

            	
              100%
                sub of WRI

            
	
              WRI/Miller
                Westminster I LLC

            	
              791

            	
              50%
                owned joint venture

            
	
              WRI/Miller
                Westminster II LLC

            	
              792

            	
              50%
                owned joint venture

            
	
              WRI/Pavilion,
                Inc.

            	
              171

            	
              100%
                sub of WRI

            
	
              WRI/Pembroke,
                Ltd.

            	
              201

            	
              100%
                owned joint venture

            
	
              WRI/Pitman
                Corners, Inc.

            	
              157

            	
              100%
                sub of WRI

            
	
              WRI/Post
                Oak, Inc.

            	
              141

            	
              100%
                sub of WRI

            
	
              WRI/Raleigh
                LP

            	
              280

            	
              74%
                owned joint venture

            
	
              WRI/Rancho
                San Marcos, LLC

            	
              163

            	
              100%
                sub of WRI

            
	
              WRI/Rockwall,
                Inc.

            	
              174

            	
              100%
                sub of WRI

            
	
              WRI/Tamiami
                Trail, LLC

            	
              167

            	
              100%
                sub of WRI

            
	
              WNI/Tennessee
                Holdings, Inc

            	
              193

            	
              100%
                sub of WRI

            
	
              WNI/Tennessee,
                L.P.

            	
              194

            	
              100%
                owned joint venture

            
	
              WRI/TEXLA,
                LLC

            	
              176

            	
              100%
                sub of WRI

            
	
              WRI/Utah
                Properties, L.P.

            	
              290

            	
              99%
                owned joint venture

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    
 

    *Consolidated
      under Equity Method

    

    The
      above
      list of consolidated entities is as of January 15, 2006

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    

    

    
      	
              Schedule
                6.01

            
	
              Existing
                Liens

            
	 	 	 	 	 	 	 
	
               

            	
              Property
                Name

            	 	
              Holder
                or Servicer

            
	 	 	 	 	 	 	 
	
              American
                General Bonds:

            	 	 	 	 
	 	 	 	 	 	 	 
	 	
              0218-001

            	
              Brodie
                Oaks Shopping Center

            	 	
              American
                General / Variable Annuity Life

            
	 	
              0131-001

            	
              Northway
                Shopping Center

            	 	
              American
                General / Variable Annuity Life

            
	 	 	 	 	 	 	 
	
              Mortgages:

            	 	 	 	 	 
	 	 	 	 	 	 	 
	 	
              0000-710

            	
              WRI
                Golden State

            	 	
              Nomura
                Asset Capital Corp.

            
	 	
              0211-120

            	
              Rainbow
                Plaza

            	 	
              LaSalle
                National Bank

            
	 	
              0231-013

            	
              University
                Place

            	 	
              Citigroup

            	 	 
	 	
              0234-211

            	
              Pavilions
                at San Mateo

            	 	
              Chase

            	 	 
	 	
              0235-212

            	
              Lone
                Star Pavilion

            	 	
              Chase

            	 	 
	 	
              0239-214

            	
              Rockwall
                Market Center

            	 	
              Bear
                Stearns

            	 
	 	
              0270-194

            	
              Bartlett
                Towne Center

            	 	
              Prudential
                Insurance

            	 
	 	
              0276-014

            	
              River
                Marketplace Shopping Center

            	 	
              Citigroup

            	 	 
	 	
              0279-120

            	
              Sunset
                19 Shopping Center

            	 	
              Northwestern
                Mutual Life

            
	 	
              0283-157

            	
              Pitman
                Corners

            	 	
              GMAC

            	 	 
	 	
              0286-159

            	
              Chino
                Hills Marketplace

            	 	
              GE
                Capital

            	 
	 	
              0295-167

            	
              Tamiami
                Trail Shops

            	 	
              Principal
                Financial

            	 
	 	
              0299-185

            	
              Fiesta
                Trails

            	 	
              ORIX

            	 	 
	 	
              0302-186

            	
              Sandy
                Plains Exchange

            	 	
              LaSalle
                National Bank

            
	 	
              0303-188

            	
              Overton
                Park Plaza

            	 	
              Wells
                Fargo

            	 
	 	
              0304-189

            	
              Publix
                at Laguna Isles

            	 	
              GE
                Capital

            	 
	 	
              0305-190

            	
              Brookwood
                Square Shopping Center

            	 	
              LaSalle
                National Bank

            
	 	
              0307-295

            	
              Greenhouse
                Marketplace

            	 	
              CW
                Capital

            	 
	 	
              0311-280

            	
              Avent
                Ferry Shopping Center

            	 	
              Laureate
                Capital

            	 
	 	
              0313-281

            	
              High
                House Crossing

            	 	
              Laureate
                Capital

            	 
	 	
              0315-280

            	
              Leesville
                Town Center

            	 	
              Laureate
                Capital

            	 
	 	
              0318-120

            	
              Parkway
                Pointe

            	 	
              Laureate
                Capital

            	 
	 	
              0319-280

            	
              Six
                Forks Shopping Center

            	 	
              Laureate
                Capital

            	 
	 	
              0320-280

            	
              Stonehenge
                Market

            	 	
              Laureate
                Capital

            	 
	 	
              0325-161

            	
              Falls
                Pointe Shopping Center

            	 	
              Merrill
                Lynch

            	 
	 	
              0326-163

            	
              Rancho
                Sam Marcos Billage

            	 	
              LaSalle
                National Bank

            
	 	
              0327-166

            	
              Hollywood
                Hills Plaza

            	 	
              Merrill
                Lynch

            	 
	 	
              0332-196

            	
              Village
                Shoppes of Sugarloaf

            	 	
              Key
                Bank

            	 	 
	 	
              0333-297

            	
              Plantation
                Centre

            	 	
              Ohio
                National Association

            
	 	
              0334-297

            	
              North
                Creek Plaza

            	 	
              Key
                Bank

            	 	 

    

     

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              0335-198

            	
              El
                Camino Shopping Center

            	 	
              Bank
                of America

            	 
	 	
              0336-019

            	
              Roswell
                Corners

            	 	
              Key
                Bank

            	 	 
	 	
              0338-110

            	
              Northtown
                Plaza

            	 	
              Wachovia

            	 	 
	 	
              0338-111

            	
              Northtown
                Plaza

            	 	
              GE
                Capital

            	 
	 	
              0340-113

            	
              The
                Plaza at Cottonwood

            	 	
              GMAC

            	 	 
	 	
              0342-001

            	
              Grayson
                Commons

            	 	
              GE
                Capital

            	 
	 	
              0347-170

            	
              Flamingo
                Pines shopping Center

            	 	
              Wells
                Fargo

            	 
	 	
              0349-126

            	
              Ravenstone
                Commons

            	 	
              Teachers
                Insurance

            	 
	 	
              0350-290

            	
              Taylorsville
                Town Center

            	 	
              Union
                Bank of California

            
	 	
              0351-291

            	
              West
                Jordan Town Center

            	 	
              Protective
                Life Ins. Co.

            
	 	
              0352-012

            	
              Pincrest
                Plaza Shopping Center

            	 	
              Wells
                Fargo

            	 
	 	
              0353-015

            	
              Thompson
                Bridge Commons

            	 	
              Principal
                Life Ins. Co

            	 
	 	
              0354-017

            	
              Best
                in the West

            	 	
              Wachovia

            	 	 
	 	
              0359-018

            	
              Marshall's
                Plaza

            	 	
              Wells
                Fargo

            	 
	 	
              0360-001

            	
              Whitehall
                Commons

            	 	
              GE
                Capital

            	 
	 	
              0361-776

            	
              Bridges
                at Smoky Hills

            	 	
              Bank
                of America

            	 
	 	
              0364-764

            	
              Crossing
                at Stonegate

            	 	
              PrincipalCapital

            	 
	 	
              0365-775

            	
              Thorncreek
                Crossing

            	 	
              Bear
                Stearns

            	 
	 	
              0366-774

            	
              Lowry
                Town Center

            	 	
              Bear
                Stearns

            	 
	 	
              0368-773

            	
              Aurora
                City Place

            	 	
              Bear
                Stearns

            	 
	 	
              0374-216

            	
              Johnston
                Road Plaza

            	 	
              Principal
                Global Investors

            
	 	
              0375-218

            	
              Steele
                Creek Crossing

            	 	
              Wachovia

            	 	 
	 	
              0377-001

            	
              Millpond
                Center

            	 	
              Life
                Investors Ins. Co

            	 
	 	
              0380-021

            	
              Uintah
                Gardens

            	 	
              Wells
                Fargo

            	 
	 	
              0391-791

            	
              Westminster
                Plaza

            	 	
              GMAC

            	 	 
	 	
              0492-119

            	
              Kennesaw
                75

            	 	
              John
                Hancock

            	 
	 	
              0498-181

            	
              Siempre
                Viva Business Park

            	 	
              Principal
                Life Ins. Co

            	 
	 	
              0498-183

            	
              Siempre
                Viva Business Park

            	 	
              John
                Hancock

            	 
	 	
              0688-296

            	
              Promenade
                Shopping Center

            	 	
              Bangor
                Savings Bank

            
	 	 	 	 	 	 	 
	
              Industrial
                Revenue Bonds:

            	 	 	 	 
	 	 	 	 	 	 	 
	 	
              0012-001

            	
              Westwood
                Village Shopping Center

            	 	
              Ind
                Rev Bonds

            	 
	 	
              0012-001

            	
              Westwood
                Village Shopping Center

            	 	
              Ind
                Rev Bonds-Phase II

            
	 	
              0071-001

            	
              Park
                Plaza Shopping Center

            	 	
              Ind
                Rev Bonds

            	 
	 	
              0122-001

            	
              Galveston
                Place

            	 	
              Ind
                Rev Bonds

            	 
	 	
              0192-001

            	
              Shawnee
                Village Shopping Center

            	 	
              Ind
                Rev Bonds

            	 
	 	
              0458-284

            	
              Atlanta
                Industrial Park

            	 	
              Ind
                Rev Bonds

            	 
	 	 	 	 	 	 	 
	
              Capital
                Leases:

            	 	 	 	 
	 	
              0220-120

            	
              Francisco
                Center

            	 	
              Capital
                Lease

            	 
	 	
              0221-120

            	
              College
                Park Shopping Center

            	 	
              Capital
                Lease

            	 

    

    

    

    

    
      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    

    

    
      	
              SCHEDULE
                6.03

            
	
              Certain
                Investments

            
	 	 	 
	
              Weingarten
                Realty Investors 50% owned unconsolidated joint
                ventures

            
	 	 	 
	
               

            	
               

            	
               

            
	
              Company

            	
              Property
                Name

            	
              Ownership
                %

            
	 	 	 
	
              205

            	
              Weingarten
                Maya Tropicana, LLC

            	
              50.00

            
	
              206

            	
              Weingarten
                1815 S. 10th JV

            	
              50.00

            
	
              219

            	
              WII/LLA-HD
                Venture

            	
              50.00

            
	
              220

            	
              WRI/LLA
                Venture

            	
              50.00

            
	
              221

            	
              Weingarten
                Shary Crossing JV

            	
              50.00

            
	
              222

            	
              Weingarten
                Shary North JV

            	
              50.00

            
	
              271

            	
              Weingarten
                Finger Venture

            	
              50.00

            
	
              277

            	
              Eastex
                Venture

            	
              50.00

            
	
              294

            	
              Weingarten
                Tenth-Jackson West JV

            	
              50.00

            
	
              340

            	
              South
                Loop-Long Wayside Co.

            	
              50.00

            
	
              760

            	
              Miller
                Weingarten Realty, LLC

            	
              50.00

            
	
               

            	
               

            	
               

            

    

    

    

    

    

    
      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

    

    

    

      

      SCHEDULE
        6.06

      Existing
        Restrictions

      

      Covenants
        and restrictions as contained in Weingarten Realty Investors shelf registration
        of securities for future issuances and all previously issued Medium Term
        Notes.

      

    

    

    

    

    

    

    
      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

    

    
 

    

      

      CREDIT
        AGREEMENT

      

      EXHIBIT
        A

      

      ASSIGNMENT
        AND ASSUMPTION

      

      

      

      This
        Assignment and Assumption (the “Assignment
        and Assumption”)
        is
        dated as of the Effective Date set forth below and is entered into by and
        between [Insert
        name of Assignor]
        (the
“Assignor”)
        and
        [Insert
        name of Assignee]
        (the
“Assignee”).
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Credit Agreement identified below (as amended, the “Credit
        Agreement”),
        receipt of a copy of which is hereby acknowledged by the Assignee. The Standard
        Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed
        to
        and incorporated herein by reference and made a part of this Assignment and
        Assumption as if set forth herein in full.

      

      For
        an
        agreed consideration, the Assignor hereby irrevocably sells and assigns to
        the
        Assignee, and the Assignee hereby irrevocably purchases and assumes from
        the
        Assignor, subject to and in accordance with the Standard Terms and Conditions
        and the Credit Agreement, as of the Effective Date inserted by the
        Administrative Agent as contemplated below (i) all of the Assignor’s rights and
        obligations in its capacity as a Lender under the Credit Agreement and any
        other
        documents or instruments delivered pursuant thereto to the extent related
        to the
        amount and percentage interest identified below of all of such outstanding
        rights and obligations of the Assignor under the respective facilities
        identified below (including any letters of credit, guarantees, and swingline
        loans included in such facilities) and (ii) to the extent permitted to be
        assigned under applicable law, all claims, suits, causes of action and any
        other
        right of the Assignor (in its capacity as a Lender) against any Person, whether
        known or unknown, arising under or in connection with the Credit Agreement,
        any
        other documents or instruments delivered pursuant thereto or the loan
        transactions governed thereby or in any way based on or related to any of
        the
        foregoing, including contract claims, tort claims, malpractice claims, statutory
        claims and all other claims at law or in equity related to the rights and
        obligations sold and assigned pursuant to clause (i) above (the rights and
        obligations sold and assigned pursuant to clauses (i) and (ii) above being
        referred to herein collectively as the “Assigned
        Interest”).
        Such
        sale and assignment is without recourse to the Assignor and, except as expressly
        provided in this Assignment and Assumption, without representation or warranty
        by the Assignor.

      

      1. Assignor:  ______________________________

      

      2. Assignee:  ______________________________

       
        [and is an Affiliate/Approved Fund of [identify
        Lender]1 ]

      

      3. Borrower:  Weingarten
        Realty Investors

       

      
        
          
            

          

        

        11
          Select as applicable.

      

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      
 

      4. Administrative
        Agent: 
        JPMorgan
        Chase Bank, N.A., as the administrative agent under the Credit
        Agreement

      

      5. Credit
        Agreement: The
        Amended and Restated Credit Agreement dated as of _______, 2006 among Weingarten
        Realty Investors, the Lenders parties thereto, JPMorgan Chase Bank, N.A.,
        as
        Administrative Agent, and the other agents parties thereto

      

      6. 
        Assigned
        Interest:

       

      
        	
                Facility
                  Assigned2 

              	
                Aggregate
                  Amount of Commitment/Loans for all Lenders

              	
                Amount
                  of Commitment/Loans Assigned

              	
                Percentage
                  Assigned of Commitment/Loans3 

              
	 	
                $

              	
                $

              	
                %

              
	 	
                $

              	
                $

              	
                %

              
	 	
                $

              	
                $

              	
                %

              

      

      

      

      Effective
        Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND
        WHICH
        SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
        THEREFOR.]

      

      The
        terms
        set forth in this Assignment and Assumption are hereby agreed to:

      

      ASSIGNOR

      

      
        	 	 	 	 	 	 	
                [NAME
                  OF ASSIGNOR]

              

      

      

      By:______________________________

      Title:

      

      

      ASSIGNEE

      

      [NAME
        OF
        ASSIGNEE]

      

      

      By:______________________________

      Title:

       

      
        
          

        

      

      22Fill
        in the appropriate terminology
        for the types of facilities under the Credit Agreement that are being assigned
        under this Assignment (e.g. “Revolving Commitment,” “Tranche A Commitment,”
“Tranche B Commitment,” etc.)

      
        
           

          
            33
Set
              forth, to at least 9 decimals, as a
              percentage of the Commitment/Loans of all Lenders
              thereunder.

          

      

      
        
           

          

          

          

          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

      [Consented
        to and]4 
        Accepted:

      

      JPMORGAN
        CHASE BANK, N.A., as 

      Administrative
        Agent

      

      

      By_________________________________

      Title:

      

      

      [Consented
        to:]5  

      

      [NAME
        OF
        RELEVANT PARTY]

      

      

      By________________________________

      Title:

       

      
        
          

        

        
          44
            To be
            added only if the consent of the Administrative Agent is required by
            the terms
            of the Credit Agreement.

           

        

        
          55
            To be
            added only if the consent of the Borrower and/or other parties (e.g.
            Swingline
            Lender, Issuing Bank) is required by the terms of the Credit
            Agreement.

        

      

      
        
          
             

            

            

            

          

          
          

        

        
          A-3

          
            

          

        

        
          
          

          
             

            

             

          

        

      

    

     

     

    

      ANNEX
        1

      

      

      STANDARD
        TERMS AND CONDITIONS FOR

      ASSIGNMENT
        AND ASSUMPTION

      

      1.
        Representations
        and Warranties.
        

      

      1.1
        Assignor.
        The
        Assignor (a) represents and warrants that (i) it is the legal and beneficial
        owner of the Assigned Interest, (ii) the Assigned Interest is free and clear
        of
        any lien, encumbrance or other adverse claim and (iii) it has full power
        and
        authority, and has taken all action necessary, to execute and deliver this
        Assignment and Assumption and to consummate the transactions contemplated
        hereby; and (b) assumes no responsibility with respect to (i) any statements,
        warranties or representations made in or in connection with the Credit Agreement
        or any other Loan Document, (ii) the execution, legality, validity,
        enforceability, genuineness, sufficiency or value of the Loan Documents or
        any
        collateral thereunder, (iii) the financial condition of the Borrower, any
        of its
        Subsidiaries or Affiliates or any other Person obligated in respect of any
        Loan
        Document or (iv) the performance or observance by the Borrower, any of its
        Subsidiaries or Affiliates or any other Person of any of their respective
        obligations under any Loan Document.

      

      1.2.
        Assignee.
        The
        Assignee (a) represents and warrants that (i) it has full power and authority,
        and has taken all action necessary, to execute and deliver this Assignment
        and
        Assumption and to consummate the transactions contemplated hereby and to
        become
        a Lender under the Credit Agreement, (ii) it satisfies the requirements,
        if any,
        specified in the Credit Agreement that are required to be satisfied by it
        in
        order to acquire the Assigned Interest and become a Lender, (iii) from and
        after
        the Effective Date, it shall be bound by the provisions of the Credit Agreement
        as a Lender thereunder and, to the extent of the Assigned Interest, shall
        have
        the obligations of a Lender thereunder, (iv) it has received a copy of the
        Credit Agreement, together with copies of the most recent financial statements
        delivered pursuant to Section 5.01 thereof, as applicable, and such other
        documents and information as it has deemed appropriate to make its own credit
        analysis and decision to enter into this Assignment and Assumption and to
        purchase the Assigned Interest on the basis of which it has made such analysis
        and decision independently and without reliance on the Administrative Agent
        or
        any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment
        and Assumption is any documentation required to be delivered by it pursuant
        to
        the terms of the Credit Agreement, duly completed and executed by the Assignee;
        and (b) agrees that (i) it will, independently and without reliance on the
        Administrative Agent, the Assignor 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 the Loan
        Documents, and (ii) it will perform in accordance with their terms all of
        the
        obligations which by the terms of the Loan Documents are required to be
        performed by it as a Lender.

       

       

      
        
          
          

        

        
          A-A-1

          
            

          

        

        
          
          

        

      

      
 

      2.
        Payments.
        From
        and after the Effective Date, the Administrative Agent shall make all payments
        in respect of the Assigned Interest (including payments of principal, interest,
        fees and other amounts) to the Assignor for amounts which have accrued to
        but
        excluding the Effective Date and to the Assignee for amounts which have accrued
        from and after the Effective Date.

      

      3.
        General
        Provisions.
        This
        Assignment and Assumption shall be binding upon, and inure to the benefit
        of,
        the parties hereto and their respective successors and assigns. This Assignment
        and Assumption may be executed in any number of counterparts, which together
        shall constitute one instrument. Delivery
        of an executed counterpart of a signature page of this Assignment
        and
        Assumption
        by
        telecopy shall be effective as delivery of a manually executed counterpart
        of
        this Assignment
        and
        Assumption.
        This
        Assignment and Assumption shall be governed by, and construed in accordance
        with, the law of the State of Texas. 

      

      

      
        
          
          

        

        
          A-A-2

          
            

          

        

        
          
          

          
             

            

             

          

        

      

      

        

        CREDIT
          AGREEMENT

        

        EXHIBIT
          B

        

        FORM
          OF COMPLIANCE CERTIFICATE

        

        [Date]

        

        JPMorgan
          Chase Bank, N.A.,

        as
          Administrative Agent 

        712
          Main
          Street

        Houston,
          Texas 77002

        

        Attn:
          Manager, Real Estate Group

        

        Re: Weingarten
          Realty Investors

        Compliance
          Certificate for _______ through __________

        

        Dear
          Ladies and Gentlemen:

        

        This
          Compliance Certificate is made with reference to that certain Amended and
          Restated Credit Agreement dated as of ________________, 2006 (as amended,
          supplemented or otherwise modified from time to time, the “Credit Agreement”),
          among Weingarten Realty Investors (the “Borrower”), the financial institutions
          party thereto, as lenders, and JPMorgan Chase Bank, N.A., as Administrative
          Agent. All capitalized terms used in this Compliance Certificate (including
          any
          attachments hereto) and not otherwise defined in this Compliance Certificate
          shall have the meanings set forth for such terms in the Credit Agreement.
          All
          Section references herein shall refer to the Credit Agreement.

        

        I
          hereby
          certify that I am the [vice president of capital markets] [chief financial
          officer] [chief accounting officer] [treasurer] [controller] of Weingarten
          Realty Investors, and that I make this Certificate on behalf of the Borrower.
          I
          further represent and certify on behalf of the Borrower as follows as of
          the
          date of this Compliance Certificate:

        

        

        I
          have
          reviewed the terms of the Loan Documents and have made, or have caused
          to be
          made under my supervision, a review in reasonable detail of the transactions
          and
          consolidated and consolidating financial condition of the Borrower and
          its
          Subsidiaries, during the accounting period (the “Reporting Period”)

         

        
          
            
            

          

          
            B-1

            
              

            

          

          
            
            

          

        

         

         

        covered
          by the financial reports delivered
          simultaneous herewith pursuant to Section 5.01[(a)][(b)], and that such
          review
          has not disclosed the existence during or at the end of such Reporting
          Period
          (and that I do not have knowledge of the existence as at the date hereof)
          of any
          condition or event which constitutes a Default or Event of Default.1

        
 

        Attached
          hereto as Schedule B is a schedule of the amount, maturity, interest rate
          and
          amortization requirements for the outstanding Indebtedness of Borrower
          and its
          Subsidiaries. As of the last day of the Reporting Period, the amount of
          Indebtedness was $_____________, the amount of Secured Debt was $_____________,
          and the amount of Indebtedness other than Secured Debt was
          $_____________.

        

        Attached
          hereto as (x) Schedule C-1 is a detailed calculation of Interest Expense
          for the
          Reporting Period, which amount was $__________, (y) Schedule C-2 is a detailed
          calculation of Interest Expense on Indebtedness other than Secured Debt
          for the
          Reporting Period, which amount was $__________, and (z) Schedule C-3 is
          a
          detailed calculation of the Interest Expense, principal paid and due and
          payable
          on Indebtedness, and cash dividends payable on the Borrower’s preferred stock
          for the Reporting Period, which aggregated $__________.

        

        Attached
          hereto as Schedule D is a detailed calculation of EBITDA for the Reporting
          Period, which amount was $___________.

        

        

        

        ________________

        1Alternatively,
          if a Default or Event of Default existed or exists, specify the nature
          and
          period of existence thereof and what action the Borrower or any of its
          Subsidiaries has taken, is taking and proposes to take with respect
          thereto.

        
          
            
            

          

          
            B-2

            
              

            

          

          
            
            

          

        

      

    

     

     

    

       

      As
        of the
        last day of the Reporting Period: 

       

      

      
        	
                1.

              	
                Secured
                  Debt to Total Asset Value Ratio

              	 	 
	 	 	 	 	 
	 	
                (a)

              	
                Indebtedness
                  secured by a Lien and any Indebtedness of any non-Guarantor
                  Subsidiary

              	 	
                $

              
	 	
                (b)

              	
                Net
                  Operating Income for properties that have reached the Stabilization
                  Date
                  and owned during the most recent 18 months full period (based on
                  last 6
                  months, multiplied by 2)

              	 	
                $

              
	 	
                (c)

              	
                Capital
                  Expenditure Reserve

              	 	
                $

              
	 	
                (d)

              	
                (b)
                  - (c) ÷ .0825

              	 	
                $

              
	 	
                (e)

              	
                Historical
                  Value of properties acquired during the most  recent
                  18 months period or that are completed but

                have
                  not reached the Stabilization Date

              	 	
                $

              
	 	
                (f)

              	
                Historical
                  Value of properties under construction or development

              	 	
                $

              
	 	
                (g)

              	
                Historical
                  Value of undeveloped land 

              	 	
                $

              
	 	
                (h)

              	
                Value
                  ((d) + (e) + (f) + (g))

              	 	
                $

              
	 	
                (i)

              	
                Cash
                  and cash equivalents excluding tenant security and other restricted
                  deposits

              	 	
                $

              
	 	
                (j)

              	
                Investments
                  in Mortgage Notes 

              	 	
                $

              
	 	
                (k)

              	
                Investments
                  in real estate related Unconsolidated Affiliates

              	 	
                $

              
	 	
                (l)

              	
                Investments
                  in Affiliate Notes (limited to 2% of Total Asset Value)

              	 	
                $

              
	 	
                (m)

              	
                Total
                  Asset Value ((h) + (i) + (j) + (k)+(l))

              	 	
                $

              
	 	
                (n)

              	
                Secured
                  Debt to Total Asset Value Ratio (as a percentage, (a) ÷ (m))2

              	 	
                %

              

      

      

      

      _____________

      2Pursuant
        to Section 5.02(a), cannot exceed thirty percent (30%)

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

      

      
        	
                2.

              	
                Fixed
                  Charge Coverage Ratio Calculation:

              	 	 
	 	 	 	 	 
	 	
                (a)

              	
                Borrower's
                  EBITDA

              	 	
                $

              
	 	
                (b)

              	
                Capital
                  Expenditure Reserve (attach quarterly average calculation)

              	 	
                $

              
	 	
                (c)

              	
                (a)
                  - (b)

              	 	
                $

              
	 	
                (d)

              	
                Principal
                  paid and due and payable plus Interest Expense plus cash dividends
                  on
                  preferred stock

              	 	
                $

              
	 	
                (e)

              	
                Fixed
                  Charge Coverage Ratio ((c) to (d))3

              	 	
                :1.00

              
	 	 	 	 	 
	
                3.

              	
                Net
                  Worth Calculation:

              	 	 
	 	 	 	 	 
	 	
                (a)

              	
                Total
                  Asset Value

              	 	
                $

              
	 	
                (b)

              	
                Indebtedness

              	 	
                $

              
	 	
                (c)

              	
                Net
                  Worth4

              	 	
                $

              
	 	 	 	 	 
	
                4.

              	
                Unencumbered
                  Interest Coverage Ratio

              	 	 
	 	 	 	 	 
	 	
                (a)

              	
                Net
                  Operating Income for Qualified Real Property, less Capital Expenditure
                  Reserve for each such property

              	 	
                $

              
	 	
                (b)

              	
                Interest
                  Expense on unsecured debt

              	 	
                $

              
	 	
                (c)

              	
                Unencumbered
                  Interest Coverage Ratio ((a) to (b))5

              	 	
                :1.00

              
	 	 	 	 	 
	
                5.

              	
                Debt
                  to Total Asset Value Ratio Calculation:

              	 	 
	 	 	 	 	 
	 	
                (a)

              	
                Indebtedness

              	 	
                $

              
	 	
                (b)

              	
                Total
                  Asset Value

              	 	
                $

              
	 	
                (c)

              	
                Debt
                  to Total Asset Value Ratio6

              	 	
                %

              

      

      

      3Pursuant
        to Section 5.02(b), must not be less than 1.75 to 1.00.

      4Pursuant
        to Section 5.02(c), must not be less than $2,000,000,000, plus 50% of the
        net
        proceeds of equity offerings after the date of the Credit
        Agreement.

      5Pursuant
        to Section 5.02(d), must not be less than 2.00 to 1.00.

      6Pursuant
        to Section 5.02(e), cannot exceed sixty percent (60%).

      
        
          
          

        

        
          B-4

          
            

          

        

        
          
          

        

      

      

      
        	
                6.

              	
                Investment
                  Limitations

              	 	 
	 	
                (a)

              	
                Investments
                  in Unconsolidated Affiliates and other REITS

              	 	
                $

              
	 	
                (b)

              	
                (i)

              	
                Investments
                  in Affiliate Notes

              	 	
                $

              
	 	 	
                (ii)

              	
                Total
                  Asset Value

              	 	
                $

              
	 	 	
                (iii)

              	
                (i)
                  ÷ (ii), expressed as a percentage7

              	 	
                %

              
	 	
                (c)

              	
                Investments
                  in Mortgage Notes and Affiliate Notes

              	 	
                $

              
	 	
                (d)

              	
                Investments
                  in undeveloped land

              	 	
                $

              
	 	
                (e)

              	
                Investments
                  in property under construction or development

              	 	
                $

              
	 	
                (f)

              	
                (i)

              	
                Investments
                  in Real Property not constituting Retail Property or undeveloped
                  land

              	 	
                $

              
	 	 	
                (ii)

              	
                Total
                  Asset Value

              	 	
                $

              
	 	 	
                (iii)

              	
                (i)
                  ÷ (ii), expressed as a percentage8

              	 	
                %

              
	 	
                (g)

              	
                (i)

              	
                Investments
                  in undeveloped land, Unconsolidated Affiliates and other REITS,
                  property
                  under construction or development, Mortgage Notes and Affiliate
                  Notes  and
                  certain securities

              	 	
                $

              
	 	 	
                (ii)

              	
                Total
                  Asset Value

              	 	
                $

              
	 	 	
                (iii)

              	
                (i)
                  ÷ (ii), expressed as a percentage9

              	 	
                %

              

      

      

      

      ___________

      7Pursuant
        to Section 6.03(d)(ii), cannot exceed two percent (2%) of Total Asset
        Value.

      8Pursuant
        to Section 6.03(h), cannot exceed twenty-five percent (25%) of Total Asset
        Value.

      9Pursuant
        to Section 6.03, cannot exceed thirty-five percent (35%) of Total Asset
        Value.

      

      

      

      
        
          
          

        

        
          B-5

          
            

          

        

        
          
          

        

      

      

      This
        Compliance Certificate has been executed and delivered as of the date set
        forth
        above.

      

      WEINGARTEN
        REALTY INVESTORS

      

      

      By:        

      Name:        

      Title:        

      

      
        
          
          

        

        
          B-6

          
            

          

        

        
          
          

          
             

            

             

          

        

      

      CREDIT
        AGREEMENT

      

      EXHIBIT
        C

       

      FORM
        OF GUARANTY

      

      

      THIS
        GUARANTY dated as of _______________, 2006 executed and delivered by each
        of the
        undersigned, whether one or more, (all each a “Guarantor” and, collectively, the
“Guarantors”), in favor of (a) JPMORGAN CHASE BANK, N.A., in its capacity as
        Administrative Agent (the “Agent”) for the Lenders under that certain Amended
        and Restated Credit Agreement dated as of _______________, 2006, by and among
        WEINGARTEN REALTY INVESTORS (the “Borrower”), the financial institutions party
        thereto and their assignees in accordance therewith (the “Lenders”), and the
        Agent (as the same may be amended, restated, supplemented or otherwise modified
        from time to time in accordance with its terms, the “Credit Agreement”) and (b)
        the Lenders.

      

      WHEREAS,
        pursuant to the Credit Agreement, the Lenders have made available to the
        Borrower certain financial accommodations on the terms and conditions set
        forth
        in the Credit Agreement;

      

      WHEREAS,
        each Guarantor is a [wholly
        owned Subsidiary]
        of the
        Borrower;

      

      WHEREAS,
        the Borrower, each Guarantor and the other Subsidiaries of the Borrower,
        though
        separate legal entities, are mutually dependent on each other in the conduct
        of
        their respective businesses as an integrated operation and have determined
        it to
        be in their mutual best interests to obtain financing from the Agent and
        the
        Lenders through their collective efforts;

      

      WHEREAS,
        each Guarantor acknowledges that it will receive direct and indirect benefits
        from the Agent and the Lenders making such financial accommodations available
        to
        the Borrower under the Credit Agreement and, accordingly, each Guarantor
        is
        willing to guarantee the Borrower’s obligations to the Agent and the Lenders on
        the terms and conditions contained herein; and

      

      WHEREAS,
        each Guarantor’s execution and delivery of this Guaranty is one of the
        conditions precedent to the Agent and the Lenders making, or continuing to
        make,
        such financial accommodations to the Borrower.

      

      NOW,
        THEREFORE, for good and valuable consideration, the receipt and sufficiency
        of
        which are hereby acknowledged by each Guarantor, each Guarantor agrees as
        follows:

      

      Section
        1. Guaranty.
        Each
        Guarantor hereby absolutely and unconditionally guaranties the due and punctual
        payment and performance of all of the following when due (collectively referred
        to as the “Obligations”): (a) all indebtedness and obligations owing by the
        Borrower to any of the Lenders or the Agent under or in connection with the
        Credit Agreement and any other 

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

       

       

      Loan
        Document, including without limitation, the
        repayment of all principal of the Loans made by the Lenders to the Borrower
        under the Credit Agreement and the payment of all interest, fees, charges,
        reasonable attorneys fees and other amounts payable to any Lender or the
        Agent
        thereunder or in connection therewith; (b) any and all extensions, renewals,
        modifications, amendments or substitutions of the foregoing; and (c) all
        expenses, including, without limitation, reasonable attorneys’ fees and
        disbursements, that are incurred by the Lenders or the Agent in the enforcement
        of any of the foregoing or any obligation of such Guarantor
        hereunder.
 

      Section
        2. Guaranty
        of Payment and Not of Collection.
        This
        Guaranty is a guaranty of payment, and not of collection, and a debt of each
        Guarantor for its own account. Accordingly, the Lenders and the Agent shall
        not
        be obligated or required before enforcing this Guaranty against any Guarantor:
        (a) to pursue any right or remedy the Lenders or the Agent may have against
        the
        Borrower, any other Guarantor or any other Person or commence any suit or
        other
        proceeding against the Borrower, any other Guarantor or any other Person
        in any
        court or other tribunal; (b) to make any claim in a liquidation or bankruptcy
        of
        the Borrower, any other Guarantor or any other Person; or (c) to make demand
        of
        the Borrower, any other Guarantor or any other Person or to enforce or seek
        to
        enforce or realize upon any collateral security held by the Lenders or the
        Agent
        which may secure any of the Obligations. In this connection, each Guarantor
        hereby waives the right of such Guarantor to require any holder of the
        Obligations to take action against the Borrower as provided by any legal
        requirement of any Governmental Authority.

      

      Section
        3. Guaranty
        Absolute.
        Each
        Guarantor guarantees that the Obligations will be paid strictly in accordance
        with the terms of the documents evidencing the same, regardless of any legal
        requirement now or hereafter in effect in any jurisdiction affecting any
        of such
        terms or the rights of the Agent or the Lenders with respect thereto. The
        liability of each Guarantor under this Guaranty shall be absolute and
        unconditional in accordance with its terms and shall remain in full force
        and
        effect without regard to, and shall not be released, suspended, discharged,
        terminated or otherwise affected by, any circumstance or occurrence whatsoever
        (other than the full and final payment and performance of the Obligations),
        including, without limitation, the following (whether or not such Guarantor
        consents thereto or has notice thereof):

      

      (a) (i)
        any
        change in the amount, interest rate or due date or other term of any of the
        Obligations; (ii) any change in the time, place or manner of payment of all
        or
        any portion of the Obligations; (iii) any amendment or waiver of, or consent
        to
        the departure from or other indulgence with respect to, the Credit Agreement,
        any other Loan Document, or any other document or instrument evidencing or
        relating to any Obligations; or (iv) any waiver, renewal, extension, addition,
        or supplement to, or deletion from, or any other action or inaction under
        or in
        respect of, the Credit Agreement, any of the other Loan Documents, or any
        other
        documents, instruments or agreements relating to the Obligations or any other
        instrument or agreement referred to therein or evidencing any Obligations
        or any
        assignment or transfer of any of the foregoing;

       

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      
 

      (b) any
        lack
        of validity or enforceability of the Credit Agreement, any of the other Loan
        Documents, or any other document, instrument or agreement referred to therein
        or
        evidencing any Obligations or any assignment or transfer of any of the
        foregoing;

      

      (c) any
        furnishing to the Agent or the Lenders of any security for the Obligations,
        or
        any sale, exchange, release or surrender of, or realization on, any collateral
        security for the Obligations;

      

      (d) any
        settlement or compromise of any of the Obligations, any security therefor,
        or
        any liability of any other party with respect to the Obligations, or any
        subordination of the payment of the Obligations to the payment of any other
        liability of the Borrower;

      

      (e) any
        bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
        liquidation or other like proceeding relating to any other Guarantor, the
        Borrower or any other Person, or any action taken with respect to this Guaranty
        by any trustee or receiver, or by any court, in any such
        proceeding;

      

      (f) any
        nonperfection of any security interest or other Lien on any of the collateral
        securing any of the Obligations;

      

      (g) any
        act
        or failure to act by the Borrower or any other Person which may adversely
        affect
        such Guarantor’s subrogation rights, if any, against the Borrower to recover
        payments made under this Guaranty;

      

      (h) any
        application of sums paid by the Borrower or any other Person with respect
        to the
        liabilities of the Borrower to the Agent or the Lenders, regardless of what
        liabilities of the Borrower remain unpaid;

      

      (i) any
        defect, limitation or insufficiency in the borrowing powers of the Borrower
        or
        in the exercise thereof; or

      

      (j) any
        other
        circumstance which might otherwise constitute a defense available to, or
        a
        discharge of, any Guarantor hereunder.

      

      Section
        4. Action
        with Respect to Obligations.
        The
        Lenders and the Agent may in accordance with the Credit Agreement, at any
        time
        and from time to time, without the consent of, or notice to, any Guarantor,
        and
        without discharging any Guarantor from its obligations hereunder take any
        and
        all actions described in Section
        3
        and may
        otherwise: (a) amend, modify, alter or supplement the terms of any of the
        Obligations, including, but not limited to, extending or shortening the time
        of
        payment of any of the Obligations or the interest rate that may accrue on
        any of
        the Obligations; (b) amend, modify, alter or supplement the Credit Agreement
        or
        any other Loan Document; (c) sell, exchange, release or otherwise deal with
        all,
        or any part, of any collateral securing any of the Obligations; (d) release
        any
        Person liable in any manner for the payment or collection of the Obligations;
        (e) exercise, or refrain from exercising, any rights against the Borrower
        or any
        other Person (including, without limitation, any other Guarantor); 

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

      
 

      and
        (f) apply any sum, by whomsoever paid or however
        realized, to the Obligations in such order as the Lenders or the Agent shall
        elect in accordance with the Credit Agreement.

       

      Section
        5. Representations
        and Warranties.
        Each
        Guarantor hereby makes to the Agent and the Lenders all of the representations
        and warranties made by the Borrower with respect to or in any way relating
        to
        such Guarantor in the Credit Agreement and the other Loan Documents, as if
        the
        same were set forth herein in full.

      

      Section
        6. Covenants.
        Each
        Guarantor will comply with all covenants which the Borrower is to cause such
        Guarantor to comply with under the terms of the Credit Agreement or any other
        Loan Documents.

      

      Section
        7. Waiver.
        Each
        Guarantor, to the fullest extent permitted by applicable law, hereby waives
        notice of acceptance hereof or any presentment, demand, protest or notice
        of any
        kind, and any other act or thing, or omission or delay to do any other act
        or
        thing, which in any manner or to any extent might vary the risk of such
        Guarantor or which otherwise might operate to discharge such Guarantor from
        its
        obligations hereunder.

      

      Section
        8. Inability
        to Accelerate Loan.
        If the
        Agent and/or the Lenders are prevented from demanding or accelerating payment
        thereof by reason of any automatic stay or otherwise, the Agent and/or the
        Lenders shall be entitled to receive from each Guarantor, upon demand therefor,
        the sums which otherwise would have been due had such demand or acceleration
        occurred.

      

      Section
        9. Reinstatement
        of Obligations.
        Each
        Guarantor agrees that this Guaranty shall continue to be effective or be
        reinstated, as the case may be, with respect to any Obligations if at any
        time
        payment of any such Obligations is rescinded or otherwise must be restored
        by
        the Agent and/or the Lenders upon the bankruptcy or reorganization of the
        Borrower or any Guarantor or otherwise.

      

      Section
        10. Subrogation.
        Until
        all of the Obligations shall have been indefeasibly paid in full, any right
        of
        subrogation a Guarantor may have shall be subordinate to the rights of Agent
        and
        the Lenders and each Guarantor hereby waives any right to enforce any remedy
        which the Agent and/or the Lenders now have or may hereafter have against
        the
        Borrower, and each Guarantor hereby waives any benefit of, and any right
        to
        participate in, any security or collateral given to the Agent and the Lenders
        to
        secure payment or performance of any of the Obligations.

      

      Section
        11. Payments
        Free and Clear.
        All
        sums payable by each Guarantor hereunder shall be made free and clear of
        and
        without deduction for any Indemnified Taxes (as defined in the Credit Agreement)
        or Other Taxes (as defined in the Credit Agreement); provided
        that if
        any Guarantor shall be required to deduct any Indemnified Taxes or Other
        Taxes
        from such payments, then (i) the sum payable shall be increased as necessary
        so
        that after making all required deductions (including deductions applicable
        to
        additional sums payable under this Section), the Agent, Lender or Issuing
        Bank
        (as defined in the Credit Agreement) (as the case may be) receives an amount
        equal to the sum it would have received had no such deductions 

       

      
        
          
          

        

        
          C-4

          
            

          

        

        
          
          

        

      

      
 

      been
        made; (ii) such Guarantor shall make such
        deductions; and (iii) such Guarantor shall pay the full amount deducted to
        the
        relevant Governmental Authority (as defined in the Credit Agreement) in
        accordance with applicable law.

       

      Section
        12. Set-off.
        In
        addition to any rights now or hereafter granted under applicable law and
        not by
        way of limitation of any such rights, each Lender is hereby authorized at
        any
        time and from time to time, to the fullest extent permitted by law, to set
        off
        and apply any and all deposits (general or special, time or demand, provisional
        or final) at any time held and other obligations at any time owing by such
        Lender to or for the credit or the account of any Guarantor against any of
        and
        all the obligations of such Guarantor now or hereafter existing under this
        Guaranty held by such Lender then due and payable. Each Guarantor agrees,
        to the
        fullest extent it may effectively do so under applicable law, that any holder
        of
        a participation in a Note, whether or not acquired pursuant to the applicable
        provisions of the Credit Agreement, may exercise rights of setoff or
        counterclaim and other rights with respect to such participation as fully
        as if
        such holder of a participation were a direct creditor of such Guarantor in
        the
        amount of such participation.

      

      Section
        13. Subordination.
        Each
        Guarantor hereby expressly covenants and agrees for the benefit of the Agent
        and
        the Lenders that all obligations and liabilities of the Borrower or any other
        Guarantor to such Guarantor of whatever description, including without
        limitation, all intercompany receivables of such Guarantor from the Borrower
        or
        any other Guarantor (collectively, the “Junior Claims”) shall be subordinate and
        junior in right of payment to all Obligations; provided, however, that payment
        thereof may be made so long as no Event of Default shall have occurred and
        be
        continuing. If an Event of Default shall have occurred and be continuing,
        then
        no Guarantor shall accept any direct or indirect payment (in cash, property,
        securities by setoff or otherwise) from the Borrower or any other Guarantor
        on
        account of or in any manner in respect of any Junior Claim until all of the
        Obligations have been indefeasibly paid in full.

      

      Section
        14. Avoidance
        Provisions.
        It is
        the intent of each Guarantor, the Agent and the Lenders that in any Proceeding,
        such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the
        maximum amount which would not otherwise cause the obligations of such Guarantor
        hereunder (or any other obligations of such Guarantor to the Agent and the
        Lenders) to be avoidable or unenforceable against such Guarantor in such
        Proceeding as a result of applicable law, including without limitation, (a)
        Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”)
        and (b) any state fraudulent transfer or fraudulent conveyance act or statute
        applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy
        Code or otherwise. The applicable laws under which the possible avoidance
        or
        unenforceability of the obligations of such Guarantor hereunder (or any other
        obligations of such Guarantor to the Agent and the Lenders) shall be determined
        in any such Proceeding are referred to as the “Avoidance Provisions.”
Accordingly, to the extent that the obligations of any Guarantor hereunder
        would
        otherwise be subject to avoidance under the Avoidance Provisions, the maximum
        Obligations for which such Guarantor shall be liable hereunder shall be reduced
        to that amount which, as of the time any of the Obligations are deemed to
        have
        been incurred under the Avoidance Provisions, would not cause the obligations
        of
        any Guarantor hereunder (or any 

       

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

      
 

      other
        obligations of such Guarantor to the Agent and
        the Lenders), to be subject to avoidance under the Avoidance Provisions.
        This
        Section is intended solely to preserve the rights of the Agent and the Lenders
        hereunder to the maximum extent that would not cause the obligations of any
        Guarantor hereunder to be subject to avoidance under the Avoidance Provisions,
        and no Guarantor nor any other Person shall have any right or claim under
        this
        Section as against the Agent and the Lenders that would not otherwise be
        available to such Person under the Avoidance Provisions.

       

      Section
        15. Information.
        Each
        Guarantor assumes all responsibility for being and keeping itself informed
        of
        the financial condition of the Borrower, of the other Guarantors and of all
        other circumstances bearing upon the risk of nonpayment of any of the
        Obligations and the nature, scope and extent of the risks that such Guarantor
        assumes and incurs hereunder, and agrees that none of the Agent or any Lender
        shall have any duty whatsoever to advise any Guarantor of information regarding
        such circumstances or risks.

      

      Section
        16. Governing
        Law.
        THIS
        GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF THE
        STATE OF TEXAS.

      

      SECTION
        17. JURISDICTION,
        VENUE.

      

      (a) EACH
        GUARANTOR AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT
        OF
        TEXAS, HOUSTON DIVISION, OR, AT THE OPTION OF THE AGENT, ANY STATE COURT
        LOCATED
        IN HARRIS COUNTY, TEXAS SHALL HAVE NONEXCLUSIVE JURISDICTION TO HEAR AND
        DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE AGENT
        OR
        ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR
        ANY
        OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR ANY
        COLLATERAL. EACH GUARANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
        JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE CHOICE
        OF
        FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING
        OF
        ANY ACTION BY THE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR
        ANY
        LENDER IN ANY OTHER APPROPRIATE JURISDICTION. FURTHER, EACH GUARANTOR
        IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
        OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
        ANY
        SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
        BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

      

      (b) THE
        FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL
        UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT
        OF THE OBLIGATIONS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER
        LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY.

       

       

      
        
          
          

        

        
          C-6

          
            

          

        

        
          
          

        

      

      
 

      Section
        18. Loan
        Accounts.
        The
        Agent may maintain books and accounts setting forth the amounts of principal,
        interest and other sums paid and payable with respect to the Obligations,
        and in
        the case of any dispute relating to any of the outstanding amount, payment
        or
        receipt of Obligation or otherwise, the entries in such account shall be
        binding
        upon each Guarantor as to the outstanding amount of such Obligations and
        the
        amounts paid and payable with respect thereto absent manifest error. The
        failure
        of the Agent to maintain such books and accounts shall not in any way relieve
        or
        discharge any Guarantor of any of its obligations hereunder.

      

      Section
        19. Waiver
        of Remedies.
        No
        delay or failure on the part of the Agent or the Lenders in the exercise
        of any
        right or remedy it may have against any Guarantor hereunder or otherwise
        shall
        operate as a waiver thereof, and no single or partial exercise by the Agent
        or
        the Lenders of any such right or remedy shall preclude other or further exercise
        thereof or the exercise of any other such right or remedy.

      

      Section
        20. Successors
        and Assigns.
        Each
        reference herein to the Agent or the Lenders shall be deemed to include such
        Person’s respective successors and assigns (including, but not limited to, any
        holder of the Obligations) in whose favor the provisions of this Guaranty
        also
        shall inure, and each reference herein to any Guarantor shall be deemed to
        include the Guarantor’s successors and assigns, upon whom this Guaranty also
        shall be binding. The Lenders and the Agent may, in accordance with the
        applicable provisions of the Credit Agreement, assign, transfer or sell any
        Obligation, or grant or sell participation in any Obligations, to any Person
        or
        entity without the consent of, or notice to, any Guarantor and without
        releasing, discharging or modifying such Guarantor’s obligations hereunder. Each
        Guarantor hereby consents to the delivery by the Agent or any Lender to any
        assignee, transferee or participant of any financial or other information
        regarding the Borrower or any Guarantor. Each Guarantor may not assign or
        transfer its obligations hereunder to any Person.

      

      Section
        21. Amendments.
        This
        Guaranty may not be amended except as provided in the Credit
        Agreement.

      

      Section
        22. Payments.
        All
        payments made by any Guarantor pursuant to this Guaranty shall be made in
        Dollars, in immediately available funds to the Agent at the place and time
        provided for in the Credit Agreement on the date one (1) Business Day after
        written demand therefor to such Guarantor by the Agent.

      

      SECTION
        23. JOINT
        AND SEVERAL OBLIGATIONS.
        THE
        OBLIGATIONS OF THE GUARANTORS HEREUNDER AND UNDER OTHER LOAN DOCUMENTS SHALL
        BE
        JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR (BUT NOT ITS LIMITED
        PARTNERS, SHAREHOLDERS OR MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED
        PARTNERS, SHAREHOLDERS OR MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE
        OBLIGATIONS AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER
        GUARANTORS HEREUNDER AND UNDER OTHER LOAN DOCUMENTS.

       

       

      
        
          
          

        

        
          C-7

          
            

          

        

        
          
          

        

      

      
 

      Section
        24. Notices.
        All
        notices, requests and other communications hereunder shall be in writing
        and
        shall be given as provided in the Loan Agreement. Each Guarantor’s address for
        notice is set forth below its signature hereto.

      

      Section
        25. Severability.
        In case
        any provision of this Guaranty shall be invalid, illegal or unenforceable
        in any
        jurisdiction, the validity, legality and enforceability of the remaining
        provisions shall not in any way be affected or impaired thereby.

      

      Section
        26. Headings.
        Section
        headings used in this Guaranty are for convenience only and shall not affect
        the
        construction of this Guaranty.

      

      Section
        27. Definitions.
        (a) For
        the purposes of this Guaranty:

      

      “Proceeding”
means
        any of the following: (i) a voluntary or involuntary case concerning any
        Guarantor shall be commenced under the Bankruptcy Code or any other applicable
        bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any
        other applicable bankruptcy laws) is appointed for, or takes charge of, all
        or
        any substantial part of the property of any Guarantor; (iii) any other
        proceeding under any applicable law, domestic or foreign, relating to
        bankruptcy, insolvency, reorganization, winding-up or composition for adjustment
        of debts, whether now or hereafter in effect, is commenced relating to any
        Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any
        order of relief or other order approving any such case or proceeding is entered
        by a court of competent jurisdiction; (vi) any Guarantor makes a general
        assignment for the benefit of creditors; (vii) any Guarantor shall fail to
        pay,
        or shall state that it is unable to pay, or shall be unable to pay, its debts
        generally as they become due; (viii) any Guarantor shall call a meeting of
        its
        creditors with a view to arranging a composition or adjustment of its debts;
        (ix) any Guarantor shall by any act or failure to act indicate its consent
        to,
        approval of or acquiescence in any of the foregoing; or (x) any corporate
        action
        shall be taken by any Guarantor for the purpose of effecting any of the
        foregoing.

      

      (b) Terms
        not
        otherwise defined herein are used herein with the respective meanings given
        them
        in the Credit Agreement.

      

      IN
        WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty
        as
        of the date and year first written above.

      

      (GUARANTOR)

      

      

      By:

      Name:

      Title:

      

      Address
        for Notices:

      

      c/o
        Weingarten Realty Investors

      

      
        
          
          

        

        
          C-8

          
            

          

        

        
          
          

        

      

    

     

     

     

    
      Attention:
        

       

       

      
        
          
          

        

        
          C-9

          
            

          

        

        
          
          

        

      

    

     

     

    

      CREDIT
        AGREEMENT

      

      EXHIBIT
        D

      

      

      FORM
        OF NOTE

      [Competitive
        Note]

      [Revolving
        Note]

      

      $_________________                                                                           __________,
        2006

      

      

      FOR
        VALUE RECEIVED, WEINGARTEN REALTY INVESTORS,
        a Texas
        real estate investment trust (“Maker”)
        promises to pay without offset or counterclaim to the order of [insert name
        of
        Lender], (“Payee”), the principal amount equal to the lesser of (x)
        __________________________ ($_____________) or (y) the outstanding amount
        advanced by Payee as a [Revolving Loan] [Competitive Loan] under the Credit
        Agreement (as hereinafter defined), payable in accordance with the terms
        of the
        Credit Agreement.

      

      Maker
        also promises to pay interest on the unpaid principal amount of this Note
        (this
“Note”) at the rates and at the times which shall be determined in accordance
        with the provisions of that certain Amended and Restated Credit Agreement
        dated
        of even date herewith, among Maker, the Lenders named therein, and JPMorgan
        Chase Bank, N.A., as Administrative Agent for itself and the Lenders (as
        hereafter amended, supplemented or otherwise modified from time to time,
        the
“Credit
        Agreement”).
        Capitalized terms used herein without definition shall have the meanings
        set
        forth in the Credit Agreement.

      

      Amounts
        borrowed may be repaid and reborrowed at any time prior to the termination
        of
        the Availability Period. Except as otherwise provided in the Credit Agreement,
        no Lender shall have any obligation to make a Loan to the extent such Loan
        would
        cause the sum of the total Revolving Credit Exposures plus the aggregate
        principal amount outstanding of Competitive Loans to exceed the total
        Commitments.

      

      This
        Note
        is subject to mandatory prepayment and prepayment at the option of the Maker,
        as
        provided in the Credit Agreement.

      

      This
        Note
        is issued pursuant to the Credit Agreement and is entitled to the benefits
        of
        the Credit Agreement, reference to which is hereby made for a more complete
        statement of the terms and conditions under which the Loan evidenced hereby
        is
        made and is to be repaid.

      

      THE
        CREDIT AGREEMENT AND THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
        AND
        ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT
        REGARD TO CONFLICTS OF LAWS PRINCIPLES.

       

       

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      
 

      Upon
        the
        occurrence of an Event of Default, the unpaid balance of the principal amount
        of
        this Note may become, or may be declared to be, due and payable in the manner,
        upon the conditions and with the effect provided in the Credit
        Agreement.

      

      Maker
        promises to pay all fees, costs and expenses incurred in the collection and
        enforcement of this Note in accordance with the terms of the Credit Agreement.
        Maker and any endorser of this Note hereby consents to renewals and extensions
        of time at or after the maturity hereof, without notice, and hereby waive
        diligence, presentment, protest, demand and notice of every kind (except
        such
        notices as may be expressly required under the Credit Agreement or the other
        Loan Documents) and, to the full extent permitted by law, the right to plead
        any
        statute of limitations as a defense to any demand hereunder.

      

      Whenever
        possible, each provision of this Note shall be interpreted in such manner
        as to
        be effective and valid under applicable law, but if any provision of this
        Note
        shall be prohibited by or invalid under applicable law, such provision shall
        be
        ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provision or the remaining provisions
        of this
        Note.

      

      With
        respect to the incurrence of certain liabilities hereunder and the making
        of
        certain agreements by Maker as herein stated, such incurrence of liabilities
        and
        such agreements shall be binding upon Maker only as a trust formed under
        the
        Texas Real Estate Investment Trust Act pursuant to that certain Restated
        Declaration of Trust dated March 23, 1988 (as amended from time to time),
        and
        only upon the assets of such Maker. No Trust Manager or officer or holder
        of any
        beneficial interest in Maker shall have any personal liability for the payment
        of any indebtedness or other liabilities incurred by Maker hereunder or for
        the
        performance of any agreements made by Maker hereunder, nor for any other
        act,
        omission or obligation incurred by Maker or the Trust Managers except, in
        the
        case of a Trust Manager, any liability arising from his own willful misfeasance
        or malfeasance or gross negligence.

      

      IN
        WITNESS WHEREOF, Maker has caused this Note to be executed and delivered
        by its
        duly authorized officer, as of the day and year first written
        above.

      

      

      WEINGARTEN
        REALTY INVESTORS

      

      

      

      By:       

      Name:       

      Title:       

      

      

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

    

     

     

    

      CREDIT
        AGREEMENT

      

      EXHIBIT
        D-1

      

      

      FORM
        OF SWINGLINE NOTE

      

      

      

      $50,000,000.00                                                                              __________,
        2006

      

      

      FOR
        VALUE RECEIVED, WEINGARTEN REALTY INVESTORS,
        a Texas
        real estate investment trust (“Maker”)
        promises to pay without offset or counterclaim to the order of JPMORGAN CHASE
        BANK, N.A. (“Payee”), the principal amount equal to the lesser of (x) Fifty
        Million Dollars ($50,000,000.00) or (y) the outstanding amount advanced by
        Payee
        as a Swingline Loan under the Credit Agreement (as hereinafter defined),
        payable
        in accordance with the terms of the Credit Agreement.

      

      Maker
        also promises to pay interest on the unpaid principal amount of this Note
        (this
“Note”) at the rates and at the times which shall be determined in accordance
        with the provisions of that certain Amended and Restated Credit Agreement
        dated
        of even date herewith, among Maker, the Lenders named therein, and JPMorgan
        Chase Bank, N.A., as Administrative Agent for itself and the Lenders (as
        hereafter amended, supplemented or otherwise modified from time to time,
        the
“Credit
        Agreement”).
        Capitalized terms used herein without definition shall have the meanings
        set
        forth in the Credit Agreement.

      

      Amounts
        borrowed may be repaid and reborrowed at any time prior to the termination
        of
        the Availability Period. Except as otherwise provided in the Credit Agreement,
        no Lender shall have any obligation to make a Loan to the extent such Loan
        would
        cause the sum of the total Revolving Credit Exposures plus the aggregate
        principal amount outstanding of Competitive Loans to exceed the total
        Commitments.

      

      This
        Note
        is subject to mandatory prepayment and prepayment at the option of the Maker,
        as
        provided in the Credit Agreement.

      

      This
        Note
        is issued pursuant to the Credit Agreement and is entitled to the benefits
        of
        the Credit Agreement, reference to which is hereby made for a more complete
        statement of the terms and conditions under which the Loan evidenced hereby
        is
        made and is to be repaid.

      

      THE
        CREDIT AGREEMENT AND THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
        AND
        ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT
        REGARD TO CONFLICTS OF LAWS PRINCIPLES.

       

       

      
        
          
          

        

        
          D-1-1

          
            

          

        

        
          
          

        

      

      
 

      Upon
        the
        occurrence of an Event of Default, the unpaid balance of the principal amount
        of
        this Note may become, or may be declared to be, due and payable in the manner,
        upon the conditions and with the effect provided in the Credit
        Agreement.

      

      Maker
        promises to pay all fees, costs and expenses incurred in the collection and
        enforcement of this Note in accordance with the terms of the Credit Agreement.
        Maker and any endorser of this Note hereby consents to renewals and extensions
        of time at or after the maturity hereof, without notice, and hereby waive
        diligence, presentment, protest, demand and notice of every kind (except
        such
        notices as may be expressly required under the Credit Agreement or the other
        Loan Documents) and, to the full extent permitted by law, the right to plead
        any
        statute of limitations as a defense to any demand hereunder.

      

      Whenever
        possible, each provision of this Note shall be interpreted in such manner
        as to
        be effective and valid under applicable law, but if any provision of this
        Note
        shall be prohibited by or invalid under applicable law, such provision shall
        be
        ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provision or the remaining provisions
        of this
        Note.

      

      With
        respect to the incurrence of certain liabilities hereunder and the making
        of
        certain agreements by Maker as herein stated, such incurrence of liabilities
        and
        such agreements shall be binding upon Maker only as a trust formed under
        the
        Texas Real Estate Investment Trust Act pursuant to that certain Restated
        Declaration of Trust dated March 23, 1988 (as amended from time to time),
        and
        only upon the assets of such Maker. No Trust Manager or officer or holder
        of any
        beneficial interest in Maker shall have any personal liability for the payment
        of any indebtedness or other liabilities incurred by Maker hereunder or for
        the
        performance of any agreements made by Maker hereunder, nor for any other
        act,
        omission or obligation incurred by Maker or the Trust Managers except, in
        the
        case of a Trust Manager, any liability arising from his own willful misfeasance
        or malfeasance or gross negligence.

      

      IN
        WITNESS WHEREOF, Maker has caused this Note to be executed and delivered
        by its
        duly authorized officer, as of the day and year first written
        above.

      

      

      WEINGARTEN
        REALTY INVESTORS

      

      

      

      By:       

      Name:       

      Title:       

      

      

      
        
          
          

        

        
          D-1-2

          
            

          

        

        
          
          

          
          

        

      

      

      

      CREDIT
        AGREEMENT

      

      EXHIBIT
        E

      

      [FORM
        OF] BORROWING REQUEST/INTEREST ELECTION REQUEST

      

      [Date]

      

      JPMorgan
        Chase Bank, N.A.,

      as
        Administrative Agent 

      712
        Main
        Street

      Houston,
        Texas 77002

      

      Attn:
        Manager, Real Estate Group

      

      Re: Weingarten
        Realty Investors

      Borrowing
        Request

      

      Dear
        Ladies and Gentlemen:

      

      This
        Borrowing Request is made with reference to that certain Amended and Restated
        Credit Agreement dated as of ________________, 2006 (as amended, supplemented
        or
        otherwise modified from time to time, the “Credit Agreement”), among Weingarten
        Realty Investors (the “Borrower”), the financial institutions party thereto, as
        lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent. All capitalized
        terms used in this Borrowing Request (including any attachments hereto) and
        not
        otherwise defined in this Borrowing Request shall have the meanings set forth
        for such terms in the Credit Agreement. All Section references herein shall
        refer to the Credit Agreement. 

      

      The
        Borrower hereby requests [check as applicable] □ a conversion of an existing
        Loan as provided below and/or □ an advance under the Credit Agreement, in the
        amount of $____________ [minimum of $5,000,000.00 and in multiples of
        $1,000,000.00]. 

      

      

      
        	
                1.

              	
                Aggregate
                  Commitment

              	
                $
                  400,000,000.00

              
	
                2.

              	
                The
                  amount outstanding under the Revolving Loans

              	
                $

              
	
                3.

              	
                The
                  amount outstanding under Competitive Loans

              	
                $

              
	
                4.

              	
                LC
                  Exposure

              	
                $

              

      

      

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      

      
        	
                5.

              	
                The
                  amount outstanding under Swingline Loans

              	
                $

              
	
                6.

              	
                Available
                  amount (1- 2- 3- 4-5)

              	
                $

              
	
                7.

              	
                Less
                  amount requested

              	
                ($                                                             
                  )

              
	
                8.

              	
                Amount
                  remaining to be advanced

              	
                $

              
	
                9.

              	
                Account
                  for funding: _____________________________________

              	 
	 	 	 
	
                The
                  advance or conversion is to be made as follows:

              	 
	
                A.

              	
                ABR
                  Borrowing.

              	 
	 	
                1.

              	
                Amount
                  of ABR Borrowing:

              	
                $

              
	 	
                2.

              	
                Date
                  of ABR Borrowing

              	 
	
                B.

              	
                Eurodollar
                  Borrowing:

              	 
	 	
                1.

              	
                Amount
                  of Eurodollar Borrowing:

              	
                $

              
	 	
                2.

              	
                Amount
                  of conversion of existing Loan to Eurodollar Borrowing:

              	
                $

              
	 	
                3.

              	
                Number
                  of Eurodollar Borrowing(s) now in effect [cannot exceed eight (8)
                  including Competitive Borrowings]

              	 
	 	
                4.

              	
                Date
                  of Eurodollar Rate Borrowing or conversion:

              	 
	 	
                5.

              	
                Interest
                  Period:

              	 
	 	
                6.

              	
                Expiration
                  date of current Interest Period as to this conversion: 

              	 
	
                C.

              	
                Swingline
                  Loan:

              	 
	 	
                1.

              	
                Amount
                  of Swingline Loan

              	
                $

              
	 	
                2.

              	
                Date
                  of Swingline Loan

              	
                ,20___

              

      

      

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

       

      

      

      The
        Borrower hereby represents and warrants that the amounts set forth above
        are
        true and correct, that the amount above requested has actually been incurred,
        that the representations and warranties contained in the Credit Agreement
        are
        true and correct as if made as of this date (except to the extent relating
        to a
        specific date), and that the Borrower has kept, observed, performed and
        fulfilled each and every one of its obligations under the Credit Agreement
        as of
        the date hereof [except as follows: _______________]

      

      

      Very
        truly yours,

      

      WEINGARTEN
        REALTY INVESTORS

      

      

      By:        

      Name:        

      Title:        

      

    

    
      

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

    

     

     

    

      CREDIT
        AGREEMENT

      

      EXHIBIT
        F

      

      [FORM
        OF] COMPETITIVE BID REQUEST

      

      [Date]

      

      JPMorgan
        Chase Bank, N.A.,

      as
        Administrative Agent 

      712
        Main
        Street

      Houston,
        Texas 77002

      

      Attn:
        Manager, Real Estate Group

      

      Re: Weingarten
        Realty Investors

      Competitive
        Bid Request

      

      Dear
        Ladies and Gentlemen:

      

      This
        Competitive Bid Request is made with reference to that certain Amended and
        Restated Credit Agreement dated as of ________________, 2006 (as amended,
        supplemented or otherwise modified from time to time, the “Credit Agreement”),
        among Weingarten Realty Investors (the “Borrower”), the financial institutions
        party thereto, as lenders, and JPMorgan Chase Bank, N.A., as Administrative
        Agent. All capitalized terms used in this Competitive Bid Request (including
        any
        attachments hereto) and not otherwise defined in this Competitive Bid Request
        shall have the meanings set forth for such terms in the Credit Agreement.
        All
        Section references herein shall refer to the Credit Agreement. 

      

      The
        Borrower hereby requests Competitive Bids pursuant to Section 2.04 of the
        Credit
        Agreement, in the amount of $____________ [minimum of $5,000,000.00 and in
        multiples of $1,000,000.00]. 

      

      
        	
                1.

              	
                Aggregate
                  Commitment

              	
                $
                  400,000,000.00

              
	
                2.

              	
                The
                  amount outstanding under the Revolving Loans and the Swingline
                  Loans

              	
                $

              
	
                3.

              	
                (i)

              	
                The
                  amount outstanding under Competitive Loans*

              	
                $

              
	 	
                (ii)

              	
                The
                  amount of Competitive Loans to be paid off prior to the funding
                  of the
                  Competitive Loan requested herein 

              	
                $

              
	 	
                (iii)

              	
                3(i)
                  - 3(ii)

              	
                $

              
	
                4.

              	
                LC
                  Exposure

              	
                $

              

      

      

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      

      
        	
                5.

              	
                Available
                  amount (1-2-3(iii)-4)

              	
                $

              
	
                6.

              	
                Less
                  amount requested*

              	
                ($                                                             
                  )

              
	
                7.

              	
                Amount
                  remaining to be advanced

              	
                $

              
	
                8.

              	
                Account
                  for funding: _____________________________________

              	 
	 	 	 
	
                The
                  Competitive Bids should offer a [Fixed Rate] [Margin on a LIBO
                  Rate]

              	 
	 	 
	
                Amount
                  of Borrowing:

              	
                $

              
	
                Date
                  of Borrowing:

              	
                ,200__

              
	
                Interest
                  Period**

              	 

      

      

      

      The
        Borrower hereby represents and warrants that the representations and warranties
        contained in the Credit Agreement are true and correct as if made as of this
        date (except to the extent relating to a specific date), and that the Borrower
        has kept, observed, performed and fulfilled each and every one of its
        obligations under the Credit Agreement as of the date hereof [except as follows:
        _______________]

      

      

      Very
        truly yours,

      

      WEINGARTEN
        REALTY INVESTORS

      

      

      By:        

      Name:        

      Title:        

      

      

      

      * The
        sum
        of items 3(iii) and 6 cannot exceed 50% of item 1.

      

      
        	
                **

              	
                No
                  more than eight (8) Eurodollar Borrowings (including Revolving
                  Loans and
                  Competitive Loans) can be in effect at one
                  time.

              

      

    

     

     

    F-2

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